Deven Choksey report on Glenmark Pharmaceuticals
Consolidated revenue rose sharply by 76.1% YoY (+85.2% QoQ) to INR 60,469 Mn, significantly above our estimates, driven by the one-time revenue recognition from the ISB-2001 upfront payment and steady performance across core markets. Base business recovery was offset by the GST-related one-time impact in India.
Outlook
We have rolled forward our valuation to Sept’27 estimates. We value Glenmark Pharma at 25.0x Sept’27 EPS implying a target price of INR 2,300. We reiterate our “BUY” rating on the stock.
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