Hold Alembic Pharma; target of Rs 550: ICICI Direct

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26 Aug, 2025 12:21

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Alembic Pharma operates in international generics (US:31% & exUS: 15% in FY22), domestic branded (36% in FY22) and API (18% in FY22). Domestic business has 1.5% of market share of IPM with three brands in the top 300. Going ahead, emphasis is on the specialty segment • The company has invested ~ Rs 1800 crore in recent years in facilities geared mainly towards US formulations.

We maintain HOLD as we await traction from the US focused facilities (F2, F3), which received three USFDA product approvals (plant approvals pending) amid significant cash burn. We also keep tabs on consistency in India formulations performance. Valued at Rs 550 i.e. 20x P/E on FY25E EPS of Rs 27.4

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