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 100. Going ahead, emphasis is on specialty segment with 94% of new launches being specialty products • The company has invested ~ Rs 1800 crore in recent years in facilities geared mainly towards US formulations. As of FY22, it has filed 230 ANDA and has 160 approvals with 105 launches in the US.
OutlookWe maintain HOLD rating on the stock as current levels have priced in the challenges due to slower offtake in US base business as well as impending USFDA clearances. Valued at Rs 720 i.e. 20x P/E on FY24E EPS of Rs 35.9
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