Alembic Pharma Q4 Review – Non-U.S. Markets, API Drive Earnings: Motilal Oswal

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Alembic Pharmaceuticals Ltd.’s Q4 FY21 operational performance was marginally below estimates, largely due to lower traction in U.S./domestic formulation sales.

The company awaits feedback from the U.S. food and drug administration on the resolution of observations at the recently inspected injectables unit (F3).

Revenues were up 6.1% YoY to Rs 12.8 billion (our estimate Rs 13.3 billion), led by 77% YoY growth in Non-U.S. export sales (Rs 2.3 billion; 18% of sales) and 38% YoY growth in active pharmaceutical ingredient sales (Rs 2.1 billion; 17% of sales).

We tweak our estimates for FY22/FY23, factoring in –

  1. a slowdown in U.S. sales and
  2. lower expensing of operational cost related to newer facilities.

Click on the attachment to read the full report:

Motilal Oswal Alembic Pharma Q4FY21 Result Update.pdf


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