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We hosted the management of Alembic Pharmaceuticals Ltd. at our Annual Investor Conference to discuss the company’s business outlook and the current pricing environment in the U.S. market.
In Indian and rest of world markets, the company continues to expect double-digit growth on a normalised base. However, in the U.S., it continues to face acute pricing pressure due to the only oral solid dosage portfolio.
Alembic has reiterated $45-50 million quarterly U.S. sales guidance in the near term. However, this run-rate may increase once injectable approvals start contributing meaningfully next year onwards.
Despite aggressive spends on capex and research and development for the U.S. market, we do not see any meaningful visible large launches.
Also, margins are expected to remain under pressure due to ~Rs 2 billion of addition cost incurred on new plants, which are likely to start reflecting in profit and loss Q4 FY23 onwards.
Therefore, we remain cautious about the company’s outlook in the near to medium term.
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