Alembic Pharma Q1 Review - Numbers Dwindle; U.S. Traction Key For Margins, Return Ratios: ICICI Direct


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Alembic Pharmaceuticals Ltd.’s revenues declined 5% YoY to Rs 1262 crore. Domestic formulations were flat YoY at Rs 480 crore while domestic business grew 20% YoY adjusting for Covid sales in Q1 FY22.

U.S. generics was also flat YoY at Rs 367 crore, mainly due to price erosion across the portfolio and high stocking in Q4 FY22. International formulations sales de-grew 8% YoY at Rs 182 crore while active pharma ingredients also declined 16% YoY to Rs 233 crore mainly impacted by lower volumes.

Ebitda margins declined 1647 basis points YoY to 1.2% mainly due to higher other expenditure (Aleor Dermaceuticals Ltd.’s recurring research and development expenses of Rs 100 crore).

Alembic Pharma posted loss of Rs 66 crore versus adjusted profit after tax of Rs 164 crore in Q1 FY22. Adjusted for Aleor’s impact, profit after tax was at Rs 36 crore.

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