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Glenmark Pharmaceuticals Ltd. delivered better-than-expected Q1 FY23 result fueled by better operating margin. While the domestic formulation (excluding Covid basis) and rest of world markets grew strongly, the U.S. segment saw steep YoY decline.
We tweak our earnings per share estimates of Glenmark Pharma by up 6%/up 3% for FY23/FY24, respectively, to factor in robust performance in consumer care business, better outlook in ROW markets and improved operating leverage.
We expect 12% earnings compound annual growth rate over FY22-24, led by 4% sales CAGR and 100 basis points margin expansion because of:
better-than-industry growth in domestic formulation,
portfolio expansion and
capturing newer markets in the Europe region
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