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Motilal Oswal Report
Alkem Laboratories Ltd. delivered a lower than expected Q1 FY23 earnings, led by a sharp rise in operational cost and increased competition in the U.S. generics segment.
In addition to the domestic formulation segment and U.S. generics, Alkem Labs is adding biosimilars and contract development and manufacturing operations as additional growth levers over the next four-to-five years.
We cut our FY23/FY24 earnings estimate by 24%/13% to factoring in:
a sharp price erosion in the U.S. base portfolio,
considerable increase in marketing and promotional spends in the branded generics segment, and
increased logistics cost.
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