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Motilal Oswal Report
Gland Pharma Ltd. delivered an in line Q4 FY22. India/Rest of the World markets led revenue growth in Q4 FY22.
It remains on track to develop a complex product pipeline and build manufacturing infrastructure to support commercialisation.
We reduce our FY23/FY24 earnings per share estimate by 6% each to factor in:
extended impact of a syringe shortage;
increased operational cost on account of higher power charges, freight cost, and packaging cost;
Covid-19 led delays in approvals for the China market, offset to some extent due to increased captive sourcing of active pharma ingredients.
We remain positive on Gland Pharma, given:
the considerable scope to increase market share in existing products;
its enhanced capabilities in peptides, hormones, long acting injectables, delivery systems, Biologics;
its consistent and successful compliance track record; and
inorganic growth opportunities.
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