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Nirmal Bang Report
The National Pharmaceutical Pricing Authority has included 34 new drugs in National List of Essential Medicines, including Sanofi India Ltd.’s largest product insulin Glargine. Potential inclusion of Lantus in NLEM has for long been an overhang on the stock and with the event now playing out as expected, the uncertainty is also over.
With Lantus coming under NLEM, now there is very little incremental risk on the company’s earnings. We see some near term impact on the company’s financials due to this event, but we remain positive about its future prospects over the long-term horizon.
The key growth drivers for Sanofi India include its robust insulin portfolio (led by the flagship brand Lantus), next generation insulin (Toujeo), Allegra and life-cycle management of Combiflam.
Also, ~17% decline in the stock price in the past one year would provide further cushion to valuation.
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