Gland Pharma Q4 Review - Building Multiple Levers To Sustain Growth Momentum: Motilal Oswal

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Motilal Oswal Report

Gland Pharma Ltd. delivered better than expected Q4 FY21, led by a superior product mix and better operating leverage.

It is scaling up its Covid-19 vaccine manufacturing as well as expanding its sterile injectable/active pharmaceutical ingredient/oncology facilities to cater to upcoming launches.

We raise our FY22E/FY23E earnings per share estimate by 5%/4% to factor in:

1. Strong traction in rest of world markets

2. Increased offtake of Remdesivir

3. Higher business scope from Enoxaparin

4. Continued manufacturing efficiency

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