ICICI Direct's research report on Alembic Pharma
Alembic Pharma operates in international generics (US:27% & ExUS:15% in H1FY22), domestic branded (37% in H1FY22) and API (20% in H1FY22). Domestic business has 1.5% of market share of IPM with three brands in the top 100. Going ahead, emphasis is on specialty segment with 94% of new launches being specialty products • The company has invested ~ Rs 1800 crore in recent years in facilities geared mainly towards US formulations. As of Q2FY22, it has filed 214 ANDA and has 150 approvals with 98 launches in the US.
Outlook
We value Alembic at Rs 790 i.e. 20x P/E on FY23E EPS.
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