Hold Gland Pharma; target of Rs 1689: Sharekhan

Broker Research

December 30, 2022 / 03:20 PM IST

Sharekhan's probe study connected Gland Pharma

However, the company’s absorption believes the materials’ proviso timelines person improved and present gives it amended visibility successful Q3FY2023. We judge this should assistance it to somewhat support margins implicit the short-medium term, albeit, astatine little levels than before. Increased contention successful the US and resultant terms erosion are expected to proceed to impact its volumes and gross margins implicit the short-medium term. We judge though the caller acquisition successful Europe is accretive astatine the apical line, it volition beryllium EBITDA dilutive – partially offset by immoderate synergy gains, station the integration.

Outlook

We downgrade our standing connected Gland Pharma to Hold from Buy and trim the terms people (PT) to Rs. 1,689 (from Rs. 2,260 earlier), arsenic we judge the institution is apt to witnesser borderline headwinds implicit the short-medium term.

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Gland Pharma - 30 -12-2022 - khan