Lupin - U.S., India On Steady Footing; Upgrade To 'Add': HDFC Securities

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..HDFC Securities Institutional Equities.We upgrade Lupin Ltd. to Add from Reduce with a revised target price of Rs 2,440 (31 times Q3 FY27E, up from Rs 1,950 at 28 times Q1 FY27E). Our outlook is based on key factors:traction in gSpiriva (launched in Aug-23), which we expect to remain a limited competition opportunity for the next two years;steady momentum in the key respiratory franchise products (Brovana, Xopenex HFA) as well as in other key products (Levothyroxine), which should offset the impact of increased competition in Albuterol HFA;continued traction in recent launches (gMyrbetriq, gNascobal, gBromday/gProlensa, gOracea);improved visibility for significant launches like Tolvaptan (gJynarque); other important launches across ophthalmology, injectables, and respiratory segments, supported by key plant clearances from the U.S. food and drug administration; andsteady growth in the India business driven by new launches, MR additions, and market share gains in chronic therapies, offsetting the impact of patent expirations for in-licensing products. Accordingly, we have raised our EPS estimates by 1% and 10% for FY25 and FY26, respectively. Over FY19-24, Lupin delivered a 7% sales CAGR and an 8% Ebitda CAGR. Looking ahead, we expect a sales CAGR of 9% for FY24-27E and an Ebitda margin improvement to ~22% in FY27E (from 19.0% in FY24), resulting in an Ebitda CAGR of 14% and an EPS CAGR of 21% over FY24-27E..Click on the attachment to read the full report:.Gland Pharma Q2 Review - Beat Due To Controlled Costs; Base Business Yet To Witness Revival: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Lupin - U.S., India On Steady Footing; Upgrade To 'Add': HDFC Securities

The brokerage revises target price to Rs 2,440 (31 times Q3 FY27E, up from Rs 1,950 at 28 times Q1 FY27E).

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Lupin - U.S., India On Steady Footing; Upgrade To 'Add': HDFC Securities

The brokerage revises target price to Rs 2,440 (31 times Q3 FY27E, up from Rs 1,950 at 28 times Q1 FY27E).

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