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Gland Pharma Ltd. delivered weak Q1 FY23 result due to multiple headwinds such as supply constraints of certain ancillary materials, plant modification-led lower production and reduced scope of business for certain products in the Indian market.
While the syringe-related hurdle is addressed, Gland Pharma is working towards resolving other ancillary materials’ availability.
We cut our earnings per share estimates by 14%/16% for FY23/FY24 to factor in:
prolonged supply chain-related issues,
slowdown in India business,
and higher opex.
There are operational hurdles over the near term. However, given the product pipeline of complex injectables, consistent compliance track record, biologics-led additional growth lever and surplus cash for any inorganic opportunity, we believe Gland Pharma’s business model remains intact for better growth prospects over the next three years.
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