Centrum's research report on Lupin
Lupin��s Q4FY18 results were lower than our and consensus estimates due to pricing pressure in the US generic market. Lupin��s revenue declined 5% YoY, margin declined 80bps to 17.6%, and net profit before EO item grew by 80%. The pricing pressure in the US has eased out due to discontinuation of several generic products by Teva and Sandoz.
Outlook
We have reduced our FY19E and FY20E by 13% and 11%� respectively. We maintain our Buy rating on Lupin with TP to Rs930� based on 23x FY20E EPS of Rs40.4 with an upside of 23.8% from CMP. We expect the company to benefit from its strong pipeline in the US, its recent launch of Solosec in the US market.For all recommendations report,�click here
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