External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Lupin is a multinational pharma company engaged in manufacturing &amp; marketing branded &amp; generic formulations, APIs, biotech products as well as OTC medicines</li><li>EIR for the Goa facility (with voluntary action initiated or VAI status) could provide a significant respite in Lupin’s intense drive to address pending compliance issues</li><li>We value Lupin at Rs 1015 i.e. 27.5xP/E FY23E EPS.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Lupin is a multinational pharma company engaged in manufacturing &amp; marketing branded &amp; generic formulations, APIs, biotech products as well as OTC medicinesEIR for the Goa facility (with voluntary action initiated or VAI status) could provide a significant respite in Lupin’s intense drive to address pending compliance issuesWe value Lupin at Rs 1015 i.e. 27.5xP/E FY23E EPS.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin: Respite in Long-Drawn CGMP Overhaul with Goa EIR

<p>About the stock: Lupin is a multinational pharma company engaged in manufacturing &amp; marketing branded &amp; generic formulations, APIs, biotech products as well as OTC medicines across multiple dosage forms &amp; therapeutic categories.</p>
<ul>
<li>It is the third largest generic player (by prescriptions) in the US with 168 generic products (market leader: 52 products; Top 3: 122 products) along with being sixth largest company in Indian pharmaceutical market</li>
<li>Lupin is the largest manufacturer of anti-TB drugs in the world and enjoys global leadership in anti-TB &amp; Cephalosporins</li>
</ul>
<div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Lupin is a multinational pharma company engaged in manufacturing &amp; marketing branded &amp; generic formulations, APIs, biotech products as well as OTC medicines across multiple dosage forms &amp; therapeutic categories.

It is the third largest generic player (by prescriptions) in the US with 168 generic products (market leader: 52 products; Top 3: 122 products) along with being sixth largest company in Indian pharmaceutical market
Lupin is the largest manufacturer of anti-TB drugs in the world and enjoys global leadership in anti-TB &amp; Cephalosporins

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Lupin Ltd: India, Milestone Buoy Numbers but US Below-Par

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>We tweak our estimates by -3%/+4% for FY22/23e and revise the TP to INR1,220. Downgrade to ADD. Lupins 4Q sales/EBITDA was ~5%/9% below our estimates, largely on account of subdued US (+4% QoQ, weak flu season offset Albuterol contribution) and weak API business (-22% YoY). EBITDA margin at 18.7% remained flat QoQ. Management guided for double-digit growth in key markets (India and US) in FY22 and EBITDA margin improvement to 21-22% by FY23 (vs. 17.2% in FY21). We continue to remain positive on Lupins ability to execute and monetise its complex pipeline in the US (inhalers and complex injectables).</p>

We tweak our estimates by -3%/+4% for FY22/23e and revise the TP to INR1,220. Downgrade to ADD. Lupins 4Q sales/EBITDA was ~5%/9% below our estimates, largely on account of subdued US (+4% QoQ, weak flu season offset Albuterol contribution) and weak API business (-22% YoY). EBITDA margin at 18.7% remained flat QoQ. Management guided for double-digit growth in key markets (India and US) in FY22 and EBITDA margin improvement to 21-22% by FY23 (vs. 17.2% in FY21). We continue to remain positive on Lupins ability to execute and monetise its complex pipeline in the US (inhalers and complex injectables).

Lupin (4QFY21): Positives in the price. Downgrade to ADD

India

Lupin is an Indian multinational pharmaceutical company that develops, manufactures, and markets a diverse range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs). The company specializes in therapeutic areas such as cardiovascular, anti-diabetic, respiratory, anti-infective, and women's health. Lupin Limited was founded in 1968 and is headquartered in Mumbai, India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Lupin (LPC IN)

Lupin: Respite in Long-Drawn CGMP Overhaul with Goa EIR

Lupin is a multinational pharma company engaged in manufacturing & marketing branded & generic formulations, APIs, biotech products as well as OTC...

ICICI Securities Limited

Lupin Ltd: India, Milestone Buoy Numbers but US Below-Par

Lupin is a multinational pharma company engaged in manufacturing & marketing branded & generic formulations, APIs, biotech products as well as OTC...

ICICI Securities Limited

Lupin (4QFY21): Positives in the price. Downgrade to ADD

We tweak our estimates by -3%/+4% for FY22/23e and revise the TP to INR1,220. Downgrade to ADD. Lupins 4Q sales/EBITDA was ~5%/9% below our...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)