ICICI Direct has given Hold recommendation for Glenmark Pharmaceuticals with a target price of Rs. 440 in its research report issued on Aug 16, 2022
ICICI Direct’s research report on Glenmark Pharmaceuticals
Glenmark’s business is separated into three entities – • Glenmark Pharmaceuticals for building a global generic, specialty and OTC business in therapy areas of dermatology, respiratory, oncology among others • Glenmark Life Sciences for manufacturing and marketing APIs • Innovation new company (ICHNOS) to focus on discovery and development of novel, first‐in‐class treatments in the therapeutic areas of immunology, oncology and pain encompassing both NBEs as well as NCEs.
Maintain HOLD as we await EBITDA margin sustainability besides persisting US base business pressure amid regulatory hurdles at Monroe facility. We value Glenmark at Rs440 based on SOTP valuation.