ICICI Direct has given Hold recommendation for Lupin with a target price of Rs. 960 in its research report issued on Feb 07, 2022

ICICI Direct’s research report on Lupin

Lupin is a multinational pharma company engaged in manufacturing & marketing branded & generic formulations, APIs, biotech products as well as OTC medicines across multiple dosage forms & 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 the sixth largest company in the Indian pharmaceutical market Lupin is recently going through a rough patch, especially on the US generics front due to plant compliance issues besides margins pressure

Outlook

We retain HOLD rating on the stock as high price erosion in the US is likely to persist in near to medium term while we await regulatory clearances and key high value complex launches in US to offset margin pressure Valued Lupin at Rs 960 i.e. 24xFY24E EPS of Rs 40

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