Monday, September 27, 2010

Glenmark Pharma; Visibility improves but concerns prevail, Maintain Hold; Target: Rs 308

lenmark Pharma

Reco: HOLD  

CMP: Rs287

Target Price: Rs308

Visibility improves but concerns prevail, Maintain Hold

·                    Increasing approvals for niche filings and sustainable FTF pipeline with 10-12 ANDA launches annually, improve US market revenue visibility

·                    Domestic market to sustain growth momentum and outperform industry by 200bps

·                    Higher securitized receivables, huge intangibles and R&D capitalization remain key concerns 

·                    Maintain earning estimates with a Hold rating

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