*Glenmark Pharma – Q4FY21 Concall Update –
Glenmark Lifescience’s (API company) IPO is near term trigger which would unlock value for shareholders as well as help in reducing the parent’s company’s debt as well
The stock is trading at 17.2xFY22E consensus earnings
• For FY22 – the company plan to file 18-20 ANDAs including 5-6 filings which got delayed in FY21 due to the pandemic. This includes 4-5 filings from Monroe.
• Ryaltris will be commercialized in Russia in Q1 FY22.
• The company is witnessing recovery in Russia (which de-grew by 7.7% in FY21) on sequential basis
• Europe - For the financial year, the European region signed 21 major contracts for in-licensing products in the region. The region is expected to benefit from significant product launches including products like Tiotropium Bromide Dry Powder Inhaler and Ryaltris in FY22
• Ryaltris - Glenmark submitted responses to European agency queries, which enabled Glenmark to conclude the Decentralized procedure paving the way for potential approval of the product and expected launch of RyaltrisTM in the EU in FY22.
• Forex loss – Rs 5.8 cr in other exps; Rs 75 cr forex loss in FY21
• Gross Debt – Rs 4687cr
• Ichnos – can see some partnerships in FY22
• R&D in FY22 – should be similar to FY21 in absolute terms – it was 11% of sales in FY21 – likely to be 10-11% in FY22
• Tax – likely to be 29-30%
• In US - 3 launches are lined up in Q1 – for FY22 targeting 8-10 launches
• Topline is expected to grow at 10-12% in FY22