Glenmark Pharma – Working On Many Fronts To Better Outlook, Return Ratios: Motilal Oswal


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We attended Glenmark Pharmaceuticals Ltd.’s investor day to understand the management’s strategies across major business segments over the next four-to-five years.

Glenmark Pharma aims to boost return on capital employed (Ebit/capital employed) to 22% by FY27 (from 17% in FY22), with an increased share of the branded generics business, controlled research and development spends towards the new chemical entity portfolio, and sustained improvement in operating leverage.

It also aims to have zero net debt by FY26.

We expect earnings compound annual growth rate to be moderate over FY22-24 (9%). The benefit from complex product filings is expected from FY25, subject to timely approval.

Asset utilisation at Monroe for the U.S. market is also subject to successful resolution of regulatory issues.

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