Visit http://indiaer.blogspot.com/ for complete details 􀂄 􀂄Glenmark Pharma (CMP: `310, TP: `340, Outperform)
• Glenmark launched the generic version of Tarka in 2QFY11 at-risk, which we believe has contributed ~US$6mn to the top-line during 2QFY11. We expect the top-line to show >20% growth YoY and >4% sequentially.
• In the 1QFY11, the company generated US$20mn via out-licensing of its lead compound for the pain segment, GRC15300, to Sanofi Aventis.
• EBITDA has likely grown ~18% on YoY basis and declined on sequential basis due to higher base on account of the out-licensing income received in the previous quarter.
• For the same reason as in the above point, net profit is likely to have grown 25% YoY but declined 35% sequentially.
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