Glenmark Pharmaceuticals (GLEN.BO;:: Takeaways from Citi India Investor Conference – Day 2

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Glenmark Pharmaceuticals (GLEN.BO; Rs308.60; 1M)
 Takeaways from Mumbai — Glenmark Pharmaceuticals presented at the Citi India
Investor Conference in Mumbai. Below are the key takeaways.
 US Biz Update– 1) c70 products on the market – c20% of the products are niche;
2) Majority of the ANDAs awaiting approval are for niche products; 3) Almost 90% of
the ANDAs under development are for niche products; 4) 12 PIVs including 4 FTFs
– with settlements, GLEN has kept out the Authorized Generics participation for its
FTFs; 5) Expects FY12 growth of c25% (cUS$215m revenues).
 Update on Key Opportunities – 1) Malarone – As part of the settlement, launch
with 180d exclusivity during 3QFY11 – expects a longer-term limited competition
opportunity; 2) For Oxycodone, timelines for other participants exiting the market not
clear – expect a long-term exclusivity once they exit; 3) Crofelemer development
continues to be on track.
 Other Key Takeaways – 1) CEE markets (Czech, Romania, Poland) growth to
continue; 2) EU generics biz expected to double (cUS$20m) in the next two years
on new launches; 3) India biz growth expected to remain strong – focus continues
on dermatology, respiratory and oncology; 4) For Russia, receivable days are not a
challenge anymore.
 Maintain Buy – We maintain our Buy recommendation given the strong ramp-up in
the US biz with several niche opportunities unfolding and other businesses
continuing to show strong growth.