reports
Increased risk weighs on STRIDES PHARMA SCIENCE, penalising its ratin...
The independent financial analyst theScreener just lowered the general evaluation of STRIDES PHARMA SCIENCE (IN), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date March 25, 2022, the c...
- Tushar Manudhane
MOSL: STRIDES PHARMA (Buy)-Lack of launches / COVID disruption leads t...
STRIDES PHARMA: Lack of launches / COVID disruption leads to weak 1QFY22 (STR IN, Mkt Cap USD0.9b, CMP INR733, TP INR840, 15% Upside, Buy) Strides Pharma (STR) reported unexpected operational loss in 1QFY22 on lower demand, higher competitive intensity in US Generics, and low operating leverage. This was exacerbated by the impact on production and supply due to a severe second COVID wave in Bengaluru. As a quick mitigation plan to increase product launches, it aims to acquire a portfolio...
- Nitin Agarwal
Management Speak: Strides Pharma Science (Outperformer) - Aiming high
Presented are key takeaways from the analyst day/plant visit organised by Strides Pharma Science to provide perspectives on its new business vertical, Stelis Biopharma, and medium-term outlook for the consolidated entity. We met Mr Arun Kumar, Founder and CEO Strides, Mr Badree Komandur, Group CFO and Executive Director Strides, and the entire senior management team of Stelis Biopharma. Strides – aggressive medium-term growth aspirations: Management presented its detailed growth strategy involv...
- Nitin Agarwal
Strides Pharma Science's Q3FY20 results (Outperformer) - Strong quarte...
Q3FY20 result highlights Consol Revs came at Rs7.3bn vs est of Rs7.4bn; Q2 was Rs7.2bn. US revs posted a strong CC growth of 16% qoq to $66m vs est of $60m partially boosted by relaunch of Ranitidine, and seasonal products such as Benzonatate and Oseltamivir Other regulated markets stood at Rs2.2bn vs est of Rs2.1bn, largely due to delivery spillover of key products in EU and Australia. Emerging markets business came sharply lower at Rs566m vs est of Rs1bn due to a reduced demand in old regi...
- Tushar Manudhane
MOSL: STRIDES PHARMA (Buy)-Reset strategy + product-specific opportuni...
Strides Pharma: Reset strategy + product-specific opportunity drive earnings (STR IN, Mkt Cap USD0.6b, CMP INR469, TP INR550, 17% Upside, Buy) US on robust growth path; new levers of growth – WIP Strides Pharma (STR) was able to scale up the US business from USD20m in 4QFY18 to USD66m for 3QFY20, led by superior execution, favorable seasonality and lower than permissible level of impurity in Ranitidine. Further, the company appears set to build biopharma and injectables as new levers of ...
- Tushar Manudhane
MOSL: STRIDES PHARMA (Buy)-Bio-similars/Sterile Injectables – new gr...
(STR IN, Mkt Cap USD0.5b, CMP INR360, TP INR440, 22% Upside, Buy) ** Strides Pharma’s (STR) US generics business has taken long strides with sales increasing to USD57m in 2QFY20 from USD10m in 4QFY18. More levers are being created to drive growth in this business over the next 4-5 years. ** Through Stelis, STR is not only developing own biosimilars but also planning to provide fully integrated CMO for drug products and substance. ** In addition to the oral solids portfolio, STR plans to re-bu...
- Nitin Agarwal
Event update: Strides (Outperformer) - Positive development on Ranitid...
Event USFDA has announced laboratory results of the lab tests conducted on Ranitidine samples for assessing the levels of NDMA impurity – Positive for Strides Key highlights FDA has set limits of 0.32ppm of NDMA for Ranitidine; similar to that of Australian regulator As per the results of the tests, samples for only Strides and Ajanta have met the impurity threshold for Ranitidine tablets / capsules Samples from Sanofi, Amneal, Novitium, DRL, Sandoz and Aurobindo have reported higher than...
- Nitin Agarwal
Strides Pharma Science's Q2FY20 results (Outperformer) - Strong quarte...
Q2FY20 result highlights Consol Revs came at Rs7.2bn vs est of Rs7bn; Q1 was Rs6.9bn. US revs grew at a CC growth of 1% qoq to $57m vs est of $55m despite temporary supply disruption of Ranitidine. Other regulated markets stood at Rs2.2bn vs est of Rs1.8bn, led by strong performance in EU and scale up of supplies to Australia. Emerging markets business stood at Rs980m bn vs est of Rs1.3bn due to a decline in institutional business EBITDA and GPs higher than est - EBITDA came at Rs1.5bn vs e...
- Tushar Manudhane
MOSL: STRIDES PHARMA (Buy)-Healthy traction in regulated markets, oper...
STRIDES PHARMA: Healthy traction in regulated markets, operating leverage improving (STR IN, Mkt Cap USD0.5b, CMP INR373, TP INR440, 18% Upside, Buy) Regulated markets drive business growth/margins: Strides Pharma's (STR) revenue was up 38% YoY to INR7.1b (in-line) for 2QFY20. Sales growth was primarily driven by the US business (+81% YoY to INR4b; USD57m) and other regulated markets (OTM; +60% YoY to INR2.2b). This, however, was partly offset by lower EM sales (-41% YoY to INR980m), with...
- Nitin Agarwal
Strides Pharma Science's Q1FY20 results (Outperformer) - Turnaround ga...
Q1FY20 result highlights Consol Revs came at Rs6.9bn vs est of Rs6.3bn; Q4 was Rs8.4bn. US revs grew at a CC growth of 6.1% qoq to $56m vs est of $53m. Other regulated markets stood at Rs1.7bn, which includes the merged Arrow entity. Supplies to merged Arrow Apotex entity(Arrotex) to start from Q2FY20 and expected to be at full potential starting Q4FY20 Emerging markets business stood at Rs1.3bn vs est of Rs1bn led by recovery in institutional business post better customer off take EBITDA ...
- Nitin Agarwal
Strides' Q4FY19 results (Outperformer) - Strong quarter; $53m US sales
Q4FY19 result highlights Consol Revs came at Rs8.4bn vs est Rs8.7bn; Q3 was Rs7.95bn. US was the clear positive surprise with $53m revs vs est $45m; q3 was $41m Other developed markets at Rs1.37bn (14% yoy) was also marginally ahead of estimates. Mgt indicated ~Rs300m business was impacted to implementation of serialization measures. Australia as well Insti / EMs business were below estimates. Mgt guided that the Insti / EM business have been right sized and will improve significantly in pr...
- Tushar Manudhane
MOSL: STRIDES PHARMA (Buy)-Operating leverage kicks in-earnings growth...
Strides Pharma: Operating leverage kicks in; earnings growth set to revive (STR IN, Mkt Cap USD0.6b, CMP INR485, TP INR635, 31% Upside, Buy) Strong traction in US drives revenue/profitability: Sales increased 25% YoY to INR8.3b (our estimate: INR9.3b), driven by US business (44% of sales) growth of 181% YoY (+31% QoQ) to INR3.7b (USD53m). Other regulated markets sales, too, increased 14% YoY to INR1.3b. However, Emerging Markets /Institutional business /Australia business saw a 15%/53%/13...
- Nitin Agarwal
Strides Pharma Science's Q3FY19 results (Outperformer) - Exits Austral...
Q3FY19 result highlights Cons. revenues came in at Rs7.9bn (+8% qoq), above est of Rs6.8bn led by higher US at $41m vs est of $37m ($32m in Q2) and “Other regulated markets” at Rs1.25bn vs est of Rs1bn. Institutional sales stayed weak. GMs stood lower at 51.8% (flat sequentially) vs est of 55% while SG&A cost stood inline at Rs2.8bn. EBITDA came in lower at Rs1.27bn vs est of Rs1.4bn with at 16% (13.6% in Q2) vs est of 18.4%. Continuing business PAT was Rs239mn vs our est of Rs439mn impacte...
- Tushar Manudhane
MOSL: STRIDES PHARMA (Buy)-Focus on enhancing US business/reducing fin...
Strides Pharma: Focus on enhancing US business/reducing financial leverage; Quarterly performance operationally in line (STR IN, Mkt Cap USD0.6b, CMP INR490, TP INR590, 20% Upside, Buy) Strides Pharma (STR) has decided to sell its entire stake in Arrow (Australian business) to Apotex for a consideration of AUD394m (US282m). The stake sale – which implies an attractive valuation of 19x EV/EBITDA – would enable STR to reduce its debt by at least USD160m. Separately, STR announced that it ...
- Nitin Agarwal
Strides Shasun's Q2FY19 results (Outperformer) - Inline operationally;...
Q2FY19 result highlights Cons. revenues came in at Rs7.4bn (+10% qoq), above est of Rs6.8bn led by higher US at $32m vs est of $29m ($26m in Q1). Other regulated markets came at Rs1.65b vs est of Rs1.4bn. Australia stood inline at Rs2.4bn (+4% qoq) and Africa improved at Rs590mn vs est of Rs375mn (Rs397mn in Q1). Institutional business was lower 16% qoq as expected. Led by higher revenues EBITDA came in higher at Rs1bn vs est of Rs0.89bn with at 13.6% vs est of 13.2%. EBITDA was aided by bet...
- Tushar Manudhane
MOSL: STRIDES PHARMA (Buy)-Course correction on track, expect better t...
Strides PHARMA: Course correction on track, expect better traction going ahead (STR IN, Mkt Cap USD0.5b, CMP INR423, TP INR520, 23% Upside, Buy) Sales driven by regulated markets: Revenue declined 4.8% YoY to INR7.3b (our estimate: INR6.6b) in 2QFY19 on account of muted momentum in the US (sales flat YoY at INR2.2b), Institutional (-42% YoY; accounts for 15% of sales) and Africa (-28% YoY; 8% of sales) businesses. Nevertheless, Australia business (+12 YoY; 33% of sales) and other regulate...
- Nitin Agarwal
Strides Shasun's Q1FY19 results (Outperformer) - In a rebuilding phase
Q1FY19 result highlights Cons. revenues came in at Rs6.6bn (flat qoq; +1% yoy), marginally above est of Rs6.5bn. US came at $26m vs est of $24m ($21m in Q4). Australia stood lower at Rs2.3bn (-14% qoq) vs est of Rs2.6bn and Africa came in at Rs397mn vs est of Rs550mn. Institutional business was higher at Rs1.3bn vs est of Rs0.9bn as the company sought to meet its contractual obligations and is expected to decline going forward. EBITDA came in lower at Rs0.81bn vs est of Rs1.02bn. EBITDA marg...
- Tushar Manudhane
MOSL: STRIDES SHASUN (Buy)-At trough now, op. performance to pick up g...
Strides Shasun: At trough now, op. performance to pick up going forward (STR IN, Mkt Cap USD0.5b, CMP INR415, TP INR481, 16% Upside, Buy) Regulated markets drive sales for the quarter: STR’s revenue was stable YoY at INR6.6b (our estimate of INR6.3b). Growth was led by Australia (+18% YoY to INR2.3b) and the US (+13% YoY to INR1.7b) businesses, offset by de-growth in Institutional (-29% YoY) and Africa (-35% YoY) businesses. Gross margin expanded 200bp YoY to 48.7% on account of a better ...
- Nitin Agarwal
Strides Shasun's Q4FY18 results (Outperformer) - Weak quarter led by U...
Q4FY18 result highlights Cons. revenues came in sharply lower at Rs6.6bn (-2%/11% yoy/qoq), below est of Rs7.7bn. Sharp qoq drop in US sales at $21m vs $42m was the primary negative surprise along with lower institutional sales. This negated the strong growth in Australia and other developed markets. Mgt attributed lower qoq US sales to nearly nil sales in its 2 key partnered drugs e.g. gLovaza and gPotassium Chloride. This was on account of significant pricing pressure and lower than expect...
- Tushar Manudhane
MOSL: STRIDES SHASUN (Buy)-Muted 4QFY18-ANDA approvals remain the key
Strides Shasun: Muted 4QFY18; ANDA approvals remain the key (STR IN, Mkt Cap USD0.7b, CMP INR387, TP INR481, 24% Upside, Buy) Weak US and institutional sales drag performance: 4QFY18 sales declined 1.9% YoY to INR6.6b (est. of INR7.9b), led by sharply lower partnered products sales in the US and minimal anti-malaria sales in the emerging market. Product mix change led to gross margin contraction of 100bp YoY, while lower operating leverage significantly impacted the EBITDA margin (-600bp ...
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