reports
Aurobindo Pharma Limited: 3 directors
Three Directors at Aurobindo Pharma Limited sold 7,180 shares at between 983.000INR and 1,027.000INR. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's direc...
AUROBINDO PHARMA sees an upgrade to Slightly Positive due to a better ...
The general evaluation of AUROBINDO PHARMA (IN), a company active in the Pharmaceuticals industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 22, 2022, the closing price was...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-Channel destocking, higher RM costs impac...
AUROBINDO PHARMA: Channel destocking, higher RM costs impact margins (ARBP IN, Mkt Cap USD5.4b, CMP INR677, TP INR800, 18% Upside, Buy) Aurobindo Pharma (ARBP)'s 2QFY22 results came in below our estimates, weighed by decline in ARV/API sales and an increase in raw material (RM) costs, which impacted profitability. Compared with the steady-to-declining US sales of peers for the quarter, ARBP's US sales grew 7% YoY (ex-Natrol) on higher volumes. We cut our EPS estimate for ARBP for FY22/FY...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-Pricing pressure drags profitability
AUROBINDO PHARMA: Pricing pressure drags profitability (ARBP IN, Mkt Cap USD6.0b, CMP INR760, TP INR900, 18% Upside, Buy) ARBP delivered a miss on 1QFY22 earnings, led by increases in pricing pressure in the US Generics segment and reduced offtake of ARV medicines. It has recently allocated ~USD160m for forward integrating/enhancing product offerings in the Veterinary space and adding ANDAs in the US Generics segment. We reduce our FY22E/FY23E EPS estimate by 5%/6% to factor in higher co...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-Observations at Unit 12 resolvable on rob...
(ARBP IN, Mkt Cap USD3.7b, CMP INR450, TP INR530, 18% Upside, Buy) ** The USFDA inspected Aurobindo Pharma’s (ARBP) Unit 12 from 10th to 21th Feb’20 and issued form 483 with six observations. The regulator has pointed out microbiological contamination, lack of training, inadequate analysis of out-of-specifications, and deficiency in handling of complaints, among others. We believe that these issues are resolvable on undertaking robust actions for 3-6 months. ** There are no ANDAs pending for a...
- Nitin Agarwal
Event update: Aurobindo Pharma (Outperformer) - Unit IV receives EIR; ...
Event Unit IV has received an Establishment Inspection Report (EIR) with Voluntary Action Initiated (VAI) status by USFDA Key highlights With the receipt of this status, FDA will now start granting new ANDA approvals from this facility. Notably, in mid-November, the USFDA had conducted a surprise inspection for nearly 10 days in Unit 4, post which it had issued 14 observations. While our read of the observations suggested that most of these were primarily procedural, market has been concer...
- Nitin Agarwal
Aurobindo Pharma's Q3FY20 results (Outperformer) - Best in class execu...
Q3FY20 result highlights Consol revs came at Rs59bn above est of Rs57.1bn; Beat mainly US and EU driven. US sales came at $418m vs est $395m; Q2 was $403m; Organic sales (ex-Spectrum) likely to be ~$393m vs $378m in Q2. Notably, this sales performance was achieved despite no meaningful new launches during the qtr combined with ongoing FDA issues EU revs came at $207m vs est $200m. API revs stood lower at Rs7.9bn Consol EBITDA came ahead at Rs12.1bn inline with est; Q2 was Rs11.7bn. EBITDAM ...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-In-line-Sandoz deal completion – key ne...
Aurobindo Pharma: In-line; Sandoz deal completion – key near-term trigger (ARBP IN, Mkt Cap USD4.5b, CMP INR547, TP INR645, 18% Upside, Buy) On track to resolve regulatory issues; better traction in approved products Aurobindo Pharma (ARBP) remains focused on US generics, on the back of a strong ANDA pipeline with good mix of complex generics. ARBP is also in the process of integrating Apotex and hopes to derive further synergies from it for its Europe business. We raise our EPS estimat...
- Nitin Agarwal
Event update: Aurobindo Pharma (Outperformer) - Unit VII classified as...
Event 1) Unit VII has been classified as OAI 2) Novartis provides updates on financials of the Sandoz portfolio that is being divested to Aurobindo Key highlights Aurobindo’s unit VII is classified as Official Action Indicated (OAI) by the USFDA. Given the delay in classification, this was expected. This will lead to delay in new product approvals from this facility. There are about 29 ANDAs (excluding PEPFAR products) pending from unit VII. ~15 of these ANDAs had an expected approval data...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-Deficiency in injectables manufacturing c...
Aurobindo Pharma: Deficiency in injectables manufacturing controls; Robust CAPA required to resolve issues (ARBP IN, Mkt Cap USD3.5b, CMP INR429, TP INR500, 17% Upside, Buy) The USFDA inspected Aurobindo Pharma's (ARBP) Unit 4 from 4th-13th Nov'19 and issued form 483 with 14 observations. Observations are largely related to deficiencies in studies and monitoring conditions necessary for aseptic processing/injectable facility. It would take 4-6 months of enhanced efforts to resolve the is...
- Nitin Agarwal
Aurobindo Pharma's Q2FY20 results (Outperformer) - US drives another s...
Q2FY20 result highlights Consol revs came at Rs56bn above est of Rs55.3bn; Beat mainly US driven. US sales came at $403m vs est $380m; Q1 was $387m; Organic sales (ex-Spectrum) likely to be ~$378m vs $362m in Q1. Notably, this sales performance was achieved despite no meaningful new launches during the qtr combined with ongoing FDA issues EU revs came at $199m vs est $195m. API revs stood below est Consol EBITDA came ahead at Rs11.7bn vs est Rs11.5bn; Q1 was Rs11.5bn. EBITAM came at 20.8% i...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-Sales uptrend continues led by US/Europe-...
AUROBINDO PHARMA: Sales uptrend continues led by US/Europe; regulatory headwinds remain (ARBP IN, Mkt Cap USD3.5b, CMP INR433, TP INR500, 15% Upside, Buy) Superior execution in US/acquisition contribution drive revenues: Sales were up 18% YoY to INR56b (our estimate: INR54.2b) in 2QFY20, largely led by the US (+27.3% YoY to INR28b) and Europe (+21.2% YoY to INR14b). New launches, higher sales in existing products and also sales from acquired entity provided momentum during the quarter. Gr...
- Nitin Agarwal
Aurobindo Pharma's Q1FY20 results (Outperformer) - US drives another s...
Q1FY20 result highlights Consol revs came at Rs54.4bn inline with est; Beat mainly US driven. US sales came at $387m vs est $365m; Q4 was $352m; Organic sales (ex-Spectrum) likely to ~$362m vs $342m in Q4. Notably, this sales performance was achieved despite no meaningful new launches during the qtr combined with ongoing FDA issues EU revs came at $200m vs est $206m. API revs stood below est Consol EBITDA came ahead at Rs11.5bn vs est Rs10.9bn; Q4 was Rs10.6bn. EBITAM came at 21.1% vs est 2...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-US led earnings growth despite regulatory...
AUROBINDO PHARMA: US led earnings growth despite regulatory hurdles at few sites (ARBP IN, Mkt Cap USD5b, CMP INR598, TP INR720, 20% Upside, Buy) Revenue growth led by the US: 1QFY20 sales at INR54.4b (v/s est. INR52.2b) was up 28% YoY, largely led by US formulation sales at INR26.8b (USD390m, 49.4% of sales), which were up 42.3% YoY. EU sales came in at INR13.9b (+16% YoY, 25.6% of sales); emerging market sales at INR3.1b were up 22% YoY. ARV sales at INR3.2b doubled YoY while API sales ...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-Robust comprehensive plan key to resolve ...
Aurobindo Pharma: Robust comprehensive plan key to resolve regulatory headwind (ARBP IN, Mkt Cap USD5.1b, CMP INR596, TP INR720, 21% Upside, Buy) The USFDA has issued a warning letter (WL) to Aurobindo Pharma (ARBP) based on the Corrective and Preventive Action (CAPA) submitted by the company to observations raised by the USFDA following an inspection conducted in Feb'19. The WL has indicated deviations related to Current Good Manufacturing Practices (CGMP) and equipment surface, which ...
- Nitin Agarwal
Aurobindo Pharma's Q4FY19 results (Outperformer) - Broadly in-line
Q4FY19 result highlights Consol revs came at Rs52.9bn vs est Rs49bn; Beat mainly in US, EU and API largely driven by recent acquisitions. US revs of $353m ($345m – organic) vs est of $331m; Q3 was $337m. EU revs came at $186m ($166m – organic) vs est $159m. ARV / RoW revs stood below est Consol EBITDA came largely inline at Rs10.6bn vs est Rs10.5bn; Q3 was Rs10.86bn. EBITAM came at 20.0% vs est 21.4%; Q3 was 20.6%. EBITDA was impacted by lower GMs – 55.2% vs est 57.1%; Q3 was 54.6%; Mgt ind...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-Sales growth trends comforting-approval p...
Aurobindo Pharma: Sales growth trends comforting; approval pace/execution hold key (ARBP IN, Mkt Cap USD5.8b, CMP INR686, TP INR840, 23% Upside, Buy) US/growth market/ARV and favorable FX drive revenues: Sales increased 31% YoY to INR53b (our estimate: INR49b), primarily led by sales growth of 30% YoY in US formulations (USD353m; 47% of sales), 38% YoY in growth market (INR3b) and 96% YoY in ARV (INR3b). EU sales were up 14% YoY at INR13b, partly led by the acquisition of Apotex operation...
- Nitin Agarwal
Aurobindo Pharma's Q3FY19 results (Outperformer) - Strong quarter; bro...
Q3FY19 result highlights Consol revs came at Rs52.7bn vs est Rs48.5bn; Beat across segments. US revs of $337m vs est of $325m; Q2 was $318m. While US was expected to be strong the quantum is a positive surprise. EU revs came at $179m vs est $165m. ARV / RoW/ API revs also beat est by good margin Consol EBITDA came at Rs10.8bn vs est Rs10.5bn; Q2 was Rs10.2bn. EBITAM came at 20.6% vs est 21.6%; Q2 was 21.6%. EBITDA was impacted by lower GMs – 54.6% vs est 57%; Q2 was 57%; Mgt indicated ~100b...
- Tushar Manudhane
MOSL: AUROBINDO PHARMA (Buy)-Robust US biz and higher API sales drive ...
Aurobindo Pharma: Robust US biz and higher API sales drive earnings (ARBP IN, Mkt Cap USD6.2b, CMP INR761, TP INR940, 24% Upside, Buy) Healthy growth across segments: Aurobindo Pharma’s (ARBP) revenues grew ~22% YoY to INR52.7b (v/s our est. of INR47.6b), largely led by the US (~46% of sales) and API segment (~17% of sales). The US sales were up ~22% YoY, while API segment sales were up ~20% YoY. Other geographies also reported healthy growth. Gross margin (GM) contracted 340bp YoY to 5...
- Nitin Agarwal
Event update: Aurobindo Pharma (Outperformer) - Enters US specialty t...
Event Aurobindo has announced a transaction to acquire 7 branded oncology drugs from Spectrum Pharma along with commercial infrastructure for selling of products (~100 people including ~60 strong sales team) Key highlights This acquired portfolio generated $76m revenues in 9mCY18 (-14% yoy); with annualized sales of ~$105m. Aurobindo will pay $160m upfront cash along with potential milestones of upto $140m (linked to achievement of cumulative sales of upto $800m in 2 of the products over ne...
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