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Jubilant Pharmova Ltd. delivered in line earnings, despite a better than expected revenue in Q1 FY22.
The Covid-19 related business led to a strong y-o-y revenue growth.
However, reduced number of lung procedures in the radiopharma segment, increased price erosion in the Sartans portfolio, and price erosion in the base portfolio in the generics segment led to lower-than-expected profitability, offsetting benefits of higher revenue.
We have reduced Jubilant Pharmova’s FY22E/FY23E earnings per share estimate by 14% each to factor in:
delay in potential products on account of the import alert at Roorkee,
higher competitive pressures in the generics portfolio,
gradual recovery in radiopharma sales, and
lower operating leverage.
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