India's Gland Pharma up after Q4 rev beats estimates

Gland Pharma

23/05/2024 06:00

** Shares of Gland Pharma  GLAD.NS  up 4.5% at 1,873.8
rupees, on track for best day since April 8
    ** Co's Q4 rev beat estimates but profit fell short
    ** Jefferies says GLAD's base business EBITDA margin
expansion driven by core U.S. sales growth of 8% QoQ on new
launches and favourable pricing 
    ** Brokerage adds, base business margin profile is showing
continued improvement but acquisition of Cenexi is taking longer
than expected to show results
    ** Rival Dr Reddy's  REDY.NS  beat Q4 profit estimates,
Cipla  CIPL.NS  and Sun Pharma  SUN.NS  both missed rev
estimates
    ** GLAD, REDY rated "hold" on avg; CIPL and SUN rated "buy"
- LSEG data
    ** YTD, GLAD down 1.5%; REDY, CIPL and SUN up between 1.2%
and 19%

 (Reporting by Varun Vyas in Bengaluru)
 ((varunvyas.hebbalalu@thomsonreuters.com))