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18 Jan 2019

STOCK MARKET--Cadila Healthcare may test Rs 435: Anand Rathi


Cadila Healthcare is one of the top three in gynaecology, respiratory, pain management, CVS and dermatology.
We believe a pick-up in market share of gToprol, launches and the launched Asacol HD (own version) would help maintain Cadila’s margins
and earnings ahead. On the high base, we expect 8 percent and 9 percent CAGRs over FY18-21 in revenue and earnings respectively.
The company expects 40-50 launches annually and is focusing on vaccines and biologics – which could be future growth drivers.
It has strong ANDA pipeline in the US, with 144 filings awaiting approval of which 60+ are Para IV. It launched 20 products in the year,
including g Lialda and gTamiflu and received 77 approvals in FY18, bringing cumulative filings/approvals to 330/186.
The company has recently announced it is considering fund raising proposals of up to Rs 10,000 Cr via QIP & up to Rs 5,000 cr via FCCBs.
We expect 11 percent and 17 percent CAGRs over FY18-20 in revenue & earnings respectively, our target price is based on 21x FY20e EPS of23.30.


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