1. Edelweiss says ‘Buy’ Torrent Pharma; target price Rs 1,665

Edelweiss says ‘Buy’ Torrent Pharma; target price Rs 1,665

We recently hosted Torrent’s Pharma (TRP) management. TRP continues to maintain focus on branded business mix from India and Brazil, which bodes well for sustainable growth in a challenging global environment for pharma sector. In India, the emphasis is on improving productivity of the field force while growing better than market.

By: | Edelweiss | Published: December 22, 2016 6:04 AM

We recently hosted Torrent’s Pharma (TRP) management. TRP continues to maintain focus on branded business mix from India and Brazil, which bodes well for sustainable growth in a challenging global environment for pharma sector. In India, the emphasis is on improving productivity of the field force while growing better than market. In Brazil, the company will improve its product filing rate and enhance its product portfolio size by 3x over next 5 years. USA and Germany will be vital spots within genericmarkets. TRP is significantly ramping up in the US with 100 filings targeted over next 3 years to scale up to $ 500 million revenues in medium term. Maintain buy with a target price of R1,665.

TRP’s branded business is training focus on 2 key territories, viz, India and Brazil.

Being a late entrant in the US, TRP is significantly ramping up its ANDA filings to build a $ 500 million business in medium term. The company targets to file 100 new ANDAs by FY20 (currently 69 approved, 22 pending approval) in platforms like derma and oncology, along with in licensing 10 ANDAs/year. In near term, launch of 5·6 approved ANDAs (like Tribenzor and Azor), site transfers of approved ANDAs to Dahej and in licensed filings will drive growth in US Tender business in Germany will grow as Dahej volumes start ramping up and next milestone is EUR 250 million revenue.

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