Investec on Glenmark

Buy, TP raised to Rs 2750 Analyst day takeaways, GLEN is confident of driving 13-15% sales growth & 100bps margin improvement to FY30 led by Branded biz with Innovation-focused portfolio to contribute 30% of sales by FY30 India (new launches + GLP1 + Onco, MR addition) @15%+ growth, US biz at inflection (respiratory + Injs & Monroe + FTFs) & sustained RoW growth. Its innovation arm, IGI, post Abbvie-deal is a source of optionality as it plans to file at least 1 IND/year starting FY27 – more deals also likely similar to ISB 2001

GLENMARK PHARMACEUTICALS

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