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Strides Pharma Science Ltd.’s Q4 FY21 operational performance was marginally below our estimate.
The robust performance in the U.S., institutional segment within emerging markets was offset by subdued sales in other regulated markets on account of Covid-19.
In addition to commercial manufacturing of the Sputnik vaccine by October 2021, the company is building a basket of Covid-related medicines.
The abbreviated new drug application filing momentum is expected to pick-up in FY22, providing growth visibility in the U.S. market.
We cut our FY22E/FY23E earnings estimate by 6% each to account for increased opex associated with logistics and increased price erosion in select products.
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