Alkem is a leading pharma company with a strong domestic business with 14 of the company’s brands in the top 300 in India. The company is gradually and selectively expanding its presence in US generics market. Despite intense competition in all the markets the company operates in, the company has been able to generate industry beating growth rates due to aggressive and focused marketing. Investment in R&D and capex for biosimilars may pressure margins but presence of strong brand portfolio is a strength. Price controls on domestic brands and negative outcome of US FDA inspection are threats but cost savings post Covid are noteworthy. We have an over weight rating due to good regulatory track record and decent prospects and attractive valuations – 25-05-2021 Price: 2905.55 Rating: Over Weight Recommendation: Buy
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