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Forwarded

Glenmark: Best Buy: Pharma Sales rise 12% in Feb

40% Upside Target: Glenmark

CLSA on Glenmark

Post 3Q results, *raise TP to Rs 420*

Believe vals are attractive considering strong India positioning, improving margin profile & likely decline in leverage

Favourable data of ISB 830 in June 2020 likely to be key catalyst

Macquarie on Glenmark

Lowering of debt & continued progress in innovation pipeline are key monitorables

*O-P, TP Rs 428*

At 11x FY21 PER, vals are undemanding

*In entire Pharma sector, only Glenmark has posted HIGHEST quarterly rise (64%) in NP*