Anthem Biosciences: Guidance maintained; CRDMO visibility strong with capacity-led runway

Research evidence excerpt

Anthem Biosciences: Guidance maintained; CRDMO visibility strong with capacity-led runway

J P M O R G A N Asia Pacific Equity Research

22 July 2026

Anthem Biosciences Overweight

ANTH.NS, ANTHEM IN

Guidance maintained; CRDMO visibility strong with Price (22 Jul 26):Rs778.90

capacity-led runway ▲Price Target (Sep-27):Rs900.00 Prior (Mar-27):Rs850.00

Anthem’s 1QFY27 print was soft as expected, driven by timing-related shipment

push-outs, while underlying demand and margins remained resilient. Management Pharmaceuticals & Healthcare

Servicesreiterated its FY27 growth aspiration and maintained confidence in sustaining

current margin levels, supported by strong CRDMO order-book visibility (~60% Bansi Desai, CFA AC

of full-year guidance) and a healthy pipeline (100+ early-stage projects; 10 late- (91 22) 6157 3581

bansi.desai@jpmorgan.com

phase molecules). Management also highlighted the addition of one new Big

Pharma customer during the quarter, while noting that Semaglutide API is a long- Amlan Jyoti Das

(91 22) 6157 3574

term structural opportunity, with commercialization contingent on CDSCO amlan.das@jpmchase.com

approval expected this year. We keep our estimates unchanged and forecast J.P. Morgan India Private Limited, J.P. Morgan

19%/18% revenue/EBITDA CAGR over FY26–29E. The stock is up 21% YTD vs. Tower, Santacruz(E), Mumbai - 400098, SEBI Registration: INH000001873, (91-22) 6157-3000.

NSEPHRM +14% and trades at 60x/51x/45x FY27/28/29E PER. PT revised to

Rs900 (rolled forward to Sep’27E, based on an unchanged 55x); OW.

Style Exposure

• Soft 1Q but margins resilient: Anthem's 1QFY27 revenue/EBITDA/adj.

PAT declined 23%/21%/12% YoY. Revenue came in at Rs4.2bn (CRDMO:

81.5%/Rs3.4bn; Specialty: 18.5%/Rs780mn), with CRDMO down 25% YoY