ZYDUS LIFESCIENCES (=) : Beat across the board; mixed outlook for FY27

研报英文原文证据摘录

ZYDUS LIFESCIENCES (=) : Beat across the board; mixed outlook for FY27

EQUITIES

PHARMACEUTICALS

NEUTRAL TARGET PRICE EPS 03/27e EPS 03/28eZYDUS LIFESCIENCES PRICE* INR991.1  TARGET PRICE INR960 (DOWNSIDE 3%) unchanged  -4% non material

Beat across the board; mixed outlook for FY27

ZYDUSLIF reported strong 4QFY26 numbers. Revenue/EBITDA beat consensus by 8%/16% and19 MAY 2026

Securities Research Report our expectation by 17%/35%, driven by stronger performance across the board. US sales grew 3%

Production time: 16:22* (London time)

q-q to USD323m (BNPPe: USD275m) despite price erosion in gRevlimid. ZYDUSLIF announced an

Research Analysts & Publishing Entities

INR11b buyback at a price of up to INR1,150 per share. While mid-teens FY27 revenue growth

Tausif Shaikh guidance is a positive, EBITDA margin is guided to reset to c24%+ levels (vs 26.5% in FY26) due toBNP Paribas Securities India Private

Limited competition in key molecules. Maintain Neutral.

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tausif.shaikh@asia.bnpparibas.com All-round beat; India business back on track; Guidance of high-teens revenue growth in FY27

ZYDUSLIF’s revenue beat our estimates by 17%, led by outperformance across all business

segments. India revenue grew 14% y-y, with Rx revenue growing 15% y-y and outperforming IPM,

led by scaling up of the innovative portfolio and a higher chronic-therapy mix. We are slightly below

guidance of high-teens revenue growth in FY27. While ZYDUSLIF retained its mid-teens growth

guidance for international revenues (EM+EU), aided by Desidustat launch in China, and strong

growth in India and Consumer businesses, we expect US revenues to remain largely flat in FY27.

US outshines, but unconvincing near-term outlook reflects on margin guidance.