AUROBINDO PHARMA (+) : 4QFY26 first take: In line quarter; seasonality affected US, offset by strong EM/EU growth

研报英文原文证据摘录

AUROBINDO PHARMA (+) : 4QFY26 first take: In line quarter; seasonality affected US, offset by strong EM/EU growth

EQUITIES

PHARMACEUTICALS

AUROBINDO PHARMA OUTPERFORMPRICE* INR1,547  TARGET PRICE INR1,650 (UPSIDE 7%)

FLASH NOTE

4QFY26 first take: In line quarter; seasonality affected US, offset by strong

EM/EU growth

21 MAY 2026 Securities Research Report Production time: 18:31* (London time)

Research Analyst & Publishing Entities

Tausif Shaikh BNP Paribas Securities India Private Limited +91 22 6196 4037 tausif.shaikh@asia.bnpparibas.com

BNPP Exane View:

ARBP’s 4QFY26 results were largely in line on all operational fronts. Revenue growth of 6% y-y was largely driven by

30%/25% growth in EU/EM which offset the poor performance in US, mostly due to seasonality and lower transient

sales. ARBP has already launched 3 biosimilars (Filgrastim, Bevacizumab and Trastuzumab) in the EU which has seen

strong growth in the region, with 3 more biosimilars to launch soon. ARBP also remains on track to launch biosimilars

in the US market and it aims to file Omalizumab and Denosumab with USFDA soon. Gross margin also saw a strong

220bps uptick during the quarter but was offset by higher manufacturing expenses.

While results were largely in line, US revenue disappointed slightly. But we believe this was transient in nature, given

ARBP has negligible exposure to gRevlimid and also has a strong pipeline of biosimilars to support the US business in

FY27 and FY28. We also remain excited about the EU market where we have seen consistent double-digit revenue

growth on the back of biosimilar launches. We believe ARBP offers a better risk-reward balance than peers due to

limited risk to US sales and strong growth in the EU.

Result summary: