Ranbaxy Labs - Ohm clearance in line; Hanmi launches Nexium equivalent - Emkay

Ranbaxy's Ohm Labs facility has received an Establishment Inspection Report (EIR) from the US-FDA. This establishes clearance of the previously unresolved 483 at this facility

- All other US-FDA facilities such as Paonta Sahib, Dewas and Mohali are still under import alert and consent decree

- The possibilities of pending FTFs like Diovan, Valcyte and Nexium getting monetized remains alive but is contingent on the timely approvals of site transfers from the US-FDA

- We maintain our TP of Rs308 (base business at 18x CY14E EPS and Rs55 for FTFs NPV) is based on an assumption that Ranbaxy would be able to monetize all key FTFs in CY14E.

Source : Equity Bulls

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