Gland Pharma gains 6% on robust Q1 profit
Gland Pharma's stock jumped over 6% on Wednesday after the company posted a 50% rise in net profit for Q1 FY24.
Even with slow US sales, overall revenue climbed mainly thanks to strong growth in Europe and a major turnaround at its European unit Cenexi.
Brokerages split on US sales outlook
If you're watching the markets or just curious about pharma trends, this is a solid example of how global performance can outweigh local hiccups.
Brokerages took notice: Jefferies bumped its rating up to 'Hold' and Motilal Oswal kept its 'Buy' call, both raising their target prices.
Still, Goldman Sachs stayed cautious due to ongoing US weakness.
Focus shifts to higher-value projects at Cenexi
Cenexi (acquired in 2023) was the real MVP here—its sales shot up 20%, helping Gland's margins hit 24.4%.
Management says there's more room for margin gains later this year as Cenexi ramps up higher-value projects and better site use.
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