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Tuesday, September 29, 2009

FDC Ltd:Future growth prospects and outlook,a pharma bet

Scripscan: FDC Ltd

Story: FDC makes both formulations and Active Pharmaceutical Ingredients (API) in the pharmaceutical space. Its expertise in ophthalmic and ORS dosage forms has helped it spread its reach across the market. It also has a presence in various therapeutic segments, such as anti-infectives, dermatologicals, respiratory and haematinics.With over 90 per cent of its turnover from the domestic market, FDC is pursuing contract manufacturing opportunities in the regulated and semi-regulated markets for sterile ophthalmic and oral solid dosage forms. The contract manufacturing and clinical market in India is expected to reach $900 million and $1 billion by 2010, respectively, due to the cost advantage India offers. FDC, with its strong presence and R&D expertise, is poised to take advantage of this potential. On the domestic front, the pharma market is expected to grow at a compounded annual growth rate of 16 per cent over 2007-2011.FDC has launched new products and line extensions of its existing products (introduced line extension to its flagship brand ZIFI for treating lower respiratory tract infections). It has also received an approval from the USFDA for its abbreviated new drug application (ANDA), ciprofloxacin ophthalmic solution (antibiotic used for occular surface infections) and timolol maleate ophthalmic solution (used for glaucoma). It has around five more products at an advanced stage of filing.Since January, FDC’s share has been on a steady upmove and is still trading at an attractive valuation of 10 times its forward12 months earnings. This valuation is low when compared to what the larger pharma stocks like Dr Reddy’s Laboratories (16 times) and Sun Pharmaceutical (18 times) command.Invest for steady capital appreciation.

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