奥罗宾多制药（ARBN.BO）：2025年第四季度业绩符合预期：季度表现良好，尽管2026财年受gRevlimid影响仍追求韧性表现；买入

Investment Rating - The report maintains a "Buy" rating for Aurobindo Pharma (ARBN.BO) with a 12-month target price of ₹1275.00, indicating a potential upside of approximately 7.1% from the current price of ₹1190.95 [1][2][9]. Core Insights - Aurobindo's Q4 FY25 performance met expectations, with revenue and EBITDA growing approximately 11% and 6% year-over-year, driven by strong growth in the US and EU markets, despite the impact from gRevlimid [1][19]. - The company anticipates achieving high single-digit revenue growth (excluding Revlimid) in FY26, supported by multiple drivers including sustained momentum in the US market and a full recovery in Eugia, aiming for a stable revenue run-rate of $150 million per quarter [1][23]. - The report notes a decline in EBITDA margin to 21.4%, down 62 basis points year-over-year, influenced by a decrease in gross margin and increased operating expenses [1][3]. Financial Performance Summary - Q4 FY25 revenue was ₹83,821 million, reflecting an 11% year-over-year increase, while EBITDA was ₹17,919 million, with a margin of 21.4% [3][25]. - The net profit for Q4 FY25 was ₹9,035 million, down 8% compared to the previous year, with a net profit margin of 10.8% [3][25]. - The report projects revenue growth for FY26 to be driven by new product launches and operationalization of new plants in various regions [1][22][23]. Earnings Forecast Adjustments - The earnings per share (EPS) forecasts for FY26 to FY28 have been revised down by 7-13% to reflect recent performance data and comments from the earnings call [2][27]. - The target price adjustment from ₹1,300 to ₹1,275 is based on a sum-of-the-parts (SOTP) valuation, implying a target P/E ratio of approximately 18.5 times [2][27]. Market and Product Developments - Aurobindo's revenue from the US reached $470 million, with a year-over-year growth of 9%, attributed to strong performance in core business and new product launches [19][20]. - The company has signed a licensing agreement with a global pharmaceutical giant for developing respiratory products, indicating strategic partnerships to enhance product offerings [20][21]. - Aurobindo has a pipeline of 9 biosimilars, with several products in various stages of approval and clinical trials, indicating a robust future growth potential in the biosimilars market [21].