Outperform on Torrent Pharma, target Rs 1500: Credit Suisse

Credit Suisse maintains outperform rating on Torrent Pharma with a 12-month target price of Rs 1500. The analysis of Form 483 suggests new approvals should continue for facility, said the brokerage note.

The next key launch is gCrestor for which co already has a tentative approval. The brokerage firm said that it stays positive due to high contribution of high-return India formulations. Dahej plant helps address capacity constraints for US and EU.

The R&D expenditure has been increased from 4% to 8% of sales which should address weak US pipeline.