The Searle Company

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SEARL has announced 2QFY23 EPS of PKR0.93, down 31% YoY, but up 38% QoQ led by improved margins. This is a better result vs. peers due to a strong consumer portfolio which is offsetting price pressures. SEARL trades at a FY23f P/E and P/S of 15.5x an...

Summary forwarded to the federal cabinet, seeking c. 350% increase in prices of 119 medicines. This should counter the impact of high inflation, sharp PKR devaluation and potential medicine shortage. We hold preference for SEARL and selected MNCs (GL...

SEARL has announced 3QFY21 NPAT of PKR664mn (EPS: PKR2.77), up 9% yoy but down a sharp 22% qoq, taking 9MFY21 NPAT to PKR2.2bn (EPS: PKR 8.98), up 25% yoy. While sales from OBS Pakistan seemingly remain on track, sequentially lower gross margins (44....

SEARL announced 2QFY21 NPAT of PKR855mn (EPS: PKR4.03), up 51% yoy and 35%qoq, taking 1HFY21 NPAT to PKR1.5bn (EPS: PKR 7.02), up 34%yoy. Alongside results SEARL has intimated plans for listing of its subsidiary – most likely Luna Pakistan, in our op...

SEARL’s revenue is expected to rise to PKR5.6bn, up 15%yoy and up 3%qoq. We expect a sharp sequential recovery in GMs to 47.6% vs. 46.0% in 3Q, attributed to 4%qoq appreciation of the PKR vs. USD. This is however lower vs. 49.6% in 2QFY20 following t...

SEARL held their Analyst Briefing call today in which they discussed the company's performance and the future outlook. SEARL attributes this to capitalization of inventory and higher receivables. SEARL is very strong in chronic disease treatment whic...