External broker reports(aggregated public sources), HDFC Securities

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<ul><li>As per IQVIA, IPM recorded growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26)</li><li>Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth</li><li>For Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As per IQVIA, IPM recorded growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26)Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growthFor Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26

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<ul>
<li>IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis</li>
<li>The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.</li>
<li>Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.</li>
</ul>


IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis
The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.
Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.


IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

<ul><li>The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat</li><li>We project sales/EBITDA growth of 11%/6% YoY for our coverage universe (ex-Torrent + JB sales/EBITDA growth at 10%/5% YoY)</li><li>Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 15% YoY increase in the India business (ex-Torrent + JB growth at 13% YoY)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flatWe project sales/EBITDA growth of 11%/6% YoY for our coverage universe (ex-Torrent + JB sales/EBITDA growth at 10%/5% YoY)Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 15% YoY increase in the India business (ex-Torrent + JB growth at 13% YoY)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharma and Healthcare (Q4FY26E Results Preview): Steady revenue growth, margins pressure visible

<ul><li>US administration imposes 0-100% tariff on import of patented drugs (and related APIs) with multiple ad valorem duty rate structures – (1) 100% on imports of patented pharma and pharma ingredients for those companies that have not initiated an MFN deal or US plant commitments</li><li>(2) 15% for products from Japan, EU, South Korea, Switzerland, and Liechtenstein</li><li>(3) 10% on products from the UK, (4) 20% for the company with branded products and plans to start plant/R&amp;D Unit in the US, (5) zero for patented drugs (APIs) of companies that have fully executed MFN agreements (13 companies)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

US administration imposes 0-100% tariff on import of patented drugs (and related APIs) with multiple ad valorem duty rate structures – (1) 100% on imports of patented pharma and pharma ingredients for those companies that have not initiated an MFN deal or US plant commitments(2) 15% for products from Japan, EU, South Korea, Switzerland, and Liechtenstein(3) 10% on products from the UK, (4) 20% for the company with branded products and plans to start plant/R&amp;D Unit in the US, (5) zero for patented drugs (APIs) of companies that have fully executed MFN agreements (13 companies)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: US tariffs on branded drugs, generics exempted

<ul><li>As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25).</li><li>Growth was led by CVS, anti-diabetes, CNS, VMN, and oncology segments, while growth in anti-infective, gastro, respiratory, derma, and pain grew at par or marginal below compared to IPM growth.</li><li>Our view: IPM growth was steady at 11% YoY in Jan-26, largely led by price growth and traction in chronic therapies.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25).Growth was led by CVS, anti-diabetes, CNS, VMN, and oncology segments, while growth in anti-infective, gastro, respiratory, derma, and pain grew at par or marginal below compared to IPM growth.Our view: IPM growth was steady at 11% YoY in Jan-26, largely led by price growth and traction in chronic therapies.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: IPM: steady 11% growth in Jan-26

India

Alkem Laboratories Ltd. is an Indian multinational pharmaceutical company specializing in generics and specialty pharmaceuticals. It manufactures and markets pharmaceutical generics, formulations, and nutraceuticals across India and global markets. The company's product portfolio also includes active pharmaceutical ingredients, branded products, vitamins, minerals, and nutritional products. Alkem Laboratories is headquartered in Mumbai, India, and was founded in 1973.

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Alkem Laboratories (ALKEM IN)

Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26

Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth

HDFC Securities

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

Pharma and Healthcare (Q4FY26E Results Preview): Steady revenue growth, margins pressure visible

Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 15% YoY increase in the India business (ex-Torrent + JB growth at...

HDFC Securities

Pharmaceuticals: US tariffs on branded drugs, generics exempted

We believe the key motive behind tariffs is to push the innovator company toward MFN or investment in plants/R&D to bring down drug prices.

HDFC Securities

Pharmaceuticals: IPM: steady 11% growth in Jan-26

As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25). Growth was led by CVS,...

HDFC Securities

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Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26

Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth

HDFC Securities

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

​IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

Pharma and Healthcare (Q4FY26E Results Preview): Steady revenue growth, margins pressure visible

Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 15% YoY increase in the India business (ex-Torrent + JB growth at...

HDFC Securities

Pharmaceuticals: US tariffs on branded drugs, generics exempted

We believe the key motive behind tariffs is to push the innovator company toward MFN or investment in plants/R&D to bring down drug prices.

HDFC Securities

Pharmaceuticals: IPM: steady 11% growth in Jan-26

As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25). Growth was led by CVS,...

HDFC Securities

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...