Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.</li>
<li>WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.</li>
<li>Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.</li>
</ul>


Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.


APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

External broker reports(aggregated public sources), HDFC Securities

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<ul><li>As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in units</li><li>The growth was broad-based and led by strong growth in Cardiac and Respiratory as well as recovery in other key therapies like anti-diabetics, anti-infective, gastro, VMN, and pain</li><li>For Q1FY26, IPM grew 9% YoY with unit growth of 1%.</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 saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in unitsThe growth was broad-based and led by strong growth in Cardiac and Respiratory as well as recovery in other key therapies like anti-diabetics, anti-infective, gastro, VMN, and painFor Q1FY26, IPM grew 9% YoY with unit growth of 1%.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: 11.5% value and 5% unit growth in Jun’25

<ul><li>The India Pharma and Healthcare sector is expected to see steady revenue growth</li><li>However, EBITDA margins are expected to show a decline for Q1FY26E</li><li>We project sales/EBITDA growth of 11%/9% YoY for our coverage universe</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 steady revenue growthHowever, EBITDA margins are expected to show a decline for Q1FY26EWe project sales/EBITDA growth of 11%/9% YoY for our coverage universeContent 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: Q1FY26: Steady Revenues, Margins Under Pressure

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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<ul>
<li>India expects steel imports to fall by 50% as new tax supports local industry. Rising demand shows the steel sector is set for strong growth.</li>
<li>India imposes five-year anti-dumping duties on Vitamin A Palmitate and Insoluble Sulphur imports to protect domestic producers, signaling stronger trade enforcement amid global competition.</li>
<li>
<a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">British American Tobacco (BATS LN)</a> plans to exit its 14.55% stake in ITC Hotels post-demerger, focusing on core operations. The move may reshape ownership and boost institutional participation.</li>
</ul>


India expects steel imports to fall by 50% as new tax supports local industry. Rising demand shows the steel sector is set for strong growth.
India imposes five-year anti-dumping duties on Vitamin A Palmitate and Insoluble Sulphur imports to protect domestic producers, signaling stronger trade enforcement amid global competition.

British American Tobacco (BATS LN) plans to exit its 14.55% stake in ITC Hotels post-demerger, focusing on core operations. The move may reshape ownership and boost institutional participation.


#163 India Insight: Steel Tax To Cut Imports By 50%, ADD on Chemicals, BAT to Exit ITC Hotel's Stake

<ul>
<li>Hansoh Pharmaceutical stuck outlicense agreement with Regeneron Pharmaceuticals for GLP-1 drug candidate for an upfront payment of $80M. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer.</li>
<li>Takeda received European approval for Adcetris as a chemotherapy regimen in Hodgkin lymphoma. Zydus Lifesciences is acquiring 5.9% stake in Agenus and commercial right for its lead candidate for India.</li>
<li>Mayne Pharma has filed a complaint in the U.S. Court against TherapeuticsMD. Cosette Pharmaceuticals indicated an intention to terminate the acquisition over “material adverse clause claims.”</li>
</ul>


Hansoh Pharmaceutical stuck outlicense agreement with Regeneron Pharmaceuticals for GLP-1 drug candidate for an upfront payment of $80M. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer.
Takeda received European approval for Adcetris as a chemotherapy regimen in Hodgkin lymphoma. Zydus Lifesciences is acquiring 5.9% stake in Agenus and commercial right for its lead candidate for India.
Mayne Pharma has filed a complaint in the U.S. Court against TherapeuticsMD. Cosette Pharmaceuticals indicated an intention to terminate the acquisition over “material adverse clause claims.”


APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

India

Zydus Lifesciences is an Indian multinational pharmaceutical company that researches, develops, manufactures, and markets a broad range of healthcare therapies, including generic drugs, branded generics, biosimilars, vaccines, and consumer wellness products. The company is headquartered in Ahmedabad, India, and was founded in 1952.

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Zydus Lifesciences (ZYDUSLIF IN)

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

Pharmaceuticals: IPM: 11.5% value and 5% unit growth in Jun’25

As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in units

HDFC Securities

Pharma and Healthcare: Q1FY26: Steady Revenues, Margins Under Pressure

he India Pharma and Healthcare sector is expected to see steady revenue growth. However, EBITDA margins are expected to show a decline for Q1FY26E

HDFC Securities

#163 India Insight: Steel Tax To Cut Imports By 50%, ADD on Chemicals, BAT to Exit ITC Hotel's Stake

India boosts local industry by imposing taxes on imports, signaling stronger trade enforcement. British American Tobacco plans to exit stake in...

Sudarshan Bhandari

APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

Hansoh stuck deal with Regeneron for obesity drug candidate. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer....

Tina Banerjee

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52-week Range

Market Cap (USDm)

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APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

Pharmaceuticals: IPM: 11.5% value and 5% unit growth in Jun’25

As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in units

HDFC Securities

Pharma and Healthcare: Q1FY26: Steady Revenues, Margins Under Pressure

he India Pharma and Healthcare sector is expected to see steady revenue growth. However, EBITDA margins are expected to show a decline for Q1FY26E

HDFC Securities

#163 India Insight: Steel Tax To Cut Imports By 50%, ADD on Chemicals, BAT to Exit ITC Hotel's Stake

​India boosts local industry by imposing taxes on imports, signaling stronger trade enforcement. British American Tobacco plans to exit stake in...

Sudarshan Bhandari

APAC Healthcare Weekly (June 8)- Hansoh Pharma, Daiichi Sankyo, Takeda, Mayne Pharma, Zydus Life

Hansoh stuck deal with Regeneron for obesity drug candidate. Daiichi Sankyo unveiled positive phase 3 trial result in first-line breast cancer....

Tina Banerjee

India boosts local industry by imposing taxes on imports, signaling stronger trade enforcement. British American Tobacco plans to exit stake in...