External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Cipla US Sales Dip as gRevlimid Fades: The company’s US revenue for Q2FY26 stood at $233 Mn, reflecting a 1.7% YoY decline impacted by gRevlimid but offset by Albutero and Lanreotide as their market shares have now risen to 22% and Cipla's first biosimilar Filgrastim entry into the US market.</li><li>It expects virtually no contribution from gRevlimid in Q3FY26.</li><li>Strong Chronic, Trade Generics Boost One India 6.7% YoY: One India’s segment grew 6.7% YoY, largely driven by the robust performance of chronic products and strong double-digit growth in the Trade Generics business.</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.

Cipla US Sales Dip as gRevlimid Fades: The company’s US revenue for Q2FY26 stood at $233 Mn, reflecting a 1.7% YoY decline impacted by gRevlimid but offset by Albutero and Lanreotide as their market shares have now risen to 22% and Cipla's first biosimilar Filgrastim entry into the US market.It expects virtually no contribution from gRevlimid in Q3FY26.Strong Chronic, Trade Generics Boost One India 6.7% YoY: One India’s segment grew 6.7% YoY, largely driven by the robust performance of chronic products and strong double-digit growth in the Trade Generics business.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.

Cipla Ltd - Next-Gen Growth with GLP-1 & Respiratory Pipeline; Maintain BUY

<ul><li>The company’s US revenue stood at $226 Mn, reflecting a 9.6% YoY decline impacted by gRevlimid and a 2.3% increase QoQ on improved lanreotide sales.</li><li>One India’s segment grew 6% YoY, driven by muted therapies such as Respiratory. Chronic products. These now contribute 61.5% of revenue, continuing to outperform IPM growth, while the Acute segment remains affected by seasonal headwinds.</li><li>The South Africa business expanded 30% YoY, aided by robust growth in the private market and OTC market.</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 company’s US revenue stood at $226 Mn, reflecting a 9.6% YoY decline impacted by gRevlimid and a 2.3% increase QoQ on improved lanreotide sales.One India’s segment grew 6% YoY, driven by muted therapies such as Respiratory. Chronic products. These now contribute 61.5% of revenue, continuing to outperform IPM growth, while the Acute segment remains affected by seasonal headwinds.The South Africa business expanded 30% YoY, aided by robust growth in the private market and OTC market.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.

Cipla Ltd - Promising Pipeline, Maintain BUY

<ul><li>The company’s US revenue stood at $226 Mn, reflecting a 1.7% YoY decrease, although this was affected by lower Lanreotide supply issues. </li><li>India’s branded prescription segment grew by 10% YoY as key therapies like Respirator, Urology, etc.has performed well.</li><li>Chronic products now comprise 61.5% of revenue, continuing to outpace IPM growth. However, the Acute segment remains impacted by seasonal challenges.</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 company’s US revenue stood at $226 Mn, reflecting a 1.7% YoY decrease, although this was affected by lower Lanreotide supply issues. India’s branded prescription segment grew by 10% YoY as key therapies like Respirator, Urology, etc.has performed well.Chronic products now comprise 61.5% of revenue, continuing to outpace IPM growth. However, the Acute segment remains impacted by seasonal challenges.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.

CIPLA Ltd - CIPLA Delivers Despite U.S. Struggles

Thematic (Sector/Industry)

<ul><li>We anticipate that pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 9.9% YoY and 0.8% QoQ, along with EBITDA growth of 11.3% YoY and 3.6% QoQ.</li><li>Moreover, adjusted PAT is expected to grow by 13.3% YoY and decrease by 3.5% QoQ. Domestic formulations and niche launches in the US market will likely drive this growth.</li><li>Within the US generics, growth is particularly driven by products such as gRevlimid, gMirabegron, gSpiriva, gAlbuterol, gPrezista, gLenalidomide, gProlensa, gRivaroxaban, gtolvapatan and various biosimilars.</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.

We anticipate that pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 9.9% YoY and 0.8% QoQ, along with EBITDA growth of 11.3% YoY and 3.6% QoQ.Moreover, adjusted PAT is expected to grow by 13.3% YoY and decrease by 3.5% QoQ. Domestic formulations and niche launches in the US market will likely drive this growth.Within the US generics, growth is particularly driven by products such as gRevlimid, gMirabegron, gSpiriva, gAlbuterol, gPrezista, gLenalidomide, gProlensa, gRivaroxaban, gtolvapatan and various biosimilars.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.

Q1FY26 Earnings Preview - Pharma and Healthcare

<ul><li>We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.1% YoY and 0.9% QoQ, along with EBITDA growth of 9.2% YoY and 2.4% QoQ.</li><li>Moreover, adjusted PAT is expected to grow by 10.7% YoY and 2.5% QoQ.</li><li>This growth will likely be driven by domestic formulations and niche launches in the US market.</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.

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.1% YoY and 0.9% QoQ, along with EBITDA growth of 9.2% YoY and 2.4% QoQ.Moreover, adjusted PAT is expected to grow by 10.7% YoY and 2.5% QoQ.This growth will likely be driven by domestic formulations and niche launches in the US market.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.

Q3FY25 Earnings Preview - PHARMA & HEALTHCARE

India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

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Cipla Ltd (CIPLA IN)

Cipla Ltd - Next-Gen Growth with GLP-1 & Respiratory Pipeline; Maintain BUY

The company’s US revenue for Q2FY26 stood at $233 Mn, reflecting a 1.7% YoY decline impacted by gRevlimid but offset by Albutero and Lanreotide...

Axis Direct

Cipla Ltd - Promising Pipeline, Maintain BUY

The company’s US revenue stood at $226 Mn, reflecting a 9.6% YoY decline impacted by gRevlimid and a 2.3% increase QoQ on improved lanreotide sales.

Axis Direct

CIPLA Ltd - CIPLA Delivers Despite U.S. Struggles

The company’s US revenue stood at $226 Mn, reflecting a 1.7% YoY decrease, although this was affected by lower Lanreotide supply issues.

Axis Direct

Q1FY26 Earnings Preview - Pharma and Healthcare

We anticipate that pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 9.9% YoY and 0.8% QoQ, along with...

Axis Direct

Q3FY25 Earnings Preview - PHARMA & HEALTHCARE

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.1% YoY and 0.9% QoQ, along...

Axis Direct

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