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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<ul><li>In Q2FY24, the Pharma Coverage universe posted robust revenue growth of 14.3%/1.7% YoY/QoQ on account of volume rampup, new launches (especially gRevlimid, gSpiriva, gPrezista), and stabilizing pricing pressure in the US base business.</li><li>EBITDA margin improved by a healthy 210bps/50bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.</li><li>The US sales were robust, aided by the new launches comprising gRevlimid, gSpiriva, and gPrezista and increased demand for resilient suppliers amid drug shortages.</li></ul><p><em>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.</em></p>

In Q2FY24, the Pharma Coverage universe posted robust revenue growth of 14.3%/1.7% YoY/QoQ on account of volume rampup, new launches (especially gRevlimid, gSpiriva, gPrezista), and stabilizing pricing pressure in the US base business.EBITDA margin improved by a healthy 210bps/50bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.The US sales were robust, aided by the new launches comprising gRevlimid, gSpiriva, and gPrezista and increased demand for resilient suppliers amid drug shortages.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.

<ul><li>Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.</li><li>Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).</li><li>ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.</li></ul><p><em>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.</em></p>

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.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.

Axis Research Scorecard Report for Oct 2023

<ul><li>In Q1FY24, the Pharma Coverage universe posted robust revenue growth of 20.5%/6.1% YoY/QoQ on account of volume rampup, new launches (especially Revlimid), and stabilizing pricing pressure in the US base business.</li><li>EBITDA margin improved by a healthy 581bps/234bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.</li><li>US sales was robust, aided by gRevlimid, new launches, and increased demand for resilient suppliers amid drug shortages.</li></ul><p><em>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.</em></p>

In Q1FY24, the Pharma Coverage universe posted robust revenue growth of 20.5%/6.1% YoY/QoQ on account of volume rampup, new launches (especially Revlimid), and stabilizing pricing pressure in the US base business.EBITDA margin improved by a healthy 581bps/234bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.US sales was robust, aided by gRevlimid, new launches, and increased demand for resilient suppliers amid drug shortages.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.

<div><div><div><div><ul><li>The Pharma companies under our coverage are likely to report aggregate Revenue/ EBITDA/PAT growth of 22.1%/50.4%/39.5% YoY in Q1FY24E.</li><li>The growth is likely to be led by value-added new launches, market share expansion, and strong momentum in the Indian market.</li><li>High double-digit growth was seen in the US market, which was led by gRevlimid and other value-added launches despite intense competition and high single-digit growth in the basic generic business. </li></ul></div></div></div></div><p><em>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.</em></p>

The Pharma companies under our coverage are likely to report aggregate Revenue/ EBITDA/PAT growth of 22.1%/50.4%/39.5% YoY in Q1FY24E.The growth is likely to be led by value-added new launches, market share expansion, and strong momentum in the Indian market.High double-digit growth was seen in the US market, which was led by gRevlimid and other value-added launches despite intense competition and high single-digit growth in the basic generic 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.

<div><div><div><div><ul><li>In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.</li><li>We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.</li><li>Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. </li></ul></div></div></div></div><p><em>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.</em></p>

In Q3FY23, the Pharma sector is expected to benefit from positive attributes such as currency depreciation, fall in raw material prices, low crude prices, and correction in shipping prices which would aid in revenue growth and improvement in gross margins.We expect the Pharma universe under our coverage to report healthy aggregate Revenue/EBITDA/PAT growth of 7.4%/9.5%/9.1% YoY. 8% depreciation in the Indian currency (Rs) may majorly contribute to the overall growth of 7.4% for the last quarter.Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has now stabilised. 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.

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)

Pharma Sector: Q2FY24 Review

In Q2FY24, the Pharma Coverage universe posted robust revenue growth of 14.3%/1.7% YoY/QoQ on account of volume rampup, new launches (especially...

Axis Direct

Axis Research Scorecard Report for Oct 2023

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23. Calls that successfully achieved their target were Nestle India (~10%),...

Axis Direct

Top Sector Ideas - Pharma

In Q1FY24, the Pharma Coverage universe posted robust revenue growth of 20.5%/6.1% YoY/QoQ on account of volume rampup, new launches (especially...

Axis Direct

Pharma - Q1FY24 - Earnings Preview

The Pharma companies under our coverage are likely to report aggregate Revenue/ EBITDA/PAT growth of 22.1%/50.4%/39.5% YoY in Q1FY24E.

Axis Direct

Pharma - Q3FY23 - Earnings Preview

Low single-digit growth in the US market (due to intense competition) and low double-digit growth in the India business after Covid-19 business has...

Axis Direct

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