Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> reported 11% YoY revenue growth to INR118B in Q1FY24, mainly driven by the U.S. business. EBITDA margin expanded 109bps to 27.9%.</li>
<li>Net profit declined 2% YoY to INR20B due to certain one-off charges amounting to INR3B. Excluding the exceptional items, adjusted net profit grew 14% YoY to INR23B.</li>
<li>With 26 marketed products globally, Sun Pharma is betting big on specialty products. Specialty pipeline includes 5 molecules undergoing clinical trials. Specialty R&amp;D accounts for 35% of total R&amp;D spends.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) reported 11% YoY revenue growth to INR118B in Q1FY24, mainly driven by the U.S. business. EBITDA margin expanded 109bps to 27.9%.
Net profit declined 2% YoY to INR20B due to certain one-off charges amounting to INR3B. Excluding the exceptional items, adjusted net profit grew 14% YoY to INR23B.
With 26 marketed products globally, Sun Pharma is betting big on specialty products. Specialty pipeline includes 5 molecules undergoing clinical trials. Specialty R&amp;D accounts for 35% of total R&amp;D spends.


Sun Pharmaceutical (SUNP IN): Q1 Profit Falls Due to One-Off Expenses; Double-Digit Revenue Growth

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<a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> reported better-than-expected Q1FY24 result, with revenue growing 18% YoY, driven by India and the U.S., both of which reported record high revenue.  </li>
<li>Stellar performance across all markets drove EBITDA to multi-quarter highs. EBITDA margin expanded 230 bps YoY and 310 bps QoQ to 23.6%. Net profit increased 45% YoY to INR10 billion.</li>
<li>Cipla expects the average revenue run rate of $210–215M from its U.S. business in the coming quarters. For FY24, management has raised EBITDA margin guidance to 23% from 22%.</li>
</ul>



Cipla Ltd (CIPLA IN) reported better-than-expected Q1FY24 result, with revenue growing 18% YoY, driven by India and the U.S., both of which reported record high revenue.  
Stellar performance across all markets drove EBITDA to multi-quarter highs. EBITDA margin expanded 230 bps YoY and 310 bps QoQ to 23.6%. Net profit increased 45% YoY to INR10 billion.
Cipla expects the average revenue run rate of $210–215M from its U.S. business in the coming quarters. For FY24, management has raised EBITDA margin guidance to 23% from 22%.


2023 High Conviction Update: Cipla (CIPLA IN)- Stellar Q1FY24 Performance; Margin Guidance Raised

Dr. Reddy's Laboratories / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> started FY24 on a strong note, with Q1FY24 revenue and net profit growing 29% and 18%, YoY, respectively, driven by North America generics business.</li>
<li>Revenue from North America generics increased 79% y/y and 26% q/q to INR32 billion, driven by new product launches, continued momentum in existing products, and favorable forex rates movement.</li>
<li>During Q1FY24, the company has launched six new products in the U.S. With a rich ANDA pipeline of 85 ANDAs, launch momentum is expected to accelerate in the current fiscal.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) started FY24 on a strong note, with Q1FY24 revenue and net profit growing 29% and 18%, YoY, respectively, driven by North America generics business.
Revenue from North America generics increased 79% y/y and 26% q/q to INR32 billion, driven by new product launches, continued momentum in existing products, and favorable forex rates movement.
During Q1FY24, the company has launched six new products in the U.S. With a rich ANDA pipeline of 85 ANDAs, launch momentum is expected to accelerate in the current fiscal.


Dr. Reddy's Laboratories (DRRD IN): Q1FY24 Result- US Business Shines; PAT Jumps 18%

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Cipla reported the highest-ever US business of $222 Mn (+26% QoQ), which was primarily led by better execution in the base business and a higher-than-expected revenue contribution from gRevlimid (~$30-$35 Mn) in the last quarter.</li><li>gLanreotide increased its market share (MS) to 18% while gAlbuterol maintain its MS of ~18%.</li><li>gAdvair is delayed by almost one year and its manufacturing may go to overseas facilities.</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>

Cipla reported the highest-ever US business of $222 Mn (+26% QoQ), which was primarily led by better execution in the base business and a higher-than-expected revenue contribution from gRevlimid (~$30-$35 Mn) in the last quarter.gLanreotide increased its market share (MS) to 18% while gAlbuterol maintain its MS of ~18%.gAdvair is delayed by almost one year and its manufacturing may go to overseas facilities.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 - Robust Performance Across All Parameters

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<li>IN Q4FY23, <a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> reported highest ever US business revenue of $204M, up 27% YoY and 5% QoQ, driven by expansion in market share of key launches.</li>
<li>Lead peptide asset Lanreotide injection, launched in Q4FY22, is consistently gaining market share. The product currently has market share of 17%, up from 14.1% in Q3FY23 and 9.6% in Q2FY23.</li>
<li>Ex-COVID, India business revenue increased 16% YoY, driven by chronic branded prescription portfolio. FY23 marks the second consecutive year of market beating growth of Cipla’s chronic portfolio.</li>
</ul>


IN Q4FY23, Cipla Ltd (CIPLA IN) reported highest ever US business revenue of $204M, up 27% YoY and 5% QoQ, driven by expansion in market share of key launches.
Lead peptide asset Lanreotide injection, launched in Q4FY22, is consistently gaining market share. The product currently has market share of 17%, up from 14.1% in Q3FY23 and 9.6% in Q2FY23.
Ex-COVID, India business revenue increased 16% YoY, driven by chronic branded prescription portfolio. FY23 marks the second consecutive year of market beating growth of Cipla’s chronic portfolio.


2023 High Conviction Update: Cipla (CIPLA IN)- Strong US Business Drove Q4 Result Amid Uncertainty

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)

Sun Pharmaceutical (SUNP IN): Q1 Profit Falls Due to One-Off Expenses; Double-Digit Revenue Growth

Sun Pharma reported 11% sales growth to INR118B in Q1, driven by the US business. Net profit declined 2% to INR20B due to one-off charges....

Tina Banerjee

2023 High Conviction Update: Cipla (CIPLA IN)- Stellar Q1FY24 Performance; Margin Guidance Raised

Q1FY24 result beat expectations. Both India and the U.S. businesses reported record high revenue. EBITDA rose to multi-quarter high. For FY24,...

Tina Banerjee

Dr. Reddy's Laboratories (DRRD IN): Q1FY24 Result- US Business Shines; PAT Jumps 18%

North America sales grew 79% y/y and 26% q/q to INR32 billion, driven by new product launches, continued momentum in existing products, favorable...

Tina Banerjee

CIPLA Ltd - Robust Performance Across All Parameters

Cipla reported the highest-ever US business of $222 Mn (+26% QoQ), which was primarily led by better execution in the base business and a higher...

Axis Direct

2023 High Conviction Update: Cipla (CIPLA IN)- Strong US Business Drove Q4 Result Amid Uncertainty

Since reporting Q4 results, Cipla shares gained 10%+, showing early signs of revival. The company is seeing some recoveries in the generic prices...

Tina Banerjee

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