External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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.

Equity Bottom-Up

<ul><li>Sharekhan's research report on Cipla We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus on complex products.</li><li>Cipla’s growth in the IPM February 2024 stood at 8.1% (IPM growth of 9%) and 9.9% on MAT basis (IPM growth of 6.7% on a MAT basis).</li><li>We expect EBITDA margins to rise to 26% by FY26E driven by higher chronic share in the domestic business, new product launches in the complex generics in the US and completion of acquisition of Actor Pharma in South Africa.</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.

Sharekhan's research report on Cipla We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus on complex products.Cipla’s growth in the IPM February 2024 stood at 8.1% (IPM growth of 9%) and 9.9% on MAT basis (IPM growth of 6.7% on a MAT basis).We expect EBITDA margins to rise to 26% by FY26E driven by higher chronic share in the domestic business, new product launches in the complex generics in the US and completion of acquisition of Actor Pharma in South Africa.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 - Complex Respiratory Portfolio Growth to Drive Margins

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

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>The company’s US revenue stood at $230 Mn (vs. exp $220 Mn) and was led by improvement in the base business pricing and higher MS in Lenotirade, while Albuterol has stable MS.</li><li>The Company has filed gSymbicort (MS $3.3 bn) and one other respiratory product. The revenue from gRevlimid is stable in the range of ~$35-$40 Mn. gLanreotide increased its market share (MS) to 20% while gAlbuterol maintained its MS of ~20%.</li><li>The company’s India business (ex-Covid) grew by 11% which was driven by chronic therapies that posted better-than-expected results. </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 $230 Mn (vs. exp $220 Mn) and was led by improvement in the base business pricing and higher MS in Lenotirade, while Albuterol has stable MS.The Company has filed gSymbicort (MS $3.3 bn) and one other respiratory product. The revenue from gRevlimid is stable in the range of ~$35-$40 Mn. gLanreotide increased its market share (MS) to 20% while gAlbuterol maintained its MS of ~20%.The company’s India business (ex-Covid) grew by 11% which was driven by chronic therapies that posted better-than-expected results. 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 - Healthy Performance on All Parameters

<ul><li>Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics and portfolio deepening in the India, South Africa, North America and key regulated and emerging markets.</li><li>Cipla’s strengths in respiratory, antiretrovirals, urology, cardiology, anti-infectives and CNS segments are well known.</li><li>The company has 47 manufacturing facilities around the world, producing more than 50 dosage forms and more than 1,500 products using state-of-the-art technology platforms to serve more than 80 markets.</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 is a global pharmaceutical company focused on agile and sustainable growth, complex generics and portfolio deepening in the India, South Africa, North America and key regulated and emerging markets.Cipla’s strengths in respiratory, antiretrovirals, urology, cardiology, anti-infectives and CNS segments are well known.The company has 47 manufacturing facilities around the world, producing more than 50 dosage forms and more than 1,500 products using state-of-the-art technology platforms to serve more than 80 markets.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.

Pick of the Week - CIPLA LTD - 14 AUG 2023

<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>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 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

Thematic (Sector/Industry)

<ul><li>In Q3FY24, the Pharma Coverage universe demonstrated robust revenue growth of 12.7% YoY and 2.8% QoQ, primarily driven by volume gains, stable demand, and the introduction of new products such as gRevlimid, gSpiriva, and gPrezista.</li><li>Additionally, there has been a stabilization of pricing pressure in the US base business.</li><li>EBITDA margin witnessed a healthy improvement of 220bps YoY and 55bps QoQ, attributed to normalizing cost inflation and stabilizing prices. </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.

In Q3FY24, the Pharma Coverage universe demonstrated robust revenue growth of 12.7% YoY and 2.8% QoQ, primarily driven by volume gains, stable demand, and the introduction of new products such as gRevlimid, gSpiriva, and gPrezista.Additionally, there has been a stabilization of pricing pressure in the US base business.EBITDA margin witnessed a healthy improvement of 220bps YoY and 55bps QoQ, attributed to normalizing cost inflation and stabilizing prices. 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)

Cipla Ltd - Complex Respiratory Portfolio Growth to Drive Margins

We reiterate a Buy call with a higher PT due to buoyancy in the US, as price erosion pressures ease, volume growth due to drug shortages and focus...

Sharekhan

CIPLA Ltd - Healthy Performance on All Parameters

The company’s US revenue stood at $230 Mn (vs. exp $220 Mn) and was led by improvement in the base business pricing and higher MS in Lenotirade,...

Axis Direct

Pick of the Week - CIPLA LTD - 14 AUG 2023

Cipla is a global pharmaceutical company focused on agile and sustainable growth, complex generics and portfolio deepening in the India, South...

Axis Direct

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

Pharma Sector: Q3FY24 Review

EBITDA margin witnessed a healthy improvement of 220bps YoY and 55bps QoQ, attributed to normalizing cost inflation and stabilizing prices.

Axis Direct

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