External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Cipla delivered in-line 1QFY25 performance.</li><li>It continued to track well in the US generics segment, with sales scaling an all-time quarterly high of USD250m.</li><li>However, the benefit was partly offset by a temporary disruption in the trade generics segment.</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 delivered in-line 1QFY25 performance.It continued to track well in the US generics segment, with sales scaling an all-time quarterly high of USD250m.However, the benefit was partly offset by a temporary disruption in the trade generics segment.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 - The US and Emerging Markets Drive Earnings

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>gAdvair and gAbraxane are expected to contribute to revenue growth in FY25E, as regulatory challenges ease.</li><li>gSynbicort has been filed, and one peptide product, valued at $300-400 Mn, has already been launched, with plans to introduce two more peptides in FY25E.</li><li>Cipla has demonstrated success in launching peptides over the past year. </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.

gAdvair and gAbraxane are expected to contribute to revenue growth in FY25E, as regulatory challenges ease.gSynbicort has been filed, and one peptide product, valued at $300-400 Mn, has already been launched, with plans to introduce two more peptides in FY25E.Cipla has demonstrated success in launching peptides over the past year. 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 - Strong Gross Margins Led by Healthy Product Mix

External broker reports(aggregated public sources), Sharekhan

Sharekhan

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.

<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

<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

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 - The US and Emerging Markets Drive Earnings

Cipla delivered in-line 1QFY25 performance. It continued to track well in the US generics segment, with sales scaling an all-time quarterly high of...

Motilal Oswal

CIPLA Ltd - Strong Gross Margins Led by Healthy Product Mix

gSynbicort has been filed, and one peptide product, valued at $300-400 Mn, has already been launched, with plans to introduce two more peptides in...

Axis Direct

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

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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