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. 

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.

Thematic (Sector/Industry)

<ul><li>Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0% YoY and 3.6% QoQ to Rs 40,903 Cr.</li><li>However, EBITDA is estimated to decline 10% YoY but rise 6.3% QoQ to Rs 8,308 Cr, while adjusted PAT is likely to decline 19.6% YoY but moderately rise by 4.2% sequentially to Rs 4,331 Cr.</li><li>According to IQVIA data, chronic care segments such as cardiovascular and antidiabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical 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.

Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0% YoY and 3.6% QoQ to Rs 40,903 Cr.However, EBITDA is estimated to decline 10% YoY but rise 6.3% QoQ to Rs 8,308 Cr, while adjusted PAT is likely to decline 19.6% YoY but moderately rise by 4.2% sequentially to Rs 4,331 Cr.According to IQVIA data, chronic care segments such as cardiovascular and antidiabetic treatments are sustaining their outperformance against the broader Indian Pharmaceutical 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.

Pharma and Healthcare - Q2FY27E: Result Preview

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Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
 <li>Dr. Reddy's is navigating a significant transition phase, with declining revenues from the patent expiry of lenalidomide (Revlimid) in the U.S. creating a near-term earnings headwind.</li>
 <li>The company's future growth is heavily contingent on the successful commercialization of its semaglutide franchise (a GLP-1 agonist) and other key pipeline assets, including biosimilars like abatacept.</li>
 <li>While the U.S. business faces pricing pressure and regulatory hurdles, the core business in India and Emerging Markets continues to demonstrate robust double-digit growth, providing a partial offset to U.S. weakness.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Dr. Reddy's is navigating a significant transition phase, with declining revenues from the patent expiry of lenalidomide (Revlimid) in the U.S. creating a near-term earnings headwind.
  The company's future growth is heavily contingent on the successful commercialization of its semaglutide franchise (a GLP-1 agonist) and other key pipeline assets, including biosimilars like abatacept.
  While the U.S. business faces pricing pressure and regulatory hurdles, the core business in India and Emerging Markets continues to demonstrate robust double-digit growth, providing a partial offset to U.S. weakness.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Dr. Reddy's Laboratories (DRRD IN) - Aug 2026

<ul><li>North America Business: The U.S. business reported sales of Rs 2,200 Cr, declining 35% YoY but growing 26% QoQ, and accounted for 27% of consolidated revenue.</li><li>The YoY decline was primarily due to lower Lenalidomide sales.</li><li>This downturn is heavily driven by persistent generic price erosion and the cliff-effect collapse of high-margin lenalidomide sales, which previously absorbed a massive $50 million (Rs 4,530 million) shelf stock price reduction claim. </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.

North America Business: The U.S. business reported sales of Rs 2,200 Cr, declining 35% YoY but growing 26% QoQ, and accounted for 27% of consolidated revenue.The YoY decline was primarily due to lower Lenalidomide sales.This downturn is heavily driven by persistent generic price erosion and the cliff-effect collapse of high-margin lenalidomide sales, which previously absorbed a massive $50 million (Rs 4,530 million) shelf stock price reduction claim. 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.

Dr Reddy’s Laboratories Ltd - GRevlimid off Patent and Semaglutide Regulatory Challenges for FY27

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>On 20th March 2026, the critical patent for Semaglutide expires in India, decisively ending the innovator's legal monopoly and enabling highly affordable generic versions. </li>
<li>This triggers a massive 70% retail price drop in India, exponentially expanding affordable access to millions suffering from prevalent obesity and diabetes.</li>
<li>Vertically integrated formulators like Sun Pharma and specialized API manufacturers like Divis Laboratories capture maximum alpha through scaled volumes and zero customer acquisition costs.</li>
</ul>


On 20th March 2026, the critical patent for Semaglutide expires in India, decisively ending the innovator's legal monopoly and enabling highly affordable generic versions. 
This triggers a massive 70% retail price drop in India, exponentially expanding affordable access to millions suffering from prevalent obesity and diabetes.
Vertically integrated formulators like Sun Pharma and specialized API manufacturers like Divis Laboratories capture maximum alpha through scaled volumes and zero customer acquisition costs.


The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

<ul>
<li>On January 27, 2026, India signed a landmark FTA with the EU to dismantle long-standing tariff walls and achieve structural parity with global competitors.</li>
<li>This "Mother of All Deals" triggers massive volume growth and margin expansion for Indian textiles, auto components, and specialty chemicals by eliminating existing duty disadvantages.</li>
<li>Indian exporters must navigate stringent non-tariff barriers and carbon taxes within the critical 12–24 month implementation window to ensure compliance with strict EU standards.</li>
</ul>


On January 27, 2026, India signed a landmark FTA with the EU to dismantle long-standing tariff walls and achieve structural parity with global competitors.
This "Mother of All Deals" triggers massive volume growth and margin expansion for Indian textiles, auto components, and specialty chemicals by eliminating existing duty disadvantages.
Indian exporters must navigate stringent non-tariff barriers and carbon taxes within the critical 12–24 month implementation window to ensure compliance with strict EU standards.


The "Mother of All Deals": India-EU FTA as a Structural Alpha Trigger

India

Dr. Reddy's Laboratories is an Indian multinational pharmaceutical company that researches, develops, manufactures, and markets a wide array of pharmaceutical products and services. The company produces over 190 medications, 60 active pharmaceutical ingredients, diagnostic kits, critical care, and biotechnology products. It operates globally across multiple regions, offering generic drugs, active pharmaceutical ingredients (APIs), differentiated formulations, biosimilars, and proprietary products. The company was founded in 1984 and is headquartered in Hyderabad, Telangana, India.

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Dr. Reddy's Laboratories (DRRD IN)

Pharma and Healthcare - Q2FY27E: Result Preview

We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0%...

Axis Direct

Primer: Dr. Reddy's Laboratories (DRRD IN) - Aug 2026

Dr. Reddy's is navigating a significant transition phase, with declining revenues from the patent expiry of lenalidomide (Revlimid) in the U.S....

αSK Primers

Dr Reddy’s Laboratories Ltd - GRevlimid off Patent and Semaglutide Regulatory Challenges for FY27

The U.S. business reported sales of Rs 2,200 Cr, declining 35% YoY but growing 26% QoQ, and accounted for 27% of consolidated revenue.

Axis Direct

The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.

Nimish Maheshwari

The "Mother of All Deals": India-EU FTA as a Structural Alpha Trigger

India signs game-changing FTA with EU, boosting key industries like textiles and auto components while facing challenges of non-tariff barriers...

Nimish Maheshwari

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Pharma and Healthcare - Q2FY27E: Result Preview

We expect pharmaceutical companies under our coverage to deliver a subdued yet positive performance in Q2FY27, with aggregate revenue rising 7.0%...

Axis Direct

Primer: Dr. Reddy's Laboratories (DRRD IN) - Aug 2026

Dr. Reddy's is navigating a significant transition phase, with declining revenues from the patent expiry of lenalidomide (Revlimid) in the U.S....

αSK Primers

Dr Reddy’s Laboratories Ltd - GRevlimid off Patent and Semaglutide Regulatory Challenges for FY27

The U.S. business reported sales of Rs 2,200 Cr, declining 35% YoY but growing 26% QoQ, and accounted for 27% of consolidated revenue.

Axis Direct

The GLP-1 Super-Cycle: Deconstructing India’s 2026 Patent Cliff and Alpha Generators

​Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.

Nimish Maheshwari

The "Mother of All Deals": India-EU FTA as a Structural Alpha Trigger

​India signs game-changing FTA with EU, boosting key industries like textiles and auto components while facing challenges of non-tariff barriers...

Nimish Maheshwari

Semaglutide patent expiration in India leads to 70% price drop, increasing access to affordable generic versions for obesity and diabetes treatment.

India signs game-changing FTA with EU, boosting key industries like textiles and auto components while facing challenges of non-tariff barriers...