External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Thematic (Sector/Industry)

<ul><li>The India Pharma &amp; Healthcare sector is expected to see steady growth in Q3FY25E</li><li>We project sales/EBITDA growth of 11%/13% YoY for our coverage universe</li><li>Our assumptions are: (1) pharma coverage will see 10% YoY sales growth, driven by a 13% YoY increase in the India business, offset by flattish (QoQ) US sales (+5% YoY)</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 India Pharma &amp; Healthcare sector is expected to see steady growth in Q3FY25EWe project sales/EBITDA growth of 11%/13% YoY for our coverage universeOur assumptions are: (1) pharma coverage will see 10% YoY sales growth, driven by a 13% YoY increase in the India business, offset by flattish (QoQ) US sales (+5% YoY)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 (Q3FY25E): Growth Momentum, Margin Visibility Stay Intact

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>We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.1% YoY and 0.9% QoQ, along with EBITDA growth of 9.2% YoY and 2.4% QoQ.</li><li>Moreover, adjusted PAT is expected to grow by 10.7% YoY and 2.5% QoQ.</li><li>This growth will likely be driven by domestic formulations and niche launches in the US 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.

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.1% YoY and 0.9% QoQ, along with EBITDA growth of 9.2% YoY and 2.4% QoQ.Moreover, adjusted PAT is expected to grow by 10.7% YoY and 2.5% QoQ.This growth will likely be driven by domestic formulations and niche launches in the US 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.

Q3FY25 Earnings Preview - PHARMA & HEALTHCARE

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.

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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>India has become a global leader in pharmaceuticals, supplying 20% of the world’s generic drugs and 60% of global vaccine demand, with industry projections reaching $450 billion by 2047.</li>
<li>India’s growth as the “Pharmacy of the World” ensures affordable medicine access globally, while driving economic growth, bolstering the biopharma sector, and strengthening global healthcare systems.</li>
<li>India’s evolving pharmaceutical landscape, supported by strategic investments, policy reforms, and compliance with global standards, positions the country to further enhance its role in healthcare innovation and manufacturing.</li>
</ul>


India has become a global leader in pharmaceuticals, supplying 20% of the world’s generic drugs and 60% of global vaccine demand, with industry projections reaching $450 billion by 2047.
India’s growth as the “Pharmacy of the World” ensures affordable medicine access globally, while driving economic growth, bolstering the biopharma sector, and strengthening global healthcare systems.
India’s evolving pharmaceutical landscape, supported by strategic investments, policy reforms, and compliance with global standards, positions the country to further enhance its role in healthcare innovation and manufacturing.


Thematic Report: Changing Indian Pharma Landscape: Patents, USFDA, Policy Support

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Celltrion outlined mid- to long-term business outlook. European Patent Court has dismissed injunction against Eoflow. Lunit partnered with Salud Digna, one of Mexico’s largest healthcare chains.</li>
<li>China has accepted Hansoh Pharma’s fifth indication approval application for Ameile. Sichuan Kelun-Biotech received marketing authorization in China for the first domestically developed TROP2-directed ADC sacituzumab tirumotecan.</li>
<li>Eisai launched Leqembi in South Korea. Dr. Reddy’s launched new biologic drug, toripalimab in India, for the treatment of nasopharyngeal carcinoma. Aster DM is merging with Quality Care India Limited.</li>
</ul>


Celltrion outlined mid- to long-term business outlook. European Patent Court has dismissed injunction against Eoflow. Lunit partnered with Salud Digna, one of Mexico’s largest healthcare chains.
China has accepted Hansoh Pharma’s fifth indication approval application for Ameile. Sichuan Kelun-Biotech received marketing authorization in China for the first domestically developed TROP2-directed ADC sacituzumab tirumotecan.
Eisai launched Leqembi in South Korea. Dr. Reddy’s launched new biologic drug, toripalimab in India, for the treatment of nasopharyngeal carcinoma. Aster DM is merging with Quality Care India Limited.


APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

<ul><li>The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by robust growth in North America (10.8% YoY) and the India business (9.8% YoY).</li><li>In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth for Q2FY25.</li><li>Chronic therapies grew by 9%, while acute therapies saw a modest 4% growth, primarily due to a weak season for acute segments.</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 pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by robust growth in North America (10.8% YoY) and the India business (9.8% YoY).In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth for Q2FY25.Chronic therapies grew by 9%, while acute therapies saw a modest 4% growth, primarily due to a weak season for acute segments.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.

Top Conviction Ideas – “Pharmaceutical & Hospitals”

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 (Q3FY25E): Growth Momentum, Margin Visibility Stay Intact

The India Pharma & Healthcare sector is expected to see steady growth in Q3FY25E. We project sales/EBITDA growth of 11%/13% YoY for our coverage...

HDFC Securities

Q3FY25 Earnings Preview - PHARMA & HEALTHCARE

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.1% YoY and 0.9% QoQ, along...

Axis Direct

Thematic Report: Changing Indian Pharma Landscape: Patents, USFDA, Policy Support

India is a global pharmaceutical leader, supplying a significant portion of generic drugs and vaccines, with projections reaching $450 billion by...

Nimish Maheshwari

APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...

Tina Banerjee

Top Conviction Ideas – “Pharmaceutical & Hospitals”

The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by...

Axis Direct

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Pharma and Healthcare (Q3FY25E): Growth Momentum, Margin Visibility Stay Intact

The India Pharma & Healthcare sector is expected to see steady growth in Q3FY25E. We project sales/EBITDA growth of 11%/13% YoY for our coverage...

HDFC Securities

Q3FY25 Earnings Preview - PHARMA & HEALTHCARE

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.1% YoY and 0.9% QoQ, along...

Axis Direct

Thematic Report: Changing Indian Pharma Landscape: Patents, USFDA, Policy Support

​India is a global pharmaceutical leader, supplying a significant portion of generic drugs and vaccines, with projections reaching $450 billion by...

Nimish Maheshwari

APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

​Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...

Tina Banerjee

Top Conviction Ideas – “Pharmaceutical & Hospitals”

The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by...

Axis Direct

India is a global pharmaceutical leader, supplying a significant portion of generic drugs and vaccines, with projections reaching $450 billion by...

Celltrion, Hansoh Pharma, and other pharmaceutical companies are making significant strides in expanding their business and launching new drugs in...