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<ul><li>As per IQVIA, IPM recorded strong growth for Dec-25 at 15% YoY (vs 8.6% in Nov-25), unit grew by 4.4% YoY (-2.8% in Nov-25)</li><li>Growth was led by CVS, anti-diabetes, CNS, and oncology segments, while growth in anti-infective, gastro, respiratory, and pain grew at par or marginal below compared to IPM growth</li><li>For Q3FY26, IPM grew 11.8% YoY and unit growth was at 1.6% 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.

As per IQVIA, IPM recorded strong growth for Dec-25 at 15% YoY (vs 8.6% in Nov-25), unit grew by 4.4% YoY (-2.8% in Nov-25)Growth was led by CVS, anti-diabetes, CNS, and oncology segments, while growth in anti-infective, gastro, respiratory, and pain grew at par or marginal below compared to IPM growthFor Q3FY26, IPM grew 11.8% YoY and unit growth was at 1.6% 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.

Pharmaceuticals: IPM: strong 15% growth in Dec-25

<ul><li>The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat</li><li>We project sales/EBITDA growth of 11%/10% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India business</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 and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flatWe project sales/EBITDA growth of 11%/10% YoY for our coverage universeOur assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India businessContent 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 (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag

<ul><li>Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.</li><li>In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). </li><li>In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).</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.

Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).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: IPM: growth recovers to 11.7% in Oct-25

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.</li>
<li>Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  </li>
<li>Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.</li>
</ul>


Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.
Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  
Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.


APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

<ul><li>As per IQVIA, IPM saw moderate growth for Sep’25 at 6.1% YoY (vs 8.1% in Aug’25), with 2.4% YoY decline in units</li><li>The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain</li><li>For Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units.</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.

As per IQVIA, IPM saw moderate growth for Sep’25 at 6.1% YoY (vs 8.1% in Aug’25), with 2.4% YoY decline in unitsThe strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and painFor Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units.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: IPM: grows 6.1% in Sep’25 and 7.2% in Q2FY26

India

IPCA Laboratories Limited is an Indian multinational pharmaceutical company that manufactures and markets over 350 finished-dosage formulations and approximately 80 active pharmaceutical ingredients (APIs). The company focuses on therapeutic areas such as pain management, rheumatology, antimalarials, and cardiovascular medicine. It was founded in 1949 and is headquartered in Mumbai, Maharashtra, India.

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IPCA Laboratories (IPCA IN)

Pharmaceuticals: IPM: strong 15% growth in Dec-25

Growth was led by CVS, anti-diabetes, CNS, and oncology segments, while growth in anti-infective, gastro, respiratory, and pain grew at par or...

HDFC Securities

Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag

The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat. We project sales/EBITDA growth of...

HDFC Securities

Pharmaceuticals: IPM: growth recovers to 11.7% in Oct-25

In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by...

HDFC Securities

APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Pharmaceuticals: IPM: grows 6.1% in Sep’25 and 7.2% in Q2FY26

The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain. For Q2FY26, IPM grew...

HDFC Securities

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