External broker reports(aggregated public sources), HDFC Securities

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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 and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flat</li><li>We project sales/EBITDA growth of 11%/12% YoY for our coverage universe</li><li>Our assumptions are: (1) pharma coverage will see 11% YoY sales growth, as moderate 10% YoY increase in the India business due to new GST related disruption in Sep-25 month</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 steady revenue growth but EBITDA margins to remain flatWe project sales/EBITDA growth of 11%/12% YoY for our coverage universeOur assumptions are: (1) pharma coverage will see 11% YoY sales growth, as moderate 10% YoY increase in the India business due to new GST related disruption in Sep-25 monthContent 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 (Q2FY26E Results Preview): Q2FY26: Steady sales growth, margin to remain flat

<ul><li>Overall chronic growth for Aug-25 came in at 12% YoY, and the acute segment growth at 6% YoY.</li><li>In chronic space, cardiac continues to drive IPM growth in Aug-25 at +11% YoY (+13% in Q1FY26), anti-diabetic at +11% (+9% in Q1FY26) on strong traction from GLP-1 molecules, and CNS at 8% (+10% in Q1FY26).</li><li>On acute side, anti-infectives grew 6% YoY (+6% in Q1FY26), gastro grew 2% YoY (+7% in Q1FY26), and VMN was up 7% YoY (+8% in Q1FY26).</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 for Aug-25 came in at 12% YoY, and the acute segment growth at 6% YoY.In chronic space, cardiac continues to drive IPM growth in Aug-25 at +11% YoY (+13% in Q1FY26), anti-diabetic at +11% (+9% in Q1FY26) on strong traction from GLP-1 molecules, and CNS at 8% (+10% in Q1FY26).On acute side, anti-infectives grew 6% YoY (+6% in Q1FY26), gastro grew 2% YoY (+7% in Q1FY26), and VMN was up 7% YoY (+8% in Q1FY26).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: steady 8% growth in Aug-25

<ul><li>As per IQVIA, IPM saw 7.1% YoY growth in Jul-25 on a high base of 11.7% growth in Jul-24 (~11.5% YoY in Jun’25, 9% YoY in Q1FY26, and 8% in FY25) with 2% YoY growth in units</li><li>The growth was largely led by growth in cardiac segment, steady growth in anti-diabetics and oncology</li><li>On the other hand, growth in key acute therapies such as anti-infective, gastro, VMN, and pain growth was below IPM.</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 7.1% YoY growth in Jul-25 on a high base of 11.7% growth in Jul-24 (~11.5% YoY in Jun’25, 9% YoY in Q1FY26, and 8% in FY25) with 2% YoY growth in unitsThe growth was largely led by growth in cardiac segment, steady growth in anti-diabetics and oncologyOn the other hand, growth in key acute therapies such as anti-infective, gastro, VMN, and pain growth was below IPM.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: 7% value and 2% unit decline in Jul-25

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.</li>
<li>WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.</li>
<li>Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.</li>
</ul>


Eli Lilly announced positive topline results from Phase 3 trial, evaluating orforglipron, discovered by Chugai. Hisamitsu Pharmaceutical initiated Phase 3 trial of HP-6050, a transdermal formulation for sedation in Japan.
WuXi XDC completed GMP release of its new drug product facility in China. CSPC Pharmaceutical’s application for marketing approval of Semaglutide Injection has been accepted by the NMPA of China.
Junshi Biosciences’s indication expansion application for toripalimab for treatment of urothelial carcinoma has been accepted in China. Hanmi Pharma advances HM17321, a first-in-class obesity therapy, into global Phase 1 trials.


APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

<ul><li>As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in units</li><li>The growth was broad-based and led by strong growth in Cardiac and Respiratory as well as recovery in other key therapies like anti-diabetics, anti-infective, gastro, VMN, and pain</li><li>For Q1FY26, IPM grew 9% YoY with unit growth of 1%.</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 a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in unitsThe growth was broad-based and led by strong growth in Cardiac and Respiratory as well as recovery in other key therapies like anti-diabetics, anti-infective, gastro, VMN, and painFor Q1FY26, IPM grew 9% YoY with unit growth of 1%.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: 11.5% value and 5% unit growth in Jun’25

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)

Pharma and Healthcare (Q2FY26E Results Preview): Q2FY26: Steady sales growth, margin to remain flat

The India Pharma and Healthcare sector is expected to see steady revenue growth but EBITDA margins to remain flatWe project sales/EBITDA growth of...

HDFC Securities

Pharmaceuticals: IPM: steady 8% growth in Aug-25

As per IQVIA, IPM saw 8.1% YoY growth in Aug-25 (7.1%% YoY in Jul-25, 9% YoY in Q1FY26, and 8% in FY25) with 0.8% YoY decline in units.

HDFC Securities

Pharmaceuticals: IPM: 7% value and 2% unit decline in Jul-25

As per IQVIA, IPM saw 7.1% YoY growth in Jul-25 on a high base of 11.7% growth in Jul-24 (~11.5% YoY in Jun’25, 9% YoY in Q1FY26, and 8% in FY25)...

HDFC Securities

APAC Healthcare Weekly (Aug 10) – Chugai, Hisamitsu, Wuxi XDC, CSPC Pharma, Junshi Bio, Hanmi Pharma

Obesity treatment related development dominated the week, with Chugai’s drug candidate meeting Phase 3 trial goals, CSPC is a step ahead for...

Tina Banerjee

Pharmaceuticals: IPM: 11.5% value and 5% unit growth in Jun’25

As per IQVIA, IPM saw a strong growth for Jun’25 at 11.5% YoY (vs 7% in Apr’25 and FY25, +7% YoY in Jun’24) with 5% YoY growth in units

HDFC Securities

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