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External broker reports(aggregated public sources)

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<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

<ul><li>The India Pharma and Healthcare sector is expected to see steady revenue growth</li><li>However, EBITDA margins are expected to show a decline for Q1FY26E</li><li>We project sales/EBITDA growth of 11%/9% YoY for our coverage universe</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 growthHowever, EBITDA margins are expected to show a decline for Q1FY26EWe project sales/EBITDA growth of 11%/9% YoY for our coverage universeContent 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: Q1FY26: Steady Revenues, Margins Under Pressure

<ul><li>The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nations</li><li>The EO institutes the “Most-Favoured-Nation (MFN)” price model (international reference pricing for prescription drugs) for drugs as a ceiling which means the US will pay for drugs at same levels as the lowest paid by other countries</li><li>This time MFN model has expanded its coverage for both Medicare and Medicaid (earlier in 2020, it was only for Medicare)</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 US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nationsThe EO institutes the “Most-Favoured-Nation (MFN)” price model (international reference pricing for prescription drugs) for drugs as a ceiling which means the US will pay for drugs at same levels as the lowest paid by other countriesThis time MFN model has expanded its coverage for both Medicare and Medicaid (earlier in 2020, it was only for Medicare)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: US to cut Rx drug price, no impact on generics

<ul><li>The US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from India</li><li>However, pharmaceutical products were exempted from the first round of tariffs</li><li>This is a positive for the sector, which has been under a tariff overhang since the last 2-3 months</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 US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from IndiaHowever, pharmaceutical products were exempted from the first round of tariffsThis is a positive for the sector, which has been under a tariff overhang since the last 2-3 monthsContent 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: Pharma dodges first round of US tariff risk

<ul><li>IPCA Laboratories: EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and cost controls</li><li>IPCA’s guidance is as follows: (1) India is expected to outperform IPM growth by 1.5x, driven by growth in key therapies, market share gains, and new launches, (2) muted growth in Generic exports in FY25 and to recover in FY26, branded generics are to grow at 8-10%, steady growth in Unichem, and 8-10% growth in API, (3) The US scale-up will be driven by new launches, with a focus on profitability improvement, (4) Margins: GM is expected to sustain, and the standalone margin guidance has been raised to 22-23% in FY25 (vs 21% earlier), with consolidated margins at 19-19.5% (vs 18-18.5%)</li><li>The standalone margin is expected to expand by 100-150 bps over the next few years, driven by chronic scale-up and productivity improvement.</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.

IPCA Laboratories: EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and cost controlsIPCA’s guidance is as follows: (1) India is expected to outperform IPM growth by 1.5x, driven by growth in key therapies, market share gains, and new launches, (2) muted growth in Generic exports in FY25 and to recover in FY26, branded generics are to grow at 8-10%, steady growth in Unichem, and 8-10% growth in API, (3) The US scale-up will be driven by new launches, with a focus on profitability improvement, (4) Margins: GM is expected to sustain, and the standalone margin guidance has been raised to 22-23% in FY25 (vs 21% earlier), with consolidated margins at 19-19.5% (vs 18-18.5%)The standalone margin is expected to expand by 100-150 bps over the next few years, driven by chronic scale-up and productivity improvement.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.

HSIE Results Daily: IPCA Laboratories, Endurance Technologies, ITD Cementation

India

Ipca Laboratories Limited operates a pharmaceutical company, which distributes products to over 75 countries worldwide.  The Group's products include finished dosage forms, drug delivery systems, bulk drugs and intermediates.

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Ipca Laboratories (IPCA IN)

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

Pharma and Healthcare: Q1FY26: Steady Revenues, Margins Under Pressure

he India Pharma and Healthcare sector is expected to see steady revenue growth. However, EBITDA margins are expected to show a decline for Q1FY26E

HDFC Securities

Pharmaceuticals: US to cut Rx drug price, no impact on generics

The US president Donald Trump signed an “Executive Order” (EO) to bring the prices for prescription (Rx) drugs in line with other developed nations

HDFC Securities

Pharmaceuticals: Pharma dodges first round of US tariff risk

The US government under Trump 2.0 has announced reciprocal tariffs across countries, including ~26% tariff on imports from India

HDFC Securities

HSIE Results Daily: IPCA Laboratories, Endurance Technologies, ITD Cementation

EBITDA^ (+35% YoY) growth was driven by 9% YoY sales growth (India grew 13% YoY, branded exports +52%, and API +12%), higher GM (+419 bps), and...

HDFC Securities

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