Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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<ul><li>We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.5% YoY and 3.1% QoQ, along with EBITDA growth of 10.5% YoY and 3.8% QoQ.</li><li>Moreover, adjusted PAT is expected to grow by 14% YoY and 1% 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 8.5% YoY and 3.1% QoQ, along with EBITDA growth of 10.5% YoY and 3.8% QoQ.Moreover, adjusted PAT is expected to grow by 14% YoY and 1% 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.

<ul><li>Q1FY25 Pharma Coverage Performance: In Q1FY25, the Pharma Coverage universe posted robust revenue growth of 11%/4% YoY/QoQ, driven by a strong domestic market, new launches (especially Darunavir, DDR D, gMyrbetriq, and gSpiriva), lower price erosion, gross margin expansion through cost optimization, and growth in the US base business portfolio.</li><li>EBITDA margin improved by a healthy ~250bps/120bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.</li><li>US Base Business Momentum: The US base business maintained healthy momentum, with new product launches offsetting single-digit price erosion.</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.

Q1FY25 Pharma Coverage Performance: In Q1FY25, the Pharma Coverage universe posted robust revenue growth of 11%/4% YoY/QoQ, driven by a strong domestic market, new launches (especially Darunavir, DDR D, gMyrbetriq, and gSpiriva), lower price erosion, gross margin expansion through cost optimization, and growth in the US base business portfolio.EBITDA margin improved by a healthy ~250bps/120bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.US Base Business Momentum: The US base business maintained healthy momentum, with new product launches offsetting single-digit price erosion.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.

<ul><li>Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her leadership.</li><li>The Finance Minister has set the stage for "Viksit Bharat" through the comprehensive development of the Indian economy, emphasizing infrastructure enhancement, fiscal prudence, and welfare schemes for rural India.</li><li>The focus is on inclusive growth, highlighting four major pillars: Youth, Women, the Poor, and Farmers. </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.

Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her leadership.The Finance Minister has set the stage for "Viksit Bharat" through the comprehensive development of the Indian economy, emphasizing infrastructure enhancement, fiscal prudence, and welfare schemes for rural India.The focus is on inclusive growth, highlighting four major pillars: Youth, Women, the Poor, and Farmers. 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.

<ul>
<li>With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.</li>
<li>Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.</li>
<li>With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.</li>
</ul>


With long-term structural factors supporting growth, healthcare services market is expected to have a low double-digit CAGR over the next five years.
Most of the leading hospitals are operating with high occupancies, which justifies their aggressive plans. Profitable revenue growth and low leverage support their expansion plans.
With expanding scale, the players are well positioned to report faster revenue growth and better margins in coming years than their respective historical figures.


Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

India

Krishna Institute of Medical Sciences (KIMS) is an Indian multi-speciality hospital chain that offers a comprehensive range of healthcare services across various medical and surgical specialties, including cardiac sciences, oncology, neurosciences, orthopaedics, and organ transplantation. KIMS operates a network of hospitals providing multidisciplinary integrated tertiary and quaternary healthcare. The company is headquartered in Secunderabad, India, and was founded in 2000.

Krishna Institute of Medical Sciences (KIMS IN)

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Krishna Institute of Medical Sciences (KIMS IN)

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

Q2FY25 Earnings Preview - Pharma

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.5% YoY and 3.1% QoQ, along...

Axis Direct

Top Sector Ideas Pharma - (Q1FY25)

n Q1FY25, the Pharma Coverage universe posted robust revenue growth of 11%/4% YoY/QoQ, driven by a strong domestic market

Axis Direct

Post Budget Analysis and Stock Ideas

Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her...

Axis Direct

Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

Q2FY25 Earnings Preview - Pharma

We anticipate that the pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 8.5% YoY and 3.1% QoQ, along...

Axis Direct

Top Sector Ideas Pharma - (Q1FY25)

n Q1FY25, the Pharma Coverage universe posted robust revenue growth of 11%/4% YoY/QoQ, driven by a strong domestic market

Axis Direct

Post Budget Analysis and Stock Ideas

Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her...

Axis Direct

Indian Hospitals on Expansion Spree; Sectoral Tailwinds and Financial Stability Provide Impetus

​Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...

Tina Banerjee

Leading Indian hospitals are operating with high occupancies. Most of them chalked out major expansion plans over the next three years to benefit...