Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Sino Biopharmaceutical received approval for Benmelstobart plus Anlotinib for alveolar soft part sarcoma in China. Wuxi Biologics announced that three of its manufacturing facilities received GMP certification from South Korea.</li>
<li>Astellas Pharma has been granted Priority Review status by the FDA for indication expansion application for Padcev. Eisai’s Phase 3 trial evaluating Lenvima in RCC did not meet primary endpoints.</li>
<li>Celltrion started patient dosing for three of its novel ADC-based anticancer drug candidates. Cochlear has reduced FY26 underlying net profit guidance to A$290–330M from A$435–460M.</li>
</ul>


Sino Biopharmaceutical received approval for Benmelstobart plus Anlotinib for alveolar soft part sarcoma in China. Wuxi Biologics announced that three of its manufacturing facilities received GMP certification from South Korea.
Astellas Pharma has been granted Priority Review status by the FDA for indication expansion application for Padcev. Eisai’s Phase 3 trial evaluating Lenvima in RCC did not meet primary endpoints.
Celltrion started patient dosing for three of its novel ADC-based anticancer drug candidates. Cochlear has reduced FY26 underlying net profit guidance to A$290–330M from A$435–460M.


APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

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>
US Paracetamol prices jumped 24.6% MoM in March 2026, driven by post-Lunar New Year Chinese supply pullback, Indian facility FDA alerts &amp; surging para-aminophenol cost.</li>
<li>Indian API-heavy players like Granules India, Aurobindo, Dr. Reddy's &amp; IPCA face squeeze of input costs &amp; restricted supply of exports, compressing EBITDA when the US pharma tariff threat looms.</li>
<li>Integrated giants like Sun Pharma &amp; Cipla have buffers; pure-play API and formulation players like Granules India are most exposed. This situation is worth tracking closely heading into FY26 earnings.</li>
</ul>



US Paracetamol prices jumped 24.6% MoM in March 2026, driven by post-Lunar New Year Chinese supply pullback, Indian facility FDA alerts &amp; surging para-aminophenol cost.
Indian API-heavy players like Granules India, Aurobindo, Dr. Reddy's &amp; IPCA face squeeze of input costs &amp; restricted supply of exports, compressing EBITDA when the US pharma tariff threat looms.
Integrated giants like Sun Pharma &amp; Cipla have buffers; pure-play API and formulation players like Granules India are most exposed. This situation is worth tracking closely heading into FY26 earnings.


Paracetamol’s Supply Crisis: The Tablet Squeezing Indian Pharma Margins

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

<ul><li>As per IQVIA, IPM recorded growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26)</li><li>Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth</li><li>For Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.</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 growth for Feb-26 at 11% YoY (vs 12% in Feb-26), unit decline by 0.2% YoY (0.9%% in Feb-26)Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growthFor Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.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% growth in Mar-26, 10% in FY26

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis</li>
<li>The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.</li>
<li>Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.</li>
</ul>


IPM grew 11% YoY in Mar 2026, closing FY2026 at ~10% YoY growth, with Semaglutide generics launching commercially and the GLP-1 market surging more than 3.8x on a MAT basis
The GLP-1 genericization event is a structural inflection for anti-diabetics. Meanwhile, Jan Aushadhi's rapid expansion to ~18,000 stores poses a medium-term headwind to branded IPM volume growth.
Preferred picks include Torrent Pharma, Sun Pharma, Emcure and Corona. Pricing and new launches remain the primary growth levers for FY2027; volume recovery is the variable to watch.


IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

<ul>
<li>Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+.</li>
<li>Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig.</li>
<li>PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico. Max Healthcare Institute is acquiring 58.4% stake in 250-bedded Kalinga Hospital for INR3B.</li>
</ul>


Wuxi XDC partnered with Akari Therapeutics to accelerate IND filing for Akari’s ADC program. Xuanzhu Biopharmaceutical entered licensing agreement with Boston Oncology for upfront and milestone payments of $100M+.
Shionogi secured $119M BARDA contract for manufacturing, procurement, and expanded development of Fetroja for biothreat-related infections. ABL Bio’s partner has received Orphan Drug Designation from the FDA for tovecimig.
PharmaEssentia signed an investment agreement for a new manufacturing facility in Puerto Rico. Max Healthcare Institute is acquiring 58.4% stake in 250-bedded Kalinga Hospital for INR3B.


APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

India

Lupin is an Indian multinational pharmaceutical company that develops, manufactures, and markets a diverse range of branded and generic formulations, biotechnology products, and active pharmaceutical ingredients (APIs). The company specializes in therapeutic areas such as cardiovascular, anti-diabetic, respiratory, anti-infective, and women's health. Lupin Limited was founded in 1968 and is headquartered in Mumbai, India.

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APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

Sino Bio got fourth indication approval for Benmelstobart plus Anlotinib. Wuxi Biologics’ three facilities got Korean GMP certification. FDA...

Tina Banerjee

Paracetamol’s Supply Crisis: The Tablet Squeezing Indian Pharma Margins

US Paracetamol prices surged 24.6% in March 2026 due to Chinese supply pullback, Indian FDA alerts, and rising costs, impacting Indian API-heavy...

Sudarshan Bhandari

Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26

Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth

HDFC Securities

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

Wuxi XDC inked deal with Akari Therapeutics. Xuanzhu Bio entered licensing deal with Boston Oncology. Shionogi secured $119M BARDA contract for...

Tina Banerjee

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APAC Healthcare Weekly (April 26) – Sino Bio, Wuxi Bio, Astellas Pharma, Eisai, Celltrion, Cochlear

Sino Bio got fourth indication approval for Benmelstobart plus Anlotinib. Wuxi Biologics’ three facilities got Korean GMP certification. FDA...

Tina Banerjee

Paracetamol’s Supply Crisis: The Tablet Squeezing Indian Pharma Margins

​US Paracetamol prices surged 24.6% in March 2026 due to Chinese supply pullback, Indian FDA alerts, and rising costs, impacting Indian API-heavy...

Sudarshan Bhandari

Pharmaceuticals: IPM: 11% growth in Mar-26, 10% in FY26

Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth

HDFC Securities

IPM Pharma Pulse March-25: Driven by Semaglutide Generics; Low Single Digit Growth Outlook for FY27

​IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...

Nimish Maheshwari

APAC Healthcare Weekly (April 12) – Wuxi XDC, Xuanzhu Biopharma, Shionogi, ABL Bio, PharmaEssentia

Wuxi XDC inked deal with Akari Therapeutics. Xuanzhu Bio entered licensing deal with Boston Oncology. Shionogi secured $119M BARDA contract for...

Tina Banerjee

US Paracetamol prices surged 24.6% in March 2026 due to Chinese supply pullback, Indian FDA alerts, and rising costs, impacting Indian API-heavy...

IPM sees 11% YoY growth in Mar 2026, driven by Semaglutide generics and GLP-1 market surge. Jan Aushadhi's expansion poses challenge to branded...