External broker reports(aggregated public sources), HDFC Securities

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<ul><li>As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25).</li><li>Growth was led by CVS, anti-diabetes, CNS, VMN, and oncology segments, while growth in anti-infective, gastro, respiratory, derma, and pain grew at par or marginal below compared to IPM growth.</li><li>Our view: IPM growth was steady at 11% YoY in Jan-26, largely led by price growth and traction in chronic therapies.</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 Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25).Growth was led by CVS, anti-diabetes, CNS, VMN, and oncology segments, while growth in anti-infective, gastro, respiratory, derma, and pain grew at par or marginal below compared to IPM growth.Our view: IPM growth was steady at 11% YoY in Jan-26, largely led by price growth and traction in chronic therapies.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 11% growth in Jan-26

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businesses</li><li>Adjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%)</li><li>Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segment</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.

Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businessesAdjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%)Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segmentContent 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: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Simcere entered outlicensing agreement with Boehringer Ingelheim for IBD drug candidate SIM0709 for upfront payment of €42M. CSPC entered collaboration and license agreement with AstraZeneca for upfront payment of $1.2B.</li>
<li>Hanmi Pharm signs exclusive Mexico distribution deal for GLP-1 obesity drug efpeglenatide. HK inno.N will be launching 'X1 Plus Tablet', a triple antihypertensive drug for the first time in Korea.</li>
<li>Eisai’s Leqembi autoinjector is now under FDA review as weekly starting dose, with target action date of May 24. Chugai Pharmaceutical filed for additional indication of Tecentriq for bladder cancer.</li>
</ul>


Simcere entered outlicensing agreement with Boehringer Ingelheim for IBD drug candidate SIM0709 for upfront payment of €42M. CSPC entered collaboration and license agreement with AstraZeneca for upfront payment of $1.2B.
Hanmi Pharm signs exclusive Mexico distribution deal for GLP-1 obesity drug efpeglenatide. HK inno.N will be launching 'X1 Plus Tablet', a triple antihypertensive drug for the first time in Korea.
Eisai’s Leqembi autoinjector is now under FDA review as weekly starting dose, with target action date of May 24. Chugai Pharmaceutical filed for additional indication of Tecentriq for bladder cancer.


APAC Healthcare Weekly (February 1) – Simcere, CSPC, Hanmi Pharm, HK Inno.N, Eisai, Chugai Pharma

<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

India

Mankind Pharma Limited is a pharmaceutical company. The Company focuses developing, manufacturing, and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. Mankind Pharma serves customers in India.

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Mankind Pharma (MANKIND IN)

Pharmaceuticals: IPM: steady 11% growth in Jan-26

As per IQVIA, IPM recorded strong growth for Jan-26 at 11% YoY (vs 15% in Dec-25), units grew by 1.1% YoY (4.4%% in Dec-25). Growth was led by CVS,...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma...

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma, Aarti Industries

Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation...

HDFC Securities

APAC Healthcare Weekly (February 1) – Simcere, CSPC, Hanmi Pharm, HK Inno.N, Eisai, Chugai Pharma

CSPC and Simcere signed outlicensing deals with AstraZeneca and Boehringer Ingelheim, respectively. Eisai’s Leqembi autoinjector is now under FDA...

Tina Banerjee

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

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