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Thematic (Sector/Industry)

<ul><li>The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat</li><li>We project sales/EBITDA growth of 11%/10% YoY for our coverage universe</li><li>Our assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India business</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 moderate revenue growth as EBITDA margins remain flatWe project sales/EBITDA growth of 11%/10% YoY for our coverage universeOur assumptions are: (1) Pharma coverage will see 10% YoY sales growth driven by 11% YoY increase in the India businessContent 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 (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.</li>
<li>Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.</li>
<li>Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.</li>
</ul>


3SBio will spin-off and separately list the shares of Mandi, a subsidiary of the company. Celltrion got EC approval for Remsima IV liquid, world’s first liquid formulation of IV infliximab.
Hanmi Pharmaceutical is acquiring all of the issued and outstanding common shares of Aptose Biosciences that are not currently owned or controlled by Hanmi.
Otsuka got CHMP positive opinion for donidalorsen for the prevention of recurrent attacks of HAE. CSL plans to expand U.S. presence over the next five years, with ~$1.5B U.S. capex.


APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

<ul><li>Overall chronic growth accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.</li><li>In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). </li><li>In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).</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 accelerated for Oct-25 to ~16% YoY, and the acute segment saw 9% growth.In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 8% YoY), and CNS at +13% (+7% in Q2FY26). In acute, anti-infectives saw 5% YoY growth (+4% in Q2FY26), gastro 9% YoY (+2% in Q2FY26), and VMN 11% YoY (+6% in Q2FY26).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: growth recovers to 11.7% in Oct-25

<ul><li>As per IQVIA, IPM saw moderate growth for Sep’25 at 6.1% YoY (vs 8.1% in Aug’25), with 2.4% YoY decline in units</li><li>The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain</li><li>For Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units.</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 moderate growth for Sep’25 at 6.1% YoY (vs 8.1% in Aug’25), with 2.4% YoY decline in unitsThe strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and painFor Q2FY26, IPM grew 7.2% YoY, with 1.7% decline in units.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: grows 6.1% in Sep’25 and 7.2% in Q2FY26

<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

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)

Pharma and Healthcare (Q3FY26E Results Preview): Base business momentum to offset gRevlimid drag

The India Pharma and Healthcare sector is expected to see moderate revenue growth as EBITDA margins remain flat. We project sales/EBITDA growth of...

HDFC Securities

APAC Healthcare Weekly (November 23) – 3SBio, Celltrion, Hanmi Pharm, HK Inno.N, Otsuka, CSL

3SBio will spin-off and separately list its subsidiary. Celltrion got EC approval for Remsima IV liquid. Hanmi Pharm is acquiring Aptose...

Tina Banerjee

Pharmaceuticals: IPM: growth recovers to 11.7% in Oct-25

In chronic space, cardiac continues to drive IPM growth in Oct-25 at 17% YoY (+11% in Q2FY26), anti-diabetic at 15% (+9% in Q2FY26), led by...

HDFC Securities

Pharmaceuticals: IPM: grows 6.1% in Sep’25 and 7.2% in Q2FY26

The strong growth in cardiac, respiratory, and oncology was offset by muted growth in anti-infective, gastro, VMN, and pain. For Q2FY26, IPM grew...

HDFC Securities

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

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