External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

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<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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>The Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.</li><li>Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.</li><li>However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. </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 Q4FY25 earnings season was marked by 1) Sequential improvement in capex spending, 2) A Series of positive measures in the domestic economy taken by the RBI and the government, 3) Volatile Currency, 4) Volatile Trade dynamics, and 5) Volatile Crude prices. All these developments indicate that the Q4FY25 earnings would show a mixed trend, similar to the previous quarters.Some breather is expected in Q4FY25 numbers, led by sequential improvement in some of the pockets of high-frequency indicators.However, the broader consumption demand could still take 1-2 quarters to get back on track. Overall, the improvement in earnings is expected in certain pockets like BFSI, IT, Healthcare, Telecom, and Industrials, while Consumer Staples, Retail, and cyclical sectors like Oil &amp; Gas remain under pressure. 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>We anticipate that pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 10.9% YoY and 0.8% QoQ, along with EBITDA growth of 15.3% YoY and a decline of 1.7% QoQ.</li><li>Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ.</li><li>Domestic formulations and niche launches in the US market will likely drive this growth.</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 pharmaceutical companies within our coverage will collectively demonstrate revenue growth of 10.9% YoY and 0.8% QoQ, along with EBITDA growth of 15.3% YoY and a decline of 1.7% QoQ.Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ.Domestic formulations and niche launches in the US market will likely drive this growth.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.

Q4FY25 Earnings Preview - Pharma & Healthcare

<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>President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set to face.</li><li>A 10% baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.</li><li>Higher tariffs have been announced for certain countries. These stand as follows: India 26%, China 34%, EU 20%, South Korea 25%, Vietnam 46%, Taiwan 32%, and Japan 24%. </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.

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set to face.A 10% baseline tax will be applied to all imports, while countries with significant trade surplus with the US will face higher tariffs.Higher tariffs have been announced for certain countries. These stand as follows: India 26%, China 34%, EU 20%, South Korea 25%, Vietnam 46%, Taiwan 32%, and Japan 24%. 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.

Trump Tariffs - Possible Impact on Our Market

India

Max Healthcare Institute Limited is a leading Indian for-profit private hospital chain that operates 21 healthcare facilities with over 6,000 beds across North India, including Delhi NCR, Haryana, Punjab, Uttarakhand, Maharashtra, Uttar Pradesh, and Odisha. The company provides a wide range of medical and healthcare services across more than 30 specialties, including oncology, cardiac sciences, neurosciences, and orthopedics. Additionally, it offers diagnostic services through Max Lab and home healthcare services via Max@Home. Headquartered in New Delhi, India, the company was founded in 2001.

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Max Healthcare Institute (MAXHEALT IN)

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

Q4FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 4.8%/2.9%/1.3% YoY, respectively, for the quarter.

Axis Direct

Q4FY25 Earnings Preview - Pharma & Healthcare

Moreover, adjusted PAT is expected to grow by 8.7% YoY and decrease by 7.9% QoQ. Domestic formulations and niche launches in the US market will...

Axis Direct

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

Trump Tariffs - Possible Impact on Our Market

President Donald Trump and the White House revealed a list of U.S. “reciprocal tariff” rates that more than 180 countries and territories are set...

Axis Direct

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