Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Dr. Reddy's Laboratories / Equity Bottom-Up

<ul>
<li>In Q3FY24, <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> posted highest ever revenue of INR72B, led by U.S. and Europe generics businesses, with contribution from both base business and new product launches.</li>
<li>Underperformance in the domestic market continued in Q3FY24. However, the company’s initiatives regarding innovative and new generic drugs for Indian market should place it for long-term accelerated growth.</li>
<li>Last month, Dr. Reddy's acquired MenoLabs, a leading women’s health and dietary supplement branded portfolio of seven products designed to provide health support and address symptoms of perimenopause and menopause.  </li>
</ul>


In Q3FY24, Dr. Reddy's Laboratories (DRRD IN) posted highest ever revenue of INR72B, led by U.S. and Europe generics businesses, with contribution from both base business and new product launches.
Underperformance in the domestic market continued in Q3FY24. However, the company’s initiatives regarding innovative and new generic drugs for Indian market should place it for long-term accelerated growth.
Last month, Dr. Reddy's acquired MenoLabs, a leading women’s health and dietary supplement branded portfolio of seven products designed to provide health support and address symptoms of perimenopause and menopause.  


Dr. Reddy's Laboratories (DRRD IN): US and Europe Drive Highest Ever Sales in Q3; Profit Surges 11%

Zydus Lifesciences Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences Ltd (ZYDUSLIF IN)</a> reported 16% YoY and 7% QoQ growth in India formulation business revenue in Q3FY24 on the back of healthy volume growth and new product launches.</li>
<li>Profitability improvement continued, with Q3FY24 improving 200 basis points YoY to 24.5%. Net profit surged 27% YoY.</li>
<li>The Board approved INR6 billion buyback, representing 0.59% of total outstanding equity shares at a price of INR1005 per share (25% premium to last closing price) via tender offer route.</li>
</ul>



Zydus Lifesciences Ltd (ZYDUSLIF IN) reported 16% YoY and 7% QoQ growth in India formulation business revenue in Q3FY24 on the back of healthy volume growth and new product launches.
Profitability improvement continued, with Q3FY24 improving 200 basis points YoY to 24.5%. Net profit surged 27% YoY.
The Board approved INR6 billion buyback, representing 0.59% of total outstanding equity shares at a price of INR1005 per share (25% premium to last closing price) via tender offer route.


Zydus Lifesciences (ZYDUSLIF IN): Strong India Momentum; Q3 Net Profit Jumps 27%; Buyback Approved

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.

Thematic (Sector/Industry)

<ul><li>The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery path in CY23</li><li>Overall costs are stabilizing and there are green shoots in the US business</li><li>This positive momentum has led to the BSE Healthcare index outperforming the Sensex by ~15/25% in the past 6/12 months</li><li>We remain constructive on US generics, led by factors such as moderating price erosion and regulatory issues (USFDA) in the US, successful approval and launches of complex products, opportunities arising from the loss of exclusivity, softening input costs, volume growth due to drug shortages, and steady growth in India.</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 pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery path in CY23Overall costs are stabilizing and there are green shoots in the US businessThis positive momentum has led to the BSE Healthcare index outperforming the Sensex by ~15/25% in the past 6/12 monthsWe remain constructive on US generics, led by factors such as moderating price erosion and regulatory issues (USFDA) in the US, successful approval and launches of complex products, opportunities arising from the loss of exclusivity, softening input costs, volume growth due to drug shortages, and steady growth in India.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 Generic Growth to Stay, Selective on Structural Play

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Petroleo Brasileiro  / Technical Analysis

<ul>
<li>Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.</li>
<li>Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.</li>
<li>Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX</li>
</ul>


Global growth stocks that have significantly outperformed since the October 2023 lows are starting to pull back, and we believe a continued pause/pullback is likely in these growth areas.
Meanwhile, we are seeing a clear shift into value and defensives, and we recommend adding exposure to these areas. This type of Sector rotation is common during bull markets.
Major supports continue to hold, including $98-99 on MSCI ACWI (ACWI-US), 4600 on the S&amp;P 500, 4400 on the EURO STOXX 50, and 2300 on the TOPIX


Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

India

Cadila Healthcare Ltd. manufactures, and markets healthcare solutions ranging from formulations, active pharmaceutical ingredients, vaccines, diagnostics, health and dietetic foods, animal healthcare to cosmeceuticals.  The Company's products are available in tablets, capsules, injections, liquids, dry syrups, powders, granules, and ointments.

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Zydus Lifesciences Ltd (ZYDUSLIF IN)

Dr. Reddy's Laboratories (DRRD IN): US and Europe Drive Highest Ever Sales in Q3; Profit Surges 11%

Dr. Reddy's Laboratories achieves record revenue in Q3FY24, driven by volume gains and new launched in U.S. and Europe. The company has recently...

Tina Banerjee

Zydus Lifesciences (ZYDUSLIF IN): Strong India Momentum; Q3 Net Profit Jumps 27%; Buyback Approved

Zydus Lifesciences reported strong revenue growth and improved profitability in Q3FY24, leading to a 27% increase in net profit. The company also...

Tina Banerjee

Pharmaceuticals: US Generic Growth to Stay, Selective on Structural Play

The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery...

HDFC Securities

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Seeing a clear shift into value and defensives, and we recommend adding exposure to these areas globally. Constructive if supports hold: $98-99 on...

Vermilion Research

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Dr. Reddy's Laboratories (DRRD IN): US and Europe Drive Highest Ever Sales in Q3; Profit Surges 11%

​Dr. Reddy's Laboratories achieves record revenue in Q3FY24, driven by volume gains and new launched in U.S. and Europe. The company has recently...

Tina Banerjee

Zydus Lifesciences (ZYDUSLIF IN): Strong India Momentum; Q3 Net Profit Jumps 27%; Buyback Approved

​Zydus Lifesciences reported strong revenue growth and improved profitability in Q3FY24, leading to a 27% increase in net profit. The company also...

Tina Banerjee

Pharmaceuticals: US Generic Growth to Stay, Selective on Structural Play

The pharmaceutical sector, emerging from the volatility of the past two post-pandemic and geopolitically tumultuous years, is now on a recovery...

HDFC Securities

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

Buys Within Global Energy, Health Care, and Utilities; Bullish Outlook Intact on Global Equities

Seeing a clear shift into value and defensives, and we recommend adding exposure to these areas globally. Constructive if supports hold: $98-99 on...

Vermilion Research

Dr. Reddy's Laboratories achieves record revenue in Q3FY24, driven by volume gains and new launched in U.S. and Europe. The company has recently...

Zydus Lifesciences reported strong revenue growth and improved profitability in Q3FY24, leading to a 27% increase in net profit. The company also...