In today’s briefing:
- Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise
- China Healthcare Weekly (Sep.8) – Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria
Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise
- Ipca Laboratories (IPCA IN) reported 12% YoY growth in domestic revenue to INR8.7B in Q1FY25. The company has delivered market beating growth in both acute and chronic segments.
- Standalone EBITDA margin expanded 312bps YoY to 22.3% (FY25 guidance: 21%). Margin improvement is driven by favorable product mix, lower input costs as well as lower manufacturing and other costs.
- Ipca is reducing FY25 revenue growth guidance to ~9.0% from 10.5–11.0% and raising FY25 consolidated EBITDA margin guidance by 0.5–1.0% to 18.5–19.0%.
China Healthcare Weekly (Sep.8) – Fosun Pharma, Medical Device Outlook, Biotech Investment Criteria
- The past “infrastructure-driven demand model” in medical devices has become “an updated model”. The future reasonable demand for medical devices may fall back to a quarter of pre anti-corruption levels.
- Top innovative pharmaceutical companies worth investing in need to meet certain conditions. Currently, there is still a gap between Chinese pharmaceutical companies and companies like Regeneron in various aspects.
- Henlius is of great strategic significance for Fosun Pharma, which actually increases the privatization success rate. Valuation logic of Fosun Pharma should be based on PE/VC firms not traditional pharma.
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