External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. 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.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Management expects the refinery policy to be finalized at the earliest, as most outstanding issues have already been resolved.</li><li>Management stated that as drug prices now adjust annually in line with the inflation, the company is structurally well positioned to benefit from pricing deregulation as 80% of its portfolio comprises of non-essential medicines.</li><li>The biosimilar portfolio features seven high-value products, establishing a strong market presence to capture a significant share of the global biosimilars market, which is expected to reach US$66.9bn by 2028.</li></ul>

Management expects the refinery policy to be finalized at the earliest, as most outstanding issues have already been resolved.Management stated that as drug prices now adjust annually in line with the inflation, the company is structurally well positioned to benefit from pricing deregulation as 80% of its portfolio comprises of non-essential medicines.The biosimilar portfolio features seven high-value products, establishing a strong market presence to capture a significant share of the global biosimilars market, which is expected to reach US$66.9bn by 2028.

Investor Connect 2026 | Karachi – NRL: Refinery Policy to Be Finalized at the Earliest; SEARL: New Launches to Drive Growth

National Refinery

Investor Connect 2026 | Karachi – NRL: Refinery Policy to Be Finalized at the Earliest; SEARL: New Launches to Drive Growth