External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<ul><li>Emkay Global Financial's research report on Sun Pharma J&amp;J, in a recent investor interaction, had stated that its oral IL-23 receptor antagonist peptide (Icotrokinra) could potentially compete with existing oral as well as injectable treatment options for moderate to severe plaque psoriasis.</li><li>In addition to the Stelara to Tremfya switch that it has been engineering, J&amp;J, in our view, could seek to position Icotrokinra as a convenient oral alternative, given the expected decline in Stelara’s sales after the entry of biosimilars in CY25. From an efficacy standpoint, Icotrokinra is superior to BMS’s Sotyktu but inferior to Tremfya.</li><li>Outlook We do not perceive Icotrokinra as a meaningful threat to Ilumya, given: 1) Ilumya’s clear dominance in the Medicare Part B channel; 2) Tremfya, with superior efficacy, not impacting Ilumya’s growth trajectory; 3) Sotyktu’s ramp-up being much slower vs BMS’s expectations.</li></ul><p><em>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.</em></p>

Emkay Global Financial's research report on Sun Pharma J&amp;J, in a recent investor interaction, had stated that its oral IL-23 receptor antagonist peptide (Icotrokinra) could potentially compete with existing oral as well as injectable treatment options for moderate to severe plaque psoriasis.In addition to the Stelara to Tremfya switch that it has been engineering, J&amp;J, in our view, could seek to position Icotrokinra as a convenient oral alternative, given the expected decline in Stelara’s sales after the entry of biosimilars in CY25. From an efficacy standpoint, Icotrokinra is superior to BMS’s Sotyktu but inferior to Tremfya.Outlook We do not perceive Icotrokinra as a meaningful threat to Ilumya, given: 1) Ilumya’s clear dominance in the Medicare Part B channel; 2) Tremfya, with superior efficacy, not impacting Ilumya’s growth trajectory; 3) Sotyktu’s ramp-up being much slower vs BMS’s expectations.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.

Sun Pharma - Addressing the Oral IL-23 Antagonist Challenge to Ilumya