New Research Reports

Aurobindo Pharma’s wholly owned subsidiary, Aurobindo Pharma USA Inc., has entered into a definitive agreement with Lannett Seller Holdco, Inc. to acquire 100% membership interest in Lannett Company LLC.

Aurobindo Pharma’s wholly owned subsidiary, Aurobindo Pharma USA Inc., has entered into a definitive agreement with Lannett Seller Holdco, Inc. to acquire 100% membership interest in Lannett Company LLC.

Piramal Pharma’s (Piramal) Q1FY26 result was below our expectations. Performance was impacted due to lack of revenue from a large innovative CDMO (-5.7% YoY) molecule and delay in shipment timing in CHG business (grew 1%).

Torrent Pharma's (TRP) Q1FY26 adjusted EBITDA was broadly in line with our estimates. Our FY26/ FY27E EBITDA broadly remain unchanged. TRP reported Rs 90bn (80% of total sales) worth of highly profitable branded formulation sales spread across India, Brazil and RoW markets. The acquisition of JB Chemicals & Pharma (JBCP) appears strategically compelling, making it the 5th largest player in the domestic pharma market. This will further be strengthening its position in high-margin chronic therapies and opens up many...

Torrent Pharma’s (Torrent) Q1FY26 results were slightly below our expectations. Addition of MRs and price hikes continue to fuel growth in India (+10.8% YoY).

Piramal Pharma (PIRPHARM) exhibited lower-than-expected financial performance in 1QFY26. Lower CDMO and complex hospital generics (CHG) sales led to a considerable operating deleverage.

Revenue: For Q1FY26, the revenue increased by 11.4% YoY (+0.5% QoQ) to INR 85,721 Mn, below our estimates by 3.0%, led by weakness in North America, which was partially offset by higher momentum across Europe and the Emerging markets.

We remain positive on the stock with a BUY rating and arrive at a target price of Rs 1,700 per share.

CIPLA's Q1FY26 EBITDA (Rs17.8bn; 25.6% OPM) was 6% ahead of our estimates. Cipla managed to deliver strong margins during the quarter. During the quarter company witnessed price erosion for its generic products which was offset by new launches such as gAbraxane. Mgmt guided strong US revenues of $1bn for FY27 despite gRevlimid erosion. We expect Cipla to maintain its existing US sales run-rate. This will be aided by several high value niche launches in the US like gAbraxane, Nilotininb, gAdvair. Further, Cipla's...

Cipla reported an in-line Q1FY26 result led by growth across the US and South Africa. Despite price erosion in gRevlimid, it posted a 156bps YoY (+133bps QoQ) surge in gross margin to 68.8%.

Zydus Lifesciences Ltd has received tentative approval from the United States Food and Drug Administration (USFDA) for its Ibrutinib tablets in 140 mg, 280 mg, and 420 mg strengths.

Indoco Remedies' (INDR) Q1FY26 EBITDA was largely in line. Though margins and regulated sales have recovered QoQ but they are still below its historical run-rate given elevated expenses and ongoing FDA issues. The warning letter issued for both units has restricted growth, however USFDA has allowed to resume supplies from 2 out of 4 lines. The company cited other expenses to remain elevated in the near term. Our FY26/FY27E EBITDA has been cut by 811% to factor in low margins. At CMP, the stock is trading at 3.9x EV/domestic...

Dr. Reddy's (DRRD) Q1FY26 EBITDA adjusted for licensing income was in line with our estimate. The base business margins and US sales ex of gRevlimid continued to remain weak. We have scale up base business margins from the current level of 15-16% to +21-22% in FY27E. Our FY26 and FY27E EPS broadly remain unchanged. DRRD have been investing cash flow from gRevlimid to build pipeline across peptides, biosimilars and GLP products; benefits of that may take some time. Further thin US pipeline in near term and competition in...

We maintain our HOLD recommendation on with a target price of Rs 1,360/share, implying an upside potential of 9% from the CMP.

Acutaas Chemicals Limited (formerly known as Ami Organics Limited) has announced a strategic investment of up to INR 2 Bn in its wholly owned subsidiary, Acutaas Advance Material Limited (AAML), to support expansion in the semiconductor chemicals business.

Dr Reddy’s Labs (DRRD) reported sales in line with our estimates in 1QFY26, while EBITDA/PAT came in higher than expected, primarily led by higher outlicensing income and lower R&D expenses.

Blue Jet Healthcare (BLUEJET) reported an EBITDA of INR1.2b up 2.7x YoY (vs. our est. of INR1.5b), with a gross margin of 48.8% (vs. 54.9% in 1QFY25).

Glenmark Pharmaceuticals’ (Glenmark) subsidiary Ichnos Glenmark Innovation (IGI) has out-licensed its oncology asset ISB 2001 to Abbvie in a deal valued at USD 1.925bn, including USD 700mn upfront, USD 1.225bn in milestones and tiered doubledigit royalty on net sales.

Anthem Bioscience’s initial issue is priced at 47.4x TTM EV/EBITDA
compared to peer average of 42.7x TTM EV/EVITDA. Even though, the issue
seems to be priced higher than the peer average, we believe it demands a
premium led by stronger growth, industry leading margins, steady profitability
and deep capability to produce complex products. We assign a “SUBSCRIBE”
rating to the issue.

manufacturing. Company is one of the few companies in India with integrated New Chemical Entity (NCE) and New Biological Entity (NBE) capabilities across drug discovery,...