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for Sector - Pharmaceuticals & Biotechnology
Sun Pharma’s outlook remains strong, driven by high-margin and innovative products. India growth will be led by new launches and upcoming GLP-1 therapies, EM by branded generics, and RoW by complex products. In the U.S., momentum will be supported by LEQSELVI ramp-up, Unloxcyt launch, and continued strength in ILUMYA and CEQUA.
Cipla’s near-to-medium term outlook remains positive, underpinned by strong execution in domestic formulations and a visible ramp-up in complex generics and biosimilars in the U.S. market.
Dr. Reddy’s Laboratories’ (DRL) Q2FY26 revenue was slightly ahead of our expectations, though EBITDA and profit were in line. Revenue growth of 9.8% YoY was boosted by consolidation (65-70%) of the acquired NRT portfolio (~8% of sales) and acquisition of other branded products.
Dr Reddy’s Labs (DRRD) delivered slightly better-than-expected revenue/EBITDA (3%/5% beat) in 2QFY26. Higher other income and a lower tax rate led to a 14% beat in PAT.
Revenue from the Indian market grew 10.8% YoY to Rs. 1,811cr, led by outperformance in focus therapies. The US market's revenue grew 18.9% YoY to Rs. 308cr, as recent launches achieved the targeted market shares. Market revenue from Brazil rose 11.2% YoY to Rs. 218cr, driven by top brands and the performance of...
We remain positive on Granules' long-term growth and profitability, supported by new product launches across geographies, a focus on backward integration, and rising market share. Entry into the CDMO segment via the Senn acquisition, along with higher-margin oncology filings, is expected to strengthen financials. Moreover, resolution of regulatory issues at the Gagilapur facility could act as a key re-rating catalyst. Hence, we maintain an Accumulate rating on the...
The management maintains a long-term perspective on the business, aiming to navigate potential challenges and seize growth opportunities. We anticipate a steep revenue degrowth because of lower Revlimid sales in FY27. Focus will shift on the domestic formulations business with the anticipated launches of Semaglutide, which strengthens our case for...
Glenmark Pharmaceuticals Ltd, which has a presence in over 80 countries, focuses on the generics, specialty and over-the-counter (OTC) segments, with a strong presence in diabetes, cardiovascular and oral contraceptives....
We have revised our FY26E/FY27E EPS estimates by +0.9%/-5.2%, as we factor in lower revenue on account of ramp down of Revlimid portfolio and ongoing price erosion in the US market, higher depreciation and amortization expense, offset by higher other income.
We have revised our FY26E/FY27E EPS estimates by -14.9%/-22.7%, respectively, as we factor in subdued growth traction in Generic API segment, lower other income and higher depreciation expenses on account of higher investments in its facilities.
was weak with 4.3% OPM; impacted by certain one offs and price erosion in certain products. Mgmt. reiterated its FY26 guidance of 9-10% revenue growth however 75bps margin expansion vs 100 bps earlier. Our FY26E and FY27E EPS...
Zydus Lifesciences (Zydus)’s Q1FY26 print beat our expectations, though its revenue grew a mere 5.9% while EBITDA/PAT shrunk 3.3%/0.7% YoY. US biz sales were flat YoY.
Zydus Lifesciences (ZYDUSLIF) Q1 EBITDA beat our estimates by 5%. We believe gRevlimid + gMirabegron contributes +45% to total FY25/Q1FY26 EPS which will see erosion from H2FY26. Though, company is working on a robust pipeline of complex products, including injectables, 505(b)2, transdermals, NCE, biosimilars and vaccines, they are expected to materialize over the next 23 years. We expect US sales to decline in FY27 given sales erosion in some of...
We maintain a positive FY26E outlook, expecting sustained double-digit growth across US, Ex-US, and RoW businesses. Growth across regions will be majorly driven by a healthy US pipeline, strategic expansion in RoW, and improved execution across India.
Divi's Laboratories (DIVI) Q1FY26 EBITDA was 4% below our estimates led by lower margins despite higher CS revenues. We expect margins to improve, led by better product mix and stable raw material prices. Mgmt. suggested that moderation of raw material prices, increasing RFP's and commencement of some CDMO and contrast media contracts, will continue to aid revenues and margins. Our FY26E/FY27E EPS estimates stand marginally reduced by 3-4%. We expect 20% EBITDA CAGR and 12% PAT CAGR over FY25-27E. At CMP,...
Lupin’s Q1FY26 result was largely in-line with our estimates. Launch of Tolvaptan in US (180 days exclusivity) helped Lupin offset the impact of price erosion in its US portfolio and a muted performance in India.
