Broker research reports for stocks which have been upgraded by brokers. Both recommendation upgrades,
as well as share price target upgrades are available for companies in Industry - Pharmaceuticals.
Broker Research reports: latest Upgrades
for Industry - Pharmaceuticals
We expect Natco Pharma to witness a moderation in revenue due to increased competition in Revlimid. However, the launch of generic Pomalyst and ROW opportunities are likely to partially offset this decline. Management remains focused on long-term growth, with domestic momentum expected to improve through partnerships for generic semaglutide. Additionally, the company is evaluating two potential acquisitions to further strengthen its base business. Accordingly, we...
IPCA is taking multiple initiatives for its domestic formulation (DF) segment, such as cardiology portfolio restructuring, Zerodol franchise strengthening, RA focus within pain management, and entry into high-end cosmo-dermatology, to boost its growth prospects.
We interacted with the management of IPCA Laboratories (IPCA) to assess its medium-term growth trajectory. The company is prioritizing disciplined execution over aggressive diversification, with a clear focus on strengthening its core businesses while building growth levers. Domestic formulations and branded generics which now contribute 45% of revenues and ~70% of EBITDA, continued to outperform market and grow at healthy levels. We expect IPCA to deliver revenue growth ex Unichem at +11% over FY26-28E with normalization in export generic and API business. This will aid operating...
Granules India Ltd. (Inc.) is a vertically integrated, high growth pharmaceutical company headquartered in Hyderabad, India. The company manufactures Active Pharmaceutical Ingredients (API), Pharmaceutical Formulation Intermediates...
We analyzed narration versus actual outcomes and financial performance across CDMO peers, highlighting an uneven recovery, with some companies facing guidance resets due to program delays, destocking, and slower commercial conversions.
The North American business faced challenges, with revenue declining due to decreased Lenalidomide sales and increased price erosion for certain key products. Additionally, the delayed launch of biosimilars limited revenue growth during the quarter. However, Q3FY26 witnessed strong performance in India, Emerging markets, and the newly acquired consumer healthcare unit, which is focused on nicotine replacement therapy. The company aims to boost core business growth, advance patented products such as Semaglutide and Abatacept, improve operational...
Sun Pharma demonstrated consistent execution in key business segments, driven by robust demand for chronic therapies in India formulations, improved traction in specialty and differentiated products in the US, and stable growth in emerging markets. Furthermore, the management emphasised a continued focus on enhancing the specialty portfolio, expanding presence in complex generics and scaling up innovation-led products. Additionally, ongoing investments in research and development (R&D) and manufacturing capabilities are anticipated to support...
Ipca reported strong EBITDA of Rs5.3bn (up 19% YoY) which was 10% above our estimates. Company has witnessed 400bps GMs expansion ex Unichme for 9MFY26 which should sustain given product mix and softer raw material prices. Export API business witnessed recovery in 9MFY26 with 26% YoY growth. Domestic formulation business, which now contributes 40% of revenues and ~55% of EBITDA, continued to outperform and grow at healthy levels. We believe 1) recovery in API segment 2) higher margins ex Unichem 3) steady...
Akums Drugs and Pharmaceuticals (Akums) had a strong show in Q3FY26 led by CDMO (~16% YoY) and international (~18% YoY) businesses. Volume for CDMO biz surged ~27.6% YoY, though unfavourable pricing and mix partially offset these gains.
Torrent Pharma (Torrent) posted a strong show in Q3FY26, driven by its businesses in India (+13.7% YoY) and Brazil (27.5%). INR depreciation too played its part in boosting performance of exports.
Ipca Laboratories (IPCA) reported in-line revenue and better-than-expected EBITDA/PAT (10%/12% beat) in 3QFY26, aided by product mix, favorable currency and a lower tax rate.
Beat in Q3FY26 vs our expectation was mainly driven by stellar performance in the US region, posting revenue of USD 350mn (up 46.8% YoY). Apart from a few seasonal products, sales in US were largely led by Tolvaptan, Mirabegron and Spiriva.
The performance was more or less in sync with the overall FY26 management guidance with flattish US growth (wanning gRevlimid traction and pending approvals from Eugia III), overall single-digit growth, and EBITDA margins around ~21% (came in slightly lower though). European growth has been consistently strong over the last few quarters. Going forward, while sustainability of the EBITDA margins will be the key monitorable as the company plans to expand the R&D bandwidth and diversify into more complex models such as biosimilars, the GPMs are...
Lupin (LPC) posted a better-than-expected financial performance in 3QFY26, with 6%/16%/22% beat on revenues/EBITDA/PAT. Robust traction in US and other developed markets helped LPC sustain profitable growth momentum in 3Q.
Torrent Pharma (TRP) delivered a better-than-expected performance, with 3%/5%/10% beat on revenue/EBITDA/PAT in 3QFY26. Growth was aided by consistent superior execution in domestic formulation (DF)/LATAM, favorable currency benefits in the US, and a lower tax rate.
Q3FY26 - Strong Revenue growth and margins- Revenues grew ~20% to ~ 645 crore, driven by growth in power brands such as Mucaine (Antacid), Eliquis (CVS), among others. Brands such as Minipress XL (CVS), and Becosules (VMS) also registered moderate growth. On the other hand, there was a de-growth in other power brands such as Corex DX (cough syrup), Dolonex (pain management) and Prevnar 13 (pneumococcal vaccine). EBITDA grew 56% with a strong margin expansion of 824 bps YoY to 35.4%. GPM grew by 169 bps to 65.2%. PAT grew 11% with a...
