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08 Oct 2025
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Our Top Earnings Plays: Max Healthcare, Lupin, and Fortis.
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09 Jul 2025
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Q1FY26 Earnings Preview - Pharma & Healthcare
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08 Jul 2025
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Pharmaceuticals & Biotech.
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Deven Choksey
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Sector Update
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As per Pharma rack data, during Apr’25, the Indian pharmaceutical market (IPM) grew by 7.8% YoY, led by improved price realization (+5.1% YoY), modest new launches (+2.3% YoY), and muted volume growth (+0.4% YoY).
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03 Jun 2025
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Top Conviction Ideas - Lupin Ltd, Aurobindo Pharma Ltd, Max Healthcare Institute Ltd, Fortis Healthcare Ltd.
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08 Apr 2025
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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We recommend BUY on Lupin, Aurobindo, Abbott India, Fortis, and Max Health.
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19 Feb 2025
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Top Conviction Ideas (Pharma and Hospital) - Max Healthcare; Lupin; Fortis Healthcare.
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08 Jan 2025
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Q3FY25 Earnings Preview - PHARMA & HEALTHCARE
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19 Nov 2024
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Top Conviction Ideas - Healthcare Global Enterprises Ltd; Lupin Ltd; Dr. Reddy's Laboratories Ltd.
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07 Jun 2024
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Top Sector Ideas Pharma - Q4FY24
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06 Jun 2024
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Pharmaceuticals & Biotech.
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Prabhudas Lilladhar
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Sector Update
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20 Nov 2023
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Top Sector Ideas Pharma - Q2FY24
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10 Oct 2023
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Pharma - Q2FY24 - Earnings Preview
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24 Aug 2023
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Pharmaceuticals & Biotech.
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ICICI Securities Limited
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Sector Update
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Windfall from the ongoing drug shortages and traction in gRevlimid sales in the US drove 16% / 45% / 41% YoY increase in revenue / EBITDA / PAT in Q1FY24 for the pharma companies under our coverage. Gross and EBITDA margins rose 300bps / 440bps YoY to 65.3% / 23.8% on an aggregate basis.
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23 Aug 2023
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Top Sector Ideas - Pharma
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12 Jul 2023
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Pharmaceuticals & Biotech.
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Axis Direct
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Sector Update
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Pharma - Q1FY24 - Earnings Preview
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05 Jul 2023
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Pharmaceuticals & Biotech.
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ICICI Securities Limited
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Sector Update
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Pharma companies under our coverage are likely to report revenue/EBITDA/PAT growth of 15%/33%/28% YoY in Q1FY24E. The growth is likely to be led by new launches, market share expansion in key products and acquisition in US & India.
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08 Jun 2023
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Pharmaceuticals & Biotech.
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ICICI Securities Limited
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Sector Update
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In Q4FY23, companies under our coverage delivered 14%/26%/16% YoY increase in revenue/EBITDA/PAT, respectively. Growth was led by better traction across India and US which also supported 214bps improvement in gross margin.
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13 Apr 2023
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Pharmaceuticals & Biotech.
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ICICI Direct
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Sector Update
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16 Mar 2023
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Pharmaceuticals & Biotech.
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BOB Capital Markets Ltd.
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Sector Update
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IPM grew 6.7% YoY in Feb'23 (MAT) led by gastro, cardiac and pain therapies; anti-infectives, respiratory and VMN sales lagged the market
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23 Feb 2023
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Pharmaceuticals & Biotech.
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Trendlyne Analysis
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Sector Update
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The pharmaceutical industry is a defensive sector, one that is expected to perform well even during market turmoil. Spending above a certain level remains steady, since a person’s health and medical care remains a priority irrespective of macroeconomic factors. As a result, drug makers have a beta considerably lower than 1 – their stock prices are less volatile than the overall market.
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