Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Zydus Lifesciences Ltd / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences Ltd (ZYDUSLIF IN)</a> recorded 32% growth in revenue to INR50B in Q4FY23, driven by 58% YoY growth in US formulation business. India business revenue grew 11% YoY.</li>
<li>US business growth was driven by volume expansion in existing products and new launches. The company has launched eight new products in the US during the quarter.</li>
<li>Going ahead, growth is expected to moderate, due to high base effect. The company expects single-digit growth in the US business in FY24, slower than 28% growth recorded in FY23.</li>
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Zydus Lifesciences Ltd (ZYDUSLIF IN) recorded 32% growth in revenue to INR50B in Q4FY23, driven by 58% YoY growth in US formulation business. India business revenue grew 11% YoY.
US business growth was driven by volume expansion in existing products and new launches. The company has launched eight new products in the US during the quarter.
Going ahead, growth is expected to moderate, due to high base effect. The company expects single-digit growth in the US business in FY24, slower than 28% growth recorded in FY23.


Zydus Lifesciences (ZYDUSLIF IN): Strong Q4 Result Driven by US Business; Forward Growth to Moderate

Dr. Reddy's Laboratories / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a> announced mixed Q4FY23 result, with revenue beating consensus and net profit missing expectations. Both revenue and net profit grew YoY but declined sequentially.</li>
<li>North America grew 27% YoY (but declined 17% QoQ) to INR25.3B, driven by new product launches, growing market share in certain existing products, and favorable Fx movement.</li>
<li>Revenue from India business increased 32% YoY and 14% QoQ to INR12.8B, driven by favorable price variance, new product launches including acquired/in-licensed products, and non-core brand divestments.</li>
</ul>



Dr. Reddy's Laboratories (DRRD IN) announced mixed Q4FY23 result, with revenue beating consensus and net profit missing expectations. Both revenue and net profit grew YoY but declined sequentially.
North America grew 27% YoY (but declined 17% QoQ) to INR25.3B, driven by new product launches, growing market share in certain existing products, and favorable Fx movement.
Revenue from India business increased 32% YoY and 14% QoQ to INR12.8B, driven by favorable price variance, new product launches including acquired/in-licensed products, and non-core brand divestments.


Dr. Reddy's Laboratories (DRRD IN): Q4FY23 Result- Sequential Decline in Key Parameters

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>  raised around US$527m in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



Mankind Pharma  raised around US$527m in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


Mankind Pharma IPO Trading - Strong Insti Demand Makes up for Retail Lag

Torrent Pharmaceuticals / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> continues to report double-digit revenue growth from India business. Leadership positioning in chronic therapeutic areas underpinned by Curatio acquisition is driving the domestic business.</li>
<li>The company expects the India business to continue its growth momentum, backed by new launch, top brand performance, increase in field force productivity, and continued performance of Curatio portfolio.</li>
<li>The U.S. business also witnessed revival in FY23 after a downturn in FY22, which should provide impetus to the company’s bottom line to a great extent.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) continues to report double-digit revenue growth from India business. Leadership positioning in chronic therapeutic areas underpinned by Curatio acquisition is driving the domestic business.
The company expects the India business to continue its growth momentum, backed by new launch, top brand performance, increase in field force productivity, and continued performance of Curatio portfolio.
The U.S. business also witnessed revival in FY23 after a downturn in FY22, which should provide impetus to the company’s bottom line to a great extent.


Torrent Pharmaceuticals (TRP IN): Strong Domestic Foothold; US Business Reviving

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

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<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma (6596876Z IN)</a>, a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:99882" rel="noopener">Mankind Pharma IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:99946" rel="noopener">Mankind Pharma IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/mankind-pharma-ipo-updates-warrant-caution" target="_blank" data-smartkarma-citation="insights:100442" rel="noopener">Mankind Pharma IPO: Updates Warrant Caution</a>. </li>
<li>Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO. </li>
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Mankind Pharma (6596876Z IN), a pharmaceutical company, is seeking to raise up to Rs43.3 billion (US$527 million) at Rs1,026-1,080 per share. The public offer runs from 25-27 April.
We previously discussed the IPO in Mankind Pharma IPO: The Bull Case, Mankind Pharma IPO: The Bear Case and Mankind Pharma IPO: Updates Warrant Caution. 
Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO. 


India

Cipla Limited manufactures and sells pharmaceutical and personal care products. The Company offers active pharmaceutical ingredients, and formulations in therapeutic areas, such as allergy, analgesic, anti malarial, anti-infectives, cardiology, dermatology and cosmeceuticals, diabetology, gastroenterology, steroids, iron chelators, nutritional products.

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Cipla Ltd (CIPLA IN)

Zydus Lifesciences (ZYDUSLIF IN): Strong Q4 Result Driven by US Business; Forward Growth to Moderate

Zydus Lifesciences recorded 32% revenue growth to INR50B in Q4FY23, driven by 58% growth in US formulation business. The company expects single...

Tina Banerjee

Dr. Reddy's Laboratories (DRRD IN): Q4FY23 Result- Sequential Decline in Key Parameters

Dr. Reddy's announced mixed Q4 result, with revenue beating consensus and net profit missing expectations. Both revenue and net profit grew YoY but...

Tina Banerjee

Mankind Pharma IPO Trading - Strong Insti Demand Makes up for Retail Lag

Mankind Pharma raised around US$527m in its upcoming India IPO. In this note, we talk about the demand updates and the trading dynamics.

Sumeet Singh

Torrent Pharmaceuticals (TRP IN): Strong Domestic Foothold; US Business Reviving

During 9M FY23, Torrent’s India business revenue grew 15% YoY to INR37B. Despite high-single-digit price erosion, the US business also witnessed...

Tina Banerjee

Mankind Pharma IPO: Valuation Insights

Our valuation analysis suggests that Mankind Pharma is fully valued at the IPO price range. Therefore, we are inclined to pass on this IPO.

Arun George

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