External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Glenmark Pharmaceuticals / Equity Bottom-Up

<ul><li>We visited the company’s head office to gain insights into its vision and growth prospects.</li><li>The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.</li><li>It has signed an MoU with Pfizer and BeiGene for various formulations in India. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited the company’s head office to gain insights into its vision and growth prospects.The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.It has signed an MoU with Pfizer and BeiGene for various formulations in India. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Glenmark Pharmaceuticals Ltd - Glenmark Pharmaceuticals Limited - Management Meet

<ul><li>We visited the company’s head office to gain insights into its vision and growth prospects.</li><li>The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.</li><li>It has signed an MoU with Pfizer and BeiGene for various formulations in India. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We visited the company’s head office to gain insights into its vision and growth prospects.The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.It has signed an MoU with Pfizer and BeiGene for various formulations in India. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Glenmark Pharmaceuticals Ltd - Management Meet

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Glenmark Pharmaceuticals / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/glenmark-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:10454:1" rel="noopener">Glenmark Pharmaceuticals (GNP IN)</a> FY24 results have seen PBT reducing from INR 2.4 bn to INR 365 mn i.e. by nearly 85%. </li>
<li>This was on account for exceptional line items, which included gains from sale stake in Glenmark Lifesciences, but was offset by losses pertaining to legalities and heavy impairment in assets.</li>
<li>The habit of having exceptional items, especially impairments is not something new or one-offs. There have been regular impairments carried in the past as well. </li>
</ul>



Glenmark Pharmaceuticals (GNP IN) FY24 results have seen PBT reducing from INR 2.4 bn to INR 365 mn i.e. by nearly 85%. 
This was on account for exceptional line items, which included gains from sale stake in Glenmark Lifesciences, but was offset by losses pertaining to legalities and heavy impairment in assets.
The habit of having exceptional items, especially impairments is not something new or one-offs. There have been regular impairments carried in the past as well. 


Glenmark Pharma- Value Erosion Not Something New

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Alteogen has signed an exclusive license agreement with Daiichi Sankyo to develop and commercialize a subcutaneous version of Enhertu. Volpara won $7.3M contract from the U.S. Defense Health Agency.</li>
<li>Santen Pharmaceutical has rolled out Rhopressa ophthalmic solution in South Korea for the treatment of open-angle glaucoma or ocular hypertension.</li>
<li>Sun Pharmaceutical’s launch of alopecia drug Leqselvi in the U.S. will be delayed due to litigation with Incyte. Recently, a U.S. District Court decided to grant a preliminary injunction.</li>
</ul>


Alteogen has signed an exclusive license agreement with Daiichi Sankyo to develop and commercialize a subcutaneous version of Enhertu. Volpara won $7.3M contract from the U.S. Defense Health Agency.
Santen Pharmaceutical has rolled out Rhopressa ophthalmic solution in South Korea for the treatment of open-angle glaucoma or ocular hypertension.
Sun Pharmaceutical’s launch of alopecia drug Leqselvi in the U.S. will be delayed due to litigation with Incyte. Recently, a U.S. District Court decided to grant a preliminary injunction.


APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ipca-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:15774:1" rel="noopener">Ipca Laboratories (IPCA IN)</a> reported 12% YoY growth in domestic revenue to INR8.7B in Q1FY25. The company has delivered market beating growth in both acute and chronic segments.</li>
<li>Standalone EBITDA margin expanded 312bps YoY to 22.3% (FY25 guidance: 21%). Margin improvement is driven by favorable product mix, lower input costs as well as lower manufacturing and other costs.</li>
<li>Ipca is reducing FY25 revenue growth guidance to ~9.0% from 10.5–11.0% and raising FY25 consolidated EBITDA margin guidance by 0.5–1.0% to 18.5–19.0%.</li>
</ul>



Ipca Laboratories (IPCA IN) reported 12% YoY growth in domestic revenue to INR8.7B in Q1FY25. The company has delivered market beating growth in both acute and chronic segments.
Standalone EBITDA margin expanded 312bps YoY to 22.3% (FY25 guidance: 21%). Margin improvement is driven by favorable product mix, lower input costs as well as lower manufacturing and other costs.
Ipca is reducing FY25 revenue growth guidance to ~9.0% from 10.5–11.0% and raising FY25 consolidated EBITDA margin guidance by 0.5–1.0% to 18.5–19.0%.


Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

India

Glenmark Pharmaceuticals Ltd., is a pharmaceutical company. The Company develops generic drugs for inflammation, metabolic disorders, and pain.

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Glenmark Pharmaceuticals (GNP IN)

Glenmark Pharmaceuticals Ltd - Glenmark Pharmaceuticals Limited - Management Meet

The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.

Axis Direct

Glenmark Pharmaceuticals Ltd - Management Meet

We visited the company’s head office to gain insights into its vision and growth prospects. The company is projected to outpace IPM growth by 1.5x...

Axis Direct

Glenmark Pharma- Value Erosion Not Something New

Glenmark Pharmaceuticals FY24 results show 85% decrease in PBT due to exceptional items like sale gains and asset impairments. Regular impairments...

Nitin Mangal

APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...

Tina Banerjee

Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

Ipca will announce Q2FY25 result on November 14. Thus far, Indian pharma companies have reported strong domestic revenue. We are expecting similar...

Tina Banerjee

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Glenmark Pharmaceuticals Ltd - Glenmark Pharmaceuticals Limited - Management Meet

The company is projected to outpace IPM growth by 1.5x in FY25, with a 15% CAGR expected in the topline between FY25-27.

Axis Direct

Glenmark Pharmaceuticals Ltd - Management Meet

We visited the company’s head office to gain insights into its vision and growth prospects. The company is projected to outpace IPM growth by 1.5x...

Axis Direct

Glenmark Pharma- Value Erosion Not Something New

​Glenmark Pharmaceuticals FY24 results show 85% decrease in PBT due to exceptional items like sale gains and asset impairments. Regular impairments...

Nitin Mangal

APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

​Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...

Tina Banerjee

Ipca Laboratories (IPCA IN): Domestic Revenue Drives Q1FY25 Result; Full-Year Margin Guidance Raise

Ipca will announce Q2FY25 result on November 14. Thus far, Indian pharma companies have reported strong domestic revenue. We are expecting similar...

Tina Banerjee

Glenmark Pharmaceuticals FY24 results show 85% decrease in PBT due to exceptional items like sale gains and asset impairments. Regular impairments...

Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...