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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Lupin reported strong financial results, largely meeting expectations.</li><li>Its revenue increased by 12%, supported by notable improvements in EBITDA margins, resulting in Reported PAT reaching Rs 561 Cr.</li><li>Gross margin showed a significant improvement of 777bps YoY and 148bps QoQ, driven by higher margins from high-value drugs in the portfolio. </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.

Lupin reported strong financial results, largely meeting expectations.Its revenue increased by 12%, supported by notable improvements in EBITDA margins, resulting in Reported PAT reaching Rs 561 Cr.Gross margin showed a significant improvement of 777bps YoY and 148bps QoQ, driven by higher margins from high-value drugs in the portfolio. 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.

<ul><li>Lupin has recently launched three major drugs in the US market: gMirabegron, gProlensa, and gChantix.</li><li>The combined sales from these three drugs could potentially generate incremental sales of ~$100 Mn per year in the US market.</li><li>gMirabegron: Lupin has launched gMirabegron, being the first to introduce the generic version in 25 mg dosages, in the US market. </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.

Lupin has recently launched three major drugs in the US market: gMirabegron, gProlensa, and gChantix.The combined sales from these three drugs could potentially generate incremental sales of ~$100 Mn per year in the US market.gMirabegron: Lupin has launched gMirabegron, being the first to introduce the generic version in 25 mg dosages, in the US market. 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.

Lupin Ltd - New Drugs Approvals Will Boost Future Prospects

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Sharekhan's research report onLupin The US is witnessing benign price erosion pressure followed by healthy uptick in respiratory portfolio led by gSpiriva witnessing a 30-35% conversion rate.</li><li>This to result in $200-220 million sales on a quarterly basis.</li><li>USFDA recently completed cGMP inspection of Dabhasa plant and zconcluded with no observations.</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.

Sharekhan's research report onLupin The US is witnessing benign price erosion pressure followed by healthy uptick in respiratory portfolio led by gSpiriva witnessing a 30-35% conversion rate.This to result in $200-220 million sales on a quarterly basis.USFDA recently completed cGMP inspection of Dabhasa plant and zconcluded with no observations.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.

Lupin Ltd - GSpiriva on a Healthy Growth Track, Headwinds Receding

<ul><li>The company’s sales increased by 20.2% YoY to Rs 5,197 Cr, and the growth was majorly led by its US business of $212 (+0.5% Q0Q).</li><li>The US sales continue to see encouraging traction in sales of gSuperb, gAlbuterol, gLisinopril, and new launches Darunivar (exclusivity in 800 mg) and gSpiriva (32% Market Share in the last 5 months) while the base business experienced low single-digit price erosion.</li><li>The India business (+13.4% YoY) outperformed IPM growth in key therapies such as CVS and anti-diabetic. </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.

The company’s sales increased by 20.2% YoY to Rs 5,197 Cr, and the growth was majorly led by its US business of $212 (+0.5% Q0Q).The US sales continue to see encouraging traction in sales of gSuperb, gAlbuterol, gLisinopril, and new launches Darunivar (exclusivity in 800 mg) and gSpiriva (32% Market Share in the last 5 months) while the base business experienced low single-digit price erosion.The India business (+13.4% YoY) outperformed IPM growth in key therapies such as CVS and anti-diabetic. 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.

Thematic (Sector/Industry)

<ul><li>The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by robust growth in North America (10.8% YoY) and the India business (9.8% YoY).</li><li>In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth for Q2FY25.</li><li>Chronic therapies grew by 9%, while acute therapies saw a modest 4% growth, primarily due to a weak season for acute segments.</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.

The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by robust growth in North America (10.8% YoY) and the India business (9.8% YoY).In the domestic market, the Indian Pharmaceutical Market (IPM) recorded 8% YoY growth for Q2FY25.Chronic therapies grew by 9%, while acute therapies saw a modest 4% growth, primarily due to a weak season for acute segments.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.

Top Conviction Ideas – “Pharmaceutical & Hospitals”

India

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

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Lupin Ltd (LPC IN)

LUPIN Ltd - Strong Gross Margins

Its revenue increased by 12%, supported by notable improvements in EBITDA margins, resulting in Reported PAT reaching Rs 561 Cr.

Axis Direct

Lupin Ltd - New Drugs Approvals Will Boost Future Prospects

The combined sales from these three drugs could potentially generate incremental sales of ~$100 Mn per year in the US market.

Axis Direct

Lupin Ltd - GSpiriva on a Healthy Growth Track, Headwinds Receding

This to result in $200-220 million sales on a quarterly basis. USFDA recently completed cGMP inspection of Dabhasa plant and zconcluded with no...

Sharekhan

LUPIN Ltd - Margins Guidance Increased

The company’s sales increased by 20.2% YoY to Rs 5,197 Cr, and the growth was majorly led by its US business of $212 (+0.5% Q0Q).

Axis Direct

Top Conviction Ideas – “Pharmaceutical & Hospitals”

The pharmaceutical universe under our coverage reported Q2FY25 growth of 10.2% year-on-year (YoY) and 1.7% quarteron-quarter (QoQ), driven by...

Axis Direct

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