External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>The US sales stood at $177 Mn (+11% YoY) and the growth was supported by flu season, and new launches such as gSuprep, gPerforomist, Pennsaid, and Brovana, among others.</li><li>The base business fell by a high single digit due to price erosion.</li><li>India Sales were muted at 3.3% YoY and have been impacted by the loss in Cidmus and the generalization of Sitagliptin.</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 US sales stood at $177 Mn (+11% YoY) and the growth was supported by flu season, and new launches such as gSuprep, gPerforomist, Pennsaid, and Brovana, among others.The base business fell by a high single digit due to price erosion.India Sales were muted at 3.3% YoY and have been impacted by the loss in Cidmus and the generalization of Sitagliptin.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 - Margins Still Below Industry Levels

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise around US$1bn 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 the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.</li>
</ul>



Mankind Pharma is looking to raise around US$1bn 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 the company background and undertaken a peer comparison in our previous notes. In this note, we will talk about valuations.


Mankind Pharma Pre-IPO - Thoughts on Valuations

<ul><li>Lupin’s Q2FY23 results were above our expectations.</li><li>The company’s reported revenue growth of 1.3% YoY was on account of its superior performance in the US business (+31%QoQ) as well as in India (+6.2% QoQ).</li><li>The US revenue was reported at $159 Mn vs. our expectations of $ 150Mn driven by a continuous increase in Albuterol volume and improvement in the base business despite the high single-digit price erosion in the oral solids business.</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’s Q2FY23 results were above our expectations.The company’s reported revenue growth of 1.3% YoY was on account of its superior performance in the US business (+31%QoQ) as well as in India (+6.2% QoQ).The US revenue was reported at $159 Mn vs. our expectations of $ 150Mn driven by a continuous increase in Albuterol volume and improvement in the base business despite the high single-digit price erosion in the oral solids business.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 -Subdued Margins Due to Pricing Pressure and Input Costs

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> is a strong play in Indian generic pharmaceutical industry, due to its niche and differentiated respiratory and peptide injectable portfolio, which has less competition.</li>
<li>The company has launched couple of complex respiratory products in the US market, which has accelerated its revenue growth. Multiple high-value launches are also lined up for this year.</li>
<li>Cipla’s India business is on a strong footing, led by core portfolio tailwind in prescription and trade generics businesses. Q2FY23 marked the sixth consecutive quarter of market beating growth.</li>
</ul>



Cipla Ltd (CIPLA IN) is a strong play in Indian generic pharmaceutical industry, due to its niche and differentiated respiratory and peptide injectable portfolio, which has less competition.
The company has launched couple of complex respiratory products in the US market, which has accelerated its revenue growth. Multiple high-value launches are also lined up for this year.
Cipla’s India business is on a strong footing, led by core portfolio tailwind in prescription and trade generics businesses. Q2FY23 marked the sixth consecutive quarter of market beating growth.


2023 High Conviction Idea: Cipla (CIPLA IN)- Complex Generics and India Business to Drive Growth

Thematic (Sector/Industry)

<ul><li>In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.</li><li>The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.</li><li>Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.</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.

In Q2FY23, Pharma sector expected to be benefitted by factors like Currency depreciation, fall in raw material prices, low crude prices and correction in shipping prices could add to revenue growth and improvement in gross margins.The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY.Currency (Rs) has depreciated by 5.0% that could add major contribution to overall growth of 6.2% for last quarter.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.

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 - Margins Still Below Industry Levels

The US sales stood at $177 Mn (+11% YoY) and the growth was supported by flu season, and new launches such as gSuprep, gPerforomist, Pennsaid, and...

Axis Direct

Mankind Pharma Pre-IPO - Thoughts on Valuations

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we will talk about valuations.

Sumeet Singh

Lupin Ltd -Subdued Margins Due to Pricing Pressure and Input Costs

Lupin’s Q2FY23 results were above our expectations. The company’s reported revenue growth of 1.3% YoY was on account of its superior performance in...

Axis Direct

2023 High Conviction Idea: Cipla (CIPLA IN)- Complex Generics and India Business to Drive Growth

Cipla is a strong play on Indian pharma. Riding on a differentiated product portfolio and new launches gaining market share, Cipla is well...

Tina Banerjee

Pharma Q2fy23 Preview

The Pharma universe under our coverage could report aggregate Revenue/EBITDA/PAT growth of 5.6%/-4.8%/-2.2% YoY. Currency (Rs) has depreciated by 5.0%

Axis Direct

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