Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/piramal-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:14158:1" rel="noopener">Piramal Enterprises (PIEL IN)</a> obtained shareholders nod for demerging its pharma business and consolidated under Piramal Pharma Limited (PPL). Later, PPL will be listed on India stock exchange.</li>
<li>PPL has a differentiated pharmaceutical business model, with three business verticals. CDMO, the largest revenue contributor, has track record of consistent above-market growth due to its niche and complex capabilities.  </li>
<li>Listed as a separate entity, PPL will see multiple expansion and command premium valuation over other Indian generic drug makers, due to its niche and limited competition portfolio.</li>
</ul>



Piramal Enterprises (PIEL IN) obtained shareholders nod for demerging its pharma business and consolidated under Piramal Pharma Limited (PPL). Later, PPL will be listed on India stock exchange.
PPL has a differentiated pharmaceutical business model, with three business verticals. CDMO, the largest revenue contributor, has track record of consistent above-market growth due to its niche and complex capabilities.  
Listed as a separate entity, PPL will see multiple expansion and command premium valuation over other Indian generic drug makers, due to its niche and limited competition portfolio.


Piramal Enterprises (PIEL IN): Demerger to Create a Differentiated and Niche Pharmaceutical Business

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Natco has, over the years, developed a knack for manufacturing complex generic products with few competitors, especially for the US market</li><li>India formulations mainly comprise oncology products (+33 launches).</li><li>FY21 revenue break-up - Domestic Business: 19%, International Business: 50% (mainly from the US), APIs: 24%</li></ul><div class="content-highlight"><p><em>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.</em></p></div>

Natco has, over the years, developed a knack for manufacturing complex generic products with few competitors, especially for the US marketIndia formulations mainly comprise oncology products (+33 launches).FY21 revenue break-up - Domestic Business: 19%, International Business: 50% (mainly from the US), APIs: 24%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.

Natco Pharma Limited: One-Off Drives Revenues; All Eyes on Future Launches

<p>What should investors do? Natco's share price has grown by ~1.6x over the past five years (from ~Rs 632 in July 2016 to ~Rs 1024 levels in July 2021). We retain our HOLD rating on this stock...</p>
<div class="content-highlight"><em>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.</em></div>

What should investors do? Natco's share price has grown by ~1.6x over the past five years (from ~Rs 632 in July 2016 to ~Rs 1024 levels in July 2021). We retain our HOLD rating on this stock...
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.

Natco Pharma Limited: Sequential Domestic Recovery Amid Covid Sales

<p>Natco is a leading player in the domestic oncology segment with a product basket of ~33 products (FY20). Covid related disturbances and pricing pressure notwithstanding, we expect momentum in oncology segment to be decent on the back of incremental launches. New launches in cardio/diabetology segment (CND) is also expected to support overall growth. Going ahead, Natco is looking to launch 10 products a year. We...</p><div class="content-highlight"><em>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.</em></div>

Natco is a leading player in the domestic oncology segment with a product basket of ~33 products (FY20). Covid related disturbances and pricing pressure notwithstanding, we expect momentum in oncology segment to be decent on the back of incremental launches. New launches in cardio/diabetology segment (CND) is also expected to support overall growth. Going ahead, Natco is looking to launch 10 products a year. We...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.

Natco Pharma Limited: Covid Drags FY21; New Launches to Drive FY22

External broker reports(aggregated public sources), Ashika Research

Ashika Research

<p>Natco Pharma Ltd. (NPL) is a midsized pharmaceutical company with a presence across the pharma value chain. It owns eight manufacturing facilities including six formulations facilities and two API facilities. The company also has a US retail business. Natco is a leading domestic player in the oncology space. NPL's product pipeline consists of drugs,...</p><div class="content-highlight"><em>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.</em></div>

Natco Pharma Ltd. (NPL) is a midsized pharmaceutical company with a presence across the pharma value chain. It owns eight manufacturing facilities including six formulations facilities and two API facilities. The company also has a US retail business. Natco is a leading domestic player in the oncology space. NPL's product pipeline consists of drugs,...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.

Ashika - Stock Picks - Natco Pharma Ltd. - June 2021

India

Natco Pharma Limited manufactures a comprehensive range of branded and generic dosage forms, bulk actives and intermediates for both Indian as well as International markets. The Company's product range is constantly expanded through its own R&D initiative, basic research and also through joint ventures, technology transfers and collaborations.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Natco Pharma (NTCPH IN)

Piramal Enterprises (PIEL IN): Demerger to Create a Differentiated and Niche Pharmaceutical Business

Shareholders’ nod for the proposed demerger will create pharmaceutical-focused listed entity, which should pave the way for value unlocking due to...

Tina Banerjee

Natco Pharma Limited: One-Off Drives Revenues; All Eyes on Future Launches

Natco has, over the years, developed a knack for manufacturing complex generic products with few competitors, especially for the US market

ICICI Securities Limited

Natco Pharma Limited: Sequential Domestic Recovery Amid Covid Sales

What should investors do? Natco's share price has grown by ~1.6x over the past five years (from ~Rs 632 in July 2016 to ~Rs 1024 levels in July...

ICICI Securities Limited

Natco Pharma Limited: Covid Drags FY21; New Launches to Drive FY22

Natco is a leading player in the domestic oncology segment. Covid related disturbances and pricing pressure notwithstanding, we expect momentum in...

ICICI Securities Limited

Ashika - Stock Picks - Natco Pharma Ltd. - June 2021

Natco Pharma Ltd. (NPL) is a midsized pharmaceutical company with a presence across the pharma value chain. It owns eight manufacturing facilities...

Ashika Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)