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 about 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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Mankind Pharma  is looking to raise about 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.
In this note, we talk about the positive aspects of the deal.


Mankind Pharma Pre-IPO - The Positives - Diverse Portfolio with Steady past Performance

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has recently received FDA approval for Vegzelma, a biosimilar to the reference product Avastin (bevacizumab), for the treatment of multiple types of cancer.</li>
<li>Apart from Celltrion, FDA has already approved three Avastin biosimilars. With increasing competition, ASP for the market leader Mvasi in the U.S. declined 39% y/y and 21% q/q in 2Q22.</li>
<li>Despite being present in the U.S. oncology biosimilar market for quite a long time, Celltrion has not been able to gain dominant market share for its existing products.</li>
</ul>



Celltrion Inc (068270 KS) has recently received FDA approval for Vegzelma, a biosimilar to the reference product Avastin (bevacizumab), for the treatment of multiple types of cancer.
Apart from Celltrion, FDA has already approved three Avastin biosimilars. With increasing competition, ASP for the market leader Mvasi in the U.S. declined 39% y/y and 21% q/q in 2Q22.
Despite being present in the U.S. oncology biosimilar market for quite a long time, Celltrion has not been able to gain dominant market share for its existing products.


Celltrion (068270 KS): Competition Makes US Approval of New Oncology Biosimilar Unappealing

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Resurgence of Covid and potential launch of anti-covid pill Paxlovid in India</li></ul><div><div><div><div><ul><li>Potential generic competition in Eliquis in 2HFY23 – we estimate Eliquis sales to be ~Rs1,500mn for Pfizer in India.</li></ul><div><div><div><div><ul><li>Impact of Universal Immunization Program on Prevnar sales in Private Markets – Prevnar penetration in the target markets is currently in low single digit and hence we currently are not building in a material decline in the Prevnar opportunity.</li></ul></div></div></div></div><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></div></div></div></div></div></div></div>

Resurgence of Covid and potential launch of anti-covid pill Paxlovid in IndiaPotential generic competition in Eliquis in 2HFY23 – we estimate Eliquis sales to be ~Rs1,500mn for Pfizer in India.Impact of Universal Immunization Program on Prevnar sales in Private Markets – Prevnar penetration in the target markets is currently in low single digit and hence we currently are not building in a material decline in the Prevnar opportunity.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.

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

ICICI Securities Limited

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>Pfizer collectively addresses 15 therapy areas in the domestic formulations with a portfolio of over 150 products that include therapeutics &amp; vaccines</li><li>The company has been continuously restructuring its portfolio in the last few years to improve the productivity of its core brands.</li><li>Target Price and Valuation: Valued at Rs 5350 i.e. 36x P/E on FY24E EPS of Rs 148.6</li></ul><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>

Pfizer collectively addresses 15 therapy areas in the domestic formulations with a portfolio of over 150 products that include therapeutics &amp; vaccinesThe company has been continuously restructuring its portfolio in the last few years to improve the productivity of its core brands.Target Price and Valuation: Valued at Rs 5350 i.e. 36x P/E on FY24E EPS of Rs 148.6Content 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.

Pfizer Ltd: Growth in Brands Intact Amid Margins Normalisation

<p>About the stock: Pfizer collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics &amp; vaccines. The company has been continuously restructuring its portfolio in the last few years to improve the...</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>

About the stock: Pfizer collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics &amp; vaccines. The company has been continuously restructuring its portfolio in the last few years to improve the...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.

Pfizer: Q2 Reflects Normalcy After Hectic Q1

India

Pfizer Limited is a healthcare company focusing on pharmaceuticals and consumer products. The Company has three divisions in India - pharmaceuticals, animal health and research & development. Two of Pfizer India's known brands are, Corex-a cough formulation and Becosules-a multivitamin.

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

Pfizer Limited (PFIZ IN)

Mankind Pharma Pre-IPO - The Positives - Diverse Portfolio with Steady past Performance

Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO. In this note, we talk about the positive aspects of the deal.

Sumeet Singh

Celltrion (068270 KS): Competition Makes US Approval of New Oncology Biosimilar Unappealing

Celltrion got FDA approval for its oncology biosimilar Vegzelma. However, increasing competition and price erosion in the US market, lessen...

Tina Banerjee

Pfizer India - Beat on Margins

Pfizer India’s 4QFY22 earnings beat our/consensus estimate by 8.8%/20.8% as margins came in better than expected. Lower cost of sales and QoQ...

Nirmal Bang

Pfizer Ltd: Growth in Brands Intact Amid Margins Normalisation

About the stock: Pfizer collectively addresses 15 therapy areas in the domestic formulations with a portfolio of over 150 products that include...

ICICI Securities Limited

Pfizer: Q2 Reflects Normalcy After Hectic Q1

Pfizer collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics & vaccines. The company has been...

ICICI Securities Limited

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)