In today’s briefing:
- Edelweiss: Recent Volatility In The Stock Seems Unwarranted
- 2023 High Conviction Update: Cipla (CIPLA IN)- Strong US Business Drove Q4 Result Amid Uncertainty
Edelweiss: Recent Volatility In The Stock Seems Unwarranted
- Edelweiss’ stock was down over -5% yesterday. The reason for downfall seems to be a media article which states that three large brokers are being investigated for money laundering activities.
- We think Edelweiss is not one of them as the article mentions that these brokers are being investigated since their involvement in the NSEL scam, where Edelweiss had no involvement.
- In fact, Edelweiss was among the few brokers that had come out unscathed in the NSEL scam, as it detected early on that there was some wrongdoing happening at NSEL.
2023 High Conviction Update: Cipla (CIPLA IN)- Strong US Business Drove Q4 Result Amid Uncertainty
- IN Q4FY23, Cipla Ltd (CIPLA IN) reported highest ever US business revenue of $204M, up 27% YoY and 5% QoQ, driven by expansion in market share of key launches.
- Lead peptide asset Lanreotide injection, launched in Q4FY22, is consistently gaining market share. The product currently has market share of 17%, up from 14.1% in Q3FY23 and 9.6% in Q2FY23.
- Ex-COVID, India business revenue increased 16% YoY, driven by chronic branded prescription portfolio. FY23 marks the second consecutive year of market beating growth of Cipla’s chronic portfolio.
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