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Here you will find all the research and views that we post on Equitymaster. Use the tools to customize the results to suit your preference!


Is Africa the next growth driver for Indian companies?

Apr 17, 2013

In this series, Equitymaster examines the attractiveness of the African markets

Why do MNCs want to delist from India?

Apr 13, 2011

This article explains the reason for MNCs delisting from India.

Stellar performance of pharma in 2009

Dec 30, 2009

Pharma stocks have considerably rallied in 2009 and this article takes a look at the winners and losers during the year along with the prospects for the sector.

Pharma: The rising rupee impact

Sep 25, 2007

While the rupee has been on an appreciating trend since the beginning of 2007 reaching 40.58 levels, last week was witness to the Indian currency breaching the psychological barrier of 40 to trade at 39.80 levels.

Pharma: The year that was...

May 29, 2007

FY07 was a good year for the Indian pharma companies especially the domestic ones as revenues from exports picked up scale through acquisitions and better opportunity in terms of product launches in the global generics market. The performance of the MNC pharma companies, however, left a lot to be desired. In this article, we shall take a look at the overall performance of the pharma sector for FY07/CY06. We have included the 11 pharma companies under our research coverage for the purpose of the

Pharma: Going hand-in-hand...

Jan 9, 2007

The 'partnership' model for introducing patented and generic drugs has emerged as the new mantra for pharmaceutical companies in recent times. And we are not talking about only Indian pharma companies, but global pharma players as well. Increased competition, ballooning R&D budgets, regulatory policy changes and pressures to prune costs and improve profitability has meant that pharma companies worldwide have had to dig deeper and come out with strategies to sustain growth in this highly competit

Pharma: Finding the right pill

Nov 21, 2006

If one were to compare pharma stocks with stocks from other sectors, the former have not exactly been the cynosure of investors eye in the past year. This can be attributed to the increasingly tough conditions in global generics market due to rise in the level of competition and severe price erosion. Besides, the domestic market has not been spared from competition either, as can be evinced from the fragmented nature of the industry.

Pharma: Back to the future...

Jul 10, 2006

Pharma stocks were at the receiving end in the recent meltdown witnessed in the Indian stockmarkets. We, however, continue to believe that FY07 will be the inflection point for pharma companies and will set the growth path for the future after the difficult past couple of years. With pharma companies slated to announce 1QFY07 results in July, we shall analyse major factors that are likely to influence the full year (FY07) performance.

Pharma: Signs of revival...

May 8, 2006

The March 2006 quarter has seen robust performances by Indian pharma companies, both in the domestic and exports markets. In this write-up, we shall analyse the performance of the Indian pharma companies under our coverage and see what lies in store for them in the future. We have not included companies such as Dr. Reddy's and Sun Pharma as they are yet to declare their results.

Pharma: Partners in growth?

Apr 17, 2006

While pharma companies seem to have left the demons of the past year well behind them, challenges still abound in the global generics arena, in the domestic market and even in discovery research. And this is due to changing fundamentals and business dynamics of the sector. One is the introduction of the product patent law. The other is the increased competition and brutal price erosion in the generics market.

Pharma: Big guns, big dreams!

Feb 13, 2006

Companies from the pharma sector posted mixed results in the recently concluded December quarter. Barring Ranbaxy, the other large-cap pharma companies showed a relatively better performance. We have included four large-caps for the purpose of analysis of the sector's performance during the December quarter. These include Ranbaxy, Dr. Reddy's, Sun Pharma and Cipla. Glaxo has been excluded as the company has yet to declare its results.

Ranbaxy: Lipitor for the weak hearted?

Oct 14, 2005

Ranbaxy has been in the news for the past six months on account of its challenge to Pfizer's blockbuster drug 'Lipitor' in the UK as well as the US. In this article, we take a look why this patent challenge is regarded as the ‘mother of all patent challenges' in the global pharmaceutical industry and what has been the verdict so far.

Nicholas Piramal: Where to from here?

Jun 8, 2005

Domestic pharma major, Nicholas Piramal announced disappointing FY05 results due to VAT related concerns. In this article, we take a look at how the company has performed over the years and future prospects.

Ranbaxy: What lies ahead...

Jun 3, 2005

Pharma major, Ranbaxy, has not had a great first quarter, much in line with its peers. VAT concerns and MRP based excise have led to sharp decline in domestic revenues. Its US operations too, continue to be under pressure. We take a look at its history and guage its prospects going forward.

Dr. Reddy's: Will it recover?

Jun 1, 2005

Dr. Reddy's Laboratories is a leading pharmaceutical company in the country, having a presence across the pharmaceutical value chain - basic research, finished dosages, generics, bulk actives, biotechnology and diagnostics. The company has filed 64 patents till now and is the first from India to get an Exclusive Marketing Right (EMR) in the US market for Fluoxetine Axetil. The company exports bulk drugs, branded and generic formulations to over 60 countries. Active Pharmaceutical ingredients (AP

Pharma sector: Traditional Vs Lifestyle

Jan 5, 2005

Indian pharmaceutical industry is different from the global pharmaceutical industry. While in the global pharma industry, lifestyle segment drugs rule the roost, anti-infectives continue to dominate the domestic market. The reason for the same is higher prevalence of infective diseases as well as lower incident of lifestyle diseases due to social structure. Let's look at the following chart.

Pharma: Opportunity looms large

Dec 30, 2004

The year 2004 was another ‘special’ year for the stock market participants, as the markets see-sawed towards their all time high levels. While almost all the sectors participated in the bull-run, pharma stocks were among the leaders, again outperforming the broader indices after the strong performance in 2003. Against 14% gains for the Sensex, the pharma index gained 20% during the year.

Pharma: Wait and see!

Dec 13, 2004

The new patent regime is closing in the Indian pharmaceutical sector in few days from now. From January 2005, it will become applicable and Indian manufacturers will not be able to bring out generic version of patented drugs. Despite the ongoing debate concerning the implications of the patent regime, we believe that such a regime is here to stay. But it may be a refined one.

Pharma: Do valuations justify optimism?

Dec 8, 2004

Since the beginning of FY05, stocks from the pharma sector have gained much attention, led by optimism regarding structural change in the industry. Also, stocks from the sector are considered to be defensive, as they seem to be insulated from the changes in the political environment, to some extent.

Lupin: Base effect mars performance

Nov 19, 2004

Domestic pharma company, Lupin, announced dismal results in 2QFY05. While the topline has declined by 8.5%, the operating profit has declined at a faster rate of 60% YoY. The net profit however, has increased by about 20 times, which does not show the true picture, as this rise in profit is on back of some extraordinary expenses last year.

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