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Global pharma venturing beyond the US

Jul 9, 2010

Equitymaster discusses how global pharma is venturing towards emerging markets as competition hots up and growth slows down in the US.

Pharma: A second wave of generics opportunity

Jul 2, 2010

Equitymaster discusses the huge generics opportunity that beckons Indian pharma players in the US market in the next three years.

Pharma: Towards a healthy future?

Dec 28, 2006

While the Sensex made historical highs during 2006, the performance of the BSE Healthcare Index, like in 2005, left a lot to be desired. Nothing highlights this fact more clearly than the following statistic - In the past one year, while the Sensex, albeit hiccups in May 2006, notched up nearly 44% gains, the healthcare index has under performed the benchmark managing to garner only 22%! This is despite the fact that the performance of the pharma industry in 2006 was much better than that in 200

Pharma R&D: Worth investing!

Jan 6, 2005

R&D is increasingly becoming an area of focus for Indian pharma companies and most of the big players are spending about 6%-7% of their revenues on R&D activity. While this is much lower when compared to the amount spent by global pharma majors (around 12%-15% of revenues), it must be noted that since Indian companies are operating at the lower end of the value chain, they cannot afford higher R&D expenses.

Dabur Pharma: New kid on the block

Oct 5, 2004

Dabur Pharma listed on the Indian exchanges last week. The company mushroomed as the pharma division of the over 120 year old Dabur Limited, with a significant focus on oncology (anti cancer). The company received a warm response on its listing. Let's look at what makes Dabur Pharma tick.

Glenmark: The Forest deal analysis

Sep 29, 2004

Glenmark Pharma, a mid cap pharma company, has been in the limelight over last five trading sessions, hitting the upper circuit on all days. This spurt in the price of the company came soon after it announced that one of its NCE (new chemical entity) molecules has been out-licensed to Forest Laboratories Inc. Let's take a look at this deal and evaluate whether the optimism is worth it.

Pharma stocks: Exercise caution...

Sep 18, 2003

Indian pharma stocks (especially mid and small sized ones) have come to the fore off late and they have been attracting a lot of investor attention. So what has driven these stocks up on the bourses? Before we dwell upon this aspect let us first review in brief the status of the Indian pharmaceutical industry.

Glenmark: Encouraging performance

Aug 12, 2002

Glenmark Pharmaceuticals Ltd. has reported an encouraging 32% growth in net profits for 1QFY03, backed by sales improvement of 12%. It may be noted that the company's operating margins registered a sharp growth of 330 basis points inspite of the company's entry into low margin API business. The growth has been fuelled by an all round performance with both the domestic and export segment performing well.

Cadila: Racing ahead

Jul 9, 2002

A 16% rise in turnover reported by Cadila for FY02 is quite encouraging, especially considering the fact that the first half yearly growth was a mere 7%. On an annual basis, operating margins have also shown an improvement. The company has ambitious plans to emerge amongst the top 3 pharmaceutical companies in India by March 2004. Post the acquisition of controlling stake in German Remedies, the company is open to further in-organic growth.

Glenmark:Margins expand

Jun 11, 2002

Glenmark Pharmaceuticals Ltd, one of the leading pharma companies in dermatology segment (which deals with skin infections) has shown an impressive performance for the year ended March'02. While, sales have improved by 25%, operating margins have shown an improvement of more than 480 basis points, which is remarkable. However, higher interest and depreciation expenses diluted bottomline growth. The bottomline growth was still impressive at 34%.

Lupin: Generics booster

May 21, 2002

Lupin Ltd. has ended FY02 with 6% growth in sales and an encouraging 48% jump in PBT. Net profit however, grew by 20% on account of new accounting policy on deferred taxation. The growth in sales was fuelled by higher export growth. Operating margins jumped by more than 310 basis points. During the year, the company initiated several measures to achieve roboust growth in exports and push R&D as a key area of growth, going forward.

Lupin: Exploring new vistas

Feb 22, 2002

Lupin Ltd. seems to be undergoing a drastic change in its business model. While retaining its focus on the anti-TB segment, the company seems to be making all efforts to become a recognised global player in the Cephalosporin segment and is now considering research as a new thrust area. Strategy for entering the generics business also seems to be in place. The company's business is being restructured to exit competitive segments and enter high margin segments.

Glenmark: Strong growth continues

Feb 11, 2002

Glenmark Pharma continues to outperform industry growth rates. The company has recorded a 31% growth in topline. Profit before tax registered a growth of 54%, on the back of sharp rise in operating margins. Depreciation and Interest showed a sharp spurt however, on account of commissioning of its new Goa facility. The company has also performed impressively on the export front.

Lupin Ltd: Emerging Strong

Dec 18, 2001

Last year, Lupin Chemicals and Lupin Laboratories merged to create a giant entity, Lupin Ltd., with sales turnover in excess of Rs 9 bn. The merger has helped the company in consolidating its leadership position in the anti –TB market. Further, the company is taking strides to become a recognized global player in the Cephalosporin (new generation anti-infectives) and is now considering research as a new thrust area.

MNC Pharma: Losing out to locals

Nov 3, 2001

The gap between the domestic pharma companies and the MNC’s seems to be widening with each quarterly scorecard. Reflecting this, while market capitalisation of MNC companies has taken a severe beating in last 18-24 months, on the other hand, domestic pharma companies have generated super normal returns for investors.

Glenmark India: Emerging Strong

Nov 3, 2001

A company growing consistently above 30% for the past four years, in an industry scenario, which is finding difficult to hold a double-digit growth rate, is something commendable. Among the top 30 companies in India, Glenmark is the fastest growing pharma company, albeit on a small base.

Glenmark: Strong growth continues

Nov 3, 2001

Glenmark Pharma continued to log above industry growth rate in 1HFY02. While sales grew by 13%, net profits leapfrogged by 25%. Operating margins jumped 740 basis points. Though operating profits were up 63%, PBT improved by just 22% thanks to higher interest and depreciation expenses.

Lupin: Widening presence

Jul 6, 2001

Lupin Laboratories Ltd merged with Lupin chemicals Ltd last year to create a new entity "Lupin Ltd”. Lupin chemicals was in the business of bulk drugs. A merger of the two group companies made sense as it resulted in integration in the anti-TB market. The company has 40% market share in the anti-TB market.

Glenmark Pharma: Exploring opportunities

Jun 12, 2001

Glenmark Pharma is one of the fastest growing companies in the Indian pharma market with a growth of 31% as against industry growth rate of around 9%. The company is one of the key players in the dermatology segment and commands strong brand equity.

Glenmark: On a fast growth track

May 21, 2001

Glenmark Pharmaceuticals Ltd, one of the leading pharma companies in dermatology segment (which deals with skin infections) has shown an impressive performance for the year ended March'01. While, sales have improved by 32%, operating margins have shown a improvement of more than 500 basis points which is remarkable. However, higher interest and depreciation expenses marred bottomline growth which showed a negative performance of 21%.


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