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MNC Pharma: And the performers are...

Sep 6, 2005

The first half of the year has gone by and MNC pharma companies, which largely follow a calendar year, have managed to stage a comeback after the difficult first quarter (March 2005 ending), which was plagued by VAT related issues. In this article, we compare the 1HFY06 performance of the 4 MNC pharma companies under our research coverage viz., Pfizer, Abbott India (both November ending), Glaxo and Aventis (both December ending).

Abbott: What lies ahead?

Aug 24, 2005

With the advent of the product patent law in India, Indian arms of MNC pharma companies will be in the limelight, as they will look to launch patented products from their parents’ folio. Being an MNC pharma company, Abbott also stands to gain from the same. In this article, we take a look at the company’s past performance and what lies for it in the future.

Glaxo: Other income fillip

Oct 29, 2004

MNC pharma major, Glaxo (GSK Pharma), reported 20% growth in revenues in 3QCY04. Consequently, the company finished the nine month period ended September 2004 with revenue growth of nearly 14% YoY. The bottomline of the company grew by almost three fold on back of extraordinary income from sale of its Worli (Mumbai) property. The operating margin also saw an expansion of nearly 7%.

Aventis: Looking healthier

Oct 23, 2004

MNC pharma major Aventis, recently announced its 3QCY04 and 9mCY04 results. During 3QCY04, the topline grew by 13.1% YoY while the bottomline grew by 63% YoY. For the first nine months of the year, while the topline growth was 11.2%, the bottomline grew by an even more impressive 73.7% as compared to same period last year. Cost cutting measures has seen the company improving its operating margins by an astonishing 1120 basis points during the third quarter.

Abbott: Other income fillip

Oct 1, 2004

Abbott India has declared its 3QFY05 results (November year ending). The net profit of the company has grown by 120 % in the August quarter, other income having provided a large chunk of this growth. The topline growth has however been marginal. Operating margins too have been disappointing and have declined by 310 basis point to 22% from 25% on a YoY basis. For the nine-month period however the picture has been encouraging as far as topline is concerned, with a growth of 9%. The operating margi

Pfizer: Coming back to health

Sep 21, 2004

Pfizer India is one of the leading MNC pharma companies operating in India. It is a 40% subsidiary of the world's largest pharma company Pfizer Inc, which had sales of US$ 40 bn in 2003. It is a leading company in the Indian markets with key brands such as Corex (a cough syrup) and Becosules (a B-complex supplement), the two being brands with a revenue of over Rs 1 bn each. Most of the company’s products are OTC (over the counter) products with strong brand equity.

MNC pharma: The opportunity

Sep 14, 2004

There are many MNC pharma companies operating in India. While some of them have really entrenched themselves in the country, others are involved more in being a trading entity. Companies such as Aventis, Glaxo and Pfizer have full fledged operations in India, others like Abbott, Sanofi, Novartis are more or less trading companies. This is one of the major criteria that also determine the depth of these companies in the Indian market place. In this article, we review the MNC companies that are pr

Novartis: Dismal performance continues

Oct 31, 2003

MNC pharma major, Novartis, announced dismal 2QFY04 results yesterday. The company has reported a 5% drop in topline and a 17% decline in bottomline. For 1HFY04, while the net sales have dropped marginally, pressure on margins has resulted in a 9% drop in net profits. In this context, let us briefly evaluate the company’s performance during the period under review.

Aventis Pharma: Strategy paying off

Oct 21, 2003

Aventis Pharma announced its 3QFY04 results last week. While the company has reported a marginal 2% growth in the topline, operating efficiencies have helped it record a sharp 57% rise in bottomline. For 9mFY04 also, the company has reported a 6% and 54% growth in net sales and net profit respectively. In this context, let us take a brief look at the company’s performance.

MNC Pharma: A comparison

Oct 14, 2003

In an article in our series on identifying stocks, we had discussed the key parameters that should be looked into while investing in an MNC pharma stock. In this article, we have analyzed some of the leading MNC pharma companies (GlaxoSmithKline Pharma, Pfizer, Aventis, Novartis and Abbott India) on the basis of some of the parameters that were mentioned in that article. Take a look at the following t

Identifying an MNC pharma stock: Do's and don'ts

Oct 11, 2003

In Views on News, Equitymaster has tried to highlight here some factors one should keep in mind before investing in an Pharmaceuticals company. Know more

GSK Pharma: Gearing for 2005

Oct 7, 2003

GlaxoSmithKline Pharmaceuticals Ltd (GSK) is India’s largest pharmaceutical company with a market share of 7%. Globally, its parent, GlaxoSmithKline Plc is the second largest pharma company. Although GSK’s product portfolio boasts of some of the best-known brands in the domestic market, stiff competition and a slump in the domestic market has stunted the company’s revenue growth in recent months. In this context, let us briefly understand GSK’s business structure and its strategy in view of the

Abbott India: Modest growth

Oct 3, 2003

MNC pharma major, Abbott India has recently announced its 3QFY04 results. While the company registered a modest 7% increase in topline, bottomline shot up by a significant 60%. For 9mFY04, Abbot registered a 5% growth in net sales and 29% rise in net profits. In this context, let us briefly evaluate the company’s performance.

Abbott India: DPCO blues

Jul 22, 2003

Following the worldwide sale of BASF AG’s (Knoll’s parent company) pharmaceutical business to Abbot Laboratories in Dec ’00, Knoll Pharma had become a subsidiary of BASF AG. Consequently, Knoll Pharma was renamed as Abbott India Ltd (AIL) with effect from July ’02. Abbot Laboratories is a global healthcare company devoted to discovery, development, manufacture and marketing of pharmaceuticals, nutritional and medical products including devices and diagnostics. The merger is expected to increase

Pfizer: Playing the waiting game

Jul 9, 2003

Over the years, MNC pharma companies have seen steady erosion in their share in the domestic pharma market. From a market share (in value terms) of almost 90% in the 70s, MNC pharma companies now barely account for 20% of domestic pharma sales. Absence of product patents and a consequent reluctance in launching new products coupled with rigid price controls has been the key reasons for this erosion in market share. Pfizer ltd has been no exception to this scenario.

Pfizer: Gearing up

Jul 4, 2002

Pfizer has reported a marginal rise in net sales (excluding excise) for 1HFY03 ahead of its merger with Parke Davis. This seems mainly on the back of discontinuance of certain non-profitable brands ahead of the merger. The merger ratio has been finalised at 4:9 (i.e. 4 shares of Pfizer for every 9 shares of Parke Davis). Post the merger, Pfizer is expected to be the fifth largest player in the domestic pharma market.

Knoll Pharma:1QFY03 net up 53%

Jul 2, 2002

Knoll Pharmaceuticals, (now a subsidiary of Abott Labs) has registered marginal decline in sales for 1QFY03. However, a sharp rise in operating margins helped the company register a 53% rise in profits. Knoll Pharma is a leading player in the domestic insulin, anti-diabetic, pain control and antacid market.

Knoll Pharma: Buyback on hold

Jun 18, 2002

Knoll Pharmaceuticals, (now a subsidiary of Abott Labs) has registered a marginal decline in sales for 1QFY03. However, a sharp rise in operating margins helped the company register a 53% rise in profits. Knoll Pharma is a leading player in the domestic insulin, anti-diabetic, pain control and antacid market.

E.Merck: Healthy performance

Apr 5, 2002

E.Merck (India), the subsidiary of the German multinational Merck, reported encouraging numbers for the year ended Dec' 01 (FY02). A topline growth of 8% reported by the company is comparatively better than the performance of other MNC pharma peers. Both sales and operating margins improved on the back of upward price revision and relaunch of its vitamin brand Neurobion in June 2000.

Pfizer: Margins on the rise

Mar 19, 2002

Apparently, on the back of strong marketing push, Pfizer has logged a 6.6% topline growth in 1QFY03. The growth has been marginally better than our expectations. The highlight of the results was a sharp improvement in operating margins compared to the last year by more than 570 basis points.

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