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Pharma: Product patent dilemma

Aug 14, 2007

The product patent law was introduced in India on January 1, 2005 and is expected to put an end to the reverse engineering practices followed by Indian companies and prompt them to focus on discovery-led research to introduce patented molecules in the long term.

MNC Pharma: Where is it headed?

Jun 12, 2007

In terms of both the financial performance and the stock price movement, the MNC pharma companies, as compared to their domestic counterparts, seem to have gone on the backfoot. In this article, we shall analyse the reason for the same and what the future holds for these companies going forward.

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: 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.

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.

Aventis: Geared for the patent regime

Jun 17, 2005

With the advent of the patent regime in India, MNC pharma companies stand to gain a lot in terms of new product launches and consequently increased revenues. Being an MNC, Aventis is all set to exploit this opportunity. In this article, we take a look at how the company has performed over the years and what lies ahead.

GSK Pharma: Where to from here?

Jun 15, 2005

Glaxo announced disappointing 1QCY05 numbers much in line with its peers in the industry. In the following article, we take a look at how the company has performed over the years and future prospects.

Pfizer: Bright future ahead?

Jun 10, 2005

With the product patent regime now in force in India from the start of 2005, MNC pharma companies stand to gain as new product launches will spur growth for these companies in the coming years. MNC pharma major Pfizer is one of these companies. In this article, we take a look at the past performance of the company 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.

Pharma stocks: Running ahead of times

Dec 24, 2004

The markets have risen to their all time highs, and pharma is one of the sectors that have outperformed this broad rally, although marginally. In light of the structural changes taking place within the sector, both on the international and domestic fronts, increasing investor interest has been witnessed over the past few months.

MNC pharma: Seek opportunity!

Nov 24, 2004

According to newspaper reports, a leading consultancy firm has estimated that the Indian pharmaceutical sector will become a US$ 25 bn industry by the year 2012, up from its current levels of about US$ 6.5 bn. According to the report, while the market in India will expand, further growth will be driven by exports of pharmaceutical products. While Indian companies are likely to grab this opportunity with both the hands, in this article we have tried to understand how MNC pharma companies are pois

Sun Pharma: Caraco effect visible

Nov 4, 2004

Sun Pharmaceutical declared its 2QFY05 results recently. The topline of the company grew by 10% while the growth in bottomline was 29% on a YoY basis. The improvement in bottomline was mainly due to a huge 490 basis points improvement in its operating profit margin in 2QFY05, on the back of savings made in raw material costs and other expenditure.

Novartis: Growth not visible

Oct 30, 2004

MNC pharma company, Novartis India, declared its 2QFY05 and 1HFY05 results yesterday. The topline of the company has registered a marginal growth in the quarter. However, the bottomline saw a decline of 18% owing to lower other income and higher tax expenses on a YoY basis. The poor performance of the bottomline is despite an operating margin expansion of 780 basis points.

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.

Aventis Pharma 2QFY05 net up 63% YoY

Oct 21, 2004

MNC pharma major Aventis, declared its 3QCY04 and 9mCY04 results. In 3QCY04, the topline grew by 13.1% while the bottomline grew by 63%. For the first nine months of the year the topline growth was 11.2% and the bottomline grew by 73.7%. The operating margins o the company has expanded by almost 11% owing to the cost cutting drive.

Pfizer: On the course

Sep 27, 2004

Pfizer India has declared its 3QFY05 results (November year ending). The net profit of the company has grown by 15 % in the August quarter, although this has to be viewed in the context of a lacklustre performance last year. The operating margins have improved by 110 basis points to 12.7% compared to 11.6% in the same quarter last year. The net profit margin has also improved by 150 basis points to 10.6%. The operating margin for 9mFY05 was also better, with an improvement of 420 basis points to

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


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