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The curious case of Wockhardt - II

Jun 21, 2011

This series of 2 articles describes the fall of Wockhardt from its peak in 2008 and its current situation.

Pharma: Looking to settle

Nov 13, 2007

Since CY05, when generic companies worldwide were rocked on their heels by the substantial price erosion that they faced on their base business, the pricing pressure has not shown significant signs of receding. That said, the pricing pressure is now more brutal on new molecules losing patents than the base business, where prices have more or less stabilised.

Pharma: Europe and ROW focus

Jul 17, 2007

The high level of competition witnessed in the US generics market has propelled generic companies both in India and globally to geographically diversify in a bid to de-risk their revenue profile and sustain overall profitability.

Pharma: The year so far...

Apr 25, 2007

The Indian stockmarkets have exhibited a volatile trend from the start of the year till the present date influenced by a host of domestic and global factors. This includes global factors such as the likely slowdown in the US market, unwinding of the yen carry trade and domestic factors such as rising inflation and CRR hikes by the RBI in a bid to curb liquidity. In this scenario, the Sensex has lost marginal ground (0.1%) during the period January 2007 to April 2007. While the healthcare index l

Pharma: Besides the US....

Mar 20, 2007

While the US generics market continues to be a major focus area for most of the major Indian pharma companies, many of them are looking to de-risk their business model by increasing focus on the semi regulated markets of Asia, Russia, CIS, Central Eastern Europe and Africa. This is largely due to the fact that while the US generics market continues to be the largest in the world, increasing level of competition and brutal price erosion has led Indian pharma companies to focus on other markets to

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: Will ghosts of 2005 return?

Dec 27, 2005

The Sensex in the past one year scaled new peaks and touched the coveted 9,000 mark. The BSE Healthcare index, in the meanwhile, failed to set the pulse racing. Nothing highlights this fact more clearly than the following statistic - In the past one year, while the Sensex zoomed and notched up 44% gains, the healthcare index has significantly under performed the benchmark managing to garner a mere 2% gains!

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.

Ranbaxy VS Dr. Reddy's: Clash of the titans!

Oct 5, 2005

Domestic pharma heavyweights, Ranbaxy and Dr.Reddy's have been the pioneers in establishing a global presence and moving ahead of competition in new drug discovery in the domestic pharma industry. While both the companies have similar business models (in respect of focus on generics and new drug discovery), we take a look at how these companies compare against each other on certain parameters.

Pharma: New drug wonders!

Sep 21, 2005

Until January 2005, since India had recognized process patents, it resulted in domestic pharma companies becoming an expert in 'reverse engineering’ of products. However, a major development took place in the Indian pharmaceutical market, when the product patent law was introduced with effect from January 1, 2005. This means that domestic majors will have to focus on new drug discovery research in the long term if they want to benchmark themselves against the global pharma majors. In this articl

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

Wockhardt: Europe led 2004

Feb 10, 2005

Domestic pharma company, Wockhardt, recently declared its December quarter as well as full year numbers. In 4QCY04, the company's consolidated revenues clocked a buoyant 21% growth led by strong performance in Europe and rest of the world. Its bottomline growth was equally buoyant at 26% YoY. The company ended the full year with over 31% revenue and nearly 50% bottomline growth.

Dr Reddy’s: A volatile story

Dec 9, 2004

Dr Reddy’s has been one of the most revered domestic pharmaceutical companies. The reverence for the company is due to its vision to be a research driven company and the company has been valued more than any other in the Indian pharma sector. Dr Reddy’s has been one of the first few companies in the country to enter in NCE (new chemical entity) research and spending a large proportion of its revenue on the same. Despite these positives, the stock of the company has been ‘hammered’ in recent time

Wockhardt: Sustainability is the key

Oct 21, 2004

Domestic pharma company, Wockhardt, has declared its 3QCY04 and 9mCY04 results. In 3QCY04, the company's topline grew by 11.3% led by decent show of its European operations. The bottomline grew by 13.6%, basically led by expansion of operating margins by nearly 4%.

Pharma R&D: A new paradigm

Oct 4, 2004

Recently, Glenmark Pharma, a mid-cap Indian pharma company, out-licensed one of its molecules to the US based Forest Laboratories for further clinical trials and marketing rights for the US markets. This was the biggest deal of its kind by any Indian pharma company. Also, this is for the first time that a small Indian company has come up with a breakthrough product. While this has been made possible by the R&D activity that Glenmark has been pursuing, for the Indian pharma sector as a whole, the

Pharma: Life styles matter

Sep 6, 2004

Lifestyle drugs have taken the centre stage in the last few years. To put things in perspective, for the first time in 2003, CVS (cardiovascular) drugs overtook anti-ulcerants as the largest therapeutic class worldwide. But India is yet to catch up!

Pharma: How justified is the premium valuation?

Aug 31, 2004

The BSE pharma index is one the key indicators of the performance of the stocks in the pharma sector and based on trailing twelve months earnings, the P/E of this index is about 21.5x. However, not all companies in the sector have valuation at these levels. While some are trading at premium there are others, which are at a discount to the index P/E.

Generics: Long drawn journey!

Aug 18, 2004

US markets have been very lucrative for the Indian pharma companies and many companies such as Ranbaxy and Dr Reddy's capitalized on this opportunity. At the start, these companies entered the US as a supplier of bulk drugs, but with time they started looking at the more profitable generics business. In this article, we try to give you a perspective of what generics is all about and how do companies do generics business.

Ranbaxy Vs Watson

Aug 16, 2004

With almost US$ 55 bn worth of drugs going off patent in next 5 years, there is a huge opportunity for pharma companies in the generic space. Indian companies will compete with the world's very best for this pie. After looking at the US generics space, we found that Watson Pharma can provide a good comparison to Ranbaxy.


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