Sanofi India

Sanofi India is engaged in the research, development, manufacture and production, of: (i) new and existing drugs, pharmaceuticals, haemaccel and biologicals; and, (ii) liquid injectibles, tablets, capsules, ointments, antibiotic powders, drops, syrups, Co.'s products include: Daonil, Avil, Soframycin, Combiflam, Tarivid, Streptase , Rifater and Rifadin INH, Rabipur, Claforan and Rulide (parenteral anti-infectives) Amaryl (oral anti-diabetic), Tavanic (anti-infective), Vaxcem Hib (Haemophilus Influenza type B (HIB) Vaccine), Morupar (measles, mumps, rubella (MMR) Vaccine), Insuman (human insulin) and Cardace-H.
  • TickerSANOFI
  • ISININE058A01010
  • ExchangeNational Stock Exchange of India
  • SectorPharmaceuticals & Biotechnology
  • CountryIndia
Nitin Agarwal

Event update: Sanofi India (Outperformer) - Strategic shift of global parent

Sanofi S.A. hosted a Capital Markets Day to unveil its strategy under the new global CEO, Paul Hudson. In our view, the new strategy of Sanofi India’s parent company is a meaningful shift from the earlier thought process. While this may not impact the company in the near term, it will likely have implications on Sanofi India’s medium to long term business outlook. Shift in future R&D efforts – Sanofi has decided to eliminate all future R&D investments in Cardiac and Diabetes – this segment is ~14% of current global revenues. One of the clear R&D focus areas going forward seems to be oncology...

SANOFI INDIA LTD. increases its risk exposure and slightly lowers to Neutral

SANOFI INDIA LTD. (IN), a company active in the Pharmaceuticals industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date January 17, 2020, the closing price was INR 6,723.15 and its expected value was estimated at INR 6,815.75.

Nitin Agarwal

Sanofi India's Q3CY19 results (Outperformer) - Below estimates

Q3CY19 result highlights Revenue for the quarter was Rs7.8b (+5% yoy) vs est of Rs8.1bn. Gross margins came soft 56.6% vs 54.4%/58.4% in Q2CY19/Q3CY18. We notice that COGS have increased by ~300bps over last 4 quarters vs 4 preceding quarters since the divestment of Sanofi EU business to Zentiva in Q4CY18. In our view, a potential change of supply terms between Zentiva and Sanofi India might be a driver of this GM compression – there is no official confirmation of the same. Reported EBITDA came in lower at Rs1.8b (-6% yoy) below est of Rs1.9b. EBITDAM of 22.5% vs 25.2% booked in Q2CY18 an...

Nitin Agarwal

Event update: Sanofi India (Outperformer) - Announces divestment of Ankleshwar unit

Event Sanofi India has announced intent to divest Ankleshwar manufacturing unit Key highlights Sanofi India’s board has approved the slump sale and transfer of its manufacturing facility at Ankleshwar for Rs2,617m to Zentiva Private Limited. Ankleshwar unit makes APIs and formulations for distribution / sales globally. As of CY18, net worth of the unit was Rs2,945mn. The transaction is expected to be completed by March 2020. Board will consider utilization of proceeds subsequent to receipt of the consideration. Zentiva was Sanofi Group’s erstwhile EU generic business which had been sol...

Nitin Agarwal

Sanofi India's Q2CY19 results (Outperformer) - Soft quarter

Q2CY19 result highlights Revenue for the quarter was Rs7.5b (+9.4% yoy) in-line with est. Gross margins came much lower at 54.4% vs 57.1%/59.6% in Q1CY19/Q2CY18. While segmental revenue breakup is not known, we think these quarterly fluctuations are likely to be driven by variations in the export business and currency fluctuations. Staff costs grew 14% while SGA was flat yoy for the quarter. Reported EBITDA came in lower at Rs1.58b (-4% yoy) below est of Rs1.65b. EBITDAM of 21.1% vs 24.1% booked in Q2CY18 and lower than est of 22.2%. Miss was primarily driven by lower GMs. Other income ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Defensive posture warranted Our outlook for global equity markets remains cautious and we expect additional weakness and consolidation, notwithstanding shorter-term countertrend rallies. Indexes throughout Europe and Asia continue their struggle to gain a firm footing, and, unsurprisingly, the same can be said of broad developed and emerging market indexes (i.e., MSCI EAFE, EM, ACWI, ACWI ex-U.S.) which are all in downtrends or have recently broken down. In light of continued global market weakness, we believe a defensive posture is warranted. In today's report we highlight various ways to ac...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Health Care outperforming globally -- overweight; India breaking out -- add exposure With the primary global ex-U.S. indexes MSCI EAFE, MSCI EM, and MSCI ACWI ex-U.S. continuing their sideways to downward consolidation from a price perspective, the importance of Sector, Group, and stock selection is critical. • Sector and Group Opportunities. Today we put the spotlight on the Health Care Sector, which is assuming a global leadership role as it separates itself from the other international Sectors. We also focus on the Communications Sector as it has seen steady relative strength ranking (RSR...

Nitin Agarwal

Event update: Sanofi India (Outperformer) - Strategic shift of global parent

Sanofi S.A. hosted a Capital Markets Day to unveil its strategy under the new global CEO, Paul Hudson. In our view, the new strategy of Sanofi India’s parent company is a meaningful shift from the earlier thought process. While this may not impact the company in the near term, it will likely have implications on Sanofi India’s medium to long term business outlook. Shift in future R&D efforts – Sanofi has decided to eliminate all future R&D investments in Cardiac and Diabetes – this segment is ~14% of current global revenues. One of the clear R&D focus areas going forward seems to be oncology...

Nitin Agarwal

Sanofi India's Q3CY19 results (Outperformer) - Below estimates

Q3CY19 result highlights Revenue for the quarter was Rs7.8b (+5% yoy) vs est of Rs8.1bn. Gross margins came soft 56.6% vs 54.4%/58.4% in Q2CY19/Q3CY18. We notice that COGS have increased by ~300bps over last 4 quarters vs 4 preceding quarters since the divestment of Sanofi EU business to Zentiva in Q4CY18. In our view, a potential change of supply terms between Zentiva and Sanofi India might be a driver of this GM compression – there is no official confirmation of the same. Reported EBITDA came in lower at Rs1.8b (-6% yoy) below est of Rs1.9b. EBITDAM of 22.5% vs 25.2% booked in Q2CY18 an...

Nitin Agarwal

Event update: Sanofi India (Outperformer) - Announces divestment of Ankleshwar unit

Event Sanofi India has announced intent to divest Ankleshwar manufacturing unit Key highlights Sanofi India’s board has approved the slump sale and transfer of its manufacturing facility at Ankleshwar for Rs2,617m to Zentiva Private Limited. Ankleshwar unit makes APIs and formulations for distribution / sales globally. As of CY18, net worth of the unit was Rs2,945mn. The transaction is expected to be completed by March 2020. Board will consider utilization of proceeds subsequent to receipt of the consideration. Zentiva was Sanofi Group’s erstwhile EU generic business which had been sol...

Nitin Agarwal

Sanofi India's Q2CY19 results (Outperformer) - Soft quarter

Q2CY19 result highlights Revenue for the quarter was Rs7.5b (+9.4% yoy) in-line with est. Gross margins came much lower at 54.4% vs 57.1%/59.6% in Q1CY19/Q2CY18. While segmental revenue breakup is not known, we think these quarterly fluctuations are likely to be driven by variations in the export business and currency fluctuations. Staff costs grew 14% while SGA was flat yoy for the quarter. Reported EBITDA came in lower at Rs1.58b (-4% yoy) below est of Rs1.65b. EBITDAM of 21.1% vs 24.1% booked in Q2CY18 and lower than est of 22.2%. Miss was primarily driven by lower GMs. Other income ...

Tushar Manudhane

MOSL: SANOFI INDIA (Buy)-Earnings dip on lower Respiratory sales and higher opex

SANOFI INDIA: Earnings dip on lower Respiratory sales and higher opex (SANL IN, Mkt Cap USD2b, CMP INR6022, TP INR6930, 15% Upside, Buy)   Moderate revenue growth and inferior product mix lead PAT decline: Sales grew 9.4% YoY to INR7.5b (our est. INR7.7b) in 2QCY19. Gross margin (GM) shrank 600bp YoY to 54% due to change in the product mix and high inventory. Compared to GM, EBITDA margin contracted at a lower rate of 300bp YoY to 21.1% (our est. 21.7%) due to controlled other operating expense (down 310bp YoY as % of sales). Lower margins led EBITDA to reduce 4.1% YoY to INR1.6b (our est...

SANOFI INDIA LTD. increases its risk exposure and slightly lowers to Neutral

SANOFI INDIA LTD. (IN), a company active in the Pharmaceuticals industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date January 17, 2020, the closing price was INR 6,723.15 and its expected value was estimated at INR 6,815.75.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch