reports
SANOFI INDIA increases its risk exposure and slightly lowers to Neutra...
SANOFI INDIA (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 February 25, 2022, the closing price was INR 7,212....
- Nitin Agarwal
Event update: Sanofi India (Outperformer) - Strategic shift of global ...
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 ...
- 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 ...
- Nitin Agarwal
Event update: Sanofi India (Outperformer) - Announces divestment of An...
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 receip...
- 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% ...
- Tushar Manudhane
MOSL: SANOFI INDIA (Buy)-Earnings dip on lower Respiratory sales and h...
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 exp...
- Tushar Manudhane
MOSL: SANOFI INDIA (Buy)-Execution superiority reflecting in earnings
Sanofi India: Execution superiority reflecting in earnings (SANL IN, Mkt Cap USD1.9b, CMP INR5631, TP INR6930, 23% Upside, Buy) Outperformance driven by robust revenue growth: Sales increased 16% YoY to INR7.2b (our estimate: INR6.8b) in 1QCY19. Gross margin shrank 250bp YoY to 57% due to the change in the product mix. However, EBITDA margin contracted at a much lower rate of 30bp YoY to 21.4% (our estimate: 20%), supported by lower other expenses (-110bp YoY to 21.2% of sales) and employee ...
- Nitin Agarwal
Event update: Sanofi India (Outperformer) - Annual Report Takeaways
Sanofi India recently released its CY18 Annual Report. Below are the key takeaways. Domestic market – Diabetes continues to be the key growth driver: Net domestic revenues grew 6% yoy in CY18. Sanofi’s market share was at 1.6% with 4 products – Lantus, Combiflam, Amaryl and Allegra – in top 100 pharma brands in the market. Diabetes continues to be the largest therapy segment. The Insulin portfolio grew in double digits through the brands Lantus, Insuman and Apidra. Lantus grew 16% and continue...
- Nitin Agarwal
Event update: Sanofi India (Outperformer) - Annual Report Takeaways
Sanofi India recently released its CY18 Annual Report. Below are the key takeaways. Domestic market – Diabetes continues to be the key growth driver: Net domestic revenues grew 6% yoy in CY18. Sanofi’s market share was at 1.6% with 4 products – Lantus, Combiflam, Amaryl and Allegra – in top 100 pharma brands in the market. Diabetes continues to be the largest therapy segment. The Insulin portfolio grew in double digits through the brands Lantus, Insuman and Apidra. Lantus grew 16% and continue...
- Nitin Agarwal
Sanofi India's Q4CY18 results (Outperformer) - Soft quarter
Q4CY18 result highlights Revenue for the quarter was Rs7.26b (+8.4% yoy) in-line with est. Mgt indicated that like to like sales have grown +13% for CY18. Gross margins came much lower at 53.8% vs 55.9%/56.7% in Q3CY18/Q4CY17. This has, in turn, depressed the EBITDA margins for the quarter. GMs for CY18 have been 55.8% vs 56.3% in CY17. We believe sharp INR depreciation during the year have likely negatively impacted the GMs during the year. Staff costs grew 14% while SGA was flat yoy for t...
- Tushar Manudhane
MOSL: SANOFI INDIA (Buy)-Revenue blip a function of high base; tractio...
(SANL IN, Mkt Cap USD2b, CMP INR6069, TP INR7000, 15% Upside, Buy) ** Higher RM cost hurts earnings: 4QCY18 revenue growth was muted (~8% YoY to INR7.2b; our estimate: INR7.7b) relative to secondary sales (+12% YoY) due to a high base, with some support from Lantus (the largest brand) and the smaller brands (ranked 26-50). Gross margin shrank by ~200bp YoY (-140bp QoQ) to 57% due to increased RM cost. EBITDA margin contracted by ~110bp YoY to 18.9% (our est. 19.8%) due to higher employee cost (...
- 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 weak...
VIRP VIRBAC SA
MRK MERCK KGAA
ACO.X ATCO LTD. CLASS I
BEI_U BOARDWALK REIT
600116 CHONGQING THREE GORGES WATER CONSERVANCY & ELECTRIC POWER(A)
SANOFI SANOFI INDIA
9503 KANSAI ELECTRIC POWER COMPANY INCORPORATED
9508 KYUSHU ELECTRIC POWER COMPANY INCORPORATED
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8960 UNITED URBAN INVESTMENT CORPORATION
4507 SHIONOGI & CO. LTD.
REI_U RIOCAN REAL ESTATE INVESTMENT TRUST
SRU_U SMARTCENTRES REAL ESTATE INVESTMENT TRUST
8966 HEIWA REAL ESTATE REIT INC.
8977 HANKYU HANSHIN REIT INC.
8975 ICHIGO OFFICE REIT INVESTMENT CORPORATION
8987 JAPAN EXCELLENT INC.
3226 NIPPON ACCOMMODATIONS FUND INC.
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3269 ADVANCE RESIDENCE INVESTMENT CORPORATION
APLLTD ALEMBIC PHARMACEUTICALS
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3282 COMFORIA RESIDENTIAL REIT INC.
RFF RURAL FUNDS GROUP
8952 JAPAN REAL ESTATE INVESTMENT CORP.
7476 AS ONE CORP.
4547 KISSEI PHARMACEUTICAL CO. LTD.
8953 JAPAN METROPOLITAN FUND INVESTMENT CORPORATION
8954 ORIX JREIT INC.
8956 PREMIER INVESTMENT CORPORATION
8957 TOKYU REIT INC.
GLENMARK GLENMARK PHARMACEUTICALS LIMITED
8129 TOHO HOLDINGS CO. LTD.
00270 GUANGDONG INVESTMENT LIMITED
600483 FUJIAN NANFANG TEXTILE CO. LTD. A
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FGEN FIRST GEN CORP
3278 KENEDIX RESIDENTIAL NEXT INVESTMENT CORPORATION
MCY MERCURY NZ LTD.
3292 AEON REIT INVESTMENT CORP.
3296 NIPPON REIT INVESTMENT CORP
MEL MERIDIAN ENERGY LIMITED
3463 ICHIGO HOTEL REIT INVESTMENT
TPW TRUSTPOWER
GULF GULF ENERGY DEVELOPMENT PUBLIC COMPANY LIMITED
VITR VITROLIFE AB
VRX CN BAUSCH HEALTH COMPANIES INC.
HR_U H&R REAL ESTATE INVESTMENT TRUST
ENRG ENERGIX RENEWABLE ENERGIES
- Nitin Agarwal
Sanofi India's Q3CY18 results (Outperformer) - Strong operational perf...
Q3CY18 result highlights Revenue for the quarter was Rs7.4b (+11%/9% yoy/qoq; ahead vs our est of Rs6.8bn) despite the GST impacted high base of Q3CY17 Gross margins came in higher at 55.9% vs 60.3%/57% in Q3CY17/Q2CY18. SG&A costs grew by 5%/1% yoy/qoq to Rs2.5bn. Led by higher revenues and GMs, reported EBITDA came in higher at Rs1.88b (+2%/14% yoy/qoq) ahead of our est of Rs1.56b. Reported EBITDA margins for the quarter stood higher at 25.2% (24.1% in Q2CY18) better than our est of 23%. ...
MOSL: SANOFI INDIA (Buy)-Revenue growth leads earnings for the quarter
SANOFI INDIA: Revenue growth leads earnings for the quarter (SANL IN, Mkt Cap USD1.8b, CMP INR5790, TP INR6850, 18% Upside, Buy) Revenue in-line; superior margin leads better-than-expected earnings: Sanofi’s (SANL) 3QCY18 revenue increased ~11% YoY to INR7.4b (v/s est. of INR7.5b), on account of better traction in existing products. Gross margin during the quarter declined by ~430bp (-140bp QoQ) to 58% because of high base of past year. EBITDA margin contracted at lower rate of ~230bp YoY...
- 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 Se...
RHCGF RYMAN HEALTHCARE LTD.
EVT EVOTEC SE
10BC NASPERS LIMITED CLASS N
EL ESSILORLUXOTTICA SA
PSON PEARSON PLC
WKL WOLTERS KLUWER NV
DPH DECHRA PHARMACEUTICALS PLC
MRK MERCK KGAA
SVW SEVEN GROUP HOLDINGS LIMITED
E3G1 EVOLUTION GAMING GROUP AB
SAN SANOFI
FRE FRESENIUS SE & CO. KGAA
ORP ORPEA SA
ABC ABCAM PLC
LUN H. LUNDBECK A/S
DMGT DAILY MAIL & GENERAL TRUST PLC CLASS A
CEVI CELLAVISION AB
SANOFI SANOFI INDIA
PFIZER PFIZER
ABBOTINDIA ABBOTT INDIA
EBO EBOS GROUP
REA REA GROUP LTD
COH COCHLEAR LIMITED
4751 CYBERAGENT INC.
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6869 SYSMEX CORPORATION
TECN TECAN GROUP AG
STMN STRAUMANN HOLDING AG
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3151 VITAL KSK HOLDINGS
LIFCO B LIFCO AB CLASS B
DIM SARTORIUS STEDIM BIOTECH SA
IPCALAB IPCA LABORATORIES LIMITED
2784 ALFRESA HOLDINGS CORPORATION
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7701 SHIMADZU CORPORATION
SHL SONIC HEALTHCARE LIMITED
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DIA DIASORIN S.P.A.
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AZN ASTRAZENECA PLC
TSGI STARS GROUP INC
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AUP AURORA PROPERTY BUY-WRITE INCOME TRUST
SECT B SECTRA AB B
- Nitin Agarwal
Sanofi India's Q2CY18 results (Outperformer) - Strong operational perf...
Q2CY18 result highlights Revenue for the quarter was Rs6.8b (up 14%/11% yoy/qoq; ahead vs our est of Rs6.6bn) partially aided by the low base in Q2CY17. Mgt indicated that like to like overall sales growth was 17% for the quarter. Gross margins came in higher at 57% vs 55.5% in Q2CY17 while it was flat sequentially. SG&A costs grew by 3%/5% yoy/qoq. Led by higher revenues and GMs, reported EBITDA came in at Rs1.65b (+43%/22% yoy/qoq) ahead of our est of Rs1.45b. Reported EBITDA margins for ...
MOSL: SANOFI INDIA (Buy)-Favorable base, stable cost translate into a ...
Sanofi India: Favorable base, stable cost translate into a strong performance (SANL IN, Mkt Cap USD1.9b, CMP INR5613, TP INR6590, 17% Upside, Buy) Healthy revenue growth, stable operating cost drive strong PAT growth: Sanofi’s (SANL) 2QCY18 revenue increased strongly by ~15% YoY to INR6.4b (est. of INR6.8b), led by a low base of past year and better traction in existing products. Gross margin improved ~90bp YoY to ~57% led by a better product mix. EBITDA grew ~43% YoY to INR1.6b (est. of ...
- Nitin Agarwal
Sanofi India's Q1CY18 results (Outperformer) - In line quarter
Q1CY18 result highlights Revenue for the quarter stood at Rs6.2b (up 12% yoy; marginally ahead vs our est) aided by the low base in Q1CY17. Mgt indicated that like to like domestic sales growth was 16% for the quarter. Gross margins came in higher at 56.8% vs 54.2% in Q1CY17 while it was flat sequentially. SG&A costs grew 8% yoy while it was down 20% sequentially due to higher exp in Q4CY17. Led by steady revenues and GMs reported EBITDA came in at Rs1.34b (+32% yoy; flat qoq) marginally ah...
MOSL: Sanofi India (Buy) - In-line results - outlook positive
Sanofi India: In-line results; outlook positive (sanl IN, Mkt Cap USD1.7b, CMP INR4876, TP INR5600, 15% Upside, Buy) Double-digit revenue growth coupled with margin improvement: 1QCY18 revenue rose ~12% YoY to INR6.2b (~3.4% miss). Revenue growth adjusted for GST was higher at 16% YoY, partly due to a low base of last year. Gross margin improved ~300bp YoY to 57%, led by a better product mix. EBITDA grew robustly by ~32% YoY to INR1.3b (~3% miss), with the margin expanding ~340bp YoY to 2...
- Nitin Agarwal
Sanofi India's Q4CY17 results (Outperformer) - In line quarter
Q4CY17 result highlights Revenue for the quarter stood higher at Rs6.7b (up 13% yoy; flat qoq) vs est of Rs6.6b. Mgt indicated that like to like domestic sales growth was 14% for the quarter and 4% for the year. Given the challenges faced by the company in H1CY17, the recovery in last two quarters has been fairly credible. GMs came in lower at 56.7% vs 60.3% in Q3CY17; while it was up 200bps yoy. SG&A costs grew sharply +12% yoy/qoq. Despite higher revenues impacted by lower GMs and higher ...
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