reports
- Brian Moretta
- Mark Thomas
- Martin Hall
- Riccardo Bindi
Hardman & Co Monthly: April 2023
Feature article: 2022 Pharma Statistics - 8.7% growth – but worrying signs An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2022, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2022. 2022 was characterised by 8.7% underlying growth, offset by a large forex impact (-12%), due to USD stren...
INCY INCYTE CORP
IPN IPSEN SA
NOVN NOVARTIS AG
VRTX VERTEX PHARMACEUTICALS INCORPORATED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
REGN REGENERON PHARMACEUTICALS INC.
LLY MERCK & CO. INC.
JNJ ELI LILLY AND COMPANY
J7Z JOHNSON & JOHNSON
HZNP JAZZ PHARMACEUTICALS PUBLIC LIMITED COMPANY
GILD HORIZON THERAPEUTICS PUBLIC LIMITED COMPANY
BMY GILEAD SCIENCES INC.
BIIB BRISTOL-MYERS SQUIBB COMPANY
FEV BIOGEN INC.
IBT FIDELITY EUROPEAN VALUES PLC
FCSS INTERNATIONAL BIOTECHNOLOGY TRUST PLC
FSV FIDELITY CHINA SPECIAL SITUATIONS PLC
FJV FIDELITY SPECIAL VALUES PLC
FAS FIDELITY JAPAN TRUST
AVO FIDELITY ASIAN VALUES PLC
CLIG ADVANCED ONCOTHERAPY
MRK CITY OF LONDON INVESTMENT GROUP
NOVO B MERCK KGAA
novob NOVO NORDISK A/S CLASS B
RECI NOVO NORDISK
SAN REAL ESTATE CREDIT INVESTMENTS
UCB SANOFI
HIK UCB S.A.
PIN HIKMA PHARMACEUTICALS PLC
PFIZER PANTHEON INTERNATIONAL
4506 PFIZER
4523 SUMITOMO DAINIPPON PHARMA CO. LTD.
4507 EISAI CO. LTD.
4568 SHIONOGI & CO. LTD.
VTAS DAIICHI SANKYO COMPANY LIMITED
STX VOLTA FINANCE (GBP)
4502 SHIELD THERAPEUTICS
HAT TAKEDA PHARMACEUTICAL CO. LTD.
OCI H&T GROUP
4578 OAKLEY CAPITAL INVESTMENTS
APAX OTSUKA HOLDINGS CO. LTD.
4503 APAX GLOBAL ALPHA
ICGT ASTELLAS PHARMA INC.
UTHR ICG ENTERPRISE TRUST
PFE UNITED THERAPEUTICS CORPORATION
AZN PFIZER INC.
GLAXO ASTRAZENECA PLC
ABBV GLAXOSMITHKLINE PHARMACEUTICALS
VRX CN ASTELLAS PHARMA INC
MRNA ABBVIE INC.
TXG BAUSCH HEALTH COMPANIES INC.
NOVO MODERNA INC.
VTRS 10X GENOMICS INC CLASS A
4568.T NOVO NORDISK A/S-B
ME VIATRIS INC.
OCL DAIICHI SANKYO COMPANY
LUND A LIMITED
23ANDME HLDG CO
OAKLEY CAPITAL
H. LUNDBECK A/S
An unfavourable environment weighs on GLAXOSMITHKLINE PHARMS., which s...
The independent financial analyst theScreener just requalified the general evaluation of GLAXOSMITHKLINE PHARMS. (IN), active in the Pharmaceuticals industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as defensive. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Neutral. As of the analysis date February 11, 2022, the closin...
- MarketLine Department
Piramal Enterprises Limited - Mergers & Acquisitions (M&A), Partnershi...
Summary Marketline's Piramal Enterprises Limited Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Piramal Enterprises Limited since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakd...
- Tushar Manudhane
MOSL: GSK PHARMA (Neutral)-Loss of Zinetac sales leads weak earnings
GSK Pharma: Loss of Zinetac sales leads weak earnings (GLXO IN, Mkt Cap USD3.4b, CMP INR1447, TP INR1490, 3% Upside, Neutral) Focus on key brands/new launches to drive growth GSK Pharma (GLXO) was able to improve profitability over FY17-9MFY20, led by product rationalization/enhanced focus on high-margin products. However, its decision to stop selling 'Zinetac' brand (~6% of sales) should have an adverse impact on near-term growth. We expect 8-9% sales CAGR over the next 2 years after ad...
- Nitin Agarwal
Glaxosmithkline Pharma's Q2FY20 results (Underperformer) - Below estim...
Q2FY20 result highlights Revs came in at Rs8.8bn, grew 8% yoy but stood below our est of Rs9.4bn. As per the company, excluding the discontinued portfolio (of tail-end brands), growth stood at 16% driven by a vol growth of 11%. The rev growth was aided by a prolonged monsoon, which in turn led to a higher incidence of infections, thereby increasing sales in its key acute therapies, anti-infectives and pain As per the mgt, the company had made changes to its operating model by investing resou...
- Tushar Manudhane
MOSL: GSK PHARMA (Neutral)-Superior product mix/better operating lever...
GSK PHARMA: Superior product mix/better operating leverage drives profitability (GLXO IN, Mkt Cap USD3.5b, CMP INR1483, TP INR1590, 7% Upside, Neutral) Operationally in line; Sharp rise in reported PAT on income from land sale: 2QFY20 sales increased 8% YoY to INR8.8b (v/s est. of INR8.9b). Gross margin (GM) stood at 58.1% and improved 80bp YoY (stable QoQ) due to portfolio rationalization. EBITDA margin improved ~175bp YoY to 22% on account of the superior product mix and lower other expens...
- Nitin Agarwal
Glaxosmithkline Pharma's Q1FY20 results (Underperformer) - Below estim...
Q1FY20 result highlights Revenues came in at Rs7.9bn, grew 7% yoy but stood below our estimates of Rs8.2bn. As per the company, excluding the discontinued portfolio (of tail-end brands), growth stood at 12% driven by a volume growth of 8% As per the mgt, the company had made changes to its operating model by investing resources in focus products over the last year. Post identifying key therapies, it increased its reach by ~30% through incremental additions to the sales force. This has been s...
- Tushar Manudhane
MOSL: GSK PHARMA (Neutral)-Portfolio rationalization drives profitabil...
GSK PHARMA: Portfolio rationalization drives profitability; maintain Neutral given limited upside potential (GLXO IN, Mkt Cap USD2.9b, CMP INR1183, TP INR1290, 9% Upside, Neutral) Superior margins driven by better product mix: Sales grew 7.1% YoY to INR7.8b (our estimate: INR7.6b) in 1QFY20. Gross margin improved170bp YoY to 58% due to portfolio rationalization. EBITDA margin expanded ~330bp YoY to 21.7% YoY, led by a better product mix and lower other expenses (-260bp YoY to 18.2%), part...
- Nitin Agarwal
Glaxosmithkline Pharma's Q4FY19 results (Underperformer) - Weak perfor...
Q4FY19 result highlights Revenues came in at Rs7.5bn stood flat yoy/-9% qoq and stood below our estimates of Rs8.6bn. Gross margins stood at 59.4% (+574bps qoq), well above our estimates of 56%. Employee expenses at Rs1.46bn (+11%/16% yoy/qoq) were inline with our est. Other expenses were lower at Rs1.36bn (+23%/7% yoy/qoq) vs our est of Rs1.7bn. Healthy gross margins partially offset the miss in revenue est and reported EBITDA stood lower at Rs1.64bn (+14% qoq) below our est of Rs1.72bn. ...
- Nitin Agarwal
Management Speak: Glaxosmithkline Pharma (Underperformer) - Better day...
We recently interacted with Glaxo mgt - Mr Annaswamy Vaidheesh, VP South Asia & Managing Director and Ms Puja Thakur, South Asia Finance Director and Chief Financial Officer. Below are the key takeaways. Worst is behind: Glaxo was hit by a perfect storm over the last few years with the GST implementation, significant supply issues as well as rollout of NELM 2013 / NELM 2016. However, the worst is behind with the stabilization of the regulatory issues and resolution of the supply issues. Mgt has...
- Nitin Agarwal
Glaxosmithkline Pharma's Q3FY19 results (Underperformer) - Broadly inl...
Q3FY19 result highlights Revenues came in at Rs8.25bn above our estimates of Rs8.1bn. Revenues from the quarter grew by 17% yoy as Q3FY18 was impacted by the deflationary impact in prices on account of the GST implementation Gross margins stood significantly lower at 53.6% (vs 60.2%/57.2% in Q3FY18/Q2FY19) below our estimates of 57.5%. Employee expenses stood lower at Rs1.25bn (-10% qoq; +1% yoy) vs our est of Rs1.4bn. Benefits of lower employee cost was offset by higher other expenses at Rs...
- Tushar Manudhane
MOSL: GSK PHARMA (Neutral)-Lower margins impact earnings, despite heal...
GSK Pharma: Lower margins impact earnings, despite healthy sales growth (GLXO IN, Mkt Cap USD3.3b, CMP INR1402, TP INR1330, 5% Downside, Neutral) Sales grew at robust rate of ~17% YoY to INR8.3b as against our est. of INR7.7b, led by better traction in dermatology and hormones category. Gross margin (GM) declined sharply by ~650bp YoY and ~360bp QoQ to 53.6% due to change in product mix. EBITDA margin contracted by ~350bp YoY to 16.6%, primarily due to decline in GM. This was off-set to s...
- Nitin Agarwal
Glaxosmithkline Pharma's Q2FY19 results (Underperformer) - Broadly inl...
Q2FY19 result highlights Revenues came in at Rs8.2bn above our estimates of Rs7.9bn. Revenues were -2% yoy lower on account of high base in Q2FY18 arising from channel restocking post GST implementation. Gross margins stood at 57.2% (+30bps qoq) marginally below our estimates of 57.5%. Employee expenses at Rs1.4bn (+3%/11% yoy/qoq) were inline with our est. Other expenses were also marginally higher at Rs1.63bn (+23%/7% yoy/qoq) vs our est of Rs1.6bn. With higher revenues and steady gross m...
- Team Research
MOSL: GSK PHARMA (Neutral)-Muted sales and higher operating expense im...
GSK Pharma: Muted sales and higher operating expense impact profitability (GLXO IN, Mkt Cap USD3.2b, CMP INR1391, TP INR1374, 1% Downside, Neutral) GSK Pharma’s (GLXO) sales declined marginally by ~2% YoY to INR8.2b (our estimate: INR8.9b) in 2QFY19, partly due to a high base (channel re-filling in 2QFY18 post GST implementation). Gross margin improved ~230bp YoY (+30bp QoQ) to 57.2%. This is reflective of management’s strategy to rationalize its portfolio with an enhanced focus on higher...
- Nitin Agarwal
Glaxosmithkline Pharma's Q1FY19 results (Underperformer) - Below estim...
Q1FY19 result highlights Revenues came in at Rs7.4bn (-2% qoq, +21% yoy) below our estimates of Rs7.7bn. YoY numbers are not comparable as Q1FY18 was impacted by the deflationary impact in prices on account of GST implementation. Mgt indicated that LTL growth was ~11%. Gross margins stood significantly lower at 56.9% (-130bps qoq) below estimates of 59%. Employee expenses were down -5%/4% yoy/qoq to Rs1.26bn. Other expenses dropped sharply to Rs1.53bn -17% yoy / +2% qoq below our est of R...
MOSL: GSK PHARMA (Neutral)-Strong revenue growth improves operating le...
GSK Pharma: Strong revenue growth improves operating leverage (GLXO IN, Mkt Cap USD3.9b, CMP INR3151, TP INR 2888, 8% Downside, Neutral) Low base and improved margins drive earnings growth: GLXO’s 1QFY19 sales grew strongly by ~21% YoY (-2% QoQ) to INR7.4b (est. of INR7b), primarily due to a low base (1QFY18). EBITDA came in at INR1.4b (est. of INR951m), with the margin at 19.1% (YoY EBITDA is not comparable, as sales decline and higher other and employee expenses had resulted in EBITDA l...
MOSL: GSK PHARMA (Neutral)-Revenue lower than expected-Margins surpris...
GSK Pharma: Revenue lower than expected; Margins surprised positively (GLXO IN, Mkt Cap USD3.2b, CMP INR2439, TP INR2500, 2% Upside, Neutral) GSK Pharma’s (GLXO) 3QFY18 sales increased marginally by 2% YoY (-16% QoQ) to INR7b (10% miss). Other income came in lower at INR120m v/s INR319m in 3QFY17. EBITDA increased significantly by 305% YoY to INR1.4b, primarily due to a lower base (3QFY17 was impacted by demonetization). EBITDA margin stood at 20% (+1,510bp YoY). Adjusted PAT increased ~1...
- Nitin Agarwal
Glaxosmithkline Pharma's Q3FY18 results (Underperformer) - Weak perfor...
Q3FY18 result highlights Revenues from the quarter were impacted by 5% due to the deflationary impact in prices on account of the GST implementation with corresponding reduction in expenses. Revenues came in at Rs7bn (-16% qoq, flat yoy), significantly below our estimates of Rs7.8bn. GMs improved significantly 1070bps/520bps yoy/qoq to 60.2% ahead of our estimates of 54% led by improved product mix, lower stock impairments and other credits. Employee expenses grew +3% yoy while other expens...
- Nitin Agarwal
Glaxosmithkline Pharma's Q2FY18 results (Underperformer) - Sequential ...
Q2FY18 result highlights Revenues from this quarter onwards are impacted by 6% due to the deflationary impact in prices on account of the GST implementation with corresponding reduction in expenses. Consequently, revenues came in at Rs8.3bn (+5%/38% yoy/qoq), below our adjusted estimates of Rs8.5bn. Although the current quarter witnessed a significant recovery sequentially, GST implementation did have some impact during the quarter. GMs was down 40bps qoq (+20bps yoy) to 55% ahead of our e...
MOSL: GSK PHARMA (Neutral)-Revenue impacted by GST rollout-margins sur...
​GSK Pharma: Revenue impacted by GST rollout; margins surprise positively(GLXO IN, Mkt Cap USD3.2b, CMP INR2423, TP INR2500, 3% Upside, Neutral)GSK Pharma’s (GLXO) 2QFY18 sales increased 6.8% YoY (+43% QoQ) to INR8.4b (5% miss). Other income came in lower at INR96m v/s INR343m in 2QFY17. EBITDA increased significantly by 54.3% YoY to INR1.9b (+25% v/s our est.), primarily led by a decline in other expense (as % of sales) by ~600bp. EBITDA margin stood at 23% (+710bp YoY). Adjusted PAT increa...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.