Top Tier EBITDA Growth Should Drive Multiple Expansion - Initiate Buy

Research evidence excerpt

Top Tier EBITDA Growth Should Drive Multiple Expansion - Initiate Buy

Apotex (APTX CN)

Equity Research

July 6, 2026

Exhibit 35 - Estimated Number of Branded LOEs in the US (FY22-FY35)

.

Source: IMS, Jefferies Research.

Specifically, APTX will launch 41 conventional generic products. 31 (76%) of these already in the post

submission stage, across women's health, alimentary tract, diabetes, etc., with a few blood thinning

and cardio drugs too.

As for specialty generics, 45 products are planned. These span oncology, diabetes, weight

management, etc., with 20 specialty generic oncology products of which 18 (90%) will be

first to market. APTX plans to launch 21 injectables addressing ~10% of the LOEs, targeting

immunomodulating agents, cardio and hospital solutions products, etc. The expansion into more

injectables is supported by a strategic partnership with Halo Pharma (private) in Apr 2026 which

establishes injectable manufacturing capacity in the US with a sterile injectable filling plant in NJ which

has capabilities in filling both vials and pre-filled syringes.

APTX is also expecting ~70% of these planned launches to be first-to-market opportunities. Mgmt

is explicitly prioritizing drugs where APTX can achieve early entry, highlighting coordination across

internal R&D, regulatory, and legal/IP capabilities to target patent cliffs and accelerate development

timelines more efficiently than peers. In FY26, ~75% of launches were first-to-market in the US. Pipeline

construction is also a key part of this, as mgmt is selective with favorable FTM set-ups, targeting assets

with inherent barriers to entry, such as complex injectables, specialty oral solid doses (OSDs) or 505b2

type products where competitive intensity is inherently lower, and also evaluating each pipeline asset