F1Q27 Healthcare Preview: Mixed Performance

研报英文原文证据摘录

F1Q27 Healthcare Preview: Mixed Performance

Update

July 6, 2026 07:28 PM GMT

Morgan Stanley India Company Private Limited+MIndia Healthcare | Asia Pacific Binay Singh

Equity Analyst

F1Q27 Healthcare Preview: Binay.Singh@morganstanley.comAlka Katiyar +91 22 6118-1158

Alka.Katiyar@morganstanley.com +91 22 6118-1172

Mixed Performance Dhara P Shah

Research Associate

Dhara.Shah@morganstanley.com +91 22 6118-2047

Healthcare earnings should remain healthy, led by hospitals, the

domestic formulations space and CDMOs. Among large caps, we

like Divi's, Mankind and Apollo Hospitals. Other preferred OWs

are Sai Life and Dr Agarwals.

India Healthcare

Key Takeaways Asia Pacific

Industry View Attractive

In pharma, Lupin leads on YoY revenue growth; DRL and Cipla face YoY declines

from gRevlimid phase-out.

Torrent should have full qtr with JB Pharma consolidation. Mankind should show

further recovery.

GPL1 progress, hit on new bed addition, organic revenue growth will be key

debates to track.

In CDMOs, 2H will be stronger than 1H due to major capacity addition and

pipeline progress will be key to watch.

In order of preference, we like: CDMOs>Hospitals>Pharma.

Pharma F1Q27: We expect mixed performance across the large-cap pharma names.

Lupin is expected to deliver 19% YoY (and flat QoQ) revenue growth, driven by

strong US sales (gMyrbetriq, gSpiriva, delay in competition in gJynarque), while India

formulation expected to be slightly above IPM. Mankind Pharma and Torrent

Pharma are also expected to post healthy growth of 12% YoY and 51% YoY (JB

consolidation), respectively. Cipla and Dr. Reddy’s revenues are likely to remain

broadly flat/slightly down (~1% YoY decline each), primarily due to gRevlimid phase

off and price erosion in the base business.