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

Analysts

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...

Due to a more favourable environment, SANOFI INDIA LTD. slightly increases to Neutral

SANOFI INDIA LTD. (IN), a company active in the Pharmaceuticals industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as moderately risky. At the fundamental level, theScreener confirms the rating of 0 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Neutral even if it remains under pressure. As of the analysis date June 4, 2019, the closing price was INR 5,391.25 and its target price was estimated at INR 4,953.39.

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 cost (-110bp YoY to 14.4%). Absolute EBITDA increased 14% YoY to INR1.6b (our estimate: INR1.4b). PA...

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 continues to be the leading brand in basal analog insulin market. Insulin portfolio has been strengthened wi...

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...

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 cost (-110bp YoY to 14.4%). Absolute EBITDA increased 14% YoY to INR1.6b (our estimate: INR1.4b). PA...

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 continues to be the leading brand in basal analog insulin market. Insulin portfolio has been strengthened wi...

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 continues to be the leading brand in basal analog insulin market. Insulin portfolio has been strengthened wi...

Due to a more favourable environment, SANOFI INDIA LTD. slightly increases to Neutral

SANOFI INDIA LTD. (IN), a company active in the Pharmaceuticals industry, slightly increases its general evaluation. The independent financial analyst theScreener just confirmed the stock market behaviour of the title as moderately risky. At the fundamental level, theScreener confirms the rating of 0 out of 4 stars; given the more favourable environment, the title's overall rating is upgraded to Neutral even if it remains under pressure. As of the analysis date June 4, 2019, the closing price was INR 5,391.25 and its target price was estimated at INR 4,953.39.

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...

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  • 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...

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