ICICI Direct IPO report on Mankind Pharma
Established in 1991, Mankind Pharma Ltd (Mankind) is a leading India-focused formulation player deriving ~98% of its total sales from branded formulations. Mankind is the fourth largest player in the domestic market with a presence across therapy areas like anti-infectives, cardiac, gastro, respiratory and also in consumer healthcare segments like condoms, acne preparations, emergency contraceptives, pregnancy tests among others • As of December 2022, it employed 4,121 manufacturing workers across 25 manufacturing locations, four R&D laboratories in India. It has a field team of 3,561 field managers and 11,691 medical representatives across India.
Valuation and Outlook
We assign SUBSCRIBE rating on the back of 1) opportunities from its newer acquired products and its plan to backward integrate in its power brands, 2) Structural preference for domestic branded formulations among broader healthcare themes .
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