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    Gaurav Jain

    Managing Director and Senior Equity Research Analyst at Barclays

    Gaurav Jain is a Managing Director and Senior Equity Research Analyst at Barclays, specializing in the coverage of the North American specialty pharmaceuticals and biotechnology sectors. He covers a range of companies including Endo International, Mallinckrodt, Perrigo, Bausch Health, and Horizon Therapeutics, and has built a solid track record with a success rate estimated at approximately 62%, and average returns above the sector median according to independent analyst rankings. Jain began his career in equity research in the early 2000s and previously held research positions at Citigroup and UBS before joining Barclays in 2016. He holds FINRA Series 7, 63, 86, and 87 licenses and has been recognized among the top analysts for his category by platforms such as TipRanks and Institutional Investor.

    Gaurav Jain's questions to British American Tobacco (BTI) leadership

    Gaurav Jain's questions to British American Tobacco (BTI) leadership • H1 2025

    Question

    Gaurav Jain of Barclays asked about the drivers of U.S. cigarette pricing, including the impact of 'double drawback,' the strategy behind e-cigarette market exits in APMEA, and whether BTI has sufficient production capacity for VeloPlus's rapid growth.

    Answer

    CEO Tadeu Marroco attributed strong U.S. combustible growth primarily to market share gains and robust price mix, noting the duty drawback is a legal framework supporting U.S. manufacturing. CFO Soraya Benchikh and CEO Tadeu Marroco explained that e-cigarette market exits in APMEA were strategic resource allocation decisions to focus on larger, more enforceable markets. Mr. Marroco confirmed that BTI is well-equipped with production capacity to meet VeloPlus demand.

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    Gaurav Jain's questions to ALTRIA GROUP (MO) leadership

    Gaurav Jain's questions to ALTRIA GROUP (MO) leadership • Q2 2025

    Question

    Gaurav Jain asked about the profitability of the 'Basic' brand, suggesting it would be minimal without the "double duty drawback" on excise taxes. He also questioned if the decline in illicit disposables is benefiting cigarettes more than legal pod systems and inquired about Altria's potential for an NGP-only business in international markets.

    Answer

    CEO Billy Gifford stated that the 'Basic' strategy and the FET drawback are separate issues, with 'Basic' being a targeted RGM play. He agreed that both the cigarette and legal smoke-free categories benefit from illicit enforcement and reiterated the need for the FDA to authorize more products. He confirmed Altria believes it can build a successful international NGP business and is pleased with its progress in the Nordics and the U.K.

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    Gaurav Jain's questions to ALTRIA GROUP (MO) leadership • Q1 2025

    Question

    Gaurav Jain of Barclays asked about the strategy for repositioning the 'Basic' cigarette brand, the growth outlook for 'ON' nicotine pouches amid competition, and Altria's long-term strategy for the e-cigarette market.

    Answer

    CEO William Gifford explained that the 'Basic' brand's pricing is a tactical move to capture value-seeking consumers, not a broad strategy shift. Regarding 'ON', he expressed satisfaction with its performance in a competitive market and highlighted the product pipeline. For e-vapor, Gifford reiterated the long-term commitment to the category, emphasizing the need to develop a new product pipeline that learns from disposables while navigating the illicit market and NJOY's patent challenges.

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    Gaurav Jain's questions to ALTRIA GROUP (MO) leadership • Q4 2024

    Question

    Gaurav Jain from Barclays questioned if on! can maintain both price increases and volume growth, whether Altria should enter the synthetic nicotine market, and at what point cigarette market share losses become a primary concern.

    Answer

    CEO William Gifford explained that on!'s success is driven by its product resonance and sharper promotional spending, but the market is highly competitive. He confirmed that participating in the synthetic nicotine market has 'moved up on our radar' following the FDA's enforcement discretion. Regarding market share, Gifford noted that while they monitor down-trading, Marlboro's growing share of the premium segment shows their strategy is working.

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    Gaurav Jain's questions to Philip Morris International (PM) leadership

    Gaurav Jain's questions to Philip Morris International (PM) leadership • Q2 2025

    Question

    Gaurav Jain from Barclays asked about the implications of a lower-than-expected ZYN inventory restock on future growth, the feasibility of the Q4 ZYN volume guidance, and for details on the proposed EU Tobacco Excise Directive (TED).

    Answer

    CFO Emmanuel Babeau clarified that the ZYN restock variance was minor and that focus should be on strong consumer offtake, which hit +36% in June. He affirmed the Q4 guidance is supported by this momentum and the restart of commercial activities. Regarding the EU TED, he stated it's too early to comment on specifics but noted the proposal positively differentiates smoke-free products while disappointingly ignoring illicit trade.

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    Gaurav Jain's questions to Philip Morris International (PM) leadership • Q4 2024

    Question

    Gaurav Jain asked several questions about ZYN, seeking confidence in the 2025 volume growth guidance despite supply constraints, how PMI manages retail pricing during shortages, and for an update on the potential launch of ZYN Ultra.

    Answer

    CEO Jacek Olczak explained that confidence in ZYN's growth stems from strong underlying velocity trends observed in Q4, even with supply constraints. He stated that retail pricing should normalize naturally as supply increases in the second half of 2025. Regarding new products like ZYN Ultra, he expressed hope for a faster FDA authorization process to build out the legal market but did not provide a specific timeline.

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    Gaurav Jain's questions to Philip Morris International (PM) leadership • Q3 2024

    Question

    Gaurav Jain asked about the sustainability of strong combustible cigarette performance into 2025, given robust pricing and volume drivers. He also inquired about the scale of the e-cigarette business and followed up on the Canadian litigation settlement, asking about tax deductibility and timing.

    Answer

    Chief Financial Officer Emmanuel Babeau was cautious about providing a 2025 outlook for combustibles but highlighted the current brand strength that allows for simultaneous volume and price growth. He confirmed the scale of the e-vapor business was in the right ballpark but declined to comment on revenue. Regarding the Canadian litigation, he stated it was too preliminary to discuss tax deductibility or a final timeline, as terms are still being finalized.

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    Gaurav Jain's questions to Smurfit Westrock (SW) leadership

    Gaurav Jain's questions to Smurfit Westrock (SW) leadership • Q3 2024

    Question

    Gaurav Jain from Barclays questioned the higher-than-expected net debt and lower free cash flow, asking if a positive swing was expected in Q4. He also requested a near-term outlook for containerboard and consumer board markets, citing peer concerns.

    Answer

    CFO Ken Bowles attributed the cash flow to seasonal effects, working capital swings from input costs and box prices, and one-time costs for headcount reduction. He noted the back half of the year is typically more cash generative. On the market outlook, he stated North American pricing was broadly flat, and while European prices softened, it was linked to lower recovered fiber costs and not a major concern.

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