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    Rajesh Kumar

    Research Analyst at HSBC

    Rajesh Kumar is the Head of Life Sciences and Healthcare Equity Research at HSBC in London, specializing in coverage of major pharmaceutical companies including Merck, Roche, Novo Nordisk, Eli Lilly, Bayer, and Merck KGaA. His investment calls have demonstrated consistent outperformance, with a recent TipRanks ranking within the top 10% of Wall Street analysts, a success rate of over 60%, and an average annual return of 15.3%, highlighted by a top-rated call on Eli Lilly generating a 112% return. Kumar began his career as a computational chemist and structural biologist in drug discovery before transitioning to equity research as a pharma/biotech analyst, moving to HSBC in 2007 and amassing over 14 years of analyst experience. He holds an Honours degree from Monash University and is a CFA Charterholder, further distinguished by his prior recognition as a Top Earnings Estimator in the Thomson Reuters Analyst awards.

    Rajesh Kumar's questions to PFIZER (PFE) leadership

    Rajesh Kumar's questions to PFIZER (PFE) leadership • Q2 2025

    Question

    Rajesh Kumar of HSBC asked if Pfizer could absorb potential tariff impacts in future years, how balance sheet capacity would be deployed across therapeutic areas, and if the company would exceed its new leverage target for a deal.

    Answer

    EVP & CFO Dave Denton stated they are not commenting on future year impacts yet and confirmed they would exceed the 2.7x leverage target for the right deal. EVP and Chief Strategy & Innovation Officer Andrew Baum added that while active in oncology, Pfizer has significant strength in internal medicine and I&I and will pursue value-driven opportunities in those areas.

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    Rajesh Kumar's questions to PFIZER (PFE) leadership • Q2 2025

    Question

    Rajesh Kumar of HSBC asked if Pfizer is prepared to absorb potential tariff impacts in 2026 and whether the company would exceed its new leverage target for a major oncology deal versus deploying capital in other areas like obesity.

    Answer

    CFO Dave Denton stated they are not commenting on 2026 impacts yet and clarified the new 2.7x leverage target reflects current reality, but they would exceed it for the right deal. EVP and Chief Strategy & Innovation Officer Andrew Baum added that while active in oncology, Pfizer has a strong heritage in other areas and will pursue value-driven opportunities where they have a right to win.

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    Rajesh Kumar's questions to PFIZER (PFE) leadership • Q3 2024

    Question

    Rajesh Kumar asked for the numerical impact of the IRA on Pfizer's business for the upcoming year and what catalysts are needed for the company to increase its long-term guidance for the Seagen assets.

    Answer

    CFO David Denton stated that the net financial impact of the IRA for 2025 would be provided along with full-year guidance. EVP and Chief Oncology Officer Chris Boshoff explained that releasing more positive clinical data from the Seagen pipeline at medical conferences next year will be key to building external confidence in the assets' long-term value.

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    Rajesh Kumar's questions to NOVARTIS (NVS) leadership

    Rajesh Kumar's questions to NOVARTIS (NVS) leadership • Q2 2025

    Question

    Rajesh Kumar from HSBC asked about Novartis's capital allocation strategy, questioning the rationale for prioritizing a share buyback over M&A, especially given potentially attractive asset valuations.

    Answer

    CFO Harry Kirsch clarified that Novartis is not prioritizing share buybacks over M&A. He stressed that the company has significant balance sheet flexibility and is actively seeking value-creating bolt-on acquisitions. The new buyback program does not constrain their ability to execute deals; the primary challenge is finding the right assets.

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    Rajesh Kumar's questions to NOVARTIS (NVS) leadership • Q2 2024

    Question

    Rajesh Kumar from HSBC asked about Novartis's capital allocation discipline in competitive M&A situations and what tools the company uses if competitors are not behaving similarly.

    Answer

    CEO Vasant Narasimhan emphasized a disciplined, long-game approach, stating the company avoids overstretching and will walk away from deals if outbid beyond its valuation. He noted a shift towards smaller, sub-billion dollar deals where Novartis has a differentiated scientific view. If a deal doesn't meet their financial criteria, the capital is instead returned to shareholders via buybacks, like the ongoing $15 billion program.

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    Rajesh Kumar's questions to ELI LILLY & (LLY) leadership

    Rajesh Kumar's questions to ELI LILLY & (LLY) leadership • Q1 2025

    Question

    Rajesh Kumar requested an update on Zepbound's access and coverage, asking how it compares to a year ago and what the next steps are, particularly in light of actions against compounding pharmacies.

    Answer

    Patrik Jonsson, President of Cardiometabolic Health, reported significant progress on employer opt-ins, moving from approximately 50% at the start of 2024 to the mid-to-high 50s by year-end. He also noted Medicaid coverage expanded from 11 to 14 states and expects progress in Medicare Part D for OSA in the second half of the year. Regarding compounding, he stated the market size is hard to assess but believes Lilly's self-pay price point is competitive.

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    Rajesh Kumar's questions to ASTRAZENECA (AZN) leadership

    Rajesh Kumar's questions to ASTRAZENECA (AZN) leadership • Q1 2025

    Question

    Rajesh Kumar requested updates on development and filing timelines for the oral PCSK9 inhibitor and SERENA-6, and asked for the broader strategic view on the total potential for Datroway across all its indications.

    Answer

    EVP, BioPharma R&D, Sharon Barr said the pivotal PCSK9 study will start by year-end, with an outcomes trial running in parallel to speed uptake. EVP, Oncology R&D, Susan Galbraith noted SERENA-6 regulatory discussions are ongoing. EVP, Oncology, David Fredrickson positioned Datroway as a broad platform opportunity beyond lung cancer, with combinations and biomarker-driven strategies, highlighting encouraging early uptake in breast cancer as proof of concept.

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    Rajesh Kumar's questions to NOVO NORDISK A S (NVO) leadership

    Rajesh Kumar's questions to NOVO NORDISK A S (NVO) leadership • Q1 2024

    Question

    Rajesh Kumar inquired about future clinical trial design, asking whether next-generation products would be tested against a placebo or an active comparator like semaglutide in cardiovascular outcome trials.

    Answer

    Martin Lange, Head of R&D, explained the regulatory complexity. Once a 'gold standard' of care is established, new trials must compare against it. Showing superiority to semaglutide would be a 'taller order' requiring larger or redesigned trials. He noted that CagriSema's trial uses a placebo control because a gold standard was not established at the time of its initiation.

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    Rajesh Kumar's questions to BUNZL (BZLFY) leadership

    Rajesh Kumar's questions to BUNZL (BZLFY) leadership • FY 2021

    Question

    Rajesh Kumar from HSBC Bank Plc asked if current provision levels are normalized or still elevated, whether customers are shifting to own-brands to combat inflation, and how a switch from temporary to permanent labor would impact the overall cost base.

    Answer

    CEO Frank Andre van Zanten confirmed that customers are indeed requesting own-brand alternatives in response to inflation, creating an opportunity for Bunzl. CFO Richard Howes stated that provision levels remain high but should decline over time. He also explained that moving from temporary to permanent staff could ultimately lower costs due to increased efficiency and training, despite the flexibility of temps.

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    Rajesh Kumar's questions to BUNZL (BZLFY) leadership • Q3 2020

    Question

    Rajesh Kumar from HSBC asked about discussions with suppliers regarding cost prices and rebate accruals amid the core business decline. He also requested color on any pattern changes in the core business across geographies and sectors from Q2 to Q3.

    Answer

    CEO & Executive Director Frank van Zanten explained that most supplier rebate schemes are based on a fixed percentage, so lower volumes naturally result in lower rebates, which is already factored into results. He reiterated that all sectors saw improvement in Q3, particularly foodservice and retail, due to reopenings. However, he cautioned that the situation remains uncertain, citing new lockdowns in Europe as a risk.

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