JPM on Abott India ; Neutral, TP Rs 30800

2Q revenue/EBITDA/PAT grew 11%/13%/9% YoY, with revenue modestly ahead of estimates, EBITDA broadly in line, and PAT missing on lower other income and higher finance costs Key positive was continued inflection in Abbott’s own portfolio (ex-Novo), up 17% YoY, which helped offset the ongoing phase-out of legacy Novo insulin brands & 35% decline in Rybelsus in 1H; this mix shift supported margin improvement, with EBITDA margin up 50bps YoY to 29.1%, even as overall growth lagged the broader market (IPM +14.7%) Increased FY28–29 revenue estimates by 4–5% to reflect improved visibility on the own-portfolio trajectory, but remain mindful that limited traction in Abbott's Semaglutide injectable franchise amid intensifying GLP-1 competition keeps near-term catalysts constrained

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