India Pharma Q3 Results Preview - Expect A Strong Quarter Led By U.S.: Systematix

Systematix Research Report

Few Indian pharmaceutical companies are expected to reap benefits of a strong flu season in Q3 FY23. The gTamiflu capsule market in the U.S. has expanded by more than 200% YoY and the gTamiflu suspension market has grown by more than 500% YoY.

Notably, we expect Ajanta Pharma Ltd.’s gTamiflu to drive significant growth in the U.S. business due to a low base.

Other Indian pharma companies including Lupin Ltd., Zydus Lifesciences Ltd., Natco Pharma Ltd., Strides Pharma Ltd. and Alembic Pharma Ltd. should gain on higher gTamiflu sales in Q3 FY23.

We expect Sun Pharmaceutical Industries Ltd. to record a strong U.S. performance and high single digit growth in the India business which should help maintain its growth trajectory.

We expect some of Dr. Reddy’s Laboratories Ltd's gRevlimid sales to stick in Q3 FY23. Custom synthesis revenue of Divi’s Laboratories Ltd. should come under pressure with Molnupiravir sales coming off the base completely.

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