Pharma Q3 Results Preview — Domestic Formulations Expected To Support Growth: ICICI Direct

ICICI Direct Report

Our pharma universe is likely to witness decent growth during the quarter on a YoY basis, mainly led by continued traction in the domestic formulations business, which is poised to maintain a normalised growth trajectory of ~10% YoY during the quarter.

The U.S. portfolio is also expected to deliver decent growth amid favorable currency movement and new launches. The universe (13 coverage companies) is expected to post ~13% growth to Rs 50,342 crore.

Besides India and the U.S., Biocon Ltd.’s Viatris integration and Torrent Pharmaceutical Ltd.’s Curation acquisition are likely to factor in Q3 (our expectation) to push overall growth.

Domestic formulations (select pack) are expected to experience a jump of ~12% YoY at Rs 13,075 crore to be driven by incremental chronic disease prevalence, positive seasonality effect in acute therapies, new products introduction, medical representative and geographical expansion and growing patient awareness campaigns by pharma companies.

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