Pharma Q3 Results Preview - Double-Digit Growth In Revenue; Margins Remain Under Pressure: Nirmal Bang

Nirmal Bang Report

Our pharma coverage universe’s aggregate revenue is expected to grow in low double-digit YoY, with strong growth in both U.S. as well as India, supported by key launches, favorable currency movements and seasonality benefits.

However, we do not expect any material improvement in margins, as operational leverage and superior revenue mix will largely be offset by continuous cost inflation and acute pricing pressure in the U.S. market.

Growth in domestic formulations is expected to be driven by continued strong growth in the chronic segment and robust growth in the acute segment, supported by a favorable seasonality impact.

Like Q2 FY23, U.S. revenue is expected to be driven by gRevlimid, coupled with a sharp improvement in gTamiflu sales due to a strong flu season.

However, persistently high pricing pressure and stiff competition continue to weigh on the U.S. performance.

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