Laurus Labs, Syngene, Ipca, Gland Pharma Report Export Growth In August
Exports were down for Divi’s Laboratories Ltd. and Suven Pharmaceuticals Ltd., said JM Financial.
Pharmaceutical export data trends for August "appears to be a mixed bag", according to JM Financial Ltd.
In a recent report, the brokerage said that exports were down for Divi’s Laboratories Ltd. and Suven Pharmaceuticals Ltd., while Laurus Labs Ltd. (ex-Paxlovid), Syngene International Ltd., Ipca Laboratories Ltd., and Gland Pharma Ltd. reported year-on-year growth in August.
Highlights of export data based on JM Financial's report:
Divi's Labs' exports declined 27% year-on-year to $48 million.
It was down 15% year-on-year ex-Molnupiravir, with no Sacubitril valsartan sales during the month (versus $5 million month-on-month).
The pricing trend for Divi’s key products was largely stable, with the exception of Dextromethorphan (down 19% month-on-month), Carbidopa (down 10% MoM), Levodopa (up 26% MoM), and Beta-Carotene (up 21% MoM).
Laurus’ exports rose 30% year-on-year to $30 million (ex-Paxlovid), but July to August sales were flattish, sequentially.
Suven Pharma’s exports declined 75% year-on-year to $3 million. This is likely to be a one-off, as average CY23 monthly sales are tracking at $13 million.
Ipca Labs' exports have grown 11% year-on-year to $28 million, with monthly sales in CY23 trending broadly in the range of $25–30 million.
Exports for Q1 FY24 were lower, and the brokerage expects them to ramp up.
Syngene’s exports were at $6 million (versus $4 million year-on-year and $14 million month-on-month). These were primarily driven by the $4 million Zoetis contribution ($47 million in CY23 year-to-date).
Gland Pharma’s exports grew 9% year-on-year to $26 million. While total exports in Q1 FY24 were $65 million (down 15% year-on-year), July-August exports are already trending ahead.
August exports for Alembic Pharma were at $32 million (up 16% year-on-year).
Natco Pharma's August exports were $4 million (up 19% year-on-year).
According to Redbox Global India, Lupin Ltd. reported a strong month-on-month and year-on-year growth in exports by around 41% and 52%, respectively.
Cipla Ltd. reported a month-on-month growth of 12%, but a year-on-year decline of 26%. Dr Reddy's Laboratories Ltd. reported a year-on-year fall in exports by 63%, while month-on-month it was down 0.74%.
Laurus Labs reported a month-on-month growth of 186%, while Divi's Labs reported a decline both year-on-year and month-on-month, Redbox said.