Pharma Outlook 2022 - Volatile Near-Term; Need To Be Selective: ICICI Securities
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ICICI Securities Report
Post volatile CY20 and CY21, we expect CY22 to be predictable and steady with low Covid-19 cases coupled with high vaccination; however, Omicron variant could turn out to be disruptive. We remain positive on the sector as-
India business is expected to grow in double digit,
continuous cost-control measures would likely support margins and
U.S. business could report incremental growth led by new complex launches, subdued base and normalising price erosion.
U.S. Food and Drug Administration inspections have selectively resumed and we expect the inspection pace to pick up with easing travel restrictions.
Pharma companies under our coverage saw significant re-rating in CY20 but remained largely stable in CY21.
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