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Axis Securities Report
We anticipate that the pharma companies within our coverage will collectively demonstrate revenue growth of 14.3%/1% YoY/QoQ and Ebitda growth of 32.8%/-1% YoY/QoQ.
Sequential growth is expected to be driven by subdued performance in both the domestic and U.S markets. The conservative growth projection reflects a seasonally weak quarter in domestic formulations and mid-single digit growth in U.S generics, particularly driven by products such as gRevlimid, gSpiriva, gAlbuterol, gPrezista, gLenotirade, gProlensa, gChantix, and Biosimilars, among others.
The U.S market is anticipated to witness mid-teen growth with stable pricing, while the Indian business is expected to experience a soft quarter in the acute segment due to seasonal factors.
We recommend Buy on Lupin Ltd., Aurobindo Pharma Ltd., Cipla Ltd., Abbott India Ltd., and Krishna Institute Of Medical Sciences Ltd.
These companies may surpass the industry growth driven by a superior product portfolio and strong product pipeline. In hospitals, Krishna Institute of Medical Sciences is expected to deliver higher occupancies and realisations as the company is gaining market share consistently.
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