Pharma Q4 Results Review — India Traction Healthy; Post gRevlimid Uncertainty Looms, Says ICICI Securities

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ICICI Securities Report

Pharma companies under our coverage reported strong 11.7%/15.6%/19.0% growth in revenue/Ebitda/PAT in Q4 FY25. Revenue growth was led by RoW markets, while core markets of U.S. and India grew at a slower pace of 6.5%/10.2%, respectively.

Uncertainty over price competition in gRevlimid looms in FY26 and could be a major drag for earnings ahead. However, India biz is likely to grow at a steady pace of ~10% in FY26, driven by price increases and new launches.

Traction among export-focused contract development and manufacturing organicsation companies was healthy; coverage companies reported 11.2%/12.6%/15.2% growth in revenue/Ebitda/PAT.

Post Q4 FY25 results, we had upgraded FY27 estimates for Pfizer by ~5% while FY27E earnings of 14 companies were cut by 1–31%.

Our top picks: Sun Pharma, Cipla, Torrent, Piramal Pharma, Akums and Abbott India.

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