Divi's Laboratories Ltd., Laurus Labs Ltd. and Gland Pharma Ltd. reported low U.S. exports figures during April, according to data obtained by IIFL Securities Ltd.
There was muted growth month-on-month in export shipment trends for most companies, said Rahul Jeewani, pharma analyst at IIFL Securities. "As highlighted last time, March, every year, usually benefits from seasonally higher shipments, given that it is the fiscal-year ending."
Compared to January and February 2023 monthly run rate, April 2023 data looks broadly weak for Divi's, Laurus, and Gland, he said.
Divi's Sacubitril shipments in April 2023 were only worth $2.6 million versus $37 million in Q4 FY23.
April 2023 data looks good for JB Chemicals and Pharmaceuticals Ltd., Ipca Laboratories Ltd., Alkem Laboratories Ltd. and Alembic Pharma Ltd. versus their January and February 2023 monthly run rate.
Syngene International Ltd.'s monthly shipments were down from $11 million in February and March, to $8 million in April.
For formulation companies, Jeewani said that the export data is not as reliable as for others. However, among these formulation drugmakers:
Dr Reddy's Laboratories Ltd. and Zydus Lifesciences Ltd. seem to have benefited from higher gRevlimid (lenalidomide—blood cancer treatment drug) shipments in April.
Sun Pharmaceutical Industries Ltd.'s export numbers for April were muted, partly driven by the decline in gRevlimid shipments.
Aurobindo Pharma Ltd., Cipla Ltd., Lupin Ltd. and Torrent Pharmaceuticals Ltd, also exhibited largely muted trends in April.
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