Sun Pharma To Divi's: Indian Pharma Companies' Exports To The U.S. Mixed In May
Exports from Divi's, Laurus Labs, and Gland Pharma lag, while those from Syngene and Lupin rose.
Indian pharma companies' exports to the U.S. remained mixed in May, according to IIFL Securities.
Divi's Laboratories Ltd., Laurus Labs Ltd., and Gland Pharma Ltd. reported low U.S. exports numbers for April and May, according to data obtained by IIFL Securities Ltd.
However, Syngene International Ltd. and Lupin Ltd. reported strong growth in exports to the U.S.
Here's what IIFL Securities said about April and May exports data:
Exports from Divi's and Gland fell 15-20% during April and May compared with the quarter's January and February.
Laurus Labs is flat quarter-on-quarter (ex-Paxlovid).
Divi's sacubitril shipments in the first-quarter-to-date are $3 million versus $37 million in Q4 of FY23.
June shipments have to materially increase for all three companies – Divis, Gland, and Laurus to just stay flat quarter-on-quarter.
Syngene’s momentum, led by the Zoetis animal health product, is sustaining.
Its Q1 FY24 quarter-to-date shipments are already at $20 million, as compared to $24 million in the entire fourth quarter of FY23.
Among formulation companies, Sun Pharmaceutical Industries Ltd.'s data looks weak, and Lupin’s numbers are strong.
In fact, Lupin had the highest monthly shipments in May this year at $67 million versus $53 million in May 2022. And Lupin’s numbers were not driven by gSpiriva shipments.
