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Nirmal Bang Report
Domestic branded formulations sales in Q1 FY22 benefitted from a favorable impact of fresh upsurge in Covid-19 cases. Hence, on account of a higher base, we expect most pharma names in Q1 FY23 to deliver a subdued performance in the domestic market on a YoY basis.
However, those with a larger chronic presence, like JB Chemicals and Pharmaceuticals Ltd., Sun Pharmaceutical Industries Ltd. and Lupin Ltd. should be relatively much better off.
In the U.S. market, select companies should see growth. Natco Pharma Ltd. would be the fastest growing company in our coverage universe in the U.S., led by gRevlimid.
Sun Pharma's U.S. sales may grow in low single digits before it picks up meaningfully in Q2 FY23. Cipla Ltd. and Alembic Pharmaceuticals Ltd., which had relatively larger exposure to Covid drugs, may see a flat to negative growth trend in sales.
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