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ICICI Securities Report
Aggregate revenue/Ebitda/ net profit of pharma companies under ICICI Securities' coverage grew 11.6%/7.7%/6.6% YoY in Q3 FY26. Revenue growth was mainly led by India (+12.1% YoY), while US, on constant currency basis, grew mere 1.4% YoY.
Currency tailwind may have boosted US sales by 5-6%. Q3 FY26 marks the last quarter for exclusivity of gRevlimid, though supplies had already started dipping as companies had exhausted their limits and the product lost patent in Jan'26.
Pharma companies with exposure to this drug have cautioned on near-term slowdown in growth and margins.
For 13 out of 24 companies the brokerage cuts its FY27E earnings per shares by 1–49% post Q3 FY26 results.
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Top picks: Aurobindo, Sun Pharma, Alkem, Gland Pharma, OneSource, Piramal Pharma, and Pfizer.
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