ICICI Securities Earnings Preview: Pharma, Healthcare Likely To See Sequential Growth In Q2  

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ICICI Securities Report

We expect pharma and healthcare companies under our coverage to report sequential improvement during the quarter ended September 2020.

We expect easing of lockdown to support some recovery in acute portfolio and injectable products.

U.S. revenues may witness marginal growth sequentially, led by improvement in volumes of injectables, specialty portfolio and new launches.

We estimate India business to report marginal growth as seen in secondary sales data.

We forecast the Ebitda margin of covered companies at approximately 20% (up 70 basis points YoY), led by revenue growth and cost-control measures.

Hospitals and diagnostic centres can report significant recovery QoQ with a rise in occupancy levels and pathology test volumes.

Overall, we expect our coverage universe to report approximately 5% revenue growth.

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