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Axis Securities Report
We anticipate that the pharma companies within our coverage will collectively demonstrate revenue growth of 9.4%/3.1% YoY/QoQ and Ebitda growth of 14.6%/6.3% YoY/QoQ.
Sequential growth is expected to be modest due to significant price erosion in the generic segment in the U.S. markets. The conservative growth projection reflects a strong quarter in domestic formulations and mid-single-digit growth in U.S. generics, particularly driven by products such as gRevlimid, gSpiriva, gAlbuterol, gPrezista, gLenotirade, gProlensa, gChantix, and Biosimilars, among others.
The U.S. market is anticipated to witness single digit growth with elevated pricing, while the Indian business is expected to experience a strong comeback compared to Q1 FY25.
We estimate Dr Reddy, Cipla, and Aurobindo to report gRevlimid sales of $105/$28/$30 respectively for Q1 FY25. Almost double digit revenue growth has been observed in the domestic market in Q1 FY25.
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