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Axis Securities Report
We expect, pharma universe could report high single digit growth (4.0% YoY), majorly driven by injectables and generic segment. India pharma market grew by 5.8% that is driven by a volume bounce back and recovery in sales of non Covid-19 products.
In U.S., generic market continues to be challenging, with mid-single-digit to low-double-digit price erosion across companies, owing to excess supplies in the market and limited one-time/off-contract sales currently.
In overall, earnings for the pharma universe would moderate and come in flat YoY, after six quarters of healthy performance. Increased competitive pressure on the U.S. base business – coupled with the reduced pace of launches and lower Covid-related off-take – is expected to drag down the overall sector performance in Q3 FY22.
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