Among the Large Caps, all coverage companies are expected to report decent numbers. In terms of revenue, Zydus, Dr. Reddy's, Mankind (due to acquisition) and Torrent Pharma are expected to report >10% YoY growth among the large caps while Eris Lifesciences /JB Chememicals (due to acquisitions) are expected to report strong double-digit YoY revenue growth in the mid cap/small cap space.
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Nirmal Bang Report
Our pharma coverage universe's revenue is expected to grow by ~11% YoY in Q3 FY25, driven by a pick-up in US sales, gRevlimid & gSpiriva and favourable currency movements. Domestic market's weak volume growth was partially covered by price hikes in Chronic therapies. We expect the Chronic therapies to grow by >12% YoY.
Margins are expected to improve YoY on the back of a better product mix, price hike benefits in branded markets and normalizing cost inflation. Also, normalising US pricing pressure will support margins.
Growth in Domestic Formulations business is expected to moderate to ~10% YoY (Ex-Mankind) despite support from new launches and price hikes.
The US business is expected to grow by ~8% YoY in CC terms mainly on the back of gRevlimid and gSpiriva and new launches, but it is expected to remain almost flat QoQ. Also, softer raw material prices are supporting US growth.
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