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Nirmal Bang Report
Indian formulations players' revenue broadly comprise two segments: (1) branded generics that are sold in countries like India and other emerging markets and generics generics that are sold in the developed markets, mainly the U.S. and EU. Out of the two, we like the Indian branded generics space, due to the following catalysts:
Physician prescription stickiness in brands,
better growth visibility,
lower capex and working capital cycle (working capital ~45 days), and
healthy return ratios, margins and free cash flow.
Other branded generics emerging markets also have similar growth drivers like India, barring currency volatility and country-specific risks.
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