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Zydus Lifesciences Q2 Review: ICICI Securities Maintains 'Hold', Sees 4% Downside — Check New Target Price
ICICI Securities raises Zydus Lifesciences FY26/27E earnings by ~2-3% to factor higher sales from recent acqusitions in consumer wellness, medtech divisions.
07 Nov 2025, 01:13 PM IST 
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Zydus Lifesciences domestic formulation business grew 9.3% YoY (4.8% QoQ) to Rs 15.9 billion driven by an outperformance in key therapies.
(Photo Source: company website)
Zydus’ US sales in Q2 FY26 were driven by supplies of Mirabegron while sales of Asacol are declining due to competitive pressure and Sitagliptin sales have matured. US sales run-rate and profitability of the company are expected to decline sharply as sales of gRevlimid may not be recorded for the next couple of quarters and supplies of Mirabegron beyond Q4 FY26 would depend on the litigation outcome scheduled in Feb’26.
