Laurus Labs, Syngene, Ipca, Gland Pharma Report Export Growth In August

Pharmaceutical export data trends for August "appears to be a mixed bag", according to JM Financial Ltd.

In a recent report, the brokerage said that exports were down for Divi’s Laboratories Ltd. and Suven Pharmaceuticals Ltd., while Laurus Labs Ltd. (ex-Paxlovid), Syngene International Ltd., Ipca Laboratories Ltd., and Gland Pharma Ltd. reported year-on-year growth in August.

Highlights of export data based on JM Financial's report:

• Divi's Labs' exports declined 27% year-on-year to $48 million.

• It was down 15% year-on-year ex-Molnupiravir, with no Sacubitril valsartan sales during the month (versus $5 million month-on-month).

• The pricing trend for Divi’s key products was largely stable, with the exception of Dextromethorphan (down 19% month-on-month), Carbidopa (down 10% MoM), Levodopa (up 26% MoM), and Beta-Carotene (up 21% MoM).

• Laurus’ exports rose 30% year-on-year to $30 million (ex-Paxlovid), but July to August sales were flattish, sequentially.

• Suven Pharma’s exports declined 75% year-on-year to $3 million. This is likely to be a one-off, as average CY23 monthly sales are tracking at $13 million.

• Ipca Labs' exports have grown 11% year-on-year to $28 million, with monthly sales in CY23 trending broadly in the range of $25–30 million.

• Exports for Q1 FY24 were lower, and the brokerage expects them to ramp up.

• Syngene’s exports were at $6 million (versus $4 million year-on-year and $14 million month-on-month). These were primarily driven by the $4 million Zoetis contribution ($47 million in CY23 year-to-date).

• Gland Pharma’s exports grew 9% year-on-year to $26 million. While total exports in Q1 FY24 were $65 million (down 15% year-on-year), July-August exports are already trending ahead.

• August exports for Alembic Pharma were at $32 million (up 16% year-on-year).

• Natco Pharma's August exports were $4 million (up 19% year-on-year).

According to Redbox Global India, Lupin Ltd. reported a strong month-on-month and year-on-year growth in exports by around 41% and 52%, respectively.

Cipla Ltd. reported a month-on-month growth of 12%, but a year-on-year decline of 26%. Dr Reddy's Laboratories Ltd. reported a year-on-year fall in exports by 63%, while month-on-month it was down 0.74%.

Laurus Labs reported a month-on-month growth of 186%, while Divi's Labs reported a decline both year-on-year and month-on-month, Redbox said.