Pharma, Healthcare Q2 Earnings Preview: Improved Margin In Most Cases With Few Exceptions: Yes Securities

Yes Securities Report

Pharma companies are set to report improved margin in most cases with few exceptions notably Sun which would be largely a function of research and development trajectory through the quarter.

Domestic growth is expected to be better in acute compared to last year as also corroborated by our interactions with few acute-heavy companies.

Chronic players would continue on a steady path with strong margin in Ajanta Pharma and Torrent Pharma (aided by revival in Brazil business QoQ).

Large exporters like Lupin should report sustained U.S. momentum on back of niche launches (Pred Forte, Doxil) while Aurobindo would benefit from lessening of Eugia 3 remediation in costs and injectable sales.

Diagnostic companies would report a strong quarter led by Vijaya Diagnostics (~19-20% standalone sales) while Dr. Lal and Metropolis are set to report yet another modest volume quarter of ~7-8% YoY.

We reckon Ajanta, JB Chem and Torrent could report better than expected numbers while Syngene and Gland could display weaker set of earnings.

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