Pharma Q3 Results Preview - Domestic Branded Formulation Growth To Drive Performance: Systematix

Systematix Report

We expect double digit growth in the domestic branded formulation led by unusually higher demand for anti infectives during the quarter. Players with an acute / anti infective focus should fare better than chronic focussed names.

On a sequential basis, the U.S performance too will receive favorable support from seasonality. Lupin Ltd., Sun Pharmaceutical Industries Ltd. and Cipla Ltd. will be the key beneficiary. Sun pharma specialty portfolio has witnessed strong growth on a both QoQ and YoY basis, while the pressure on its complex generics portfolio is continuing.

Lupin will benefit from ongoing ramp up in gSpiriva and increased compettive intensity around some of its high value generics is yet to reflect in prescription share. Cipla domestic business will get favorable support from a surge in anti infective demand during the quarter.

Overall we expect high single digit and high teens growth in revenue and Ebitda on a YoY basis.

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