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ICICI Securities Report
As per All Indian Origin Chemists and Distributors Ltd., the Indian Pharma Market (IPM) reported yet another month of decline with 2.2% drop in IPM sales primarily driven by acute segments.
The decline stood at 3.7% for first five months (April-August) of FY21.
We now expect low single digit IPM growth for FY21 with recovery in H2 FY21.
Also expect strong growth in FY22E (double digit growth) on a low base as we believe IPM remains resilient in the current pandemic without any material structural impact.
U.S. generics business has stabilised after few years of consistent decline with stable pricing and faster approvals.
Hence, we remain positive on the sector and expect premium valuations to sustain.
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