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ICICI Direct Report
For Q3 FY22, the earnings narrative for pharma companies is likely to pan out on similar lines as seen in Q2 FY22 but with some more cost pressure due to volatility in input prices and persisting logistical challenges.
Our healthcare universe (12 coverage companies) is expected to post YoY growth of ~5.8% to ~Rs 44,583 crore. Domestic formulations (select pack) are expected to grow ~10.6% YoY to Rs 11,621 crore on the back of almost complete normalisation of medical representatives activities even as Covid-19 related revenues are likely to shrink significantly in Q3 FY22.
Continuous traction from the acute segment (momentum began from Q1) besides normalised trend in chronic segment are expected to continue in Q3 FY22.
The weakness in the U.S. generics space is expected to persist due to price erosion in base business offsetting any market share gain in new launches.
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