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Nirmal Bang Report
While we had seen some Indian pharmaceutical companies face margin pressure in Q2 FY22, we do not expect any relief in Q3 FY22 either. Margins should be affected by higher active pharma ingredient prices, rise in vial costs (for injectables) and increase in freight costs.
We expect sales of Covid-19 driven products in the domestic branded formulation segment to dissipate on a YoY basis, as new Covid-19 cases declined in Q3 FY22.
U.S. volume growth remains flattish, with a few exceptions in specific companies – Biocon Ltd. and Sun Pharmaceutical Industries Ltd. We expect growth in small molecule sales of Biocon on account of limited-competition launch of Everolimus 10mg. Sun Pharma should gain on the back of ramp-up in Winlevi, Sutent and Levulan.
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