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ICICI Securities Report
The pharma stocks which are involved with Covid-19 vaccine have seen a sharp run-up recently, especially post the announcement of phase three vaccination program that also opened up of vaccine supplies for private market.
These stocks under our coverage are Dr Reddy’s Laboratories Ltd., Cadila Healthcare Ltd., Aurobindo Pharma Ltd., Strides Pharma Science Ltd., Pfizer Ltd. and Shilpa Medicare Ltd.
Supplies to private market would help in raising the realisations but we expect competition to be high from domestic and imported vaccines.
This should provide a significant upside in near term, however, we refrain from assigning a multiple to this opportunity as the earnings sustainability remains uncertain and likely increase in competition.
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