Pharma Sector Q4 Earnings Preview - Tepid Growth On A Low Base: Prabhudas Lilladher
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Prabhudas Lilladher Report
In our coverage universe, we expect pharmaceuticals companies to report revenue/Ebitda/profit before tax growth of 7%/44%/62% YoY in Q4 FY21, while diagnostic companies to report of growth of 45%/98%/129% YoY.
Both pharmaceuticals and diagnostic companies’ lost revenue of 15-20 days in Q4 FY20, due to lockdown restriction placed in the country.
Even with low revenue base pharmaceuticals companies’ growth is expected to be muted in Q4 FY21 as -
1. India formulations growth failed to reach normalized level given underperformance by few leading therapies (anti-infective, respiratory, derma) and
2. lack of launches in U.S. without new approvals, as U.S. Food and Drugs Administration inspectors had travel restrictions on visit of the overseas plants.
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