ICICI Securities Limited
Domestic formulations (base adjustment of Sun Pharma's distribution change) are expected to grow ~11% YoY to | 5521 crore mainly due to extension of acute season and price hikes across portfolio to adjust for higher raw material prices. US (select pack) portfolio is expected to decline 1.3% YoY to | 10862 crore mainly due to base effect mainly in Lupin, Cadila and Sun Pharma. The decline in US could have been sharper but for strong ramp-up in products such as Oseltamivir, Hydroxychloroquine (HCQS) and average rupee depreciation vis--vis US$ by 2.8% during the quarter....
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