Alembic Pharma – Alembic Pharma was the sole player in Theophylline 450mg until the end of 1QFY22 in the US market. Glenmark entered the market in 2QFY22 and has taken a small chunk of market share. Alembic’s US prescription volume continued to trend downwards in 2QFY22.

Aurobindo Pharma – US prescription growth remained flattish in 2QFY22. Potential recovery in ARV volume may help on a QoQ basis. In 1QFY22, ARV sales had declined sharply.

Biocon – Statin portfolio, especially Atorvastatin and Simvastatin, was affected in 2QFY22, with a fall in US prescription volume and loss of market share. On the biosimilar front, US prescription volume in Semglee gradually increased during the quarter, but there was no significant change in the volume of other biosimilar assets. We expect the company’s biosimilar portfolio to continue to grow in the Rest of the World markets. During the quarter, Itolizumab and Remdesivir volume should decline as opposed to a sharp uptick in 1QFY22 due to the second covid wave.

Cadila Healthcare – We expect flattish volume growth in the US market; growth in the domestic market is expected to be lower than IPM growth. The consumer wellness business will also be seasonally weak.

Cipla – Growth in the domestic market is expected to be lower than IPM growth; Cipla has ramped up the sales of gBrovana in the US market. Cipla launched gBrovana in the US in June’21 and already holds a volume market share of 18%. In 1QFY22, Cipla recorded higher revenue from the API segment due to a profit share in the API business, which will not recur in 2QFY22.

Dishman Carbogen Amcis – Operations from the CRAMS facility in India are yet to normalize and we do not see a meaningful change in its performance compared to the 1QFY22.

Dr. Reddy’s Lab – There was a significant increase in the US prescription volume of gCiprodex, with sales more than doubling in 2QFY22 along with a meaningful increase in market share. In the last two months, DRL has also ramped up volume market share in gVascepa in the US market from 0% to 5%. US prescription volume sales of gErtapenem surged this quarter with an increase in market share from 0% to 13% in the last two months. Expected growth in domestic formulation sales of 23% YoY is higher than IPM growth. DRL has sold its exclusivity rights to market anti-cancer agent E7777 for US$40mn (Rs2,960mn) in an upfront payment, which may be recorded in 2QFY22. The launch of generic Revlimid in Canada should also help.

Gland Pharma – We expect to see a slight decline in overall sales this quarter on a QoQ basis with a loss of revenue from Covid driven products.

Covid-driven products

Indoco Remedies – We expect yet another strong quarter for Indoco Remedies. Growth in domestic sales will be much higher than IPM growth, with recovery in the respiratory and anti-infective portfolio. The US sales should be flattish.

Jubilant Pharmova – We expect a sharp decline in revenue from Covid products this quarter. The CDMO business may also subside as a large part of the order book for Covid-19 drugs has been executed. The Radiopharma business should also deliver a muted performance as Covid-19 cases remained elevated in the US. The adverse impact from the restricted import alert on its Roorkee formulations facility should result in a decline in generic sales.

Lupin – We expect a decline in revenue this quarter on QoQ basis as NCE licensing income of Rs3,734mn in Q1FY22 will not recur this quarter. US performance should improve as Lupin has doubled Albuterol  Sulphate volume this quarter and gained 900 bps in market share. Lupin launched gBrovana in the US market during the quarter and has ramped up to a volume market share of 23%.

Natco Pharma – On the domestic front, we expect a sharp decline in revenue from Covid-driven products this quarter compared to Q1FY22. This drop in sales will be partially offset by the launch of gRevlimid in Canada. Further, a ramp-up of gAfinitor and gZortress in the US market should aid revenue this quarter.

Pfizer and Sanofi India – Growth in domestic sales is expected to be lower than IPM growth. We expect high single-digit growth. During the quarter, Sanofi divested its Nutraceuticals business and consequently, the company will report an extraordinary income this quarter.

Sequent Scientific – Sequent Scientific’s earnings should be under pressure due impact of ESOP plan. However, we expect a recovery in its API business in Q2FY22.

Sun Pharma – Absorica’s prescription volume declined compared to Q1FY22 while Cequa and Ilumya maintained a steady increase in volume on a QoQ basis. The launch of gSutent as a sole generic should help Sun Pharma to offset the loss in Absorica volume during the quarter.