We remain positive on the pharma sector for next year as we expect growth in India formulations to revive to 10-11%, cost control measures undertaken during the pandemic to aid profitability, and positive growth in U.S. sales on a corrected base coupled with normalised price erosion.

Pharma companies under our coverage witnessed an average 58% increase in stock prices over the past one year largely due to improved profitability and valuation rerating given growth visibility.

U.S. Food and Drug Administration inspections have been restricted in CY20 due to the pandemic and would resume once the Covid-19 situation normalises.

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