YES SECURITIES ON PHARMA
Key takeaways from the data include
1) Persistent lack of meaningful new approvals that can help support US in Q4 or beyond
2) Barring a few, most approvals across companies are fairly commoditized in nature
3) New approvals particularly for players like Alembic continue to remain lackluster; indeed, Alembic has hit a drought in terms of fresh approvals which is also true for large volume players like Aurobindo and Zydus
4) Torrent Pharma has garnered ~9 approvals albeit most of them genericized as FDA likely cleared backlog including potentially decent ones like Sevelamer Carbonate.
5) Lupin – Mirabegron sees another approval (Apotex) and it may be launched in the next 6 months as earlier indicated by Lupin. Overall, we keep an eye on current month approvals and if the trend of previous months continue, base business performance would gain significance vis-à-vis new launch contribution.
Expect Torrent, Alkem to do incrementally better in Q4 in US while stick to AJP, SYNG, JBCP as top picks.
Key takeaways from the data include
1) Persistent lack of meaningful new approvals that can help support US in Q4 or beyond
2) Barring a few, most approvals across companies are fairly commoditized in nature
3) New approvals particularly for players like Alembic continue to remain lackluster; indeed, Alembic has hit a drought in terms of fresh approvals which is also true for large volume players like Aurobindo and Zydus
4) Torrent Pharma has garnered ~9 approvals albeit most of them genericized as FDA likely cleared backlog including potentially decent ones like Sevelamer Carbonate.
5) Lupin – Mirabegron sees another approval (Apotex) and it may be launched in the next 6 months as earlier indicated by Lupin. Overall, we keep an eye on current month approvals and if the trend of previous months continue, base business performance would gain significance vis-à-vis new launch contribution.
Expect Torrent, Alkem to do incrementally better in Q4 in US while stick to AJP, SYNG, JBCP as top picks.
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