Pharma – Apr-Jan’26 Earnings Preview – Another quarter of domestic growth, currency tailwinds
Published on 09 Jul 2026
Pharmaceutical companies under our coverage are expected to see muted EBITDA growth of 1% YoY (up 12% QoQ) in Q1FY27. The primary drag continues to be a high base in the US segment. However, strong domestic growth and currency tailwinds will help drive growth. Strong traction in chronic therapies, and recovery in acute demand are expected to drive robust growth in the domestic formulations business. Launch of generic semaglutide following the Mar’26 patent expiry is expected to further support domestic growth and will be a key monitorable over the coming quarters. Meanwhile, the US business is likely to remain under pressure due to lower gRevlimid sales and continued pricing erosion in select generic products, although companies with exposure to complex generics, specialty products and limited-competition launches should continue to outperform. Our top picks are: SUNP, AJP, IPCA and ANTHEM.
