
We expect stocks within our pharmaceutical universe to report low double-digit YoY revenue growth (~10%) during 4QFY25. Seasonal weakness in the domestic business could cause a QoQ slow down. We expect select companies in the US to benefit from the ramp up in generic Revlimid [Zydus Life (ZYDUSLIF IN) and Sun Pharmaceuticals (SUNP IN)]. While Cipla (CIPLA IN) may benefit from a revival in generic lanreotide sales (supply issues getting sorted), Lupin (LPC IN) may see a gain in its US portfolio from seasonality (flu and antibiotics).
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