ICRA: The drug firms revenue to range in the current fiscal year
On Friday, the rating agency ICRA said it expects a 7 to 0 per cent growth in some leading pharmaceuticals in the current fiscal year due to the tremendous increase in the spread of coronavirus.
ICRA vice president and sector head Gaurav Jain said,” Revenue growth for the sample set (21 companies) is estimated at 7-9 per cent in FY2022 and 8-11 per cent in FY2023, supported by gradual recovery post the initial impact of Covid-19.”
The vice president further added that the sample set is expected to witness a year-on-year growth of 5 to 7 per cent in US business, 6 to 8 per cent in the domestic market formulation and 8 to 10 per cent in European business.
Jain added sensitivity to the growth of depreciation of the INR against USD/GBP/EUR in the US and European business markets was seen.