Goldman Sachs notes mixed trends in November for Indian contract development and manufacturing organizations (CDMOs). Monthly export figures showed variability, with Neuland Labs recording a sharp 276% YoY rise and Piramal Pharma posting a 31% YoY increase. Conversely, Divis saw modest 5% YoY growth, while Laurus Labs witnessed a 29% YoY decline.
The firm attributes the decline to lower-margin dilutive products and reduced pricing power. Goldman Sachs prefers names like Syngene and Neuland Labs for their growth potential, while maintaining a cautious view on Divis and Laurus Labs.
With export variability persisting, the brokerage suggests that stronger product pipelines and niche strategies will be key for sustained growth among Indian pharma exporters.
