Q3FY2009 Pharma earnings review
A clear slowdown
Barring a few companies like Torrent Pharmaceuticals (Torrent), Lupin, Opto Circuits (Opto) and Cadila Healthcare (Cadila), most companies in our pharmaceutical universe delivered a disappointing performance during Q3FY2009. Most companies were affected to varying extents by the ongoing economic downturn, which has resulted in a liquidity crunch amongst global players and biotechnology companies, and also led to a turmoil in the currency markets, where most currencies have depreciated sharply against the US Dollar. The overall slowdown in product approvals from the US Food and Drug Administration (USFDA) and a consequent reduction in new product launches are also reflected in the subdued performance of most generic companies.
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