Lupin expects single digit growth in FY19

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Lupin expects single digit growth in its business for FY19 due to sluggish growth in US market. However it expects other markets like Latin America, South Africa and India to grow in double digits.

Why is this important

Even though pharma stocks seem to have bottomed out as far as valuations are concerned, the recent commentary by the management seems to indicate that it will take time for Lupin to grow its US business in double digits. Also for the first time in FY18, Lupin had seen its revenues decline in FY17.

How stock to be impacted?

The commentary is negative for Lupin (CMP: Rs 902, M.cap: Rs 40795,  22.5x FY20E PE).

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