 "An Abbott company logo is pictured at the reception of its office in Mumbai")
The stock of the country’s second-largest drug firm by market share, Abbott India, is down 13 per cent from its highs in August. Lower than expected revenues in the June quarter for the 2022-23 financial year (Q1FY23), muted margins and premium valuations led to the decline. Despite the miss, the Street believes that its chronic therapy portfolio and brands would help sustain double-digit growth ahead, as was the case in August, when it outperformed the pharmaceutical market with a growth of 14.3 per cent.
Commenting on the pharma sector sales (based on consultancy IQVIA data) for August, JM Financial highlights
