Bank of Amrica Merrill Lynch (BoA-ML) expects growth momentum for the pharma universe to sustain with sales growth of 24%, EBITDA growth of 28% and PAT growth of 28% in 1QFY15.

''While revenue growth will largely be driven by continued momentum in the US, strong growth in the RoW markets, higher currency realization (up 7% YoY; down 3% QoQ), 150bp core margin expansion should drive bottom-line growth, in our view. On the domestic front, we expect healthy double-digit growth with a focus on FY15 outlook,'' it said.

''We see strong traction in Dr Reddy's, Cadila Healthcare, Lupin and Aurobindo, while Cipla should have a moderate performance in 1Q. We expect Cipla's EBITDA margins to return to the 19.5%-20% range vs 17% in 2HFY14. We expect 13% PAT growth for Sun Pharma and Glenmark.''

''We see strong US growth at Dr Reddy's, CDH, Lupin and Aurobindo Pharma, driven by continued accretion from limited-competition/complex products, including gDoxil (Sun), gCymbalta, Zymaxid and Niacin (Lupin), Vidaza and Dacogen (DRRD). We expect higher base effect to impact Sun Pharma's ex-Taro growth in the US, while Glenmark's US business to be impacted due to lack of approvals,'' it added.

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