Torrent Outlook Muted On COVID-19, Regulatory Concerns
Levittown Unit Production Seen In Fiscal Q3
After a tepid performance in the fiscal fourth quarter, Torrent expects its key markets India, US and Brazil to be impacted by the COVID-19 fallout as well as a lack of visibility on regulatory approvals for its manufacturing facilities.
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An early assessment of the impact of COVID-19 on the Indian pharmaceutical market by IQVIA suggests a significant tapering of growth in 2020, along the lines of similar expectations in some other Asian nations. Some industry experts are endorsing the strained outlook, at least for now.
Torrent has tempered FY21 US growth expectations while it plans to put Dahej, Indrad and Levittown plants up for FDA inspection in 2020. Meanwhile, products launched in India, including remoglifozin in-licensed from Glenmark, have shown an encouraging uptake.
US private equity firm KKR is to acquire a majority stake in JB Chemicals, accelerating the Indian group's growth plans in branded formulations. Post a 54% stake acquisition for $414m via part-purchase from the founders and an open offer at INR745 per share, KKR's final stake could rise to 64.9% if founders offer more shares.