Sindusfarma monthly prescription (Jul.23): Modest Acceleration
Sindusfarma data reported some modest acceleration of sell-in sales in July (+11.6% y/y, reaching +16.0% y/y LTM), mainly driven by pricing as volumes remained broadly stable y/y. Moreover, sell-out sales improved modestly to +8.0% y/y in July (vs. 6.9% y/y in June), reaching +13.0% on a LTM basis. Of note, generic sales continued to fare batter with sell-in/sell-out reaching +18.6/11.1% y/y (or +13.8/16.1% y/y LTM). Albeit gradually evolving from a weaker June, the industry growth continues to be constrained by tough volume comps in 2022, which, in fairness, might start to subsidize more meaningfully by Q4.