The pharma stocks have been under pressure today. The Nifty Pharma Index is down 0.74% while the BSE Healthcare Index is down 0.53%. Some of the top losers include Ajanta Pharma, Mankind, Torren Pharma, Lupin and Cipla, down about 2-4% each in intra-day trade. Nomura, in a sector report, highlighted thekey sales and prescription trends in the pharma space. Here are some of the top Buy recommendations.
Nomura’s top Buy recommendation in pharma sector
Dr. Reddy’s: Nomura has a Buy rating on the stock with a target of . Over the past 12 months, Dr Reddy’s has lost market share in key generic products (Suboxone, Vascepa, Ciprodex) due to additional competition. According to Nomura, “the market share in these products have now stabilised, and it recorded marginal improvement sequentially in March quarter. Dr Reddy’s launched Liothyronine tablets in June 2024 and is the largest player in the US with a 32% market share in Mar 2025.
Cipla: Nomura has a Buy call on Cipla too. According to them, “Albuterol’s market share was at 19% in Mar 2025 after the dip to 17% recorded in January 2025.” They stated, Cipla’s sales/volume market share in Lanreotide injection at 13%/16% in March 2025. The pharma major recorded marginal improvement QoQ. The company expects supplies to be restored to pre-disruption levels in Q1FY26E.
Lupin: This is another stock that Nomura has a Buy call on. According to them, the gSpiriva market share recorded an uptick to 34% between January-March from the stable levels of 29-30%. Albuterol’s market share declined 180 bps MoM to 18% in March 2025. Nomura added, “in new launches, gMyrbetriq’s 25mg/50mg share was at 14%/15%. The company launched gPredForte ($200 m) with 180 days CGT exclusivity and its market share increased to 17% in March from 5% in January.
Zydus: The other stock that Nomura has a Buy rating on is Zydus. “There is an ongoing litigation on formulation patent ‘780 for the drug gMyrbetriq that presented some uncertainty on sustenance of the sales for Zydus and Lupin in the near-term,” Nomura added. Based on the developments so far, Nomura explained that they “think the sales upside can sustain in FY26 with potential upside to our FY26 and FY27 estimates.” Zydus’ market share in the gOrthoEvra transdermal patch increased to 37%.