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India’s leading pharmaceutical companies are expected to deliver a mixed performance in the September quarter, with growth primarily supported by domestic formulations, specialty products and emerging markets.

However, pricing pressures, generic competition, higher raw material costs and a high base in the US market are likely to weigh on some companies. Sun Pharmaceutical Industries, Aurobindo Pharma, Torrent Pharmaceuticals and Divi’s Laboratories are expected to emerge among the stronger performers. In contrast, Dr Reddy’s Laboratories, Lupin and Cipla may face pressure due to the absence of the high-margin opportunities available in the year-ago period and intensifying competition in key products.