Aurobindo Pharma's Q1 a miss, but much better than peers

Europe, second largest contributor to revenue (25%) did support with sales growing 10.4% y-o-y

Aurobindo Pharma's performance for the June quarter missed expectations. US sales (nearly half of revenue) declined by half a per cent year-on-year compared to analysts expectation of a flat to three per cent year-on-year growth. However, it is the rupee appreciation that played a spoilsport, as US sales in constant currency terms grew three per cent year-on-year and seven per cent sequentially.

Nevertheless, Europe, the second largest contributor to revenue (25 per cent) did support with sales growing 10.4 per cent year-on-year and 18.1 per cent sequentially. The business acquired from Actavis continues to contribute to profitability as Aurobindo has transferred