The domestic formulations market is something everyone seems to be targeting. Most companies are talking about 20% growth from domestic formulations. Where is this coming from? In some cases, it could just be a case of pushing new products into the market. This means there may be no end to customer pull yet -- the sales may just be at the primary and secondary level, not tertiary (final consumer level). With the stock market going the way it is, there is strong incentive to show growth somewhere.
So the time to get positive on pharma is not around yet. Lets see one more quarter.