15 April 2015
Sector Update| Healthcare
Sector Update
Healthcare
Performance of top companies:
March 2015
Company
YoY Growth (%)_
4Q
FY15
IPM
Abbott India
Sun Pharma
Cipla
Zydus Cadila
Mankind
Alkem
GSK Pharma
Lupin
Sanofi
Torrent Pharma
Glenmark Pharma
Dr Reddy Labs
Ipca Labs
Alembic Pharma
Biocon
17.3
19.9
12.6
20.5
6.7
20.2
16.0
6.6
20.9
28.7
27.5
24.4
17.4
24.7
14.8
15.7
Mar-
15
20.9
23.9
15.0
24.9
9.1
28.7
19.8
10.8
32.4
30.8
30.5
28.1
24.1
12.2
19.1
11.6
Indian Pharma Market – closing the year on a high note
§
§
§
§
§
Indian Pharma Market (IPM) grew 20.9% YoY to INR74b in March 2015, resulting
in an annual growth of 12.9% for the industry (FY15), valued at INR864b.
4QFY15 growth stood at 17.3% YoY, the highest in last two years.
Lupin reported the highest growth in March at 32.4% while 4Q growth stood at
21% YoY on improved traction in Respiratory, CVS and Anti-Diabetic space.
Sanofi (30.8% YoY), Torrent (30.5% YoY), Mankind (28.7%) and Glenmark
(28.1%) also outperformed IPM’s growth in March (4Q growth was also in
excess of 20% YoY).
Post Sun+Ranbaxy merger, the combined entity’s (Sun) sales grew 15% YoY in
March and 12.6% in 4Q. Acute portfolio of Ranbaxy dragged the overall growth
for the combined entity. Sun Pharma’s domestic sales grew 20%, while
Ranbaxy’s sales rose by 6.8% in March 2015.
Insulin and Gliptins continue to lead the overall growth in Anti-diabetic therapy,
making it the fastest growing therapy in India. Derma segment also grew 18.6%
YoY in 4Q (19.2% YoY in March), registering the seventh consecutive quarter of
double digit growth.
Other therapies which grew in excess of 20% YoY (in March) include – Anti-
infective (22% YoY), Gastro (23.4% YoY) and Respiratory (27.8% YoY).
In value terms, DPCO listed products grew at 1.6% YoY, while the non-DPCO
products registered 21.7% YoY growth.
Volume-wise, DPCO and non-DPCO categories registered unit growth at 9.5%
and 13% respectively.
DPCO brand growth for the following companies exceeded expectations: Pfizer
(+25.6%), Ranbaxy (+27.6%), GSK (+12.2%) and Abbott (+15.5%).
Lupin, Sanofi, Torrent and Glenmark grew in excess of 25%
Anti-diabetic therapy continued to dominate therapies (in growth)
§
§
DPCO v/s non-DPCO Market (March 2015)
§
§
§
Exhibit 1: Volume and price increase drive IPM (quarterly trend)
Volume growth (%)
Price growth (%)
New Product growth (%)
17.3
3.2
5.2
3.1
4.8
2.8
Sep-14
Dec-14
Mar-15
8.9
13.2
10.4
6.1
7.5
3.6
3.4
1.5
1.2
Dec-13
3.6
1.4
2.5
Mar-14
1.7
5.1
Jun-14
6.8
3.3
3.1
10.7
Source: AIOCD, MOSL
Arvind Bothra
(Arvind.Bothra@MotilalOswal.com); +91 22 3982 5584
Amey Chalke
(Amey.Chalke@MotilalOswal.com); +91 22 3982 5423
15 April 2015
advised to refer through disclosures made at the end of the Research Report.
Investors are
1
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

Sector Update| Healthcare
Indian Pharma Market - March 2015
Exhibit 2: Performance of top companies: March 2015
Company
MAT Mar-15
Value
Market Growth
(INR m)
Share (%)
(%)
Last 8 quarters in growth (%)
Monthly
growth
Mar-15
Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15
8.7
15.2
8.0
7.4
18.1
9.3
15.5
13.4
4.8
13.2
12.6
6.6
11.6
7.9
4.5
9.1
1.4
5.2
6.2
(0.1)
9.7
13.2
(0.8)
2.1
15.7
7.0
5.1
39.9
6.5
8.4
4.5
6.3
8.2
4.2
14.7
(16.5)
11.0
(4.6)
(0.6)
20.8
6.4
(19.4)
13.4
53.8
7.6
12.0
4.7
4.2
7.4
3.5
16.8
(9.1)
3.7
(5.7)
3.2
15.8
4.2
(8.9)
10.7
39.1
10.4
11.0
3.5
9.2
9.4
13.3
15.7
(8.0)
25.4
3.5
5.8
14.6
9.9
19.7
11.2
34.3
13.3
12.5
9.8
21.4
9.4
18.3
15.8
2.4
13.9
10.0
12.6
15.5
13.7
17.6
15.3
20.7
10.7
11.9
9.2
10.7
7.1
13.9
7.6
5.9
14.2
15.2
19.8
14.8
7.9
11.6
8.7
5.8
17.3
12.6
19.9
20.5
6.7
20.2
16.0
6.6
20.9
28.7
27.5
24.4
17.4
24.7
14.8
15.7
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Alkem
GSK Pharma
Lupin
Sanofi
Torrent Pharma
Glenmark
Pharma
Dr Reddy Labs
Ipca Labs
Alembic Pharma
Biocon
864,103
76,946
53,782
43,375
36,461
31,183
30,838
30,372
29,447
21,944
19,734
19,211
18,238
12,002
11,655
3,190
100.0
8.9
6.2
5.0
4.2
3.6
3.6
3.5
3.4
2.5
2.3
2.2
2.1
1.4
1.3
0.4
12.9
12.0
10.5
15.5
8.1
16.4
13.7
1.4
18.4
13.9
16.2
17.4
12.2
18.1
12.5
18.2
20.9
15.0
23.9
24.9
9.1
28.7
19.8
10.8
32.4
30.8
30.5
28.1
24.1
12.2
19.1
11.6
(0.2) (10.9)
(14.6) (10.2)
Source: AIOCD, MOSL
Exhibit 3: Performance of top therapies: March 2015
Therapy
MAT Mar-15
Last 8 quarters in growth (%)
Monthly
growth
Value Market Growth
Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
(INR m) Share (%) (%)
864,103
137,639
107,083
99,379
77,984
68,338
66,916
60,382
52,043
49,552
43,467
15,856
14,382
13,943
100.0
15.9
12.4
11.5
9.0
7.9
7.7
7.0
6.0
5.7
5.0
1.8
1.7
1.6
12.9
9.7
14.2
12.2
8.7
5.8
6.7
9.1
4.5
(2.4)
7.7
2.9
7.2
9.7
13.6
1.0
6.8
12.1
(0.1)
8.2
6.6
10.9
6.5
(2.5)
8.6
9.1
9.5
10.1
16.9
3.1
6.0
15.3
0.9
11.7
6.0
16.0
7.6
2.1
7.8
9.0
9.9
9.8
16.4
4.8
7.8
15.9
0.5
10.0
3.1
21.6
10.4
6.2
11.4
11.7
10.6
14.1
19.7
9.2
6.9
17.3
6.2
10.3
2.3
28.4
13.3
11.8
12.4
14.8
13.7
13.9
25.3
13.0
8.7
14.6
8.2
14.5
8.0
32.9
10.7
5.3
12.0
12.2
11.4
7.9
24.3
8.6
9.7
16.4
7.1
17.3
6.9
15.2
Mar-15
17.3
5.9
15.3
13.7
12.3
9.1
28.2
10.1
12.2
18.6
8.7
14.2
8.1
Mar-15
20.9
22.0
19.1
23.4
14.9
27.8
32.9
16.5
12.5
19.2
15.3
20.1
12.5
IPM
Anti-Infectives
Cardiac
Gastro Intestinal
Vitamins / Minerals /
Nutrients
Respiratory
Anti Diabetic
Pain / Analgesics
Neuro / Cns
Derma
Gynaecological
Ophthal And
Otologicals
Hormones
Anti-Neoplastics
13.0 10.4
14.1 13.4
25.0 15.2
11.3
16.6
8.2
32.7
7.8
9.9
0.9
6.2
9.3 11.7
6.9 18.8
23.1 21.1
16.9
20.3
Source: AIOCD, MOSL
15 April 2015
2

Sector Update| Healthcare
Story in charts: Sun + Ranbaxy = Dominant player in IPM
Exhibit 4: Overall leadership in IPM therapies
Sun Pharma
MAT
Value
12,590
8,610
140
6,950
5,580
1,990
1,310
160
3,150
1,900
1,930
400
1,070
480
280
10
180
190
30
MAT
Growth
(%)
17.1
9.3
13.6
23.1
20.3
12.7
26.7
61.7
-0.4
12.5
16.1
39.7
1.4
30.6
3.8
5
-8.8
-9
Sun + Ranbaxy
MAT
Value
13,580
13,070
9,190
8,860
6,450
5,600
3,540
3,300
3,180
2,950
1,930
1,600
1,540
530
410
390
340
220
180
MAT
Growth
(%)
15.8
13.5
16.8
21.3
20
2
-18
17.2
-0.9
9
16.1
35.8
-1
27.6
9
4.1
9.6
4.6
1.3
Ranbaxy
MAT
Value
1,000
4,460
9,050
1,900
860
3,600
2,230
3,140
20
1,050
-
1,200
470
50
130
370
150
30
140
MAT
Growth
(%)
1.4
22.5
16.9
15.3
17.7
-3.1
-32
15.6
-40.6
3.2
-81.7
34.6
-6.2
4.3
22.1
4.1
45.5
8.1
1.3
Therapies
Neuro/CNS
Cardiac
Anti-Infectives
Gastro Intestinal
Anti-Diabetic
Pain / Analgesics
Vitamins
Derma
Gynaecological
Respiratory
Ophthal
Urology
Hormones
Blood Related
Anti-Neoplastics
Sex Stimulants
Others
Anti Malarials
Vaccines
Rank
1
1
63
1
3
8
22
46
3
9
2
6
5
6
16
21
14
20
37
Rank
1
1
5
1
3
1
4
3
3
7
2
2
5
4
12
3
4
6
16
Rank
15
8
5
17
22
1
8
3
100
20
67
2
8
39
21
3
19
6
16
Source: AIOCD, MOSL
Exhibit 5: Therapy mix (Sun Pharma)
Exhibit 6: Therapy mix (Sun + Ranbaxy)
Neuro/CNS
Cardiac
Anti-Infectives
Gastro Intestinal
Anti-Diabetic
Pain / Analgesics
Vitamins
Derma
Gynaecological
Others
Source: AIOCD, MOSL
Sun Pharma
14%
7%
3%
0%
4%
12%
15%
0%
18%
27%
Sun + Ranbaxy
13%
4%
4%
5%
7%
8%
18%
17%
12%
12%
Neuro/CNS
Cardiac
Anti-Infectives
Gastro Intestinal
Anti-Diabetic
Pain / Analgesics
Vitamins
Derma
Gynaecological
Others
Source: AIOCD, MOSL
15 April 2015
3

Sector Update| Healthcare
Exhibit 7: Top 12 products of combined entity
Brand
Volini
Revital
Gemer
Rosuvas
Pantocid
Susten
Istamet
Levipil
Mox
Storvas
Aztor
Pantocid DSR
Therapy
Pain / Analgesics
Vitamins
Anti Diabetic
Cardiac
Gastro Intestinal
Gynaecological
Anti Diabetic
Neuro / Cns
Anti-Infectives
Cardiac
Cardiac
Gastro Intestinal
MAT Value
2,121
1,596
1,318
1,290
1,257
1,202
1,165
1,159
1,067
1,034
970
940
Sun/Ranbaxy
Ranbaxy
Ranbaxy
Sun Pharma
Ranbaxy
Sun Pharma
Sun Pharma
Sun Pharma
Sun Pharma
Ranbaxy
Ranbaxy
Sun Pharma
Sun Pharma
Source: AIOCD, MOSL
Exhibit 8: Last 9 quarters growth (%)
Sun Pharma
25
20
15
10
5
-
(5)
20
17
13
7
Ranbaxy
Sun + Ranbaxy
IPM
Source: AIOCD, MOSL
Exhibit 9: Monthly growth trend of Revital (Ranbaxy) and Istamet (Sun Pharma)
Revital (%)
47
-18
55
61
45
-10
50
48
-12
-35
-37
-73
-81
-94
-98
Istamet (%)
58
68
55
59
56
44
-14
44
-18
-18
-17
Source: AIOCD, MOSL
15 April 2015
4

Sector Update| Healthcare
Sun Pharma
Exhibit 10: Top 10 Drugs
Drug
Therapy
Pain / Analgesics
Vitamins
Anti Diabetic
Cardiac
Gastro Intestinal
Gynaecological
Anti Diabetic
Neuro / Cns
Anti-Infectives
Cardiac
MAT Mar 15
Value(INR Growth(%) Mkt Share
76,946
2,121
1,596
1,318
1,290
1,257
1,202
1,165
1,159
1,067
1,034
12.0
(5.3)
(39.9)
14.8
37.6
14.7
29.1
53.7
32.8
12.2
12.9
13.3
0.4
0.3
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.2
Growth (%)
3M Mar-15
12.6
(2.9)
(91.1)
14.4
40.2
19.4
24.2
56.7
33.3
18.0
22.3
15.0
(2.0)
(97.5)
18.5
38.2
21.8
25.5
56.1
33.1
23.3
22.2
After merging with
Ranbaxy, Sun’s overall
growth reduced to 12% YoY
(on MAT basis)
Total
Volini
Revital
Gemer
Rosuvas
Pantocid
Susten
Istamet
Levipil
Mox
Storvas
5 out of top 10 brands are
coming from Ranbaxy
portfolio – Volini, Revital,
Rosuvas, Mox and Strovas
Source: AIOCD, MOSL
Exhibit 11: Therapy Mix (%)
Share
Total
100.0
17.7
17.0
11.9
11.5
8.4
7.3
Neuro / Cns
Cardiac
Anti-Infectives
Gastro Intestinal
Anti Diabetic
Pain / Analgesics
MAT Growth
12.0
15.8
13.5
16.8
21.3
20.0
2.0
3M
12.6
18.8
17.8
19.4
25.6
27.5
5.4
Mar 15 Growth
15.0
21.4
20.4
21.8
27.9
30.1
11.5
Chronic mix reduced to
43%, post Ranbaxy merger
Source: Source: AIOCD, MOSL
Exhibit 12: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
17.2
12.7
12.3
57.9
MAT growth (%)
12.0
5.6
14.7
19.3
12.0
Growth Contribution (%)
100.0
8.5
15.2
18.5
57.8
Source: AIOCD, MOSL
Exhibit 13: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
56
56
18
11
18
12
Acute growth (%)
56
18
13
56
17
13
56
16
13
43
10
15
Exhibit 14: Growth distribution (%) (MAT Mar’15)
56
19
12
6.5
3.0
2.5
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
New product GR (%)
Source: AIOCD, MOSL
15 April 2015
5

Sector Update| Healthcare
Cipla
Exhibit 15: Top 10 Drugs
Drug
Therapy
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Anti-Infectives
Anti-Infectives
Respiratory
Cardiac
March 2015 growth at 25%
YoY for Cipla, much ahead
of market growth at
20.9% YoY
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
43,375
1,697
1,398
1,316
1,310
1,092
991
819
817
668
640
15.5
21.0
(0.2)
20.3
9.8
18.0
7.4
26.6
(2.3)
25.7
30.8
7.5
0.3
0.2
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
Growth (%)
3M
Mar-15
20.5
30.4
11.0
32.6
19.6
22.9
6.9
32.2
13.4
33.8
36.1
24.9
31.3
14.2
42.3
21.5
20.0
8.0
34.7
21.0
38.0
35.9
Total
Foracort
Asthalin
Budecort
Seroflo
Duolin
Aerocort
Azee
Novamox
Montair Lc
Dytor
Source: AIOCD, MOSL
Respiratory therapy (31% of
sales) continues to
dominate Cipla’s domestic
portfolio
Exhibit 16: Therapy Mix (%)
Share
Total
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
100.0
30.6
26.7
12.6
7.3
4.5
3.4
MAT Growth
15.5
13.4
18.9
17.2
6.1
29.6
28.3
3M
20.5
20.4
23.9
20.0
16.0
43.4
21.8
Mar 15 Growth
24.9
23.9
27.5
23.8
16.5
45.4
27.9
Smaller brands (above top
50) are contributing 41% of
overall MAT growth
Source: Source: AIOCD, MOSL
Exhibit 17: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.8
17.1
16.0
42.2
MAT growth (%)
15.5
13.8
17.3
18.2
14.8
Growth Contribution (%)
100.0
22.4
18.8
18.3
40.5
Source: AIOCD, MOSL
Exhibit 18: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
41
14
8
41
14
9
41
14
9
41
14
10
Acute growth (%)
41
14
11
41
15
14
41
16
15
Exhibit 19: Growth distribution (%)(MAT Mar’15)
11.9
2.2
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
1.5
New product GR (%)
Source: AIOCD, MOSL
15 April 2015
6

Sector Update| Healthcare
Cadila Healthcare
Exhibit 20: Top 10 Drugs
Drug
Therapy
Derma
Cardiac
Gynaecological
Respiratory
Gastro Intestinal
Cardiac
Cardiac
Anti Malarials
Anti-Infectives
Hormones
March growth at 9.1% for
Cadila, much below the
market growth of 20.9%
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
36,461
1,827
1,151
1,103
987
912
693
641
556
555
519
8.1
26.5
23.6
0.1
8.8
(4.0)
(1.9)
(16.1)
11.5
1.7
(24.7)
6.3
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
Growth (%)
3M
Mar-15
6.7
24.1
23.5
(27.3)
4.8
4.2
(1.6)
(7.1)
37.3
8.1
(36.5)
9.1
20.7
28.8
(19.7)
8.3
18.0
8.8
10.3
20.2
4.3
(40.8)
Total
Skinlite
Atorva
Mifegest Kit
Deriphyllin
Pantodac
Amlodac
Aten
Falcigo
Ampilox
Dexona
Source: AIOCD, MOSL
Gastro intestinal portfolio
has been consistently
underperforming the
company growth
Exhibit 21: Therapy Mix (%)
Share
Total
Cardiac
Anti-Infectives
Gastro Intestinal
Gynaecological
Respiratory
Derma
100.0
16.7
13.4
12.7
10.8
9.7
7.8
MAT Growth
8.1
10.4
8.6
(3.4)
8.0
13.9
27.0
3M
6.7
10.2
0.8
(0.3)
2.8
15.6
25.2
Mar 15 Growth
9.1
16.7
4.4
3.1
2.4
21.7
21.9
75% of growth is coming
from brands above 25
(smaller brands)
Source: Source: AIOCD, MOSL
Exhibit 22: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.5
16.7
14.6
44.1
MAT growth (%)
8.1
4.8
4.7
21.0
7.6
Growth Contribution (%)
100.0
14.8
10.1
33.7
41.4
Source: AIOCD, MOSL
Exhibit 23: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
29
13
6
29
12
6
29
12
6
29
12
8
Acute growth (%)
Exhibit 24: Growth distribution (%)(MAT Mar’15)
29
11
7
29
11
8
30
12
4.9
7
0.6
Vol GR (%)
Price GR (%)
New product GR (%)
Source: AIOCD, MOSL
2.7
Source: AIOCD, MOSL
15 April 2015
7

Sector Update| Healthcare
GSK Pharma
Exhibit 25: Top 10 Drugs
In March 2015, Augmentin
(NLEM brand) grew 42.5%
YoY, 4Q growth stood at
30% YoY
Drug
Total
Augmentin
Calpol
Synflorix
Zinetac
Ceftum
Anti-Infectives
Pain / Analgesics
Vaccines
Gastro Intestinal
Anti-Infectives
Derma
Hormones
Derma
Derma
Hormones
Therapy
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
30,372
1.4
5.3
3,197
1,560
1,519
1,496
1,244
1,183
1,174
1,136
937
851
21.1
(2.9)
59.5
(0.2)
20.6
18.2
(5.3)
13.3
20.9
23.0
0.6
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.2
0.1
Growth (%)
3M
Mar-15
6.6
10.8
30.0
18.1
50.1
8.8
7.1
12.3
(1.3)
29.9
15.4
67.8
42.5
22.1
52.0
6.9
9.4
16.0
3.1
27.0
18.3
75.9
Derma, 20% of sales,
supports overall growth for
GSK Pharma
Betnovate N
Eltroxin
Betnovate C
T Bact
Betnesol
Source: AIOCD, MOSL
Exhibit 26: Therapy Mix (%)
Share
Total
Anti-Infectives
Derma
Vaccines
Pain / Analgesics
Vitamins / Minerals / Nutrients
Hormones
100.0
25.9
19.6
12.0
8.7
7.2
6.9
MAT Growth
1.4
4.7
13.2
(2.0)
(7.2)
(2.2)
2.0
3M
6.6
1.6
16.9
(0.3)
13.2
2.0
19.6
Mar 15 Growth
10.8
6.2
20.5
11.2
10.1
2.7
26.6
Most of the smaller and
medium sized brands are
showing de-growth on
MAT basis
Source: Source: AIOCD, MOSL
Exhibit 27: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
47.1
21.3
15.1
16.5
MAT growth (%)
1.4
14.9
(5.8)
(1.7)
(16.0)
Growth Contribution (%)
100.0
443.2
(95.5)
(19.3)
(228.4)
Source: AIOCD, MOSL
Exhibit 28: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
14
14
Acute growth (%)
14
14
(3)
0
13
(1)
1
13
1
2
Exhibit 29: Growth distribution (%) (MAT Mar’ 15)
9
(12)
(6)
(8)
(3)
(6)
(1)
(4)
(1)
1.2
Vol GR (%)
Source: AIOCD, MOSL
0.1
Price GR (%)
0.0
New product GR (%)
Source: AIOCD, MOSL
15 April 2015
8

Sector Update| Healthcare
Lupin
Exhibit 30: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Cardiac
Respiratory
Cardiac
Anti-Infectives
Gastro Intestinal
Gastro Intestinal
Respiratory
Anti-Infectives
Anti-Infectives
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
29,447
1,214
925
726
506
498
470
449
439
429
389
18.4
19.8
14.6
32.5
9.4
13.6
17.7
9.7
20.4
1.1
(0.1)
5.1
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Growth (%)
3M
Mar 15
20.9
10.8
30.0
51.4
13.8
7.5
32.1
17.3
39.1
(3.6)
0.9
32.4
26.8
35.4
91.7
17.0
37.8
40.5
32.4
47.0
22.8
20.1
In March, Lupin grew at
32.4% YoY, the highest in
companies under our
coverage
Total
Gluconorm-G
Tonact
Budamate
Ramistar
R-Cinex
Rablet-D
Rablet
Esiflo
Merotrol
Tazar
Source: AIOCD, MOSL
Most of the top therapies –
Respiratory, CVS, Anti
Diabetic and Gastro - grew
in excess of 30% YoY for
March
Exhibit 31: Therapy Mix (%)
Share
Total
Cardiac
Anti-Infectives
Respiratory
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
100.0
24.6
23.5
11.8
10.4
7.7
5.9
MAT Growth
18.4
21.1
8.7
22.7
26.5
14.0
15.1
3M
20.9
24.2
9.1
32.0
23.6
22.2
16.1
Mar 15 Growth
32.4
30.7
25.9
51.0
34.8
33.4
24.8
Source: Source: AIOCD, MOSL
55% of MAT growth is
coming from smaller brands
(above 50) for Lupin
Exhibit 32: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
20.5
16.7
17.4
45.4
MAT growth (%)
18.4
15.0
13.1
15.8
23.2
Growth Contribution (%)
100.0
17.2
12.4
15.3
55.0
Source: AIOCD, MOSL
Exhibit 33: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
46
15
11
46
15
11
46
15
10
47
16
9
Acute growth (%)
47
16
8
47
20
11
47
23
15
Exhibit 34: Growth distribution (%) (MAT Mar’ 15)
10.8
4.3
3.4
Vol GR (%)
Price GR (%)
New product GR (%)
Source: AIOCD, MOSL
Source: AIOCD, MOSL
15 April 2015
9

Sector Update| Healthcare
Sanofi India
Exhibit 35: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Pain / Analgesics
Vaccines
Respiratory
Cardiac
Cardiac
Anti Diabetic
Neuro / CNS
Vaccines
Anti-Infectives
In March, Sanofi grew at
30.8% YoY, much higher
than the market growth of
20.9% YoY
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
21,944
2,208
1,573
1,440
1,101
1,090
1,048
830
812
765
744
13.9
29.8
18.6
(23.8)
26.1
32.0
(11.1)
33.1
25.7
78.9
63.5
3.8
0.4
0.3
0.2
0.2
0.2
0.2
0.1
0.1
0.1
0.1
Growth (%)
3M Mar-15
28.7
29.2
13.9
125.5
22.4
58.8
(18.4)
25.1
14.5
83.2
147.4
30.8
23.7
21.7
479.2
28.2
56.8
(15.1)
23.0
12.1
51.0
121.2
Total
Lantus
Combiflam
Pentaxim
Allegra
Clexane
Cardace
Vaccines portfolio reported
highest growth for the
company at 145% YoY in
March and 98% YoY in 4Q
Amaryl M
Frisium
Avaxim
Targocid
Source: AIOCD, MOSL
Exhibit 36: Therapy Mix (%)
Share
Total
Anti Diabetic
100.0
21.7
18.7
14.7
10.3
9.4
8.6
MAT Growth
13.9
24.1
14.8
(2.9)
14.0
18.9
17.1
3M
28.7
18.1
18.6
98.0
17.8
7.9
24.1
Mar 15 Growth
30.8
14.3
21.0
145.3
24.0
8.9
28.8
80% of growth is driven by
volumes
Cardiac
Vaccines
Pain / Analgesics
Neuro / CNS
Respiratory
Source: Source: AIOCD, MOSL
Exhibit 37: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
52.9
26.1
12.6
8.4
MAT growth (%)
13.9
16.7
14.5
19.6
(7.9)
Growth Contribution (%)
100.0
62.0
27.1
16.9
(5.9)
Source: AIOCD, MOSL
Exhibit 38: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
51
13
(12)
51
14
(11)
51
17
(7)
51
19
(5)
Acute growth (%)
51
19
(2)
50
20
3
50
19
9
Exhibit 39: Growth distribution (%)(MAT Mar’15)
11.0
2.8
0.2
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
New product GR (%)
Source: AIOCD, MOSL
15 April 2015
10

Sector Update| Healthcare
Torrent Pharma
Exhibit 40: Top 10 Drugs
Drug
Therapy
Vitamins / Minerals / Nutrients
Pain / Analgesics
Cardiac
Cardiac
Cardiac
Gastro Intestinal
Anti Diabetic
Gastro Intestinal
Neuro / Cns
Gastro Intestinal
.
Shelcal and Chymoral
continue to grow in excess
of 100% for the quarter
MAT Mar 15
Value(INR m) Growth Mkt Share
19,734
1,500
847
753
618
502
485
464
444
355
347
16.2
38.2
48.4
21.9
4.0
17.3
35.6
35.6
19.8
(15.4)
4.7
3.4
0.3
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Growth (%)
3M Mar-15
27.5
91.1
112.6
19.6
6.1
13.3
38.5
27.9
29.7
(3.0)
10.8
30.5
82.8
109.8
19.6
6.6
8.8
53.4
34.7
52.0
11.1
11.7
Total
Shelcal
Chymoral Forte
Nikoran
Dilzem
Nebicard
Nexpro Rd
Azulix-Mf
Nexpro
Alprax
Domstal
Torrent had taken 10%
price hike for both these
brands in November 2014
and is expected to take one
more hike in April 2015
Source: AIOCD, MOSL
Exhibit 41: Therapy Mix (%)
Share
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti-Infectives
Pain / Analgesics
100.0
29.6
16.4
15.6
13.4
7.1
6.5
MAT Growth
16.2
12.9
16.2
23.5
13.8
1.0
31.6
3M
27.5
18.3
18.3
33.9
51.3
(1.6)
91.8
Mar 15 Growth
30.5
20.9
24.3
42.6
43.8
4.3
90.2
Volume and price hike are
key growth drivers for
Torrent
Source: Source: AIOCD, MOSL
Exhibit 42: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
32.0
19.0
16.2
32.8
MAT growth (%)
16.2
23.4
16.2
17.6
9.4
Growth Contribution (%)
100.0
43.5
18.9
17.4
20.3
Source: AIOCD, MOSL
Exhibit 43: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
52
14
(2)
(1)
3
7
11
52
11
52
13
52
14
Acute growth (%)
51
14
51
15
13
51
16
Exhibit 44: Growth distribution (%)(MAT Mar’15)
10.2
16
5.4
0.7
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
New product GR (%)
Source: AIOCD, MOSL
15 April 2015
11

Sector Update| Healthcare
Glenmark Pharma
Exhibit 45: Top 10 Drugs
Drug
Therapy
Cardiac
Cardiac
Respiratory
Derma
Derma
Anti Diabetic
Cardiac
Anti Diabetic
Respiratory
Derma
Glenmark continues to
outperform market growth
for March 2015, 4Q and on
MAT basis
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
19,211
1,436
1,150
951
793
621
580
548
407
353
302
17.4
11.1
9.5
3.4
13.2
25.9
211.6
22.0
194.3
50.0
13.7
3.3
0.2
0.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Growth (%)
3M
Mar-15
24.4
18.5
14.4
16.9
18.9
30.0
140.6
26.0
135.4
68.6
31.4
28.1
26.2
13.7
32.5
11.8
28.6
126.8
34.6
132.3
88.1
35.3
Total
Telma
Telma H
Ascoril Plus
Candid-B
Candid
Zitamet
Telma Am
Zita(Glenmark)
Ascoril Ls
Candid Mouth
Source: AIOCD, MOSL
Zitamet and Zita, anti-
diabetic drugs, continue to
show extraordinary growth
for Glenmark
Exhibit 46: Therapy Mix (%)
Share
Total
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gastro Intestinal
100.0
28.2
22.8
15.5
14.4
7.9
2.4
MAT Growth
17.4
14.5
13.3
17.1
19.2
55.2
32.0
3M
24.4
14.4
19.1
32.6
33.1
56.3
51.2
Mar 15 Growth
28.1
11.5
23.7
45.2
45.6
49.4
55.3
Source: Source: AIOCD, MOSL
Overall MAT growth is
driven by volumes
Exhibit 47: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
37.2
18.5
16.8
27.6
MAT growth (%)
17.4
24.6
13.9
20.0
9.6
Growth Contribution (%)
100.0
49.6
15.2
18.9
16.3
Source: AIOCD, MOSL
Exhibit 48: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
37
37
24
11
23
11
Acute growth (%)
37
22
11
37
22
12
37
22
14
37
22
15
Exhibit 49: Growth distribution (%)(MAT Mar’15)
36
26
12
9.9
3.9
Vol GR (%)
Price GR (%)
3.6
New product GR (%)
Source: AIOCD, MOSL
Source: AIOCD, MOSL
15 April 2015
12

Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 50: Top 10 Drugs
Drug
Therapy
Gastro Intestinal
Gastro Intestinal
Pain / Analgesics
Cardiac
Gastro Intestinal
Derma
Cardiac
Gastro Intestinal
Anti-Neoplastics
Gastro Intestinal
Dr Reddy’s Labs grew 24.1%
YoY in March 2015
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
18,238
976
745
650
570
545
485
483
451
450
432
12.2
(1.3)
14.3
20.2
(1.8)
18.2
8.1
13.5
17.1
4.3
6.4
3.2
0.2
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Growth (%)
3M
Mar-15
17.4
19.3
10.2
24.2
12.6
15.6
29.8
15.9
15.3
(3.7)
2.4
24.1
23.1
22.3
27.9
7.1
6.7
41.1
23.4
18.3
20.7
6.3
Total
Omez
Omez D
Nise
Stamlo
Econorm
Mintop
Stamlo Beta
Razo D
Reditux
Razo
Anti-neoplastic portfolio
grew at 50% YoY rate in
March and 14% YoY in 4Q
Source: AIOCD, MOSL
Exhibit 51: Therapy Mix (%)
Total
Gastro Intestinal
Cardiac
Anti-Neoplastics
Anti-Infectives
Pain / Analgesics
Anti Diabetic
Share MAT Growth
100.0
12.2
22.5
11.6
16.4
10.0
10.8
11.5
8.4
20.0
8.1
8.5
7.4
24.3
3M
Mar 15 Growth
17.4
24.1
16.1
18.5
17.6
15.9
14.2
50.0
28.8
33.9
10.9
10.7
30.7
38.2
Source: Source: AIOCD, MOSL
All three constituents –
price, volume and new
products contributing
equally to overall growth
Exhibit 52: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
31.7
20.9
15.8
31.6
MAT growth (%)
12.2
8.8
19.5
11.8
11.3
Growth Contribution (%)
100.0
23.6
31.4
15.4
29.7
Source: AIOCD, MOSL
Exhibit 53: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
30
11
30
11
30
11
30
10
Acute growth (%)
31
11
31
11
30
14
Exhibit 54: Growth distribution (%)(MAT Mar’15)
7
6
5
6
7
8
9
4.7
Vol GR (%)
4.7
Price GR (%)
2.8
New product GR (%)
Source: AIOCD, MOSL
Source: AIOCD, MOSL
15 April 2015
13

Sector Update| Healthcare
IPCA labs
Exhibit 55: Top 10 Drugs
Drug
Therapy
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti Malarials
Anti Malarials
Anti Malarials
Anti Diabetic
Anti-Neoplastics
Anti Malarials
Anti-Infectives
IPCA underperformed the
IPM growth for March
2015. However, 4Q growth
stood at 25% YoY
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
12,002
652
589
574
430
399
372
320
292
270
267
18.1
37.0
21.0
33.3
25.2
(5.2)
0.8
17.0
26.2
18.8
21.5
2.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.0
0.0
Growth (%)
3M
Mar-15
24.7
44.7
20.4
46.0
30.6
39.2
45.6
6.4
20.6
9.0
15.3
12.2
39.5
2.9
26.3
11.8
12.6
35.6
(7.3)
4.7
(18.1)
0.3
Total
Zerodol Sp
Zerodol P
Hcqs
Larinate
Rapither-Ab
Lariago
Glycinorm M
Folitrax
Lumerax
Azibact
Source: AIOCD, MOSL
All top 6 therapies are
growing in double digits for
IPCA
Exhibit 56: Therapy Mix (%)
Share
Total
Pain / Analgesics
Anti Malarials
Cardiac
Gastro Intestinal
Anti-Infectives
Anti Diabetic
100.0
22.7
20.8
16.8
8.2
7.3
5.4
MAT Growth
18.1
21.2
12.9
16.2
13.0
18.1
8.8
3M
24.7
21.7
35.3
17.0
19.0
33.0
5.2
Mar 15 Growth
12.2
8.4
14.7
6.1
7.3
22.5
(6.4)
Top 10 brands contribute
38% of overall company
growth for MAT
Source: Source: AIOCD, MOSL
Exhibit 57: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
34.7
21.7
18.3
25.2
MAT growth (%)
18.1
19.7
11.5
17.4
22.7
Growth Contribution (%)
100.0
37.3
14.6
17.7
30.4
Source: AIOCD, MOSL
Exhibit 58: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
28
26
24
28
23
23
28
21
20
28
20
18
Acute growth (%)
28
16
16
27
21
21
Exhibit 59: Growth distribution (%)(MAT Mar’15)
27
17
19
2.7
Vol GR (%)
Price GR (%)
2.8
New product GR (%)
Source: AIOCD, MOSL
12.7
Source: AIOCD, MOSL
15 April 2015
14

Sector Update| Healthcare
Alembic Pharma
Exhibit 60: Top 10 Drugs
Drug
Therapy
Anti-Infectives
Anti-Infectives
Anti-Infectives
Respiratory
Gynaecological
Gastro Intestinal
Gastro Intestinal
Respiratory
Gastro Intestinal
Vitamins
Alembic Pharma grew
19.1% YoY in March 2015
MAT Feb 15
Value(INR m) Growth (%) Mkt Share
11,655
1,279
932
526
428
406
283
256
241
218
206
12.5
12.2
9.6
3.7
(8.9)
16.5
14.6
16.3
16.1
13.8
33.9
2.0
0.2
0.2
0.1
0.1
0.1
0.0
0.0
0.0
0.0
0.0
Growth (%)
3M Mar-15
14.8
24.2
(0.2)
10.3
(9.6)
27.6
21.4
2.6
17.8
9.0
35.1
19.1
27.3
4.4
14.8
(4.1)
27.7
35.4
(0.3)
25.3
14.4
37.0
Total
Azithral
Althrocin
Roxid
Wikoryl
Gestofit
Ulgel
Respiratory, Cardiac and
Gynaec portfolios grew in
excess of 20% for March
and 4Q
Rekool D
Zeet
Rekool L
Sharkoferrol
Source: AIOCD, MOSL
Exhibit 61: Therapy Mix (%)
Share
MAT Growth
12.5
1.0
13.3
17.6
24.5
25.5
3.9
3M
14.8
4.8
14.0
22.5
29.5
26.2
(2.1)
Mar 15 Growth
19.1
8.5
18.1
26.0
35.9
29.9
0.3
Chronic segment continues
to grow in double digit for
Alembic
Total
Anti-Infectives
Gastro Intestinal
Respiratory
Cardiac
Gynaecological
Vitamins
100.0
28.6
14.0
13.3
10.9
9.4
6.2
Source: Source: AIOCD, MOSL
.
Exhibit 62: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
41.0
17.8
16.3
25.0
MAT growth (%)
12.5
10.1
31.9
22.2
0.4
Growth Contribution (%)
100.0
33.9
38.6
26.6
0.9
Source: AIOCD, MOSL
Exhibit 63: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
16
27
10
17
26
11
17
25
10
17
25
9
Acute growth (%)
17
17
24
9
18
25
Exhibit 64: Growth distribution (%)(MAT Mar’15)
23
8
5.3
3.9
3.3
10
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
New product GR (%)
Source: AIOCD, MOSL
15 April 2015
15

Sector Update| Healthcare
Biocon
Exhibit 65: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Anti Diabetic
Anti-Neoplastics
Anti Diabetic
Anti Diabetic
Blood Related
Anti-Neoplastics
Anti Diabetic
Anti-Neoplastics
Anti Diabetic
Overall company growth at
11.6% YoY for March and
15.7% YoY for 4Q
MAT Mar 15
Value(INR m) Growth (%) Mkt Share (%)
3,190
788
445
222
220
145
116
112
88
83
63
18.2
25.6
63.8
28.4
23.0
50.0
111.6
5,800.9
65.2
(32.8)
(20.5)
0.6
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Growth (%)
3M
Mar-15
15.7
33.4
55.3
14.6
(4.2)
37.7
21.1
2,549.8
31.1
(44.6)
(21.4)
11.6
30.9
46.8
(14.9)
(12.2)
31.3
26.1
1,184.9
10.5
(91.3)
(24.9)
Total
Insugen
Basalog
Abraxane
Blisto Mf
Insugen R
Erypro
Canmab
Insugen N
Newly-launched product,
Canmab, entered the top 10
products and became a
INR100m brand in the
first year
Biomab Egfr
Metadoze-Ipr
Source: AIOCD, MOSL
Exhibit 66: Therapy Mix (%)
Share
Total
Anti Diabetic
Anti-Neoplastics
Cardiac
Blood Related
Anti-Infectives
Derma
100.0
58.7
19.9
9.3
3.6
3.2
2.8
MAT Growth
18.2
30.8
52.0
(19.9)
111.6
(62.8)
25.3
3M
15.7
28.1
81.8
(36.2)
21.1
(63.5)
(5.0)
Mar 15 Growth
11.6
22.7
65.0
(42.5)
26.1
(60.3)
(2.9)
On MAT basis, volume
growth at 11.1% has been
the main growth driver
for Biocon
Source: Source: AIOCD, MOSL
Exhibit 67: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
71.6
16.2
9.5
2.7
MAT growth (%)
18.2
37.4
18.7
(30.8)
(47.0)
Growth Contribution (%)
100.0
126.5
16.6
(27.5)
(15.6)
Source: AIOCD, MOSL
Exhibit 68: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
71
71
55
30
Acute growth (%)
71
71
72
72
Exhibit 69: Growth distribution (%)(MAT Mar’15)
70
71
37
26
11.1
30
23
27
22
26
6
23
8
1.4
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
5.7
New product GR (%)
Source: AIOCD, MOSL
32
15 April 2015
16

Sector Update| Healthcare
Abbott (Abbott ltd + Abbott India)
Exhibit 70: Top 10 Drugs
Drug
Therapy
Anti Diabetic
Respiratory
Gynaecological
Hormones
Anti Diabetic
Gastro Intestinal
Gastro Intestinal
Anti Diabetic
Neuro / Cns
Neuro / Cns
Abbott registered 23.9%
growth for March 2015
MAT Mar 15
Value(INR m) Growth (%) Mkt Share
53,782
4,075
1,764
1,640
1,527
1,395
1,119
1,053
934
751
717
10.5
17.8
10.0
15.8
42.9
19.3
19.1
19.0
16.6
(33.6)
(1.4)
9.3
0.7
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.1
0.1
Growth (%)
3M Mar-15
19.9
22.1
52.3
26.5
41.8
19.2
28.4
21.3
19.7
(10.0)
13.1
23.9
28.7
92.3
29.4
44.7
(13.3)
32.1
34.3
15.5
(3.7)
16.5
Total
Mixtard
Phensedyl Cough Linctus
Duphaston
Thyronorm
Novomix
Udiliv
Duphalac
Anti-diabetic, Gastro
intestinal and Vitamins
portfolios continue to grow
in excess of 15%
Actrapid
Vertin
Eptoin
Source: AIOCD, MOSL
Exhibit 71: Therapy Mix (%)
Total
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Neuro / Cns
Anti-Infectives
Cardiac
Share MAT Growth
100.0
10.5
19.3
17.5
15.5
16.4
11.1
24.1
9.8
(4.2)
9.6
(7.7)
9.1
6.3
3M
Mar 15 Growth
19.9
23.9
25.4
22.6
24.8
29.1
16.8
23.0
6.9
8.0
10.0
25.1
14.5
11.3
Source: Source: AIOCD, MOSL
Price and volume growth
have been the major
growth drivers for Abbott
Exhibit 72: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
27.8
15.8
14.8
41.6
MAT growth (%)
10.5
13.5
13.0
15.1
6.3
Growth Contribution (%)
100.0
34.6
19.0
20.4
25.9
Source: AIOCD, MOSL
Exhibit 73: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
38
8
3
40
7
4
41
7
5
41
6
8
41
9
6
41
11
7
41
13
9
Acute growth (%)
Exhibit 74: Growth distribution (%) (MAT Mar’15)
4.3
5.0
1.2
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
New product GR (%)
Source: AIOCD, MOSL
15 April 2015
17

Sector Update| Healthcare
Mankind Pharma
Exhibit 75: Top 10 Drugs
Drug
Therapy
Mankind grew 28.7% for
March, 20.2% for 4Q and
16.4% on MAT basis, led by
good performance across
therapies
MAT Mar 15
Value(INR Growth
31,183
16.4
(1.0)
11.5
7.9
17.8
21.6
16.5
(10.6)
9.5
6.7
20.8
1,832
1,679
827
531
525
504
474
465
434
433
Mkt
5.4
0.3
0.3
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
Growth (%)
3M Mar-15
20.2
10.7
18.7
14.6
41.0
15.8
31.7
(12.9)
3.9
0.6
13.5
28.7
12.3
24.9
36.4
59.7
18.9
32.3
(11.7)
16.8
1.4
23.8
Total
Manforce
Moxikind Cv
Unwanted Kit
Gudcef
Amlokind-At
Prega News
Nurokind Plus
Zenflox Oz
Unwanted 72
Glimestar M
Sex Stimulants / Rejuvenators
Anti-Infectives
Gynaecological
Anti-Infectives
Cardiac
Others
Vitamins / Minerals / Nutrients
Gastro Intestinal
Gynaecological
Anti Diabetic
Source: AIOCD, MOSL
Anti-infective and Vitamins
grew in excess of 20% for
March 2015 and 4Q
Exhibit 76: Therapy Mix (%)
Share
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Cardiac
Respiratory
Gynaecological
100.0
26.1
12.4
10.9
7.9
6.6
6.2
MAT Growth
16.4
11.7
27.3
14.3
26.0
24.3
1.9
20.2
22.3
22.5
17.0
18.4
25.9
6.2
3M
Mar 15 Growth
28.7
32.9
30.0
26.6
24.4
36.4
19.1
Overall growth is equally
divided between volumes,
price and new products
Source: Source: AIOCD, MOSL
Exhibit 77: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.7
16.5
14.5
44.2
MAT growth (%)
16.4
7.6
17.2
18.7
20.9
Growth Contribution (%)
100.0
12.4
17.2
16.2
54.2
Source: AIOCD, MOSL
Exhibit 78: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
17
20
8
17
20
10
17
21
10
17
22
11
Acute growth (%)
Exhibit 79: Growth distribution (%)(MAT Mar’15)
17
21
11
17
21
13
17
7.6
4.8
4.1
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
New product GR (%)
Source: AIOCD, MOSL
15 April 2015
18

Sector Update| Healthcare
Alkem
Exhibit 80: Top 10 Drugs
Drug
Therapy
Anti-Infectives
Anti-Infectives
Anti-Infectives
Gastro Intestinal
Gastro Intestinal
Anti-Infectives
Vitamins / Minerals / Nutrients
Pain / Analgesics
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti-infectives contribute
44% of overall growth, grew
29.4% YoY in March 2015
MAT Mar 15
Value(INR Growth(%)
30,838
2,254
1,800
1,745
1,708
1,399
864
817
812
736
678
13.7
10.0
19.3
10.9
24.4
33.0
7.1
32.2
12.3
20.2
6.4
Mkt
5.3
0.4
0.3
0.3
0.3
0.2
0.1
0.1
0.1
0.1
0.1
Growth (%)
3M Mar-15
16.0
13.7
42.5
24.8
24.1
28.5
14.5
19.4
32.5
31.6
6.9
19.8
18.8
48.1
35.2
15.2
18.1
29.3
12.9
22.2
49.2
11.4
Total
Clavam
Taxim
Taxim O
Pan
Pan D
Xone
Gemcal
Sumo
Ondem
A To Z Ns
Source: AIOCD, MOSL
Anti-infective, Gastro and
Pain/analgesic grew in
excess of 15% for 4Q
Exhibit 81: Therapy Mix (%)
Share
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Gynaecological
100.0
44.4
16.0
12.8
7.4
3.9
3.3
MAT Growth
13.7
13.4
22.5
16.0
12.1
(4.0)
(12.8)
3M
16.0
21.4
23.4
12.4
19.1
(5.0)
(20.9)
Mar 15 Growth
19.8
29.4
20.7
12.1
15.4
0.7
(17.3)
Top 10 brands are
contributing 50% of
overall growth
Source: Source: AIOCD, MOSL
Exhibit 82: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
41.5
17.4
11.9
29.2
MAT growth (%)
13.7
17.0
17.1
27.0
3.3
Growth Contribution (%)
100.0
50.2
21.1
21.1
7.7
Source: AIOCD, MOSL
Exhibit 83: Acute v/s Chronic (MAT growth)
Chronic Mix (%)
Chronic growth (%)
10
21
13
9
16
13
9
21
12
9
18
10
13
Acute growth (%)
9
19
9
17
13
9
15
13
Exhibit 84: Growth distribution (%)(MAT Mar’15)
8.0
3.4
2.2
New product GR (%)
Source: AIOCD, MOSL
Vol GR (%)
Source: AIOCD, MOSL
Price GR (%)
15 April 2015
19

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Sector Update| Healthcare
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