Sector Update | 18 August 2017
Sector Update| Healthcare
Healthcare
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IPM secondary sales decline in July
Performance of top
companies: (July 2017)
Company
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Alkem
Lupin
GSK Pharma
Pfizer
Glenmark
Pharma
Sanofi
Dr Reddy Labs
Torrent Pharma
Alembic Pharma
Ipca Labs
Natco
Ajanta Pharma
Merck
Biocon
MAT
gr (%)
2.6
11.1
9.8
3.7
15.9
6.7
7.2
11.7
1.6
(0.9)
11.8
10.0
6.5
11.7
3.6
7.5
(9.5)
9.9
7.4
11.8
Jul-
17
(%)
(2.4)
(3.1)
4.5
(11.1)
3.3
(4.7)
(10.0)
2.0
(2.5)
(11.9)
1.2
(2.0)
2.2
1.8
(17.2)
(12.8)
(15.6)
1.8
5.6
11.9
USV, Biocon and Intas witnessed highest growth in July-2017
Indian pharmaceutical market (IPM) exhibited deceleration in growth due to
operational issues in software upgradation (billing-related) post GST. IPM
declined 2.4% YoY in Jul-17, but grew 3.1% YoY during May-July 2017.
The July-17 quarter witnessed volume decline of 0.4%, implying significant
underperformance v/s 7.9% growth during July-September 2016. Growth in new
products too came down to 2.8% from a high of 3.8% in August-October 2016
period. After witnessing a marginal increase in price growth during 1QFY18,
price growth came down to 0.7% during May-July 2017. We expect industry
growth to remain muted in the coming months due to GST-related issues.
Moving annual total (MAT) growth for May stood at -2.4% YoY on the back of
subdued volume and price growth.
USV (+16.1%) posted robust growth for the month of July, followed by Biocon
(+11.9%) and Intas (+7.1%).
In July, ~50% of the companies posted a fall in secondary sales (most recorded
low-to-mid-teens decline). Alembic posted decline of 17.2%, followed by Natco
Pharma (-15.6%), Indoco Remedies (-13.3%), IPCA (-12.8%) and Pfizer (-11.9%).
Blood-related products (1.3% of IPM) grew 9.2% YoY in July 2017, followed by
vaccines therapeutic category (1.9% of IPM; 8% growth) and derma therapeutic
category (12.5% of IPM; 7% growth). One third of the therapies posted low-
single-digit growth in July 2017, while ~50% of the therapies posted decline in
sales. Anti-malarial declined significantly by 36.3%, followed by Respiratory (-
16.2%) and Anti-Infectives (-15.8%).
In value terms, secondary sales of DPCO-listed products declined by 12.2% YoY
and of non-DPCO products by 1.3% YoY. Volumes of DPCO-listed products
declined by 7.7% YoY and of non-DPCO products by 5.8% YoY.
FDC-banned drugs (~2.4% of IPM in value terms) continued to be a key drag on
IPM sales. Secondary sales of proposed FDC-banned drugs declined by 23.3%
YoY and of non-banned drugs by 1.9% YoY in July-17. Secondary sales for Indian
companies decreased 3.3% YoY, while MNC companies saw marginal growth of
1% YoY in July.
Price Growth (%)
13.1
New Product Growth (%)
10.2
5.1
3.5
1.6
Total Growth (%)
Blood-related, vaccines and derma lead among therapies
DPCO v/s non-DPCO market (July-17)
FDC ban impact (July-17)
Exhibit 1: Decline in price after 7-8 quarters of growth
Volume Growth (%)
9.2
5.3
3.7
0.2
9.4
3.8
3.7
1.9
7.3
3.8
2
8.1
3.5
3.2
1.4
3.1
2.8
0.7
-0.4
3M-Apr 16
3M-Jul 16
3M-Oct 16
3M-Jan 17
3M-Apr 17
3M-Jul 17
Source: AIOCD, MOSL
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Kumar Saurabh
- Research analyst
(Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519
Ankeet Pandya
- Research analyst
(Ankeet.Pandya@motilaloswal.com); +91 022 6129 1552

Sector Update| Healthcare
Indian Pharma Market - July 2017
Exhibit 2: Performance of top companies: July 2017
Company
MAT July -17
Value
Market Growth
(INR m)
Share (%)
(%)
1,133,555
96,827
70,223
52,217
49,713
41,607
38,815
37,828
34,003
27,875
27,095
25,135
25,552
26,450
14,798
16,476
9,660
7,090
6,723
3,824
100.0
8.5
6.2
4.6
4.4
3.7
3.4
3.3
3.0
2.5
2.4
2.2
2.3
2.3
1.3
1.5
0.9
0.6
0.6
0.3
8.6
11.1
9.8
3.7
15.9
6.7
7.2
11.7
1.6
(0.9)
11.8
10.0
6.5
11.7
3.6
7.5
(9.5)
9.9
7.4
11.8
Last 8 Quarters in Growth (%)
Oct-15
18.1
14.1
17.8
12.0
15.2
21.5
11.0
18.2
9.2
13.0
26.4
8.3
16.6
19.8
17.7
30.8
22.3
(13.0)
56.5
(31.8)
Jan-16
14.0
7.7
7.8
14.1
9.0
21.0
14.5
11.7
9.0
(3.2)
14.7
(5.2)
25.5
7.6
21.0
26.2
(1.1)
(1.4)
15.2
(31.8)
Apr-16
11.9
12.3
8.1
5.3
9.5
17.1
8.6
16.1
(1.0)
0.2
13.7
(2.6)
11.2
8.7
10.2
23.4
45.3
(3.9)
12.1
(35.3)
Jul-16
10.0
4.8
5.8
11.6
7.4
19.4
21.5
8.3
(1.7)
(0.3)
6.2
4.9
1.0
6.6
16.3
12.5
4.7
18.7
4.1
2.4
Oct-16
13.2
16.8
12.6
10.7
14.6
10.7
19.9
17.8
(3.7)
3.5
13.7
10.8
15.5
16.5
13.5
15.1
8.2
11.6
5.6
8.1
Jan-17 Apr-17 Jul-17
10.3
12.3
13.9
5.0
17.1
3.7
9.9
10.4
(0.9)
0.4
13.9
9.6
0.6
16.7
4.7
10.9
(11.3)
14.0
7.2
14.9
8.1
9.7
6.6
1.8
20.7
8.5
4.6
8.8
8.2
(2.9)
15.9
10.3
4.9
11.6
2.7
8.1
(23.0)
11.4
7.8
9.3
3.1
2.1
6.1
(2.6)
11.1
4.0
(4.8)
9.6
3.6
(4.9)
3.8
9.4
5.6
3.2
(6.6)
(4.1)
(6.7)
3.4
9.1
14.8
1M
Jul-17
(2.4)
(3.1)
4.5
(11.1)
3.3
(4.7)
(10.0)
2.0
(2.5)
(11.9)
1.2
(2.0)
2.2
1.8
(17.2)
(12.8)
(15.6)
1.8
5.6
11.9
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Alkem
Lupin
GSK Pharma
Pfizer
Glenmark Pharma
Sanofi
Dr Reddy Labs
Torrent Pharma
Alembic Pharma
Ipca Labs
Natco
Ajanta Pharma
Merck
Biocon
Exhibit 3: Performance of top therapies: July 2017
Therapy
MAT July -17
Last 8 Quarters in Growth (%)
1M
Value
Market Growth
Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Jul-17
(INR m) Share (%) (%)
113,355
15,915
14,076
13,149
10,258
9,945
8,400
7,762
6,896
6,861
5,902
2,371
2,133
2,096
1,924
100.0
14.0
12.4
11.6
9.0
8.8
7.4
6.8
6.1
6.1
5.2
2.1
1.9
1.8
1.7
8.6
1.2
11.0
8.5
19.3
7.6
4.7
7.9
12.5
8.0
9.8
8.7
18.4
6.3
8.4
18.1
11.2
17.6
18.1
25.8
14.8
12.5
16.1
21.6
19.4
20.6
57.4
35.7
14.1
19.6
14.0
13.8
9.8
13.7
17.7
7.4
18.9
14.1
12.9
13.7
12.5
43.7
19.0
11.5
15.9
11.9
5.5
13.8
12.3
18.5
12.4
1.7
10.7
15.1
17.1
14.9
39.0
0.0
16.5
11.5
10.0
11.8
8.4
9.7
15.0
9.2
15.5
9.5
9.3
9.2
9.7
(7.9)
4.7
10.3
6.2
13.2
12.4
12.6
12.4
19.5
12.1
18.3
14.7
12.4
13.6
9.3
8.0
7.7
7.4
10.5
10.3
(1.6)
14.8
11.2
22.6
12.6
1.7
8.8
15.1
10.3
15.2
17.6
16.9
7.5
8.0
8.1
(1.3)
9.6
8.1
20.2
6.1
3.5
7.1
15.2
5.7
10.4
6.1
30.9
6.2
3.1
(5.9)
7.3
3.0
15.4
0.7
(5.4)
0.9
7.5
3.1
4.9
3.3
19.9
4.2
(2.4)
(15.8)
4.5
(1.9)
12.9
(2.3)
(16.2)
(5.7)
7.0
1.5
(1.0)
0.5
8.0
3.0
IPM
ANTI-INFECTIVES
CARDIAC
GASTRO INTESTINAL
ANTI DIABETIC
VITAMINS / MINERALS / NUTRIENTS
RESPIRATORY
PAIN / ANALGESICS
DERMA
NEURO / CNS
GYNAECOLOGICAL
ANTI-NEOPLASTICS
VACCINES
OPHTHAL
Hormones
7.9
7.1
1.6
Source: AIOCD, MOSL
18 August 2017
2

Sector Update| Healthcare
Sun Pharma + Ranbaxy
Exhibit 4: Top 10 Drugs
Drug
Therapy
MAT Jul 17
Growth (%)
Mkt
Value Growth
Last 3M Jul-17
Share
(INR m) (%)
(%)
Sun Pharma Laboratories
96,827 10.1
100.0
2.1
(3.1)
Volini
Pain / Analgesics
2,378
1.7
2.5
(13.6)
(9.6)
Istamet
Anti Diabetic
2,222
29.0
2.3
17.8
13.8
Rosuvas
Cardiac
2,170
20.3
2.2
13.5
8.5
Gemer
Anti Diabetic
2,022
24.0
2.1
8.7
3.1
Levipil
Neuro / Cns
1,795
15.1
1.9
6.9
4.5
Susten
Gynaecological
1,572
4.0
1.6
(3.2)
(9.4)
Pantocid
Gastro Intestinal
1,424
1.8
1.5
(3.6)
(6.4)
Pantocid Dsr
Gastro Intestinal
1,260
5.5
1.3
(1.2)
(7.5)
Revital H
Vitamins / Minerals / Nutrients 1,255
3.8
1.3
(27.1) (29.7)
Storvas
Cardiac
1,084
(7.8)
1.1
3.0
(5.1)
*3M: May-Jul 2017
Source: AIOCD, MOSL
Sun Pharma’s domestic
business declined 3.1%YoY
in Jul 2017
Exhibit 5: Therapy Mix (%)
Share
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
*3M: Mar-May 2017
100.0
19.1
17.4
11.7
10.1
9.6
6.9
MAT Gr.(%)
10.1
15.2
11.2
7.6
(4.9)
17.1
5.0
3M*
2.1
6.0
1.5
(0.5)
(9.7)
9.2
(6.0)
Jul 17 Gr (%)
(3.1)
1.9
(4.6)
(5.2)
(20.2)
6.0
(8.5)
Source: AIOCD, MOSL
Exhibit 6: Brand wise growth distribution
% of sales
Total
100.0
26.5
16.9
15.1
41.4
MAT Gr. (%)
10.1
12.5
17.2
7.9
6.8
Growth Contribution (%)
100.0
32.2
27.0
12.1
28.7
Source: AIOCD, MOSL
Chronic portfolio grew
faster at 14% YoY on
MAT basis
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 7: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
MATVALUE_GR_JUL_17
13.9
6.9
39.9
48.1
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Exhibit 8: Growth Distribution (%) (MAT July-17)
6.3
2.3
NP GR
Source: AIOCD, MOSL
3
1.5
Vol GR
Price GR

Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 Drugs
Drug
Therapy
Value
(INR m)
52,217
2,310
1,814
1,516
1,414
1,396
1,054
1,019
864
815
807
MAT July 17
Growth
(%)
3.7
13.2
39.6
12.9
2.9
(17.1)
7.6
18.9
15.9
23.9
(15.4)
Growth (%)
Mkt
Sh. (%)
100.0
4.4
3.5
2.9
2.7
2.7
2.0
2.0
1.7
1.6
1.5
Last 3M
(2.6)
10.7
37.1
5.5
0.5
(25.4)
6.3
10.4
(1.8)
9.3
July-17
(11.1)
3.6
16.3
(1.9)
(9.4)
(33.9)
(9.1)
(6.3)
(6.5)
5.2
Cipla’s secondary sales
declined significantly by
11.1% YoY in Jul-17
compared to IPM decline of
2.4% YoY
Total
Foracort
Duolin
Seroflo
Asthalin
Budecort
Aerocort
Montair Lc
Dytor
Urimax D
Azee
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Cardiac
Urology
Anti-Infectives
(15.6)
(21.8)
Source: AIOCD, MOSL
July 17 Gr.
(11.1)
(7.6)
(18.0)
(6.8)
(14.7)
(2.0)
(6.7)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
57.2
28.4
18.3
(3.9)
Source: AIOCD, MOSL
Exhibit 10: Therapy Mix (%)
Share
Total
Respiratory
Anti-Infectives
100.0
32.0
23.8
12.5
7.6
5.1
3.7
MAT Gr. (%)
3.7
9.3
(7.5)
10.3
4.6
15.5
6.3
3M*
(2.6)
3.1
(10.1)
0.9
(3.1)
3.3
(2.5)
Decline in price growth and
muted new product growth
led to lower than market
growth
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
Exhibit 11: Brand wise growth distribution
% of sales
100.0
24.9
16.6
15.5
43.1
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT gr. (%)
3.7
9.0
6.6
4.4
(0.3)
Exhibit 12: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
MATVALUE_GR_JUL_17
9.0
Exhibit 13: Growth Distribution (%) (MAT July 17)
3.4
29.8
20.5
0.1
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
4
-0.9
1.2

Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 Drugs
Zydus’ secondary sales saw
muted growth of 3.3% YoY
in Jul 2017
Drug
Zydus + Biochem
Skinlite
Deriphyllin
Mifegest Kit
Pantodac
Atorva
Zyrop
Thrombophob
Amicin
Vivitra
Sovihep
Derma
Respiratory
Gynaecological
Gastro Intestinal
Cardiac
Blood Related
Pain / Analgesics
Anti-Infectives
Anti-Neoplastics
Anti-Infectives
Therapy
MAT July 17
Value
Growth
Mkt
(INR m)
(%)
Share (%)
49,713
15.9
100.0
1,843
1,147
1,138
1,124
1,076
857
725
705
703
684
1.4
12.3
(6.8)
6.0
(15.8)
30.5
22.0
44.4
262.6
28.5
3.7
2.3
2.3
2.3
2.2
1.7
1.5
1.4
1.4
1.4
Growth (%)
Last 3M
11.1
(13.4)
(0.5)
4.4
(4.3)
(13.3)
(1.6)
30.3
38.2
13.6
July-17
3.3
(0.0)
(0.8)
18.6
(19.6)
(14.5)
(0.7)
23.1
12.8
(16.0)
26.9
10.9
Source: AIOCD, MOSL
July 17 Gr (%)
3.3
4.5
(5.8)
(5.4)
0.2
12.4
11.6
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
16.7
8.4
26.8
48.2
Source: AIOCD, MOSL
Exhibit 15: Therapy Mix (%)
Total
Anti-Infectives
Cardiac
Share
100.0
15.1
13.9
11.2
9.8
9.5
9.3
MAT Gr. (%)
15.9
19.6
6.5
7.1
13.0
22.8
4.0
3M*
11.1
20.2
1.6
(0.8)
4.7
24.3
7.9
Pain/Analgesics and
Gynaecological therapeutic
products outperformed the
company growth
Gastro Intestinal
Respiratory
Pain / Analgesics
Gynaecological
Exhibit 16: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
20.1
17.2
16.0
46.7
MAT growth (%)
15.9
12.8
7.1
29.7
16.4
High volume growth was
offset by 4.5% price decline
Exhibit 17: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
18.6
MATVALUE_GR_JUL_17
Exhibit 18: Growth Distribution (%) (MAT July -17)
10.3
28.9
14.0
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
15.1
-4.5
5.2
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
5

Sector Update| Healthcare
Alkem
Exhibit 19: Top 10 Drugs
Alkem’s secondary sales
declined by 10%YoY in Jul
Drug
Total
Clavam
Pan
Pan D
Taxim O
Taxim
A To Z Ns
Xone
Gemcal
Sumo
Ondem
Anti-Infectives
Gastro Intestinal
Gastro Intestinal
Anti-Infectives
Anti-Infectives
Vitamins / Minerals / Nutrients
Anti-Infectives
Vitamins / Minerals / Nutrients
Pain / Analgesics
Gastro Intestinal
Therapy
MAT July 17
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
38,815
7.2
100.0
2,755
2,512
2,189
1,828
1,326
1,109
1,007
996
920
865
5.3
16.1
26.6
(10.3)
(10.9)
27.4
3.0
10.2
7.4
(4.8)
7.1
6.5
5.6
4.7
3.4
2.9
2.6
2.6
2.4
2.2
Growth (%)
Last 3M
(4.8)
(9.2)
1.2
18.8
(25.1)
(30.5)
11.2
(16.2)
(12.5)
(29.2)
July-17
(10.0)
(16.7)
(3.2)
14.5
(14.8)
(34.9)
11.5
(24.2)
(13.1)
(43.0)
(13.5)
(14.7)
Source: AIOCD, MOSL
July 17 Gr (%)
(10.0)
(21.9)
1.2
3.6
(23.1)
18.0
(7.0)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
36.6
17.5
18.6
27.3
Source: AIOCD, MOSL
Therapy Mix (%)
Pain/Analgesics and Anti-
Infectives declined 23.1%
and 21.9% YoY respectively
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Gynaecological
Share
100.0
39.9
18.7
13.3
7.7
4.7
3.1
MAT Gr. (%)
7.2
0.7
17.7
10.0
12.7
10.7
1.9
3M*
(4.8)
(14.7)
6.2
1.5
(10.5)
8.0
(10.0)
Exhibit 20: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
39.9
18.0
12.0
30.1
MAT growth (%)
7.2
6.6
7.0
11.6
6.5
Exhibit 21: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
32.4
MATVALUE_GR_JUL_17
15.8
Exhibit 22: Growth Distribution (%) (MAT July 17)
7.4
6.2
3.8
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
-2.6
2.4
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
6

Sector Update| Healthcare
Lupin
Exhibit 23: Top 10 Drugs
Drug
Therapy
Value
(INR m)
37,828
1,910
1,053
925
639
549
530
512
477
435
431
MAT July 17
Gr.
(%)
11.7
26.7
20.5
(3.4)
14.7
9.6
3.7
19.9
27.9
(7.6)
19.4
Gr. (%)
Mkt
Sh. (%)
100.0
5.0
2.8
2.4
1.7
1.5
1.4
1.4
1.3
1.2
1.1
Last 3M
9.6
11.7
7.5
(5.4)
6.3
9.3
0.9
9.4
49.3
1.3
Jul-17
2.0
2.1
(4.5)
(10.2)
2.5
0.2
(3.1)
(20.7)
40.0
(3.6)
Lupin posted muted sales
growth of 2% YoY in Jul 17
Lupin Ltd
Gluconorm-G
Budamate
Tonact
Rablet-D
Rablet
Esiflo
Telekast-L
Ivabrad
R-Cinex
Novastat
Anti-Diabetic
Respiratory
Cardiac
Gastro Intestinal
Gastro Intestinal
Respiratory
Respiratory
Cardiac
Anti-Infectives
Cardiac
11.1
0.1
Source: AIOCD, MOSL
3M*
9.6
11.8
(8.6)
36.8
10.5
10.2
3.4
July 17 Gr. (%)
2.0
5.5
(16.8)
29.5
(3.3)
2.0
(0.6)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
23.3
12.8
13.9
50.0
Source: AIOCD, MOSL
Exhibit 24: Therapy Mix (%)
Anti-Diabetic portfolio
outperformed the company
growth, increasing by 29.5%
YoY in Jul 17
Total
Cardiac
Anti-Infectives
Anti Diabetic
Respiratory
Gastro Intestinal
Vitamins / Minerals / Nutrients
Share
100.0
24.5
17.9
14.4
13.0
8.1
4.8
MAT Gr. (%)
11.7
10.1
(5.5)
39.7
16.4
14.7
3.0
Exhibit 25: Brand wise growth distribution
Total
Top 10 Brands
% of sales
100.0
19.7
14.9
16.2
49.2
MAT Gr. (%)
11.7
14.1
9.9
9.8
11.9
Volume growth and new
product launch are the key
growth drivers for Lupin
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 26: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
17.4
16.9
16.5
MATVALUE_GR_JUL_17
Exhibit 27: Growth Distribution (%) (MAT July 17)
4.8
1.5
5.3
6.7
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
7

Sector Update| Healthcare
GSK Pharma
Exhibit 28: Top 10 Drugs
GSK Pharma’s secondary
sales declined 2.5% YoY in
Jul 17
Drug
Total
Augmentin
Synflorix
Calpol
Zinetac
Betnovate C
Betnovate N
Eltroxin
Ceftum
Betnesol
Rotarix
Anti-Infectives
Vaccines
Pain / Analgesics
Gastro Intestinal
Derma
Derma
Hormones
Anti-Infectives
Hormones
Vaccines
Therapy
Value
(INR m)
34,003
3,009
2,587
1,933
1,666
1,627
1,550
1,509
1,313
980
955
MAT July 17
Growth
(%)
1.6
1.3
29.1
2.5
4.2
7.6
4.3
10.4
5.0
(12.9)
(30.9)
Growth (%)
Mkt
Sh. (%)
100.0
8.8
7.6
5.7
4.9
4.8
4.6
4.4
3.9
2.9
2.8
Last 3M
3.6
28.7
31.8
(13.5)
(8.6)
30.4
24.4
6.6
3.0
4.0
July-17
(2.5)
30.1
41.2
(30.6)
(12.9)
24.3
18.0
4.5
3.0
(11.3)
(25.5)
(15.4)
Source: AIOCD, MOSL
Exhibit 29: Therapy Mix (%)
GSK Pharma’s Derma
products saw robust growth
of 21.5%
Total
Anti-Infectives
Derma
Vaccines
Pain / Analgesics
Vitamins / Minerals / Nutrients
Hormones
Share
100.0
21.5
19.1
18.4
8.9
8.3
7.5
MAT Gr. (%)
1.6
(1.7)
7.0
6.8
(2.4)
14.8
(0.6)
3M*
3.6
5.9
24.2
3.4
(15.5)
15.5
5.2
July 17 Gr. (%)
(2.5)
1.3
21.5
6.6
(29.0)
2.8
(2.3)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
103.5
8.8
66.8
(79.0)
Source: AIOCD, MOSL
Exhibit 30: Brand wise growth distribution
GSK witnessed price decline
of 2.5% and 1% new
product growth
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
50.4
21.4
15.4
12.8
MAT Growth (%)
1.6
3.3
0.6
7.2
(8.8)
Exhibit 31: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
29.3
MATVALUE_GR_JUL_17
3.2
Exhibit 32: Growth Distribution (%) (MAT July 17)
3.1
1.4
4.2
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
8
-2.5
1.0

Sector Update| Healthcare
Glenmark Pharma
Exhibit 33: Top 10 Drugs
Glenmark’s secondary sales
grew 1.2% YoY in Jul 17
Drug
Glenmark Pharmaceuticals
Telma
Telma H
Ascoril Plus
Candid
Candid-B
Telma Am
Ascoril Ls
Zitamet Plus
Onabet
Canditral
Cardiac
Cardiac
Respiratory
Derma
Derma
Cardiac
Respiratory
Anti Diabetic
Derma
Anti-Infectives
Therapy
MAT July 17
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
27,095
11.8
100.0
1,733
1,693
1,199
1,092
950
886
580
483
467
408
(0.9)
17.3
10.6
12.4
0.9
13.5
11.8
108.7
15.5
32.3
6.4
6.2
4.4
4.0
3.5
3.3
2.1
1.8
1.7
1.5
Growth (%)
Last 3M
3.8
12.6
10.5
(16.0)
8.4
(16.2)
13.7
0.4
23.5
(9.5)
July-17
1.2
16.4
10.1
(16.0)
2.4
(11.9)
20.2
(7.4)
31.5
(6.2)
38.5
41.6
Source: AIOCD, MOSL
July 17 Gr.
1.2
2.2
14.9
(13.5)
(7.3)
6.7
4.1
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
36.9
20.9
35.1
7.2
Source: AIOCD, MOSL
Exhibit 34: Therapy Mix (%)
Total
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gastro Intestinal
Share
100.0
27.8
22.4
15.8
13.9
6.3
3.6
MAT Gr. (%)
11.8
7.8
10.9
16.2
16.8
(13.6)
61.4
3M*
3.8
(1.8)
11.3
(5.0)
10.2
(2.6)
32.3
GSK saw new product
growth of 6.7% and volume
growth of 4.4%
Exhibit 35: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
35.0
16.8
18.3
29.9
MAT Growth (%)
11.8
12.6
15.1
25.5
2.6
Exhibit 36: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
15.2
16.4
9.1
4.2
MATVALUE_GR_JUL_17
Exhibit 37: Growth Distribution (%) (MAT July 17)
6.7
4.4
0.7
ACUTE
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
9
18 August 2017

Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 38: Top 10 Drugs
Dr. Reddy’s Labs’ secondary
sales grew 2.2%YoY in Jul-
17, 5.6% YoY for 3M and
6.5% YoY on MAT basis
Drug
Total
Omez
Omez D
Atarax
Econorm
Razo D
Stamlo
Nise
Razo
Stamlo Beta
Reditux
Gastro Intestinal
Gastro Intestinal
Respiratory
Gastro Intestinal
Gastro Intestinal
Cardiac
Pain / Analgesics
Gastro Intestinal
Cardiac
Anti-Neoplastics
Therapy
Value
(INR m)
25,552
1,107
1,042
675
663
629
600
583
579
510
504
MAT July 17
Growth
(%)
6.5
(14.7)
4.4
40.3
(9.6)
15.1
(8.7)
(8.0)
19.2
9.5
10.7
Growth (%)
Mkt
Sh. (%)
100.0
4.3
4.1
2.6
2.6
2.5
2.3
2.3
2.3
2.0
2.0
Last 3M
5.6
(2.5)
(1.7)
31.1
8.4
16.2
8.6
(12.8)
13.7
9.9
July-17
2.2
16.2
(8.8)
31.2
20.2
18.2
14.0
(13.5)
13.7
13.3
5.4
4.8
Source: AIOCD, MOSL
July 17 Gr. (%)
2.2
11.1
10.6
(40.5)
6.3
3.1
16.3
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
8.7
0.2
53.5
37.6
Source: AIOCD, MOSL
Exhibit 39: Therapy Mix (%)
Anti-Neoplastics declined
significantly by 40.5%YoY in
Jul 17
Total
Gastro Intestinal
Cardiac
Anti-Neoplastics
Respiratory
Anti-Infectives
Anti Diabetic
Share
100.0
20.8
13.6
13.2
9.5
7.6
6.7
MAT Gr. (%)
6.5
2.1
1.5
23.7
15.9
5.2
8.1
3M*
5.6
7.4
11.2
(27.5)
13.3
10.6
16.6
Higher volume growth
offset 1.6% decline in price
Exhibit 40: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
27.0
20.0
18.2
34.8
MAT Gr. (%)
6.5
2.0
0.1
22.0
7.1
Exhibit 41: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
16.8
9.8
MATVALUE_GR_JUL_17
Exhibit 42: Growth Distribution (%) (MAT July 17)
5.8
7.2
(1.1)
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
10
-1.6
2.4

Sector Update| Healthcare
Sanofi India
Exhibit 43: Top 10 Drugs
Sanofi’s portfolio declined
by 2% YoY in Jul 2017
Drug
Sanofi India
Lantus
Combiflam
Allegra
Amaryl M
Hexaxim
Clexane
Avil
Enterogermina
Vaxigrip
Pentaxim
Anti Diabetic
Pain / Analgesics
Respiratory
Anti Diabetic
Vaccines
Cardiac
Respiratory
Gastro Intestinal
Vaccines
Vaccines
Therapy
Value
(INR m)
25,135
3,455
1,963
1,397
1,277
1,250
1,088
954
884
879
877
MAT July 17
Growth
(%)
10.0
27.7
19.9
18.8
31.9
0.0
9.2
0.5
(6.8)
10.0
52.4
Growth (%)
Mkt
Sh. (%)
100.0
13.7
7.8
5.6
5.1
5.0
4.3
3.8
3.5
3.5
3.5
Last 3M
9.4
28.0
(3.8)
18.1
35.9
N/A
4.6
(8.2)
(3.4)
31.9
July-17
(2.0)
27.9
(18.2)
12.8
29.4
N/A
(3.4)
(17.6)
(1.9)
(18.6)
(38.8)
(58.1)
Source: AIOCD, MOSL
July 17 Gr. (%)
(2.0)
21.7
(0.1)
(19.9)
(13.3)
(1.3)
11.7
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
142.6
(7.8)
0.6
(35.4)
Source: AIOCD, MOSL
Exhibit 44: Therapy Mix (%)
Total
Anti Diabetic
Cardiac
Vaccines
Pain / Analgesics
Respiratory
Neuro / Cns
Share
100.0
26.5
15.8
14.4
10.6
10.5
7.3
MAT Gr. (%)
10.0
19.1
(4.0)
47.1
12.0
10.7
(5.1)
3M*
9.4
23.2
2.7
20.6
(2.8)
6.1
11.5
Top 10 brands account for
more than 100% of growth
for Sanofi
New product introductions
and volume growth are the
key drivers for Sanofi
Exhibit 45: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
55.8
24.9
13.0
6.4
MAT growth (%)
10.0
30.4
(2.8)
0.4
(33.6)
Exhibit 46: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
13.5
MATVALUE_GR_JUL_17
11.7
Exhibit 47: Growth Distribution (%)(MAT July 17)
11.2
6.7
3.0
0.9
6.2
ACUTE
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
11
18 August 2017

Sector Update| Healthcare
Torrent Pharma
Exhibit 48: Top 10 Drugs
.
Torrent Pharma’s secondary
sales witnessed muted
growth of 1.8% YoY in Jul 17
Drug
Torrent Pharma.
Shelcal
Chymoral Forte
Nikoran
Azulix-Mf
Nebicard
Dilzem
Nexpro Rd
Nexpro
Shelcal Ct
Rozucor
Vitamins / Minerals / Nutrients
Pain / Analgesics
Cardiac
Anti Diabetic
Cardiac
Cardiac
Gastro Intestinal
Gastro Intestinal
Vitamins / Minerals / Nutrients
Cardiac
Therapy
MAT July 17
Value Growth
Mkt
(INR m)
(%)
Sh. (%)
26,450
11.7
100.0
1,837
1,073
980
891
788
759
731
606
478
454
10.2
25.5
4.6
60.9
35.0
9.0
25.4
15.1
11.3
11.8
6.9
4.1
3.7
3.4
3.0
2.9
2.8
2.3
1.8
1.7
Growth (%)
Last 3M
3.2
4.2
11.6
(4.7)
24.1
26.0
(1.2)
14.9
1.0
4.1
July-17
1.8
9.5
11.0
(5.6)
23.6
23.0
(8.8)
10.0
(0.2)
8.8
(3.0)
(6.2)
Source: AIOCD, MOSL
July 17 Gr. (%)
1.8
(0.8)
0.8
3.4
10.4
19.8
4.4
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
49.1
15.7
12.5
22.7
Source: AIOCD, MOSL
Exhibit 49: Therapy Mix (%)
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti Diabetic
Pain / Analgesics
Share
100.0
29.3
16.8
15.4
13.8
7.5
6.9
MAT Gr. (%)
11.7
10.1
12.2
14.3
9.6
39.0
17.8
3M*
3.2
0.0
5.4
6.2
4.4
21.6
6.2
Anti-Diabetic therapeutic
products posted robust
19.8% YoY growth in
Jul 17
Exhibit 50: Brand wise growth distribution
% of sales
100.0
32.5
18.6
15.8
33.1
Total
Top 10 Brands
MAT Gr. (%)
11.7
18.8
9.7
9.0
7.8
Despite volume and price
growth, Torrent’s secondary
sales posted muted growth
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 51: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
MATVALUE_GR_JUL_17
13.9
9.4
12.3
11.4
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Exhibit 52: Growth Distribution (%) (MAT July 17)
5.2
4.4
2.1
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
12

Sector Update| Healthcare
Alembic Pharma
Exhibit 53: Top 10 Drugs
Alembic Pharma’s
secondary sales saw
significant decline of 17.2%
YoY in Jul 2017
Drug
Total
Azithral
Althrocin
Wikoryl
Gestofit
Roxid
Rekool D
Richar
Ulgel
Glisen Mf
Rekool
Anti-Infectives
Anti-Infectives
Respiratory
Gynaecological
Anti-Infectives
Gastro Intestinal
Gynaecological
Gastro Intestinal
Anti-Diabetic
Gastro Intestinal
Therapy
MAT July 17
Value
Growth
(INR m)
(%)
14,798
3.6
1,455
757
580
576
492
334
288
287
255
234
(1.7)
4.0
16.7
(3.1)
(7.4)
(8.1)
3.1
(7.0)
(3.6)
(10.5)
Growth (%)
Mkt
Sh. (%)
100.0
9.8
5.1
3.9
3.9
3.3
2.3
1.9
1.9
1.7
1.6
Last 3M
(6.6)
0.8
(18.1)
(7.2)
(24.3)
(14.2)
(8.6)
(23.3)
(9.6)
(5.7)
July-17
(17.2)
(14.6)
(30.7)
(21.1)
(36.7)
(27.2)
(16.1)
(31.3)
(16.9)
(18.2)
(19.8)
(27.6)
Source: AIOCD, MOSL
3M*
(6.6)
(8.7)
0.1
(9.0)
(9.5)
(9.4)
(13.2)
July 17 Gr. (%)
(17.2)
(22.7)
(9.6)
(25.5)
(14.9)
(20.2)
(20.5)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
(9.9)
18.6
56.2
35.0
Source: AIOCD, MOSL
Exhibit 54: Therapy Mix (%)
All therapies
declined in Jul 17
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynaecological
Vitamins / Minerals / Nutrients
Share
100.0
21.8
14.9
12.8
12.7
11.7
7.9
MAT Gr (%)
3.6
(2.7)
12.2
3.0
(3.3)
6.8
5.2
Exhibit 55: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
35.5
18.6
18.2
27.7
MAT growth (%)
3.6
(1.0)
3.6
12.1
4.6
Exhibit 56: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
MATVALUE_GR_JUL_17
11.9
Exhibit 57: Growth Distribution (%)(MAT July 17)
5.8
3.4
-5.5
11.1
1.3
3.2
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
13
ACUTE

Sector Update| Healthcare
IPCA Labs
Exhibit 58: Top 10 Drugs
Drug
Therapy
MAT July 17
Value
Growth
(INR m)
(%)
16,476
7.5
1,217
954
837
621
496
481
424
404
351
326
9.3
6.8
12.2
6.3
(2.6)
10.8
9.1
(2.0)
27.7
1.2
Growth (%)
Mkt
Sh. (%)
100.0
7.4
5.8
5.1
3.8
3.0
2.9
2.6
2.5
2.1
2.0
Last 3M
(4.1)
8.7
0.8
13.4
(11.0)
(47.4)
(3.1)
6.0
(27.0)
21.1
July-17
(12.8)
10.1
(5.4)
16.9
(20.2)
(59.6)
(7.2)
13.3
(43.5)
13.6
Ipca’s secondary sales
declined by 12.8% YoY in
Jul 17
Ipca Laboratories
Zerodol Sp
Zerodol P
Hcqs
Larinate
Rapither-Ab
Glycinorm M
Folitrax
Lariago
Zerodol Th
Lumerax
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti Malarials
Anti Malarials
Anti Diabetic
Anti-Neoplastics
Anti Malarials
Pain / Analgesics
Anti Malarials
(22.0)
(30.2)
Source: AIOCD, MOSL
July 17 Gr. (%)
(12.8)
(1.9)
(31.7)
(4.5)
(13.0)
(16.1)
(7.8)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
37.6
28.9
17.6
15.9
Source: AIOCD, MOSL
Exhibit 59: Therapy Mix (%)
All of IPCA’s therapies
declined during the month
Total
Pain / Analgesics
Anti Malarials
Cardiac
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Share
100.0
26.2
18.1
16.6
7.5
6.0
5.2
MAT Gr. (%)
7.5
8.6
0.5
3.6
0.6
9.0
7.3
3M*
(4.1)
2.9
(19.1)
(2.5)
(7.1)
(5.3)
(1.2)
Despite volume growth,
sales declined in Jul 2017
Exhibit 60: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
37.1
22.3
17.8
22.8
MAT growth (%)
7.5
7.6
9.9
7.4
5.1
Exhibit 61: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
11.1
MATVALUE_GR_JUL_17
9.2
Exhibit 62: Growth Distribution (%) (MAT July 17)
6.8
4.2
6.7
0.6
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Vol GR
Price GR
0.1
NP GR
Source: AIOCD, MOSL
14

Sector Update| Healthcare
Biocon
Exhibit 63: Top 10 Drugs
Overall company witnessed
strong growth of 11.9% YoY
in Jul 17
Drug
Total
Insugen
Basalog
Erypro
Canmab
Insugen R
Blisto Mf
Biomab Egfr
Psorid
Insugen N
Metadoze-Ipr
Anti Diabetic
Anti Diabetic
Blood Related
Anti-Neoplastics
Anti Diabetic
Anti Diabetic
Anti-Neoplastics
Anti-Neoplastics
Anti Diabetic
Anti Diabetic
Therapy
Value
(INR m)
3,824
1,010
711
320
317
213
152
107
101
80
56
MAT July 17
Growth
(%)
11.8
15.3
20.0
54.4
68.2
24.6
(10.7)
7.7
30.0
1.8
12.2
Growth (%)
Mkt
Sh. (%)
100.0
26.4
18.6
8.4
8.3
5.6
4.0
2.8
2.6
2.1
1.5
Last 3M
14.8
28.4
33.1
(13.1)
88.0
42.9
1.4
20.7
33.3
37.8
July-17
11.9
29.3
29.6
(9.9)
47.9
48.4
(6.1)
(43.9)
62.3
47.6
30.8
42.3
Source: AIOCD, MOSL
July 17 Gr. (%)
11.9
27.6
(26.3)
(10.0)
(15.5)
87.5
0.7
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
137.9
(35.6)
2.3
(4.6)
Source: AIOCD, MOSL
Exhibit 64: Therapy Mix (%)
Total
Anti Diabetic
Anti-Neoplastics
Blood Related
Cardiac
Anti-Infectives
Derma
Share
100.0
60.5
19.6
8.6
4.2
2.8
2.4
MAT Gr. (%)
11.8
13.8
(1.5)
56.5
(8.2)
44.2
2.6
3M*
14.8
28.4
(11.5)
(13.2)
(17.1)
113.8
(6.6)
Biocon’s Anti-Infectives
portfolio saw significant
growth of 87.5% YoY in Jul
17
Exhibit 65: Brand wise growth distribution
% of sales
100.0
80.2
10.7
7.4
1.7
Total
MAT growth (%)
11.8
22.2
(25.9)
3.4
(22.3)
Top 10 products are the
primary growth drivers
for Biocon. Company saw
significant volume growth
in Jul 17
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 66: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
MATVALUE_GR_JUL_17
2.4
15.8
1.0
2.2
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
Exhibit 67: Growth Distribution (%) (MAT July 17)
13.2
-2.1
0.7
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
15

Sector Update| Healthcare
Abbott India
Exhibit 68: Top 10 Drugs
Abbott’s secondary sales
grew 4.5% YoY for Jul 17,
6.1% for 3M and 9.8% on
MAT basis
Drug
Total
Mixtard
Novomix
Duphaston
Thyronorm
Udiliv
Vertin
Duphalac
Actrapid
Similac
Anti Diabetic
Anti Diabetic
Gynaecological
Hormones
Gastro Intestinal
Neuro / Cns
Gastro Intestinal
Anti Diabetic
Vitamins / Minerals / Nutrients
Therapy
MAT July 17
Growth (%)
Value Growth Mkt
Last 3M July-17
(INR m)
(%)
Sh. (%)
70,223
9.8
100.0
6.1
4.5
5,161
2,843
2,287
2,036
2,001
1,736
1,430
1,283
1,126
995
7.6
46.0
29.9
(18.5)
8.9
35.2
13.4
14.1
33.0
53.3
7.3
4.0
3.3
2.9
2.8
2.5
2.0
1.8
1.6
1.4
1.3
29.6
26.5
(35.5)
11.9
27.7
17.5
20.0
24.2
(0.4)
3.7
22.9
(26.1)
11.9
22.2
15.3
8.6
17.4
Phensedyl Cough LinctusRespiratory
32.9
22.0
Source: AIOCD, MOSL
July 17 Gr. (%)
4.5
3.7
6.6
9.3
6.9
1.6
(17.2)
Source: AIOCD, MOSL
Exhibit 69: Therapy Mix
Abbot’s Anti-Infectives
portfolio declined 17.2% in
Jul 17
Total
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Neuro / Cns
Cardiac
Anti-Infectives
Share
100.0
21.8
16.3
10.7
8.8
8.3
7.8
MAT Gr. (%)
9.8
17.8
14.6
13.9
(0.0)
6.9
(14.8)
3M*
6.1
9.4
10.4
8.8
2.6
1.8
(14.5)
Exhibit 70: Brand wise growth distribution
Abbot’s chronic segment
grew ~10.7% YoY on MAT
basis
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
29.8
16.2
15.6
38.4
MAT growth (%)
9.8
16.1
14.0
17.2
1.3
Gr. Contribution (%)
100.0
46.3
22.3
25.8
5.5
Source: AIOCD, MOSL
Exhibit 71: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
MATVALUE_GR_JUL_17
Exhibit 72: Growth Distribution (%) (MAT July 17)
10.7
9.1
6.6
37.7
ACUTE
26.3
CHRONIC
Source: AIOCD, MOSL
Vol GR
2.2
Price GR
0.9
NP GR
Source: AIOCD, MOSL
16
18 August 2017

Sector Update| Healthcare
Mankind
Exhibit 73: Top 10 Drugs
Mankind’s secondary sales
declined 4.7% YoY for Jul
17, increased 4% YoY for
3M and 6.7% YoY on MAT
basis
Drug
Mankind Pharma.
Manforce
Moxikind Cv
Candiforce
Glimestar M
Unwanted Kit
Amlokind-At
Telmikind
Gudcef
Prega News
Nurokind Lc
Sex Stimulants / Rejuvenators
Anti-Infectives
Anti-Infectives
Anti Diabetic
Gynaecological
Cardiac
Cardiac
Anti-Infectives
Others
Vitamins / Minerals / Nutrients
Therapy
MAT July 17
Growth (%)
Value Growth
Mkt
Last 3M July-17
(INR m)
(%)
Share (%)
41,607
2,015
1,824
1,083
925
843
837
748
707
700
592
6.7
13.2
4.2
75.8
18.0
(31.7)
12.4
120.6
10.6
1.9
33.4
100.0
4.8
4.4
2.6
2.2
2.0
2.0
1.8
1.7
1.7
1.4
4.0
3.1
(7.4)
70.0
(24.7)
(26.8)
(2.3)
157.1
(14.7)
(11.2)
(4.7)
(21.5)
(21.5)
54.1
(21.4)
(26.0)
33.1
178.7
(27.0)
(19.7)
30.9
20.0
Source: AIOCD, MOSL
July 17 Gr. (%)
(4.7)
(14.4)
(1.6)
(6.1)
36.1
6.1
(15.4)
Source: AIOCD, MOSL
Exhibit 74: Therapy Mix (%)
Mankind’s Cardiac saw
robust growth of 36.1% YoY
in Jul 17
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Cardiac
Anti Diabetic
Respiratory
Share
100.0
22.9
14.8
10.8
10.5
6.1
6.1
MAT Gr. (%)
6.7
3.3
9.6
3.9
27.2
21.3
2.9
3M*
4.0
(2.6)
6.9
3.8
30.8
6.5
1.2
Exhibit 75: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
24.7
15.9
15.4
44.0
MAT gr. (%)
6.7
13.9
9.7
10.8
0.9
Gr. Contribution (%)
100.0
47.8
22.4
23.7
6.0
Source: AIOCD, MOSL
Exhibit 76: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
29.8
MATVALUE_GR_JUL_17
15.8
Exhibit 77: Growth Distribution (%) (MAT July 17)
2.9
9.2
4.0
ACUTE
1.9
1.9
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
18 August 2017
17

Sector Update| Healthcare
Pfizer
Exhibit 78: Top 10 Drugs
After posting growth last
month, Pfizer secondary
sales declined 11.9% YoY in
Jul 2017
Drug
Pfizer + Wyeth
Becosules
Dolonex
Magnex
Minipress Xl
Gelusil Mps
Corex
Prevenar 13
Mucaine
Wysolone
Corex Dx
Vitamins / Minerals / Nutrients
Pain / Analgesics
Anti-Infectives
Cardiac
Gastro Intestinal
Respiratory
Vaccines
Gastro Intestinal
Hormones
Respiratory
Therapy
MAT July 17
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
27,875
(0.9)
100.0
2,220
1,454
1,453
1,407
1,336
1,242
1,211
1,143
1,122
832
0.7
6.7
5.3
6.9
(2.0)
(61.0)
184.0
3.8
10.0
28.8
8.0
5.2
5.2
5.0
4.8
4.5
4.3
4.1
4.0
3.0
Growth (%)
Last
July-17
3M
(4.9)
(11.9)
(4.1)
5.5
13.8
(6.3)
(1.6)
(98.6)
82.8
(1.8)
(11.0)
(9.8)
(12.8)
(1.2)
(27.2)
(1.9)
(99.8)
29.9
2.7
(24.3)
16.1
10.1
Source: AIOCD, MOSL
July 17 Gr. (%)
(11.9)
0.4
(1.9)
(5.0)
(12.8)
8.6
(71.9)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
228.6
(118.4)
(214.6)
204.4
Source: AIOCD, MOSL
Exhibit 79: Therapy Mix (%)
Most of Pfizer’s therapies
declined during the month
Total
Anti-Infectives
Gastro Intestinal
Hormones
Vitamins / Minerals / Nutrients
Gynaecological
Respiratory
Share
100.0
13.8
10.6
10.1
10.1
9.1
8.7
MAT Gr. (%)
(0.9)
(4.0)
(1.0)
8.2
(0.9)
10.2
(40.3)
3M*
(4.9)
10.9
(4.2)
4.5
(5.8)
10.6
(68.9)
Decline in sales can be
attributed to price decline
of ~2.1% in Jul 17
Exhibit 80: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
48.1
27.1
15.0
9.8
MAT growth (%)
(0.9)
(4.2)
4.2
15.2
(16.1)
Exhibit 81: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
23.7
MATVALUE_GR_JUL_17
2.7
Exhibit 82: Growth Distribution (%)(MAT July 17)
1.2
0.0
-2.1
(1.6)
ACUTE
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
18 August 2017
18

Sector Update| Healthcare
Merck
Exhibit 83: Top 10 Drugs
Merck’s secondary sales saw
growth of 5.6%YoY in Jul 17
Drug
Merck Ltd
Neurobion Forte
Polybion
Livogen
Livogen Z
Concor
Evion Lc
Polybion Sf
Polybion Lc
Concor Am
Vitamins / Minerals / Nutrients
Vitamins / Minerals / Nutrients
Gynaecological
Gynaecological
Cardiac
Vitamins / Minerals / Nutrients
Vitamins / Minerals / Nutrients
Vitamins / Minerals / Nutrients
Cardiac
Therapy
MAT July 17
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
6,723
7.4
100.0
846
568
453
394
378
343
307
306
260
232
21.0
18.5
4.5
12.1
26.2
29.8
12.6
2.9
(6.0)
15.2
12.6
8.4
6.7
5.9
5.6
5.1
4.6
4.5
3.9
3.5
Growth (%)
Last 3M July-17
9.1
10.8
(8.5)
3.0
12.8
30.9
50.9
4.1
2.0
(4.1)
5.6
3.0
(19.7)
16.1
12.9
35.9
34.0
10.3
(4.5)
(6.4)
Neurobion Forte Rf Vitamins / Minerals / Nutrients
18.1
19.2
Source: AIOCD, MOSL
July 17 Gr (%)
5.6
0.5
7.4
26.4
43.9
7.4
(29.3)
Source: AIOCD, MOSL
Exhibit 84: Therapy Mix (%)
Merck’s Derma and Cardiac
portfolio posted robust
growth of 43.9% YoY and
26.4% YoY, respectively
Total
Vitamins / Minerals / Nutrients
Gynaecological
Cardiac
Derma
Anti Diabetic
Gastro Intestinal
Share
100.0
49.0
17.7
16.8
5.8
3.6
1.7
MAT Gr. (%)
7.4
12.2
(0.5)
17.2
0.6
4.9
(19.0)
3M*
9.1
6.6
6.3
24.4
42.7
6.0
(30.6)
Exhibit 85: Brand wise growth distribution
% of sales
Total
100.0
60.8
24.0
12.0
3.2
MAT Gr. (%)
7.4
14.3
0.6
0.9
(22.8)
Gr. Contribution (%)
100.0
110.1
2.0
1.6
(13.7)
Source: AIOCD, MOSL
Merck saw significant price
growth of 5.8% in Jul 17
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 86: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
5.0
14.9
MATVALUE_GR_JUL_17
Exhibit 87: Growth Distribution (%) (MAT July 17)
5.8
1.2
5.6
ACUTE
CHRONIC
Source: AIOCD, MOSL
18 August 2017
1.1
Vol GR
Price GR
0.6
NP GR
Source: AIOCD, MOSL
19

Sector Update| Healthcare
Ajanta Pharma
Exhibit 88: Top 10 Drugs
Ajanta Pharma posted
muted growth of 1.8% YoY
for Jul 17, 3.4% YoY growth
for 3M and 9.9% YoY
growth on MAT basis
Drug
Ajanta Pharma
Met Xl
Atorfit Cv
Melacare
Feburic
Rosufit Cv
Met Xl Am
Soft Drops
Rosutor Gold
Cinod
Vertizac
Cardiac
Cardiac
Derma
Pain / Analgesics
Cardiac
Cardiac
Ophthal / Otologicals
Cardiac
Cardiac
Neuro / Cns
Therapy
MAT July 17
Value
Growth
(INR m)
(%)
7,090
9.9
817
508
473
224
219
199
184
176
161
105
9.9
7.6
(6.0)
14.4
15.4
18.3
4.9
39.0
31.5
13.2
Growth (%)
Mkt
Sh. (%)
100.0
11.5
7.2
6.7
3.2
3.1
2.8
2.6
2.5
2.3
1.5
Last 3M
3.4
(0.8)
5.8
(9.0)
10.7
2.8
5.2
(5.8)
24.4
29.6
July-17
1.8
4.5
13.1
(13.6)
6.2
(6.8)
(1.3)
(12.1)
18.0
32.4
5.1
(4.4)
Source: AIOCD, MOSL
July 17 Gr. (%)
1.8
7.9
12.7
(15.0)
(5.1)
(17.4)
(6.7)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
43.1
14.8
28.5
13.6
Source: AIOCD, MOSL
Exhibit 89: Therapy Mix (%)
Most of Ajanta’s therapies
declined during the month
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Neuro / Cns
Share
100.0
38.3
24.2
17.7
4.8
4.4
2.3
MAT Gr.(%)
9.9
16.3
14.1
(1.4)
4.0
(12.9)
10.5
3M*
3.4
7.9
12.1
(11.1)
0.3
(19.7)
(0.5)
Exhibit 90: Brand wise growth distribution
Price increase and new
product growth are the key
growth drivers for Ajanta
Pharma on
MAT basis
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
43.2
15.7
16.5
24.5
MAT Growth (%)
9.9
9.9
9.3
18.5
5.3
Exhibit 91: Acute v/s Chronic (MAT growth)
MATVALUE_JUL_16
MATVALUE_GR_JUL_17
11.1
8.8
Exhibit 92: Growth Distribution (%) (MAT July 17)
5.3
-0.8
5.4
3.2
ACUTE
3.2
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
18 August 2017
20

Sector Update| Healthcare
NOTES
18 August 2017
21

Disclosures:
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banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOSL may have a potential conflict of interest that may affect the objectivity of this report.
Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage service transactions.
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to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOSL. The report is based on the facts, figures and information that are
considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources believed to be reliable. Such
information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such information and opinions are subject to
change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments for
the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOSL will not treat recipients as customers by virtue of their receiving this report.
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The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or will be directly
or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Sector Update| Healthcare
Disclosure of Interest Statement
Analyst ownership of the stock
Companies where there is interest
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary
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Research Analysis in Hong Kong.
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Motilal Oswal Securities Limited (MOSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the United States. In addition MOSL
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Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOSL, including the products and services described herein are not available to or intended for U.S.
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investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which this document relates is only available to major
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"Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOSL has entered into a chaperoning
agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
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The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer, MOSIPL, and
therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research analyst account.
For Singapore
Motilal Oswal Capital Markets Singapore Pte Limited is acting as an exempt financial advisor under section 23(1)(f) of the Financial Advisers Act(FAA) read with regulation 17(1)(d) of the Financial Advisors Regulations and is
a subsidiary of Motilal Oswal Securities Limited in India. This research is distributed in Singapore by Motilal Oswal Capital Markets Singapore Pte Limited and it is only directed in Singapore to accredited investors, as defined
in the Financial Advisers Regulations and the Securities and Futures Act (Chapter 289), as amended from time to time. In respect of any matter arising from or in connection with the research you could contact the following
representatives of Motilal Oswal Capital Markets Singapore Pte Limited:
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The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other
person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer document or
solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that any investment or strategy
is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their
own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any recipient. Each recipient of this document should make
such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved), and should consult its
own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be suitable for all investors. Certain transactions -including those involving futures, options,
another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy,
completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be
treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may
be required from time to time without any prior approval. MOSL, its associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent
in or for the securities mentioned in this document. They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this
report. Each of these entities functions as a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed
therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or in part, for any
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eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction. Neither the Firm, not its
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suffered by the person accessing this information due to any errors and delays.
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Registration details of group entities.: MOSL: NSE (Cash): INB231041238; NSE (F&O): INF231041238; NSE (CD): INE231041238; BSE (Cash): INB011041257; BSE(F&O): INF011041257; BSE(CD); MSE(Cash): INB261041231;
MSE(F&O): INF261041231; MSE(CD): INE261041231; CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser: INA000007100. Motilal Oswal Asset
Management Company Ltd. (MOAMC): PMS (Registration No.: INP000000670) offers PMS and Mutual Funds products. Motilal Oswal Wealth Management Ltd. (MOWML): PMS (Registration No.: INP000004409) offers
wealth management solutions. *Motilal Oswal Securities Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs, Insurance and IPO products. * Motilal Oswal Commodities Broker Pvt. Ltd. offers Commodities
Products. * Motilal Oswal Real Estate Investment Advisors II Pvt. Ltd. offers Real Estate products. * Motilal Oswal Private Equity Investment Advisors Pvt. Ltd. offers Private Equity products
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