Sector Update | 16 March 2018
Sector Update| Healthcare
Healthcare
Performance of top companies:
February 2018)
Company
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Alkem
Lupin
Torrent Pharma
Pfizer
Glenmark Pharma
Sanofi
Dr Reddy Labs
GSK Pharma
Alembic Pharma
Ipca Labs
Natco
Ajanta Pharma
Merck
Biocon
MAT gr Feb-18
(%)
(%)
5.7
7.1
6.2
8.0
3.7
8.4
7.2
4.8
9.7
4.9
(2.7)
8.6
9.4
6.2
7.5
(1.2)
(5.2)
(0.7)
8.2
5.0
11.2
6.0
12.5
5.7
1.9
11.8
12.2
15.0
2.5
3.1
7.9
11.6
14.4
1.8
6.5
2.2
(9.7)
10.3
3.4
20.6
Price decline impedes IPM growth
Lupin, Dr. Reddy and Abbott witness highest growth
Indian pharmaceutical market's (IPM) secondary sales grew at a healthy rate in
February (marginally lower than January growth of 9.5%), led by strong volume
growth. However, pricing growth has been under pressure for almost nine
quarters now. IPM grew by 7.1% YoY in February 2018 and 8.1% YoY over
December-February 2018.
Volumes have been on an uptrend since last two quarters (up 6.5% in February,
after declining in June-August 2017 quarter). Also, growth in new products has
been stable for the last 3-4 quarters (+2.8% YoY in February). Prices, however,
declined for the second quarter (-1.4% YoY in February).
Moving annual total (MAT) growth stood at 5.7% in February, as against 5.6%
YoY in January.
Companies outperforming the IPM in February in terms of secondary sales were
Lupin (+15%), Dr. Reddy’s (+14.4%), Abbott India (+12.5%), Alkem (+12.2%),
Mankind (+11.8%), Sanofi India (+11.6%), Ajanta Pharma (+10.3%) and Glenmark
(+7.9%).
Natco Pharma reported a 9.7% YoY decline in secondary sales in February 2018.
Cadila (+1.9%), Torrent Pharma (+2.5%), Pfizer (+3.1), GSK Pharma (+1.8%), IPCA
(+2.2%) and Merck (+3.4%) largely underperformed the IPM in February.
Respiratory (7.6% of IPM) posted significant growth of 21% YoY in February on
low base, followed by Vaccines (+14.3%; 1.8% of IPM). Barring Anti-Neoplastics
(2% of IPM), which continued to decline for the second straight month, all
therapies reported growth in February.
Most therapies – albeit showing an uptrend – underperformed IPM growth.
In value terms, secondary sales grew 5% YoY for DPCO-listed products and 7.5%
YoY for non-DPCO products during the month. Volumes grew 7.2% YoY for
DPCO-listed products and 7.8% YoY for non-DPCO products in February.
FDC-banned drugs (~2% of IPM) grew 21.7% in February, while non-banned
drugs grew by 7.6% YoY. Secondary sales for Indian companies increased 6.6%
YoY, while those of MNC companies grew by 9.2% YoY in February.
Price Growth (%)
8.1
3.6
3.2
1.3
5.3
2.8
1.5
-0.7 -0.6
3M-Aug 17
2.7
-1.7
3M-Nov 17
4.3
New Product Growth (%)
Total Growth (%)
8.1
6.5
2.8
-1.2
3M-Feb 18
Source: AIOCD, MOSL
Respiratory and Hormones lead among therapies
DPCO v/s non-DPCO market (February-18)
FDC ban impact (February-18)
Exhibit 1: Volumes continued to grow, but price decline restricted growth
12.3
Volume Growth (%)
7.3
3.4
1.2
3M-Nov 16
3M-Feb 17
6.8
3.9
1.6
2.7
3M-May 17
Kumar Saurabh
(Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519
Ankeet Pandya
(Ankeet.Pandya@MotilalOswal.com)
18 August 2017
Investors are advised to refer through important disclosures made at the last page of the Research Report.
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 - Feb 2018
Exhibit 2: Performance of top companies: Feb 2018
Company
MAT Feb -18
Last 8 Quarters in Growth (%)
1M
Value
Market Growth
May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 Feb-18
(INR m) Share (%) (%)
1,184,856
100.0
5.7
11.2
13.7
12.9
7.6
8.1
1.5
5.3
8.1
7.1
100,602
73,926
54,327
49,410
43,032
40,858
42,594
37,392
27,642
28,476
26,887
26,421
35,703
14,775
15,555
10,143
7,471
6,811
4,035
8.5
6.2
4.6
4.2
3.6
3.4
3.6
3.2
2.3
2.4
2.3
2.2
3.0
1.2
1.3
0.9
0.6
0.6
0.3
6.2
8.0
3.7
8.4
7.2
4.8
9.7
4.9
(2.7)
8.6
9.4
6.2
7.5
(1.2)
(5.2)
(0.7)
8.2
5.0
11.2
6.9
8.0
4.3
6.0
13.7
10.3
20.9
45.4
0.0
8.2
(0.8)
0.2
(3.6)
9.1
16.9
26.5
3.6
10.1
(27.6)
10.3
7.1
15.0
6.8
20.1
26.1
17.2
54.2
2.0
12.7
11.9
8.0
0.3
20.6
19.4
9.8
16.7
4.2
5.3
16.8
14.7
7.6
13.8
5.2
13.9
26.4
64.0
3.3
13.4
14.6
11.4
(5.2)
7.8
10.3
(3.1)
11.3
9.7
12.8
8.4
9.9
2.2
12.6
0.8
6.3
11.4
23.3
(1.8)
12.1
9.2
(2.1)
1.1
2.5
8.3
12.5
3.9
8.4
9.4
7.0
2.9
14.2
6.3
3.8
11.2
10.2
(4.3)
14.4
13.2
10.5
8.5
4.2
8.4
10.9
11.2
12.6
1.6
6.7
(2.3)
6.6
(0.3)
(5.8)
8.7
0.7
(4.5)
2.3
7.0
1.6
4.5
(9.9)
(8.3)
3.4
6.6
11.6
4.9
7.8
6.3
6.5
7.9
9.7
4.4
5.4
(4.3)
7.8
6.8
3.3
10.8
(0.9)
27.3
10.3
0.2
9.0
8.7
10.3
8.1
6.7
15.9
12.7
14.9
3.8
2.5
10.3
10.9
10.1
6.3
2.7
(0.9)
2.9
8.3
2.5
11.6
6.0
12.5
5.7
1.9
11.8
12.2
15.0
2.5
3.1
7.9
11.6
14.4
1.8
6.5
2.2
(9.7)
10.3
3.4
20.6
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind
Alkem
Lupin
Torrent Pharma
Pfizer
Glenmark Pharma
Sanofi
Dr Reddy Labs
GSK Pharma
Alembic Pharma
Ipca Labs
Natco
Ajanta Pharma
Merck
Biocon
(12.8) (12.0)
(22.8) (16.7)
Exhibit 3: Performance of top therapies: Feb 2018
Therapy
MAT Feb -18
Last 8 Quarters in Growth (%)
1M
Value
Market Growth
May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 Feb-18
(INR m) Share (%) (%)
1,184,856
100.0
5.7
11.2
13.7
12.9
7.6
8.1
1.5
5.3
8.1
7.1
162,906
13.7
(0.2)
6.1
19.5
6.0
(5.4) (0.9) (9.0)
1.2
9.5
9.0
145,080
12.2
6.4
12.3
9.1
15.4
10.1
9.2
6.1
4.2
6.3
5.9
137,151
11.6
6.0
9.9
12.8
11.6
9.0
8.8
1.9
6.6
7.0
7.3
102,519
108,666
90,151
80,189
76,906
72,299
60,402
24,122
22,622
22,279
20,746
8.7
9.2
7.6
6.8
6.5
6.1
5.1
2.0
1.9
1.9
1.8
3.9
12.8
6.6
3.7
11.1
5.8
4.0
2.0
16.0
8.0
8.6
12.0
18.3
(0.6)
10.0
17.3
15.7
13.5
22.9
3.6
14.8
12.0
10.4
16.8
26.5
13.5
15.9
10.9
11.9
(7.8)
5.9
9.1
8.7
13.1
23.0
11.0
13.7
16.7
15.2
13.0
15.4
9.4
9.6
11.6
9.1
18.1
0.0
7.6
16.4
6.8
12.5
14.7
20.8
5.0
5.3
6.0
19.5
5.9
7.4
14.1
6.1
8.3
5.0
30.1
6.8
8.8
0.3
13.3
(7.2)
(1.2)
9.4
3.9
2.3
3.1
12.5
5.1
7.3
4.0
9.2
8.0
3.7
12.1
5.5
2.7
2.1
14.2
10.3
6.1
5.8
10.0
18.3
5.3
8.8
7.8
3.1
(1.8)
9.5
10.1
12.4
3.6
9.1
21.0
3.7
5.5
5.4
3.2
(4.5)
1.8
5.5
14.3
IPM
Anti-Infectives
Cardiac
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti Diabetic
Respiratory
Pain / Analgesics
Derma
Neuro / Cns
Gynaecological
Anti-Neoplastics
Vaccines
Ophthal
Hormones
Source: AIOCD, MOSL
16 March 2018
2

Sector Update| Healthcare
Sun Pharma + Ranbaxy
Exhibit 4: Top 10 Drugs
Drug
Therapy
MAT Feb 18
Growth (%)
Mkt
Value Growth
Last 3M Feb-18
Share
(INR m) (%)
(%)
100,602 6.1
100.0
8.7
6.0
2,351
2,284
2,229
2,100
1,954
1,642
1,515
1,395
1,107
1,105
(4.7)
11.4
8.6
22.7
1.8
4.7
5.8
11.6
(20.1)
4.4
2.3
2.3
2.2
2.1
1.9
1.6
1.5
1.4
1.1
1.1
(1.4)
9.2
4.3
36.2
(3.1)
6.8
12.1
17.1
(14.0)
19.5
(6.6)
6.7
1.0
29.1
(5.6)
4.4
7.7
16.6
(16.4)
17.0
After reporting double-digit
growth in Jan-18, Sun
Pharma’s secondary sales
growth came down to 6%
YoY in Feb-18
Sun Pharma Laboratories
Volini
Istamet
Rosuvas
Levipil
Gemer
Susten
Pantocid
Pantocid Dsr
Revital H
Mox
*3M: Dec-Feb 2018
Pain / Analgesics
Anti Diabetic
Cardiac
Neuro / Cns
Anti Diabetic
Gynaecological
Gastro Intestinal
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti-Infectives
Source: AIOCD, MOSL
Share
MAT Gr.(%)
6.1
4.8
8.4
6.9
(2.3)
5.8
(0.9)
3M*
8.7
3.8
13.0
9.9
3.6
2.8
1.7
Feb 18 Gr (%)
6.0
1.8
9.5
8.4
1.1
1.2
0.4
Source: AIOCD, MOSL
% of sales
MAT Gr. (%)
6.1
7.5
7.2
12.5
2.6
Growth Contribution (%)
100.0
32.3
19.3
29.9
18.4
Source: AIOCD, MOSL
Exhibit 5: Therapy Mix (%)
Sun’s largest portfolio,
Cardiac segment reported
marginal growth of ~2% in
Feb-18, while Neuro/CNS
grew 9.5%, followed by
Gastro (+8.4%)
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
*3M: Dec-Feb 2018
100.0
18.6
17.7
11.9
9.9
9.3
6.7
Exhibit 6: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
26.6
16.6
15.5
41.3
Chronic portfolio grew
faster at 6.3% YoY on
MAT basis
Exhibit 7: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
MATVALUE_GR_FEB_18
6.3
Exhibit 8: Growth Distribution (%) (MAT Feb-18)
5.9
5.9
50.9
43.9
ACUTE
CHRONIC
Source: AIOCD, MOSL
16 March 2018
Source: AIOCD, MOSL
3
Vol GR
(1.6)
Price GR
1.8
NP GR

Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 Drugs
Drug
Therapy
Value
(INR m)
54,327
2,616
2,089
1,687
1,562
1,519
1,160
1,074
960
892
854
MAT Feb 18
Growth
(%)
3.7
18.6
30.6
9.7
6.2
7.0
16.1
4.4
11.2
5.1
9.8
Growth (%)
Mkt
Sh. (%)
100.0
4.8
3.8
3.1
2.9
2.8
2.1
2.0
1.8
1.6
1.6
Last 3M
8.1
22.3
16.0
44.6
3.1
17.7
29.0
(0.2)
37.6
3.6
Feb-18
5.7
18.4
17.3
34.5
(0.2)
15.6
28.0
(1.7)
41.3
6.7
Cipla’s secondary increased
by 5.7% YoY in Feb-18
Total
Foracort
Duolin
Budecort
Seroflo
Asthalin
Montair Lc
Aerocort
Azee
Dytor
Urimax D
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Anti-Infectives
Cardiac
Urology
5.4
7.2
Source: AIOCD, MOSL
Feb 18 Gr.
5.7
17.7
(3.8)
1.1
(3.3)
5.3
(7.4)
Source: AIOCD, MOSL
Exhibit 10: Therapy Mix (%)
Share
Total
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
100.0
33.6
23.0
12.3
7.6
5.2
3.5
MAT Gr. (%)
3.7
11.1
(3.2)
3.1
3.6
8.3
(3.4)
3M*
8.1
18.3
(0.1)
4.5
4.8
8.3
(6.8)
Respiratory posted highest
growth of 17.7 YoY in Feb-
18, while Anti-infective
declined by 3.8% YoY
Exhibit 11: Brand wise growth distribution
% of sales
Total
Top 10 Brands
100.0
26.5
16.7
15.0
41.8
MAT gr. (%)
3.7
13.0
9.2
(1.7)
(1.4)
Gr. Contribution (%)
100.0
84.7
38.9
(7.2)
(16.4)
Source: AIOCD, MOSL
Chronic portfolio grew
faster at 7.6% YoY on MAT
basis
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 12: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
MATVALUE_GR_FEB_18
7.6
Exhibit 13: Growth Distribution (%) (MAT Feb 18)
4.7
30.2
0.9
1.6
22.2
-2.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
ACUTE
CHRONIC
Source: AIOCD, MOSL
16 March 2018
4

Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 Drugs
Zydus’ secondary sales grew
marginally by 1.9% YoY in
Feb-18
Drug
Zydus + Biochem
Skinlite
Deriphyllin
Mifegest Kit
Pantodac
Atorva
Deca Durabolin
Amicin
Zyrop
Thrombophob
Sovihep
Derma
Respiratory
Gynaecological
Gastro Intestinal
Cardiac
Hormones
Anti-Infectives
Blood Related
Pain / Analgesics
Anti-Infectives
Therapy
MAT Feb 18
Value
Growth
Mkt
(INR m)
(%)
Share (%)
49,410
8.4
100.0
1,981
1,273
1,136
1,095
1,040
847
835
798
756
753
5.3
14.8
5.0
(2.8)
(9.6)
841.2
37.9
(1.1)
16.1
17.2
4.0
2.6
2.3
2.2
2.1
1.7
1.7
1.6
1.5
1.5
Growth (%)
Last 3M
6.7
(3.7)
30.0
9.8
(9.4)
(8.4)
163.0
47.1
(11.3)
6.3
Feb-18
1.9
(15.9)
41.5
6.2
(9.9)
(11.9)
44.0
33.2
(26.1)
(2.8)
86.6
34.7
Source: AIOCD, MOSL
Feb 18 Gr (%)
1.9
14.3
(1.8)
(4.5)
26.5
(11.1)
6.6
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
35.8
11.9
33.9
18.4
Source: AIOCD, MOSL
Zydus’ largest therapy Anti-
Infectives reported robust
growth of 14.3% YoY in Feb-
18. Respiratory therapy
reported highest growth of
26.5% YoY
Exhibit 15: Therapy Mix (%)
Total
Anti-Infectives
Cardiac
Gastro Intestinal
Respiratory
Pain / Analgesics
Gynaecological
Share
100.0
15.7
13.8
11.1
10.6
9.4
8.1
MAT Gr. (%)
9.4
10.4
1.2
3.4
11.9
8.7
1.2
3M*
6.7
25.3
(0.7)
(1.3)
19.9
(6.1)
10.0
Volume growth of 6.2% and
new product growth of 4.4%
off-set decline in price
growth
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
21.3
17.3
16.3
45.1
MAT growth (%)
8.4
15.0
5.6
19.2
3.3
Exhibit 17: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
10.2
MATVALUE_GR_FEB_18
Exhibit 18: Growth Distribution (%) (MAT Feb-18)
6.2
30.8
4.6
14.8
ACUTE
CHRONIC
Source: AIOCD, MOSL
16 March 2018
Vol GR
Price GR
-2.2
4.4
NP GR
Source: AIOCD, MOSL
5

Sector Update| Healthcare
Alkem
Exhibit 19: Top 10 Drugs
Alkem’s secondary sales
continued to post double-
digit growth (+12.2%) YoY in
Feb-18
Drug
Total
Clavam
Pan
Pan D
Taxim O
Taxim
A To Z Ns
Xone
Gemcal
Ondem
Sumo
Anti-Infectives
Gastro Intestinal
Gastro Intestinal
Anti-Infectives
Anti-Infectives
Vitamins / Minerals / Nutrients
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Pain / Analgesics
Therapy
MAT Feb 18
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
40,858
4.8
100.0
3,008
2,550
2,342
1,971
1,299
1,190
1,084
934
926
851
9.2
2.7
14.3
(2.0)
(11.6)
14.8
2.8
(9.1)
2.1
(14.2)
7.4
6.2
5.7
4.8
3.2
2.9
2.7
2.3
2.3
2.1
Growth (%)
Last
Feb-18
3M
12.7
12.2
16.4
(2.9)
13.2
15.1
4.8
5.6
36.4
(13.0)
6.8
2.8
11.1
(0.9)
20.3
24.6
7.3
2.9
66.6
(15.1)
9.6
14.5
Source: AIOCD, MOSL
Therapy Mix (%)
Anti-Diabetic (+15.9%) saw
highest growth amongst the
therapies of Alkem,
followed by Anti-Infectives
(+14.6%)
Share
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Anti Diabetic
100.0
39.5
18.6
13.5
7.3
5.0
3.3
MAT Gr. (%)
4.8
0.2
8.9
8.3
(1.1)
16.5
31.2
3M*
12.7
15.0
9.1
7.7
11.0
18.3
19.8
Feb 18 Gr (%)
12.2
14.6
12.2
3.5
14.0
13.7
15.9
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
19.7
19.4
23.1
37.8
Source: AIOCD, MOSL
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
39.5
17.7
12.2
30.6
MAT growth (%)
4.8
2.3
5.3
9.6
6.0
Exhibit 21: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
34.8
MATVALUE_GR_FEB_18
17.0
Exhibit 22: Growth Distribution (%) (MAT Feb 18)
3.8
-1.7
3.3
Vol GR
4.2
CHRONIC
Source: AIOCD, MOSL
Price GR
2.8
NP GR
ACUTE
Source: AIOCD, MOSL
16 March 2018
6

Sector Update| Healthcare
Lupin
Exhibit 23: Top 10 Drugs
Drug
Therapy
Value
(INR m)
42,594
1,989
1,877
1,090
888
672
547
545
541
520
520
MAT Feb 18
Gr.
(%)
9.7
11.0
7.3
8.3
(7.4)
7.1
5.2
31.6
70.9
(1.9)
6.5
Gr. (%)
Mkt
Sh. (%)
100.0
4.7
4.4
2.6
2.1
1.6
1.3
1.3
1.3
1.2
1.2
Last 3M
14.9
16.0
(7.6)
13.5
(0.8)
2.6
8.8
30.5
61.0
(16.6)
14.6
Feb-18
15.0
16.1
(21.8)
14.9
(3.0)
(6.6)
7.3
32.0
55.5
(24.4)
34.6
Lupin (+15% YoY) reported
highest growth in Feb-18
amongst top 10 companies
Lupin Ltd
Gluconorm-G
Huminsulin
Budamate
Tonact
Rablet-D
Esiflo
Ivabrad
Ondero
Rablet
Telekast-L
Anti Diabetic
Anti Diabetic
Respiratory
Cardiac
Gastro Intestinal
Respiratory
Cardiac
Anti Diabetic
Gastro Intestinal
Respiratory
Source: AIOCD, MOSL
Exhibit 24: Therapy Mix (%)
Top therapies of Lupin
continued to report double-
digit growth in Feb-18.
Respiratory reported
highest growth of 25.5%
YoY, followed by Cardiac
(+16.3%) in Feb-18
Share
Total
Cardiac
Anti Diabetic
Anti-Infectives
Respiratory
Gastro Intestinal
Neuro / Cns
100.0
22.7
21.0
16.0
12.5
7.5
4.4
MAT Gr. (%)
9.7
8.4
24.4
(2.6)
13.5
7.7
6.5
3M*
14.9
14.4
20.8
10.5
23.0
7.6
17.0
Feb 18 Gr. (%)
15.0
16.3
15.6
11.7
25.5
3.5
15.7
Source: AIOCD, MOSL
Exhibit 25: Brand wise growth distribution
% of sales
MAT Gr. (%)
9.7
9.3
16.9
3.5
9.8
Gr. Contribution (%)
100.0
20.9
24.4
6.0
48.7
Source: AIOCD, MOSL
Lupin witnessed 4.7% new
product growth and 4.1%
volume growth
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
21.6
14.9
15.4
48.1
Exhibit 26: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
MATVALUE_GR_FEB_18
20.4
14.3
18.4
Exhibit 27: Growth Distribution (%) (MAT Feb 18)
4.1
4.7
4.5
ACUTE
CHRONIC
Source: AIOCD, MOSL
Vol GR
0.8
Price GR
NP GR
Source: AIOCD, MOSL
16 March 2018
7

Sector Update| Healthcare
GSK Pharma
Exhibit 28: Top 10 Drugs
GSK Pharma secondary
sales grew marginally by
1.8% YoY in Feb-18
Drug
Total
Augmentin
Synflorix
Calpol
Zinetac
Betnovate N
Betnovate C
Eltroxin
Ceftum
Betnesol
T Bact
Anti-Infectives
Vaccines
Pain / Analgesics
Gastro Intestinal
Derma
Derma
Hormones
Anti-Infectives
Hormones
Derma
Therapy
Value
(INR m)
35,703
3,487
2,764
1,908
1,766
1,751
1,742
1,518
1,403
1,048
919
MAT Feb 18
Growth
(%)
7.5
23.0
18.6
(5.4)
3.4
23.8
20.5
4.8
7.9
7.4
63.1
Growth (%)
Mkt
Sh. (%)
100.0
9.8
7.7
5.3
4.9
4.9
4.9
4.3
3.9
2.9
2.6
Last 3M
6.3
25.9
(3.9)
11.8
2.8
6.9
(0.6)
(1.6)
16.4
9.0
62.0
Feb-18
1.8
27.3
(17.8)
18.8
7.3
(3.1)
(19.4)
(0.0)
25.3
9.8
20.8
Source: AIOCD, MOSL
Exhibit 29: Therapy Mix (%)
Pain / Analgesics saw
highest growth of 13.3%
YoY in Feb-18 amongst
therapies of GSK Pharma,
while Vaccines continued to
decline for second straight
month (-22.5%)
Share
Total
Anti-Infectives
Derma
Vaccines
Pain / Analgesics
Vitamins / Minerals / Nutrients
Hormones
100.0
21.6
21.3
17.5
8.2
7.7
7.5
MAT Gr. (%)
7.5
6.8
33.3
2.0
(7.6)
4.9
6.4
3M*
6.3
9.5
16.5
(6.1)
6.0
(5.2)
3.8
Feb 18 Gr. (%)
1.8
11.1
3.3
(22.5)
13.3
(3.6)
5.1
Source: AIOCD, MOSL
Exhibit 30: Brand wise growth distribution
% of sales
MAT Growth (%)
7.5
14.1
11.5
(5.1)
(4.8)
Gr. Contribution (%)
100.0
90.9
30.1
(12.0)
(9.1)
Source: AIOCD, MOSL
GSK witnessed price decline
of 1% and volume growth of
7.0%
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
51.3
20.4
15.5
12.8
Exhibit 31: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
8.0
29.0
MATVALUE_GR_FEB_18
Exhibit 32: Growth Distribution (%) (MAT Feb 18)
7.0
3.9
4.2
ACUTE
CHRONIC
Source: AIOCD, MOSL
Source: AIOCD, MOSL
Vol GR
-1.1
Price GR
1.6
NP GR
16 March 2018
8

Sector Update| Healthcare
Glenmark Pharma
Exhibit 33: Top 10 Drugs
Glenmark’s secondary sales
grew by 7.9% YoY in Feb-18
Drug
Glenmark Pharmaceuticals
Telma
Telma H
Ascoril Plus
Candid
Telma Am
Candid-B
Ascoril Ls
Zitamet Plus
Canditral
Syntran
Cardiac
Cardiac
Respiratory
Derma
Cardiac
Derma
Respiratory
Anti Diabetic
Anti-Infectives
Anti-Infectives
Therapy
MAT Feb 18
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
28,476
8.6
100.0
1,885
1,737
1,160
1,135
999
948
657
540
510
454
12.9
8.5
(2.6)
9.4
19.0
(4.7)
16.8
25.5
42.1
70.0
6.6
6.1
4.1
4.0
3.5
3.3
2.3
1.9
1.8
1.6
Growth (%)
Last 3M
10.3
15.2
4.2
1.7
(2.5)
24.7
(4.1)
28.7
16.4
32.9
34.4
Feb-18
7.9
14.5
3.7
2.1
(1.5)
14.3
0.5
35.6
11.8
18.0
17.9
Source: AIOCD, MOSL
Exhibit 34: Therapy Mix (%)
Respiratory witnessed
highest growth of 14.8%
YoY in Feb-18, followed by
Gastro (13.6%) and Cardiac
(12.4%)
Share
Total
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gastro Intestinal
100.0
27.3
23.2
16.0
13.5
6.5
3.4
MAT Gr. (%)
8.6
4.0
13.8
9.1
8.5
6.7
13.7
3M*
10.3
3.1
14.8
15.9
5.4
13.2
8.0
Feb 18 Gr.
7.9
1.3
12.4
14.8
(0.9)
9.5
13.6
Source: AIOCD, MOSL
Exhibit 35: Brand wise growth distribution
New product growth and
volume growth are the key
growth drivers for
Glenmark
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
35.2
17.0
17.8
30.0
MAT Growth (%)
8.6
12.0
14.4
0.4
6.8
Gr. Contribution (%)
100.0
47.7
27.1
0.9
24.3
Source: AIOCD, MOSL
Exhibit 36: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
17.0
MATVALUE_GR_FEB_18
11.2
Exhibit 37: Growth Distribution (%) (MAT Feb 18)
9.2
7.2
4.0
-0.4
Vol GR
Price GR
5.0
NP GR
ACUTE
CHRONIC
Source: AIOCD, MOSL
Source: AIOCD, MOSL
16 March 2018
9

Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 38: Top 10 Drugs
Dr. Reddy’s Labs’ secondary
sales reported double digit
growth of 14.4% YoY in Feb-
18
Drug
Total
Omez
Omez D
Econorm
Atarax
Razo D
Nise
Razo
Stamlo
Stamlo Beta
Ketorol
Gastro Intestinal
Gastro Intestinal
Gastro Intestinal
Respiratory
Gastro Intestinal
Pain / Analgesics
Gastro Intestinal
Cardiac
Cardiac
Pain / Analgesics
Therapy
Value
(INR m)
26,421
1,145
1,005
853
804
688
610
609
549
521
508
MAT Feb 18
Growth
(%)
6.2
0.2
(2.8)
32.2
33.7
15.7
(0.5)
11.4
(9.9)
5.7
17.0
Growth (%)
Mkt
Sh. (%)
100.0
4.3
3.8
3.2
3.0
2.6
2.3
2.3
2.1
2.0
1.9
Last 3M
10.1
13.9
(1.2)
60.7
36.2
12.8
8.0
10.1
(19.9)
6.0
26.5
Feb-18
14.4
18.8
(5.8)
63.8
40.8
13.6
33.0
10.9
(14.9)
13.1
10.8
Source: AIOCD, MOSL
Exhibit 39: Therapy Mix (%)
Anti-Infective reported
significant growth of 69%
YoY in feb-28, followed by
32.5% growth in
Respiratory. Anti-
Neoplastics continued to
decline significantly by
39.9% YoY in Feb-18
Share
Total
Gastro Intestinal
Cardiac
Respiratory
Anti-Infectives
Anti-Neoplastics
Anti Diabetic
100.0
21.5
13.3
10.3
8.8
8.6
7.0
MAT Gr. (%)
6.2
9.9
5.3
19.8
24.7
(34.8)
13.2
3M*
10.1
16.1
2.1
27.1
43.6
(40.5)
11.7
Feb 18 Gr. (%)
14.4
17.6
2.5
32.5
69.1
(39.9)
17.8
Source: AIOCD, MOSL
Exhibit 40: Brand wise growth distribution
Decline in price was off-set
by volume and new product
growth
.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
27.6
20.2
17.5
34.7
MAT Gr. (%)
6.2
8.6
8.8
11.1
0.8
Gr. Contribution (%)
100.0
37.5
27.9
30.1
4.4
Source: AIOCD, MOSL
Exhibit 41: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
18.0
8.3
5.4
6.9
MATVALUE_GR_FEB_18
Exhibit 42: Growth Distribution (%) (MAT Feb 18)
5.7
-1.0
Vol GR
Price GR
1.5
NP GR
ACUTE
CHRONIC
Source: AIOCD, MOSL
Source: AIOCD, MOSL
16 March 2018
10

Sector Update| Healthcare
Sanofi India
Exhibit 43: Top 10 Drugs
Sanofi’s secondary sales
continued to grow double
digit by 11.6% YoY in Feb-18
Drug
Sanofi India
Lantus
Hexaxim
Combiflam
Allegra
Amaryl M
Clexane
Avil
Enterogermina
Vaxigrip
Cardace
Anti Diabetic
Vaccines
Pain / Analgesics
Respiratory
Anti Diabetic
Cardiac
Respiratory
Gastro Intestinal
Vaccines
Cardiac
Therapy
Value
(INR m)
26,887
3,760
1,751
1,746
1,544
1,347
1,088
1,074
906
861
853
MAT Feb 18
Growth
(%)
9.4
20.2
220.9
(11.3)
18.2
22.2
2.5
9.5
0.5
16.8
1.5
Growth (%)
Mkt
Sh. (%)
100.0
14.0
6.5
6.5
5.7
5.0
4.0
4.0
3.4
3.2
3.2
Last 3M
10.9
24.9
32.4
(17.6)
16.2
(3.2)
(4.2)
30.6
12.7
(17.5)
9.1
Feb-18
11.6
18.7
23.1
(14.4)
15.3
(0.7)
(10.8)
23.0
11.5
(57.0)
12.7
Source: AIOCD, MOSL
Exhibit 44: Therapy Mix (%)
Top 10 brands account for
more than 100% of growth
for Sanofi
Share
Total
Anti Diabetic
Cardiac
Vaccines
Respiratory
Pain / Analgesics
Neuro / Cns
100.0
26.6
15.0
14.0
11.0
9.2
7.0
MAT Gr. (%)
9.4
17.8
1.3
18.2
14.9
(6.8)
4.7
3M*
10.9
15.3
0.6
16.9
21.9
(11.2)
(1.0)
Feb 18 Gr. (%)
11.6
11.6
(2.5)
16.1
18.1
(9.2)
(3.6)
Source: AIOCD, MOSL
Exhibit 45: Brand wise growth distribution
% of sales
Total
100.0
55.5
23.8
14.1
6.5
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)
9.4
18.8
0.3
12.8
(22.3)
Gr. Contribution (%)
100.0
102.4
0.7
18.7
(21.8)
Source: AIOCD, MOSL
New Product introductions
is the key driver for Sanofi
Exhibit 46: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
12.7
MATVALUE_GR_FEB_18
10.2
Exhibit 47: Growth Distribution (%)(MAT Feb 18)
8.6
11.9
5.8
3.4
0.2
ACUTE
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
16 March 2018
11

Sector Update| Healthcare
Torrent Pharma
Exhibit 48: Top 10 Drugs
.
Torrent Pharma’s secondary
sales grew by 2.5% YoY in
Feb-18
Drug
Torrent Pharma.
Shelcal
Chymoral Forte
Losar H
Nikoran
Azulix-Mf
Nebicard
Nexpro Rd
Dilzem
Losar
Unienzyme
Vitamins / Minerals / Nutrients
Pain / Analgesics
Cardiac
Cardiac
Anti Diabetic
Cardiac
Gastro Intestinal
Cardiac
Cardiac
Gastro Intestinal
Therapy
MAT Feb 18
Value Growth
Mkt
(INR m)
(%)
Sh. (%)
37,392
4.9
100.0
1,928
1,192
982
953
876
818
804
775
717
592
7.1
17.2
(3.5)
(4.1)
11.1
15.2
18.3
3.9
1.2
(4.1)
5.2
3.2
2.6
2.5
2.3
2.2
2.1
2.1
1.9
1.6
Growth (%)
Last
Feb-18
3M
3.8
2.5
12.0
13.7
(10.7)
2.1
2.3
2.9
16.2
8.4
(10.0)
(3.7)
14.3
9.2
(6.1)
10.0
(1.0)
1.4
13.1
6.7
(11.0)
(16.8)
Source: AIOCD, MOSL
Exhibit 49: Therapy Mix (%)
Share
Total
100.0
32.1
16.5
14.6
11.1
7.3
6.3
MAT Gr. (%)
4.9
1.7
9.5
7.9
9.0
19.4
9.3
3M*
3.8
0.2
5.1
9.9
14.4
11.6
7.5
Feb 18 Gr. (%)
2.5
(0.2)
0.2
7.4
16.3
8.5
3.7
Source: AIOCD, MOSL
Growth in cardiac and
neuro / CNS, Torrent’s top
therapy portfolio was flat in
Feb-18, after reporting
growth of 4.1% and 8.6% in
Jan-18 respectively
Cardiac
Neuro / Cns
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti Diabetic
Pain / Analgesics
Exhibit 50: Brand wise growth distribution
% of sales
MAT Gr. (%)
4.9
6.2
3.9
9.4
3.1
Gr. Contribution (%)
100.0
32.0
13.3
26.8
27.9
Source: AIOCD, MOSL
Growth in volume, price
and new product led to
increase in sales growth
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
25.8
16.4
14.7
43.2
Exhibit 51: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
4.1
19.4
16.2
ACUTE
CHRONIC
Source: AIOCD, MOSL
MATVALUE_GR_FEB_18
5.6
Exhibit 52: Growth Distribution (%) (MAT Feb 18)
2.9
1.3
Vol GR
0.7
Price GR
NP GR
Source: AIOCD, MOSL
16 March 2018
12

Sector Update| Healthcare
Alembic Pharma
Exhibit 53: Top 10 Drugs
Alembic Pharma secondary
sales grew by 6.5% YoY in
Feb-18
Drug
Total
Azithral
Althrocin
Wikoryl
Gestofit
Roxid
Rekool D
Ulgel
Richar
Glisen Mf
Tellzy
Anti-Infectives
Anti-Infectives
Respiratory
Gynaecological
Anti-Infectives
Gastro Intestinal
Gastro Intestinal
Gynaecological
Anti Diabetic
Cardiac
Therapy
MAT Feb 18
Value
Growth
(INR m)
(%)
14,775
(1.2)
1,521
751
604
522
507
314
281
265
230
211
3.3
(4.4)
3.9
(15.7)
(1.5)
(9.4)
(4.7)
(14.1)
(11.8)
(0.0)
Growth (%)
Mkt
Sh. (%)
100.0
10.3
5.1
4.1
3.5
3.4
2.1
1.9
1.8
1.6
1.4
Last 3M
2.7
8.0
(7.5)
13.5
(8.0)
12.1
(7.4)
(1.8)
1.8
(12.1)
2.8
Feb-18
6.5
14.1
(5.8)
18.8
1.1
17.1
(5.5)
(3.6)
21.2
(5.3)
6.0
Source: AIOCD, MOSL
Exhibit 54: Therapy Mix (%)
Alembic’s largest portfolio,
Anti-Infectives posted
healthy growth of 12.6%
YoY in Feb-18, while its
second largest portfolio,
Cardiac continued to decline
in Feb-18 (-3.1%)
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynaecological
Vitamins / Minerals / Nutrients
Share
100.0
22.5
14.6
12.9
12.2
11.5
7.7
MAT Gr (%)
(1.2)
0.8
(0.2)
(0.5)
(6.3)
(2.6)
(4.9)
3M*
2.7
7.6
(5.7)
8.8
(6.6)
6.8
3.0
Feb 18 Gr. (%)
6.5
12.6
(3.1)
17.7
(4.4)
14.8
5.1
Source: AIOCD, MOSL
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
35.2
18.7
18.3
27.7
MAT growth (%)
(1.2)
(3.5)
(0.0)
4.6
(2.6)
Gr. Contribution (%)
100.0
104.4
0.3
(65.3)
60.6
Source: AIOCD, MOSL
Exhibit 56: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
MATVALUE_GR_FEB_18
Exhibit 57: Growth Distribution (%)(MAT Feb 18)
1.7
(1.1)
-5.1
(1.2)
11.5
ACUTE
2.3
3.5
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOSL
16 March 2018
13

Sector Update| Healthcare
IPCA Labs
Exhibit 58: Top 10 Drugs
Drug
Therapy
MAT Feb 18
Value
Growth
(INR m)
(%)
15,555
(5.2)
1,234
933
838
499
458
432
370
357
341
331
6.0
(0.7)
4.8
(20.9)
12.6
(8.4)
(36.5)
12.6
(22.6)
9.9
Growth (%)
Mkt
Sh. (%)
100.0
7.9
6.0
5.4
3.2
2.9
2.8
2.4
2.3
2.2
2.1
Last 3M
(0.9)
5.0
2.7
(3.7)
(22.2)
18.8
(19.1)
(6.1)
2.6
32.5
17.4
Feb-18
2.2
3.9
12.6
(13.7)
(27.5)
13.6
(16.6)
9.6
1.0
58.0
14.0
IPCA secondary sales grew
marginally by 2.2% YoY in
Feb-18
Ipca Laboratories
Zerodol Sp
Zerodol P
Hcqs
Larinate
Folitrax
Glycinorm M
Rapither-Ab
Zerodol Th
Lariago
Ctd
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti Malarials
Anti-Neoplastics
Anti Diabetic
Anti Malarials
Pain / Analgesics
Anti Malarials
Cardiac
Source: AIOCD, MOSL
Exhibit 59: Therapy Mix (%)
IPCA’s largest portfolio, Pain
/ Analgesics reported
growth of 4.6% YoY in Feb-
18
Total
Pain / Analgesics
Cardiac
Anti Malarials
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Share
100.0
27.3
16.7
16.4
7.5
6.0
5.1
MAT Gr. (%)
(5.2)
1.1
(4.8)
(18.7)
(6.1)
(5.5)
(6.6)
3M*
(0.9)
2.6
(2.6)
(2.0)
(5.6)
(0.2)
(13.3)
Feb 18 Gr. (%)
2.2
4.6
(0.4)
1.2
(7.0)
0.6
(9.3)
Source: AIOCD, MOSL
Exhibit 60: Brand wise growth distribution
Volume and price both
continued to decline in Feb-
18, while new product
growth remained flat
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
37.2
22.1
18.1
22.6
MAT growth (%)
(5.2)
(4.3)
(6.8)
(0.5)
(8.7)
Gr. Contribution (%)
100.0
30.3
29.1
1.6
39.1
Source: AIOCD, MOSL
Exhibit 61: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
11.9
(4.8)
4.5
MATVALUE_GR_FEB_18
Exhibit 62: Growth Distribution (%) (MAT Feb 18)
-3.9
Vol GR
-1.8
Price GR
0.4
NP GR
(5.4)
ACUTE
CHRONIC
Source: AIOCD, MOSL
Source: AIOCD, MOSL
16 March 2018
14

Sector Update| Healthcare
Biocon
Exhibit 63: Top 10 Drugs
After reporting marginal
growth of 3.5% in Jan-18,
Biocon secondary sales
reported robust growth of
20.6% YoY in Feb-18
Drug
Total
Insugen
Basalog
Canmab
Insugen R
Blisto Mf
Erypro
Psorid
Insugen N
Biomab Egfr
Metadoze-Ipr
Anti Diabetic
Anti Diabetic
Anti-Neoplastics
Anti Diabetic
Anti Diabetic
Blood Related
Anti-Neoplastics
Anti Diabetic
Anti-Neoplastics
Anti Diabetic
Therapy
Value
(INR m)
4,035
1,157
822
387
253
169
130
117
84
78
64
MAT Feb 18
Growth
(%)
11.2
27.5
30.1
56.8
36.8
13.0
(61.1)
39.1
16.3
(39.1)
33.1
Growth (%)
Mkt
Sh. (%)
100.0
28.7
20.4
9.6
6.3
4.2
3.2
2.9
2.1
1.9
1.6
Last 3M
11.6
17.2
26.4
23.8
23.5
26.8
(77.4)
50.9
(6.2)
(59.8)
27.5
Feb-18
20.6
28.8
22.4
76.7
13.2
16.5
(63.2)
56.2
(9.6)
(50.7)
21.6
Source: AIOCD, MOSL
Exhibit 64: Therapy Mix (%)
Biocon’s largest therapy
portfolio, Anti-Diabetic
continued to report healthy
growth (+23%) YoY,
followed by Anti-neoplastics
(+13%) in Feb-18
Total
Anti Diabetic
Anti-Neoplastics
Anti-Infectives
Cardiac
Blood Related
Derma
Share
100.0
65.9
17.6
3.5
3.4
3.4
2.4
MAT Gr. (%)
11.2
27.8
(11.5)
75.9
(15.5)
(59.8)
6.5
3M*
11.6
21.5
(8.8)
110.5
(8.6)
(75.2)
31.6
Feb 18 Gr. (%)
20.6
23.0
13.0
84.2
(23.7)
(61.2)
28.2
Source: AIOCD, MOSL
Exhibit 65: Brand wise growth distribution
% of sales
MAT growth (%)
11.2
17.0
23.8
(5.2)
(58.8)
Gr. Contribution (%)
100.0
116.6
18.3
(4.0)
(30.9)
Source: AIOCD, MOSL
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
80.8
9.6
7.4
2.2
Top 10 products are the
primary growth drivers
for Biocon. Company saw
significant volume growth
in Feb-18
Exhibit 66: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
MATVALUE_GR_FEB_18
2.6
Exhibit 67: Growth Distribution (%) (MAT Feb 18)
13.9
9.1
1.0
4.5
0.1
ACUTE
CHRONIC
Source: AIOCD, MOSL
Vol GR
Price GR
2.0
NP GR
Source: AIOCD, MOSL
16 March 2018
15

Sector Update| Healthcare
Abbott India
Exhibit 68: Top 10 Drugs
Abbott’s secondary sales
grew 12.5% YoY for Feb-18,
10.3% for 3M and 8% on
MAT basis
Drug
Total
Mixtard
Novomix
Duphaston
Thyronorm
Udiliv
Vertin
Duphalac
Actrapid
Stemetil
Anti Diabetic
Anti Diabetic
Gynaecological
Hormones
Gastro Intestinal
Neuro / Cns
Gastro Intestinal
Anti Diabetic
Gastro Intestinal
Therapy
MAT Feb 18
Growth (%)
Value Growth Mkt
Last 3M Feb-18
(INR m)
(%)
Sh. (%)
73,926
8.0
100.0
10.3
12.5
4,908
2,706
2,649
2,546
2,485
1,933
1,473
1,287
1,103
1,054
(3.4)
6.1
16.1
23.1
29.5
24.2
10.1
5.3
6.5
12.5
6.6
3.7
3.6
3.4
3.4
2.6
2.0
1.7
1.5
1.4
(6.0)
(5.3)
38.8
25.2
45.1
35.5
6.6
(0.2)
(2.1)
14.5
(12.1)
(3.3)
75.0
30.3
52.4
33.6
8.7
7.0
(11.7)
22.1
Phensedyl Cough LinctusRespiratory
Source: AIOCD, MOSL
Exhibit 69: Therapy Mix
Abbot’s largest therapy
portfolio Anti-Diabetic
declined 2% YoY in Feb-18 (-
8% Jan-18). Vitamins /
Minerals / Nutrients
reported highest growth of
14.2% in Feb-18
Total
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Neuro / Cns
Cardiac
Anti-Infectives
Share
100.0
20.3
16.4
10.8
8.9
8.1
7.3
MAT Gr. (%)
8.0
2.0
10.8
9.6
6.7
2.5
(7.8)
3M*
10.3
(1.6)
11.4
13.1
11.8
6.2
6.4
Feb 18 Gr. (%)
12.5
(2.0)
13.5
14.2
13.1
10.7
9.0
Source: AIOCD, MOSL
Exhibit 70: Brand wise growth distribution
% of sales
Total
100.0
30.0
16.5
15.6
38.0
MAT growth (%)
8.0
10.8
16.4
7.7
2.8
Gr. Contribution (%)
100.0
39.5
31.5
15.1
13.9
Source: AIOCD, MOSL
Abbot’s chronic segment
grew 4.9% YoY on MAT
basis
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 71: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
MATVALUE_GR_FEB_18
Exhibit 72: Growth Distribution (%) (MAT Feb 18)
10.1
4.9
5.9
40.0
ACUTE
28.4
CHRONIC
Source: AIOCD, MOSL
Vol GR
1.2
Price GR
0.9
NP GR
Source: AIOCD, MOSL
16 March 2018
16

Sector Update| Healthcare
Mankind
Exhibit 73: Top 10 Drugs
Mankind’s secondary sales
increased 11.8% YoY for
Feb-18, 15.9% YoY for 3M
and 7.2% YoY on MAT basis
Drug
Mankind Pharma.
Manforce
Moxikind Cv
Unwanted Kit
Glimestar M
Amlokind-At
Candiforce
Prega News
Nurokind Lc
Gudcef
Telmikind H
Sex Stimulants / Rejuvenators
Anti-Infectives
Gynaecological
Anti Diabetic
Cardiac
Anti-Infectives
Others
Vitamins / Minerals / Nutrients
Anti-Infectives
Cardiac
Therapy
Growth (%)
MAT Feb 18
Value Growth
Mkt
Last 3M Feb-18
(INR m)
(%)
Share (%)
43,032
7.2
100.0
15.9
11.8
1,991
1,723
987
920
787
731
683
662
640
582
3.3
(6.1)
0.9
(1.6)
(7.2)
15.9
(4.4)
26.8
(12.3)
19.9
4.6
4.0
2.3
2.1
1.8
1.7
1.6
1.5
1.5
1.4
(1.3)
9.0
21.9
27.5
(3.6)
7.5
(4.8)
27.5
18.0
36.0
(5.2)
14.3
18.1
16.1
(7.8)
61.4
(10.7)
15.9
28.4
34.8
Source: AIOCD, MOSL
Exhibit 74: Therapy Mix (%)
Mankind’s Respiratory
therapy saw robust growth
of 39.1% YoY in Feb-18,
followed by Anti-infective
and Anti-diabetic by 21.5%
and 17.2% respectively
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Cardiac
Respiratory
Anti Diabetic
Share
100.0
21.7
15.1
10.9
9.8
7.0
6.3
MAT Gr. (%)
7.2
1.4
8.5
6.4
11.9
22.2
14.1
3M*
15.9
17.0
14.7
11.6
16.8
46.7
23.0
Feb 18 Gr. (%)
11.8
21.5
7.7
6.3
11.1
39.1
17.2
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
3.5
20.7
24.1
51.7
Source: AIOCD, MOSL
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
22.6
15.7
16.1
45.7
MAT gr. (%)
7.2
1.1
9.7
11.1
8.2
Exhibit 76: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
30.4
MATVALUE_GR_FEB_18
10.0
Exhibit 77: Growth Distribution (%) (MAT Feb 18)
6.9
6.3
9.8
Vol GR
ACUTE
CHRONIC
Source: AIOCD, MOSL
Source: AIOCD, MOSL
-0.9
Price GR
1.1
NP GR
16 March 2018
17

Sector Update| Healthcare
Pfizer
Exhibit 78: Top 10 Drugs
Pfizer secondary sales
reported growth of 3.1%
YoY in Feb-18
Drug
Pfizer + Wyeth
Becosules
Magnex
Dolonex
Minipress Xl
Gelusil Mps
Prevenar 13
Mucaine
Wysolone
Corex Dx
Folvite
Vitamins / Minerals / Nutrients
Anti-Infectives
Pain / Analgesics
Cardiac
Gastro Intestinal
Vaccines
Gastro Intestinal
Hormones
Respiratory
Blood Related
Therapy
MAT Feb 18
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
27,642
(2.7)
100.0
2,285
1,531
1,445
1,442
1,363
1,272
1,172
1,007
915
764
1.9
10.8
2.3
2.6
1.1
38.4
2.3
(11.8)
15.8
0.5
8.3
5.5
5.2
5.2
4.9
4.6
4.2
3.6
3.3
2.8
Growth (%)
Last
Feb-18
3M
2.5
3.1
10.2
4.1
2.1
6.4
4.2
10.6
1.6
(7.9)
26.2
0.2
11.6
15.6
(1.6)
3.7
9.3
8.2
6.2
18.7
38.9
3.4
Source: AIOCD, MOSL
Exhibit 79: Therapy Mix (%)
Vitamins/Minerals/Nutrient
reported highest growth of
10% YoY in Feb-18, followed
by Hormones (9.9%)
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Hormones
Gynaecological
Cardiac
Share
100.0
14.7
10.7
10.3
9.8
9.5
7.3
MAT Gr. (%)
(2.7)
7.6
(0.5)
(0.2)
(2.5)
8.4
(3.6)
3M*
2.5
9.5
0.3
8.9
(1.7)
(4.2)
(2.1)
Feb 18 Gr. (%)
3.1
8.2
4.1
10.0
9.9
(1.8)
(7.3)
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
(83.6)
(97.2)
(78.9)
359.7
Source: AIOCD, MOSL
Lower sales growth can be
attributed to decline in
volumes and price and
muted new product growth
in Feb-18
Exhibit 80: Brand wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
47.7
26.5
15.8
9.9
MAT growth (%)
(2.7)
5.2
11.5
16.3
(50.5)
Exhibit 81: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
24.0
MATVALUE_GR_FEB_18
2.3
Exhibit 82: Growth Distribution (%)(MAT Feb 18)
-2.3
Vol GR
-1.0
Price GR
0.6
NP GR
4.5
ACUTE
(3.7)
CHRONIC
Source: AIOCD, MOSL
Source: AIOCD, MOSL
16 March 2018
18

Sector Update| Healthcare
Merck
Exhibit 83: Top 10 Drugs
Merck secondary sales posted
growth of 3.4% YoY in Feb-18
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 Feb 18
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
6,811
5.0
100.0
825
550
465
420
413
357
294
271
257
254
2.8
(4.0)
4.0
10.4
22.1
21.0
(0.3)
(9.3)
(1.7)
17.6
12.1
8.1
6.8
6.2
6.1
5.2
4.3
4.0
3.8
3.7
Growth (%)
Last 3M Feb-18
2.5
3.2
(29.7)
(4.4)
14.2
16.9
17.5
(11.8)
(22.5)
7.6
14.5
3.4
9.7
(51.0)
(3.2)
38.6
17.1
16.1
(12.3)
(18.5)
30.7
10.4
Neurobion Forte Rf Vitamins / Minerals / Nutrients
Source: AIOCD, MOSL
Exhibit 84: Therapy Mix (%)
Cardiac reported highest
growth of 12% YoY in Feb-
18, followed by
Gynecological (+11%) and
derma (+10.4%)
Total
Vitamins / Minerals / Nutrients
Cardiac
Gynaecological
Derma
Anti Diabetic
Anti-Neoplastics
Share
100.0
47.8
17.7
17.4
6.4
3.5
2.1
MAT Gr. (%)
5.0
2.7
16.2
0.5
25.3
(0.1)
165.5
3M*
2.5
(1.5)
11.1
1.0
0.5
(5.5)
490.3
Feb 18 Gr (%)
3.4
(3.2)
12.1
11.0
10.4
(9.6)
336.6
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
61.6
93.7
(31.6)
(23.6)
Source: AIOCD, MOSL
Exhibit 85: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
60.3
26.2
11.1
2.4
MAT Gr. (%)
5.0
5.1
20.4
(11.9)
(31.4)
Merck saw healthy volume
growth of 3.5% in feb-18
Exhibit 86: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
5.2
MATVALUE_GR_FEB_18
13.1
Exhibit 87: Growth Distribution (%) (MAT Feb 18)
3.5
1.3
2.9
ACUTE
CHRONIC
Source: AIOCD, MOSL
Source: AIOCD, MOSL
Vol GR
1.8
-0.3
Price GR
NP GR
16 March 2018
19

Sector Update| Healthcare
Ajanta Pharma
Exhibit 88: Top 10 Drugs
Ajanta Pharma secondary
sales grew by 10.3% YoY for
Feb-18, 8.3% YoY growth
for 3M and 8.2% YoY
growth on MAT basis
Drug
Ajanta Pharma
Met Xl
Melacare
Atorfit Cv
Feburic
Met Xl Am
Rosufit Cv
Rosutor Gold
Cinod
Soft Drops
Olopat
Cardiac
Derma
Cardiac
Pain / Analgesics
Cardiac
Cardiac
Cardiac
Cardiac
Ophthal / Otologicals
Ophthal / Otologicals
Therapy
MAT Feb 18
Value
Growth
(INR m)
(%)
7,471
8.2
868
516
511
267
221
208
202
188
180
114
9.0
8.2
2.6
26.0
14.7
(3.8)
27.9
28.3
(0.7)
10.6
Growth (%)
Mkt
Sh. (%)
100.0
11.6
6.9
6.8
3.6
3.0
2.8
2.7
2.5
2.4
1.5
Last 3M
8.3
3.8
22.9
(1.0)
33.8
20.8
(9.6)
24.1
23.9
(4.4)
13.0
Feb-18
10.3
8.5
50.9
2.6
17.9
26.0
3.7
36.7
12.9
(17.3)
5.7
Source: AIOCD, MOSL
Exhibit 89: Therapy Mix (%)
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Anti Diabetic
Share
100.0
38.9
24.8
17.2
5.1
3.9
2.2
MAT Gr.(%)
8.2
11.5
14.8
(0.4)
13.8
(13.6)
31.7
3M*
8.3
8.2
13.3
7.2
21.6
(8.3)
19.6
Feb 18 Gr. (%)
10.3
12.3
5.9
16.9
11.1
(9.2)
25.3
Source: AIOCD, MOSL
Gr. Contribution (%)
100.0
52.0
25.8
9.4
12.7
Source: AIOCD, MOSL
Price increase and new
product growth is the key
growth driver for Ajanta
Pharma on
MAT basis
Exhibit 90: Brand wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
43.9
15.5
16.2
24.4
MAT Growth (%)
8.2
9.9
14.4
4.6
4.1
Exhibit 91: Acute v/s Chronic (MAT growth)
MATVALUE_FEB_17
MATVALUE_GR_FEB_18
8.6
Exhibit 92: Growth Distribution (%) (MAT Feb 18)
5.0
7.8
3.4
ACUTE
3.5
CHRONIC
Source: AIOCD, MOSL
1.7
Vol GR
1.4
Price GR
NP GR
Source: AIOCD, MOSL
16 March 2018
20

Sector Update| Healthcare
NOTES
16 March 2018
21

Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
Sector Update| Healthcare
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services,
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which are available on
www.motilaloswal.com.
MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited
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MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in the subject company at
the end of the month immediately preceding the date of publication of the Research Report.
MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act
as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.;
however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there
might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
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received any compensation from the subject company in the past 12 months.
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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.
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
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Research Analyst views on Subject Company may vary based on Fundamental research and Technical Research. Proprietary trading desk of MOSL or
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available to professional investor and will be engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from
registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
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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
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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
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Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022-3980 4263; www.motilaloswal.com. Correspondence Address: Palm Spring Centre, 2nd Floor, Palm
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Contact No.:022-38281085.
Registration details of group entities.: MOSL: SEBI Registration: INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL: IN-DP-16-2015; NSDL: IN-DP-NSDL-152-2000; Research Analyst: INH000000412. AMFI: ARN 17397. Investment Adviser:
INA000007100.IRDA Corporate Agent-CA0541. 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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