Sector Update | 15 May 2019
Sector Update| Healthcare
Healthcare
Performance of top companies:
April 2019)
Company
IPM
Sun Pharma
Abbott
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
AstraZeneca
MAT
gr (%)
9.9
7.0
10.1
9.5
9.0
12.1
11.2
15.2
15.1
6.9
12.8
10.1
9.7
6.4
11.4
23.1
11.7
9.2
8.5
16.1
17.0
Apr-19
(%)
10.5
8.0
8.1
9.1
10.8
17.5
15.3
18.3
13.1
3.3
10.4
9.2
13.8
13.7
5.6
12.6
11.0
9.5
2.0
13.0
10.0
Slow pick-up in growth; High base affects volume growth
Indian Pharmaceutical Market’s (IPM) secondary sales growth picked up 10.4%
YoY in Apr’19 v/s 8.9% YoY in Mar’19, driven by prices (+5.2% YoY), volumes
(+2.8% YoY), and new launches (+2.4% YoY).
For the quarter ended Apr’19, IPM growth was at 9.8% YoY, supported by prices
(+5.1% YoY), volumes (+2.4% YoY) and new product launches (+2.4% YoY).
YoY growth on a MAT basis came in at 9.9% (9.6% in Mar’19) for the 12M ended
Apr’19 (volumes: +3.4% YoY; prices: +4.1% YoY; new product launches: +2.3%
YoY).
Price — key growth driver; new launches growth remains capped
In value terms, secondary sales grew 10.7% YoY for non-DPCO products (86% of
IPM) and 8.5% YoY for DPCO-listed products (10% of IPM) in the month.
Growth in non-DPCO products was driven by prices (+5.4% YoY), volumes (+2.6%
YoY) and new products (+2.7% YoY).
JB Chemicals, Lupin, Mankind, Alkem – the outperformers in Apr’19
JB Chemicals saw the highest growth (+27.3% YoY) in secondary sales in Apr’19,
followed by Lupin (+18.3% YoY), Mankind (+17.5% YoY) and Alkem (15.3% YoY).
JB Chemicals outperformed on strong double-digit growth in its top brands,
especially in the Cardiac and Gastrointestinal portfolio. Lupin did extremely well
in its Anti-Diabetic portfolio (+31% YoY), which drove its overall sales. Mankind’s
growth was driven by Anti-Infectives, Vitamins and the Cardiac portfolio.
After lackluster Mar’19 (+2.6% YoY), Sun Pharma’s sales growth revived to some
extent (+8% YoY), mainly driven by Anti-Infectives therapy (up ~13% YoY).
Sales growth was lowest for Merck (+2% YoY), Pfizer (+3.3% YoY) and Alembic
(+5.6% YoY).
On MAT basis, IPCA reported highest volume growth (+14.7%); Torrent saw
highest price growth (+7%), while NATCO witnessed highest new product
launches (+16.3%).
Anti-Diabetic and Cardiac see highest growth in Apr’19
Anti-Diabetic saw the highest growth (+13.3% YoY; 9.7% of IPM) among all
therapies. This was followed by Cardiac therapy (+11.3% YoY; ~13% of IPM),
Gastrointestinal (+3.4% YoY; 11% of IPM) and Anti-Infectives (+6.5% YoY; 13.4%
of IPM). Vaccines continued witnessing a decline in sales in Apr’19.
Indian companies garner better growth rate than MNCs
Non-FDC (~48% of IPM) and Single molecules (~51% of IPM) grew ~11% and
~10.7%, respectively, for Apr’19. Secondary sales grew 10.9% YoY for Indian
companies, outpacing MNC growth of 8.6% YoY for Apr’19.
Tushar Manudhane – Research Analyst
(Tushar.Manudhane@motilaloswal.com +91 22 6129 1536)
Rajat Srivastava – Research Analyst
(Rajat.Srivastava@motilaloswal.com +91 22 6129 1557)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.

Sector Update| Healthcare
Exhibit 1: Volumes pick up for the quarter ended Apr’19
Volume Growth (%)
8.8
7.3
2.9
8.6
7.1
2.6
Price Growth (%)
10.8
6.8
2.8
1.2
-1.4
3M-Jan 18
-1.1
3M-Apr 18
3M-Jul 18
3M-Oct 18
3M-Jan 19
3M-Apr 19
Source: AIOCD, MOFSL
5
2.7
1.9
5.1
4.8
2.6
1.9
2.4
2.4
New Product Growth (%)
9.6
9.3
Total Growth (%)
9.8
15 May 2019
2

Sector Update| Healthcare
Indian Pharma Market - April 2019
Exhibit 2: Performance of top companies — April 2019
Company
IPM
Sun Pharma
Abbott
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
Astrazeneca
JB Chemicals
MAT Apr-19
Market
Value
Share (%)
(INR m)
1,316,634
107,361
82,075
62,112
53,674
48,738
45,761
49,835
42,818
30,780
30,411
30,214
29,260
38,222
16,575
19,173
11,048
8,181
7,239
4,729
6,111
6,152
100.0
8.2
6.2
4.7
4.1
3.7
3.5
3.8
3.3
2.3
2.3
2.3
2.2
2.9
1.3
1.5
0.8
0.6
0.5
0.4
0.5
0.5
Growth
(%)
9.9
7.0
10.1
9.5
9.0
12.1
11.2
15.2
15.1
6.9
12.8
10.1
9.7
6.4
11.4
23.1
11.7
9.2
8.5
16.1
17.0
15.3
Last 8 Quarters in Growth (%)
Jul-18
2.6
1.7
5.4
1.7
3.8
(0.9)
(6.1)
9.1
0.4
(4.2)
(2.6)
9.8
5.0
4.1
(6.9)
(6.0)
(6.9)
2.6
6.2
16.4
2.2
(4.6)
1M
Jan-19
9.4
6.7
10.8
8.6
6.8
11.4
8.5
14.0
17.5
8.4
10.5
14.5
6.3
7.5
11.6
28.7
26.3
8.1
9.8
20.5
12.0
17.9
Oct-18
2.5
3.8
6.1
5.7
3.1
3.8
2.1
2.0
2.1
(9.4)
0.2
4.8
(1.7)
11.2
(5.5)
(17.6)
7.2
7.6
(3.3)
9.0
1.9
3.2
Jan-18
8.1
7.5
8.0
8.7
9.0
16.7
12.7
13.4
2.6
(5.2)
3.2
11.7
8.4
6.7
2.0
(0.8)
19.8
8.0
(1.1)
5.8
2.9
6.1
Apr-18
8.0
6.4
13.2
7.7
3.8
10.0
13.0
15.6
6.2
0.1
11.4
12.9
11.5
4.3
6.6
2.7
(13.1)
8.3
6.1
9.0
7.6
12.3
Jul-18
10.7
9.5
13.3
8.9
11.8
9.3
14.8
16.7
15.5
3.2
20.4
6.1
11.7
7.9
11.5
11.4
5.5
12.8
7.5
9.1
35.4
7.2
Oct-18
9.7
6.1
8.4
10.6
8.0
12.6
9.2
13.5
12.3
9.9
11.7
8.4
10.4
1.0
12.3
30.0
3.2
8.7
13.0
21.2
14.5
11.8
Apr-19
9.8
5.9
8.0
9.9
9.8
14.3
12.7
16.7
15.3
5.8
10.0
11.3
10.7
9.7
9.9
21.6
13.7
7.5
4.0
13.6
9.6
24.0
Apr-19
10.5
8.0
8.1
9.1
10.8
17.5
15.3
18.3
13.1
3.3
10.4
9.2
13.8
13.7
5.6
12.6
11.0
9.5
2.0
13.0
10.0
27.3
15 May 2019
3

Sector Update| Healthcare
Exhibit 3: Performance of top therapies — April 2019
Therapy
IPM
Anti-Infectives
Cardiac
Gastro Intestinal
Vitamins/Minerals/
Nutrients
Anti Diabetic
Respiratory
Pain / Analgesics
Derma
Neuro / Cns
Gynaecological
Anti-Neoplastics
Ophthal / Otologicals
Hormones
Vaccines
127,623
98,414
89,284
88,449
80,119
65,945
28,797
24,200
23,672
21,218
9.7
7.5
6.8
6.7
6.1
5.0
2.2
1.8
1.8
1.6
15.4
7.6
8.8
11.2
10.7
9.6
13.0
8.1
11.3
(3.8)
16.2
(5.3)
3.8
10.6
4.2
4.7
11.1
4.2
7.9
16.3
11.5
2.0
3.1
15.9
6.1
2.8
6.5
8.5
6.3
13.1
9.7
16.2
8.8
12.5
9.3
2.9
5.7
12.9
9.9
12.3
9.3
20.0
7.0
7.7
7.7
4.9
8.4
4.7
14.8
3.0
14.4
11.6
10.3
16.2
12.6
9.0
23.7
7.9
15.6
(0.8)
14.8
10.6
7.8
9.5
8.7
10.8
6.9
8.5
13.0
(10.9)
18.0
3.4
8.1
9.6
9.2
9.8
9.4
7.9
12.6
(4.8)
14.4
4.7
7.8
8.9
10.4
7.2
11.4
8.2
6.9
0.1
13.3
8.0
7.6
8.7
10.0
7.0
5.4
9.1
8.1
(1.8)
MAT Apr-19
Market
Value
Share (%)
(INR m)
1,316,634
176,629
166,109
149,238
112,519
100.0
13.4
12.6
11.3
8.5
Growth
(%)
9.9
6.5
13.6
8.7
9.8
Last 8 Quarters in Growth (%)
Jul-18
2.6
(4.7)
6.8
3.1
0.6
1M
Jan-19
9.4
5.3
14.9
8.1
8.2
Oct-18
2.5
(2.4)
5.8
3.9
1.9
Jan-18
8.1
10.2
5.7
8.3
6.4
Apr-18
8.0
8.8
7.9
8.9
6.6
Jul-18
10.7
4.8
14.0
9.6
11.2
Oct-18
9.7
9.1
12.7
8.1
9.7
Apr-19
9.8
4.2
12.8
4.7
8.6
Apr-19
10.5
6.5
11.3
3.4
7.9
Source: AIOCD, MOFSL
15 May 2019
4

Sector Update| Healthcare
Sun Pharma + Ranbaxy
Exhibit 4: Top 10 Drugs
Drug
Sun Pharma Laboratories
Therapy
Growth (%)
MAT Apr 19
Value Growth Mkt
Last 3M Apr-19
(INR m) (%)
Sh. (%)
107,362
Pain / Analgesics
Anti Diabetic
Cardiac
Neuro / Cns
Anti Diabetic
Gynaecological
Gastro Intestinal
Gastro Intestinal
Vitamins / Minerals / Nutrients
2,408
2,602
2,500
2,559
1,976
1,787
1,654
1,476
1,236
1,167
7.0
3.1
13.4
11.7
16.7
1.5
8.4
3.6
3.0
0.8
3.6
100.0
2.2
2.4
2.3
2.4
1.8
1.7
1.5
1.4
1.2
5.9
4.4
6.4
14.0
6.3
(0.1)
11.5
(0.5)
0.2
0.4
8.0
6.1
7.2
19.0
5.5
1.2
25.5
1.5
1.3
(2.1)
Sun Pharma’s secondary
sales grew 8% YoY in Apr’19
v/s 2.6% YoY in Mar’19.
Volini
Istamet
Rosuvas
Levipil
Gemer
Susten
Pantocid
Pantocid Dsr
Revital H
Mox
Anti-Infectives
*3M: Nov 2018-Jan 2019
1.1
7.1
10.9
Source: AIOCD, MOFSL
Apr 19 Gr (%)
8.0
6.7
3.1
4.7
12.7
7.4
6.1
Source: AIOCD, MOFSL
Growth Contribution (%)
100.0
26.1
25.6
17.5
30.8
Source: AIOCD, MOFSL
Growth picked up on
account of increased sales
of Anti-Infectives, up ~13%
YoY in Apr’19 v/s 5.7% in
Mar’19. Cardiac also saw
some improvement in
growth MoM (6.7% v/s
2.7% in Mar’19). Anti-
diabetic too saw better
growth MoM (7.4% v/s
1.3% in Mar’19).
Growth was mainly led by
higher prices, which were
up 2.9% YoY v/s 2.2% YoY in
Mar’19. However, volumes
saw slightly lesser growth
on MoM basis (2.3% v/s
2.8% in Mar’19).
Exhibit 5: Therapy Mix (%)
Share
Total
Cardiac
Neuro / CNS
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
100.0
18.0
17.1
12.1
9.8
9.4
6.6
MAT Gr.(%)
7.0
6.9
7.2
5.0
5.5
7.2
4.6
3M*
5.9
5.7
3.5
2.7
8.1
5.3
5.0
Exhibit 6: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
27.0
17.4
15.7
39.9
MAT Gr. (%)
7.0
6.7
10.7
7.9
5.3
Exhibit 7: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
7.0
MATVALUE GR APR 19
Exhibit 8: Growth Distribution (%) (MAT Apr’19)
49.0
6.8
42.9
ACUTE
CHRONIC
Source: AIOCD, MOFSL
2.3
2.9
1.8
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
5

Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 Drugs
Drug
Therapy
Value
(INR m)
62,112
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Cardiac
Anti-Infectives
Urology
3,139
2,235
2,092
1,803
1,722
1,497
1,216
1,189
1,187
1,092
MAT Apr 19
Growth
(%)
9.5
12.6
22.2
11.6
10.2
7.5
16.5
9.1
23.2
14.8
18.8
Mkt
Sh. (%)
100.0
5.1
3.6
3.4
2.9
2.8
2.4
2.0
1.9
1.9
1.8
Growth (%)
Last
Apr-19
3M
9.9
7.4
10.9
11.6
14.7
(3.1)
10.1
4.0
23.9
9.4
9.1
4.6
5.9
18.8
10.7
1.3
5.2
7.0
25.3
14.1
Cipla’s secondary sales grew
9.1% YoY v/s 9.8% in
Mar’19.
Total
Foracort
Budecort
Duolin
Seroflo
Asthalin
Montair Lc
Aerocort
Dytor
Azee
Urimax D
14.6
17.1
Source: AIOCD, MOFSL
Apr 19 Gr.
9.1
9.3
5.6
16.5
3.7
12.0
18.1
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
39.5
11.1
15.2
34.2
Source: AIOCD, MOFSL
Exhibit 10: Therapy Mix (%)
Share
MAT Gr. (%)
9.5
12.0
2.2
14.2
8.4
16.4
11.7
3M*
9.9
9.1
6.9
15.3
7.0
12.8
16.4
Cardiac and Neuro
continued growing at high
rates; Anti-infectives saw
lower growth than last
month (5.6% v/s 8% YoY in
Mar’19).
Total
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
100.0
34.2
21.3
12.9
7.4
5.6
3.6
Price growth stood at 5.5%
for the month v/s 4.9% YoY
in Mar’19. Volume growth
saw slight decline to 2.7%
YoY v/s 2.9% YoY in Mar’19.
Exhibit 11: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
27.6
16.2
15.1
41.0
MAT gr. (%)
9.5
14.1
6.3
9.6
7.8
Exhibit 12: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
12.3
Exhibit 13: Growth Distribution (%) (MAT Apr’19)
5.5
4.7
26.2
27.9
2.7
1.3
CHRONIC
Source: AIOCD, MOFSL
15 May 2019
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
6
ACUTE

Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 Drugs
Zydus’ secondary sales
growth stood at 10.8% for
Apr’19 (8.1% YoY in
Mar’19). Skinlite sales
remained stable on YoY
basis v/s 11% YoY decline in
Mar’19. However, Atorva
saw high growth of 32% YoY
v/s 23% YoY in Mar’19.
Mifegest too saw high
growth of 47% YoY v/s 17%
YoY in Mar’19. Amicin
continued declining.
Drug
Zydus*
Skinlite
Deriphyllin
Atorva
Pantodac
Amicin
Mifegest Kit
Deca Durabolin
Formonide
Thrombophob
Zyrop
Derma
Respiratory
Cardiac
Gastro Intestinal
Anti-Infectives
Gynaecological
Hormones
Respiratory
Pain / Analgesics
Blood Related
Therapy
MAT Apr 19
Growth (%)
Value
Growth
Mkt
Last 3M
Apr-19
(INR m)
(%)
Share (%)
53,674
1,733
1,491
1,252
1,125
1,111
1,042
986
848
832
820
9.0
(10.4)
15.0
21.4
3.9
28.0
(4.4)
12.8
14.2
9.4
7.7
100.0
3.2
2.8
2.3
2.1
2.1
1.9
1.8
1.6
1.6
1.5
9.8
(2.5)
9.9
27.1
8.7
(10.2)
22.9
2.7
2.3
16.9
10.8
(0.1)
12.2
31.7
10.1
(16.9)
47.1
19.3
(2.3)
21.0
43.2
36.5
Source: AIOCD, MOFSL
Apr 19 Gr (%)
10.8
(3.3)
11.1
6.9
4.3
10.6
13.8
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
18.1
5.0
16.8
60.2
Source: AIOCD, MOFSL
Exhibit 15: Therapy Mix (%)
The top therapy for the
company – Anti-Infectives –
continued to see declining
sales, dragging the
company’s overall growth.
Share
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Pain / Analgesics
Gynaecological
100.0
15.6
14.0
11.1
11.1
9.6
8.0
MAT Gr. (%)
9.0
6.3
10.1
11.9
9.0
10.7
8.7
3M*
9.8
(0.9)
12.4
5.8
6.5
11.2
10.6
Exhibit 16: Brand-wise growth distribution
% of sales
MAT growth (%)
9.0
7.7
2.6
9.9
11.6
Growth was led by prices,
which stood at 4.4% YoY v/s
3.9% in Mar’19.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
20.9
16.0
15.3
47.7
Exhibit 17: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
10.2
6.9
28.5
16.4
MATVALUE GR APR 19
Exhibit 18: Growth Distribution (%) (MAT Apr’19)
4.4
3.1
1.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
7
ACUTE
CHRONIC
Source: AIOCD, MOFSL
15 May 2019

Sector Update| Healthcare
Alkem
Exhibit 19: Top 10 Drugs
Alkem’s secondary sales
growth accelerated in
Apr’19 to 15.3% YoY
(+12.5% in Mar’19). Top
brands for the company are
growing at ~15% YoY.
Drug
Total
Clavam
Pan
Pan D
Taxim O
Xone
Taxim
A To Z Ns
Gemcal
Ondem
Pipzo
Anti-Infectives
Gastro Intestinal
Gastro Intestinal
Anti-Infectives
Anti-Infectives
Anti-Infectives
Vitamins / Minerals / Nutrients
Vitamins / Minerals / Nutrients
Gastro Intestinal
Anti-Infectives
Therapy
MAT Apr 19
Value
Growth
Mkt
(INR m)
(%)
Share (%)
45,761
3,515
2,869
2,675
1,961
1,378
1,268
1,256
1,058
1,009
869
11.2
14.8
11.4
11.7
(2.9)
26.9
(2.5)
5.2
13.6
8.9
7.8
100.0
7.7
6.3
5.8
4.3
3.0
2.8
2.7
2.3
2.2
1.9
Growth (%)
Last 3M
12.8
15.9
13.5
9.7
(5.4)
11.2
(4.4)
16.0
16.6
13.7
Apr-19
15.3
15.0
13.9
12.0
1.7
17.5
0.0
11.9
10.3
13.6
11.1
18.8
Source: AIOCD, MOFSL
Apr 19 Gr (%)
15.3
12.9
11.8
11.8
13.5
29.1
29.8
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
34.0
16.9
12.2
36.9
Source: AIOCD, MOFSL
Therapy Mix (%)
Sales growth was led by
higher Anti-Infective sales
(top therapy), which saw
13% YoY growth v/s ~7% in
Mar’19. Other therapies too
witnessed higher-than-
industry growth. Anti-
Diabetic and Neuro grew
~30% YoY for the month.
Share
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Anti Diabetic
100.0
38.7
18.9
13.1
7.2
5.3
3.7
MAT Gr. (%)
11.2
8.7
11.8
11.0
7.3
17.8
22.0
3M*
12.8
8.7
11.6
14.4
13.6
25.5
23.7
Exhibit 20: Brand-wise growth distribution
Price growth stood at 5.3%
v/s 4.9% in Mar’19. Volume
growth and new product
launches remained stable
MoM.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
39.0
17.4
11.9
31.7
MAT growth (%)
11.2
9.6
10.8
11.5
13.3
Exhibit 21: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
20.9
Exhibit 22: Growth Distribution (%) (MAT Apr’19)
9.2
28.2
5.9
5.3
4.0
1.9
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
15 May 2019

Sector Update| Healthcare
Lupin
Exhibit 23: Top 10 Drugs
Drug
Therapy
Value
(INR m)
49,835
Anti Diabetic
Anti Diabetic
Respiratory
Anti Diabetic
Cardiac
Anti Diabetic
Cardiac
Anti Diabetic
Gastro Intestinal
Gastro Intestinal
2,438
1,781
1,181
1,089
941
924
825
788
723
611
MAT Apr 19
Growth
(%)
15.2
18.6
(3.2)
4.0
83.1
6.2
58.4
41.5
59.1
4.9
24.5
Gr. (%)
Mkt
Share (%)
100.0
4.9
3.6
2.4
2.2
1.9
1.9
1.7
1.6
1.4
1.2
Last 3M
16.8
17.1
16.5
2.7
53.9
8.9
60.1
29.8
64.6
0.5
Apr-19
18.3
17.8
21.1
(1.4)
49.0
11.7
58.2
18.2
69.1
3.2
Lupin’s secondary sales
grew 18% YoY v/s 15.1%
YoY in Mar’19. Growth in
Gluconorm–G picked up
again — at 18% YoY v/s 11%
in Mar’19. Huminsulin too
saw revival in growth at
21% YoY v/s 11% YoY in
Mar’19. Other top brands
like Gibtulio, Ondero and
Ondero Met are growing at
>40% for Lupin.
Lupin
Gluconorm-G
Huminsulin
Budamate
Gibtulio
Tonact
Ondero
Ivabrad
Ondero Met
Rablet-D
Rablet
45.9
56.4
Source: AIOCD, MOFSL
3M*
16.8
18.3
29.1
6.0
8.4
15.0
21.1
Apr 19 Gr. (%)
18.3
18.1
31.4
9.4
7.0
16.8
23.3
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
29.6
15.6
14.3
40.5
Source: AIOCD, MOFSL
Growth led by Cardiac (up
18% YoY) and Anti-Diabetic
(up 31% YoY).
Exhibit 24: Therapy Mix (%)
Share
Total
Cardiac
Anti Diabetic
Anti-Infectives
Respiratory
Gastro Intestinal
Neuro / Cns
100.0
23.5
22.4
14.4
12.3
7.3
4.5
MAT Gr. (%)
15.2
19.6
21.1
6.5
10.8
14.1
18.3
Volume growth during the
month moderated to 5.5%
v/s 6% in Mar’19. However,
price growth improved to
6.1% YoY v/s 5.5% in
Mar’19.
Exhibit 25: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
22.7
14.8
15.7
46.9
MAT Gr. (%)
15.2
20.8
16.1
13.7
12.9
Exhibit 26: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
28.1
18.3
13.7
10.0
Exhibit 27: Growth Distribution (%) (MAT Apr’19)
5.5
6.1
3.6
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
9

Sector Update| Healthcare
GSK Pharma
Exhibit 28: Top 10 Drugs
Drug
Total
Augmentin
Anti-Infectives
Vaccines
Pain / Analgesics
Derma
Derma
Gastro Intestinal
Hormones
Anti-Infectives
Derma
Hormones
Synflorix
Calpol
Betnovate N
Betnovate C
Zinetac
Eltroxin
Ceftum
T Bact
Betnesol
Therapy
Value
(INR m)
38,222
3,908
2,599
2,082
2,032
2,019
1,997
1,802
1,510
1,423
1,071
MAT Apr 19
Growth
(%)
6.4
9.3
(6.2)
7.0
15.3
19.0
9.0
17.3
4.1
44.8
1.4
Growth (%)
Mkt
Share (%)
100.0
10.2
6.8
5.4
5.3
5.3
5.2
4.7
4.0
3.7
2.8
Last 3M
9.7
17.6
(1.6)
6.9
1.8
31.9
11.7
20.5
1.3
36.1
Apr-19
13.7
23.4
(1.7)
11.4
8.5
21.1
30.8
21.1
7.5
32.5
GSK Pharma’s secondary
sales grew strongly at 13.7%
YoY in Apr’19 (+8.1% in
Mar’19).
13.9
26.7
Source: AIOCD, MOFSL
Exhibit 29: Therapy Mix (%)
Share
Total
Derma
100.0
22.8
21.4
17.5
8.1
7.7
6.6
MAT Gr. (%)
6.4
13.2
4.3
9.3
3.9
9.3
1.5
3M*
9.7
13.0
10.4
22.5
2.8
13.7
(7.4)
Apr 19 Gr. (%)
13.7
15.5
15.6
12.0
6.5
18.9
4.6
Source: AIOCD, MOFSL
The Derma portfolio grew
15.5% YoY v/s 8.7% YoY in
Mar’19. Anti-Infectives too
grew strongly at 15.6% YoY
v/s 8.7% YoY in Mar’19.
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Respiratory
Exhibit 30: Brand-wise growth distribution
% of sales
MAT Growth (%)
6.4
9.9
19.6
4.3
(20.8)
Gr. Contribution (%)
100.0
79.8
57.2
10.2
(47.2)
Source: AIOCD, MOFSL
Price growth came in at
4.8% YoY, while volumes
declined 1% YoY.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
53.5
21.0
14.7
10.8
Exhibit 31: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
25.7
7.2
4.8
MATVALUE GR APR 19
11.6
Exhibit 32: Growth Distribution (%) (MAT Apr’19)
4.8
2.3
-0.7
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10
15 May 2019

Sector Update| Healthcare
Glenmark Pharma
Exhibit 33: Top 10 Drugs
Glenmark’s secondary sales
grew 10.4% YoY in Apr’19
(+9.1% in Mar’19).
Drug
Glenmark
Telma
Telma H
Telma Am
Candid
Ascoril Plus
Ascoril Ls
Candid-B
Zita-Met Plus
Canditral
Syntran
Cardiac
Cardiac
Cardiac
Derma
Respiratory
Respiratory
Derma
Anti Diabetic
Anti-Infectives
Anti-Infectives
Therapy
MAT Apr -19
Value
Growth
Mkt
(INR m)
(%)
Share (%)
30,411
2,307
2,000
1,308
1,106
1,062
1,024
942
801
609
539
12.8
20.5
7.3
28.3
1.1
(7.8)
87.2
(1.7)
29.3
14.0
14.4
100.0
7.6
6.6
4.3
3.6
3.5
3.4
3.1
2.6
2.0
1.8
Growth (%)
Last 3M
10.0
34.3
16.3
23.4
(4.5)
(7.7)
4.3
(6.7)
34.7
(9.7)
Apr-19
10.4
39.5
20.5
14.6
(5.4)
8.9
9.1
(8.3)
36.2
(13.5)
0.5
3.8
Source: AIOCD, MOFSL
Apr 19 Gr.
10.4
3.3
23.2
11.0
4.2
14.2
(0.8)
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
44.1
16.6
11.3
28.0
Source: AIOCD, MOFSL
Exhibit 34: Therapy Mix (%)
Glenmark’s largest
portfolio, Derma, grew at a
moderate rate of 3.3% YoY
in Apr’19, dragging overall
growth. However, Cardiac
therapy continued to grow
at a high rate.
Share
Total
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gynaecological
100.0
28.2
26.2
16.5
12.2
8.1
2.7
MAT Gr. (%)
12.8
10.3
20.8
7.7
7.8
22.2
6.3
3M*
10.0
4.7
23.8
3.0
2.3
16.8
1.0
Exhibit 35: Brand-wise growth distribution
Volume growth picked up
to 5.4% YoY from 5% in
Mar’19.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
38.5
18.2
15.6
27.8
MAT Growth (%)
12.8
15.0
11.6
9.0
13.0
Exhibit 36: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
12.3
20.1
12.3
9.9
ACUTE
CHRONIC
Source: AIOCD, MOFSL
15 May 2019
Exhibit 37: Growth Distribution (%) (MAT Apr’19)
4.2
5.4
3.2
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11

Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 38: Top 10 Drugs
Sales growth picked up in
Apr’19 to 13.8% YoY v/s
12.3% in Mar’19. Top brand
Omez’s sales grew ~17% v/s
15% in Feb’19. Econorm
sales continue to grow
strongly at 34% YoY.
Drug
Dr. Reddy
Omez
Omez D
Econorm
Atarax
Razo D
Stamlo
Nise
Razo
Ketorol
Reclimet
Gastro Intestinal
Gastro Intestinal
Gastro Intestinal
Derma
Gastro Intestinal
Cardiac
Pain / Analgesics
Gastro Intestinal
Pain / Analgesics
Anti Diabetic
Therapy
Value
(INR m)
29,260
1,326
1,140
1,094
938
766
707
655
646
641
603
MAT Apr 19
Growth
Mkt
(%)
Share (%)
9.7
12.9
12.9
26.5
14.2
8.5
7.7
5.4
5.6
23.7
19.4
100.0
4.5
3.9
3.7
3.2
2.6
2.4
2.2
2.2
2.2
2.1
Growth (%)
Last 3M
10.7
14.2
15.7
26.8
17.9
10.6
(6.4)
12.8
6.5
24.1
Apr-19
13.8
16.7
12.1
34.3
19.3
21.2
9.4
15.6
11.0
25.6
23.2
26.7
Source: AIOCD, MOFSL
3M*
10.7
16.8
10.4
28.6
22.3
(16.9)
11.5
Apr 19 Gr. (%)
13.8
20.2
16.4
32.5
25.3
(15.2)
16.8
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
39.6
24.7
10.8
24.9
Source: AIOCD, MOFSL
Exhibit 39: Therapy Mix (%)
Top therapy – Gastro grew
strongly at 20% YoY and
was stable MoM. Derma
and Anti-Diabetic portfolio
continued to exhibit high
growth. Cardiac sales also
revived and grew 16% YoY
v/s ~10% in Mar’19.
Share
Total
Gastro Intestinal
Cardiac
Derma
Anti Diabetic
Anti-Infectives
Respiratory
100.0
22.6
13.7
10.6
7.6
7.6
7.1
MAT Gr. (%)
9.7
14.8
10.3
26.3
18.3
(3.9)
8.5
Exhibit 40: Brand-wise growth distribution
Price growth for the
company stood at 4.1% YoY
v/s 3.5% in Mar’19.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
29.1
20.3
16.4
34.1
MAT Gr. (%)
9.7
13.7
12.0
6.2
6.9
Exhibit 41: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
14.8
MATVALUE GR APR 19
12.7
8.3
8.6
Exhibit 42: Growth Distribution (%) (MAT Apr ’19)
4.1
3.0
2.7
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
12

Sector Update| Healthcare
Sanofi India
Exhibit 43: Top 10 Drugs
Sanofi’s secondary sales
grew ~9% YoY in Apr’19
(+11% in Mar’19). Top
brand – Lantus saw
subdued growth at 11.4%
v/s ~27% in Mar’19.
Drug
Sanofi India
Lantus
Allegra
Combiflam
Amaryl M
Hexaxim
Clexane
Cardace
Enterogermina
Avil
Targocid
Anti Diabetic
Respiratory
Pain / Analgesics
Anti Diabetic
Vaccines
Cardiac
Cardiac
Gastro Intestinal
Respiratory
Anti-Infectives
Therapy
Value
(INR m)
30,214
4,894
1,795
1,698
1,513
1,441
1,060
1,037
993
983
818
MAT Apr 19
Growth
(%)
10.1
25.6
12.6
(8.5)
10.0
(20.4)
(0.8)
17.2
6.3
(3.0)
20.9
Growth (%)
Mkt
Share (%)
100.0
16.2
5.9
5.6
5.0
4.8
3.5
3.4
3.3
3.3
2.7
Last 3M
11.3
19.3
9.9
8.3
12.8
(15.0)
12.6
3.6
4.8
(27.4)
Apr-19
9.2
11.4
6.7
13.7
18.0
(8.0)
4.6
(0.4)
(3.8)
(27.1)
1.7
(5.5)
Source: AIOCD, MOFSL
Apr 19 Gr. (%)
9.2
15.0
10.9
3.6
(5.0)
12.5
14.0
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
40.5
49.3
10.4
(0.2)
Source: AIOCD, MOFSL
Sales moderated due to
slowdown in Anti-Diabetic
portfolio, which grew 15%
YoY v/s 23% in Mar’19.
Exhibit 44: Therapy Mix (%)
Share
Total
Anti Diabetic
Cardiac
Vaccines
Respiratory
Pain / Analgesics
Neuro / Cns
100.0
29.9
15.6
11.8
10.6
8.4
7.0
MAT Gr. (%)
10.1
22.5
10.8
(7.2)
8.2
(3.1)
10.4
3M*
11.3
20.1
14.1
2.6
(3.1)
9.2
16.8
Overall volume growth
stood at 4% YoY v/s 4.9% in
Mar’19. However, price
growth improved to 3.7%
v/s 3% in Mar’19. .
Exhibit 45: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
53.7
23.8
16.2
6.2
MAT growth (%)
10.1
7.4
23.5
6.3
(0.3)
Exhibit 46: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
15.9
17.1
13.0
Exhibit 47: Growth Distribution (%)(MAT Apr’19)
4.0
1.7
ACUTE
CHRONIC
Source: AIOCD, MOFSL
15 May 2019
Vol GR
3.7
2.4
Price GR
NP GR
Source: AIOCD, MOFSL
13

Sector Update| Healthcare
Torrent Pharma
Exhibit 48: Top 10 Drugs
Drug
Therapy
MAT Apr 19
Growth (%)
Value Growth
Mkt
Last 3M Apr-19
(INR m)
(%)
Share (%)
42,818
Vitamins / Minerals / Nutrients
Pain / Analgesics
Cardiac
Cardiac
Anti Diabetic
Cardiac
Cardiac
Gastro Intestinal
Cardiac
Gastro Intestinal
2,265
1,562
1,133
1,101
1,016
940
901
896
786
731
15.1
16.0
29.8
15.6
8.4
16.4
13.5
14.1
19.6
11.6
28.1
100.0
5.3
3.6
2.6
2.6
2.4
2.2
2.1
2.1
1.8
1.7
15.4
11.4
22.5
9.8
1.5
11.8
12.3
10.3
23.3
11.9
13.2
9.1
14.9
4.6
(1.3)
7.3
7.7
10.9
18.3
8.2
Torrent Pharma’s secondary
sales grew 13.2% YoY in
Apr’19 (+13.7% in Mar’19).
Torrent
Shelcal
Chymoral Forte
Nikoran
Losar H
Azulix-Mf
Nebicard
Dilzem
Nexpro Rd
Losar
Unienzyme
23.1
21.1
Source: AIOCD, MOFSL
Apr 19 Gr. (%)
13.2
9.0
13.2
13.8
12.7
16.5
17.2
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
29.6
23.0
17.8
29.6
Source: AIOCD, MOFSL
Most top therapies
reported mid-teen YoY
growth in Apr’19. Pain
portfolio saw the highest
growth amongst all major
therapies at 17% YoY for
Apr’19. However, top
therapy – Cardiac saw only
9% YoY growth.
Exhibit 49: Therapy Mix (%)
Share
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins / Minerals / Nutrients
Anti Diabetic
Pain / Analgesics
100.0
31.6
15.3
15.1
12.1
7.8
6.6
MAT Gr. (%)
15.1
13.2
19.6
10.4
21.4
21.8
20.0
3M*
15.4
12.5
17.7
15.4
15.5
19.7
19.4
Exhibit 50: Brand-wise growth distribution
% of sales
MAT Gr. (%)
15.1
17.2
21.3
18.5
10.4
Price growth stood at 7%
YoY v/s 6.3% YoY in Mar’19.
Volume growth remained
stable YoY.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
26.5
17.2
15.0
41.4
Exhibit 51: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
15.1
MATVALUE GR APR 19
Exhibit 52: Growth Distribution (%) (MAT Apr’19)
22.9
13.1
10.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
5.4
7.0
2.7
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
14

Sector Update| Healthcare
Alembic Pharma
Exhibit 53: Top 10 Drugs
Alembic Pharma’s
secondary sales saw
subdued growth at 5.6%
YoY for Apr’19 v/s 12.6% in
Mar’19. Most top brands
saw low single-digit growth
or decline in sales.
Drug
Total
Azithral
Althrocin
Wikoryl
Roxid
Gestofit
Rekool D
Ulgel
Richar
Crina N
Tellzy
Anti-Infectives
Anti-Infectives
Respiratory
Anti-Infectives
Gynaecological
Gastro Intestinal
Gastro Intestinal
Gynaecological
Gynaecological
Cardiac
Therapy
MAT Apr 19
Value
Growth
Mkt
(INR m)
(%)
Share (%)
16,575
1,551
793
673
549
541
362
321
313
271
250
11.4
0.3
5.6
10.0
7.3
3.5
14.6
15.1
16.5
33.0
17.7
100.0
9.4
4.8
4.1
3.3
3.3
2.2
1.9
1.9
1.6
1.5
Growth (%)
Last 3M
10.0
1.4
0.2
11.6
6.5
(10.3)
5.8
28.2
4.0
25.4
Apr-19
5.6
1.0
2.2
14.9
2.4
(23.0)
(4.1)
20.4
(2.8)
19.7
15.8
7.4
Source: AIOCD, MOFSL
3M*
10.0
3.8
19.9
6.0
12.5
5.6
13.0
Apr 19 Gr. (%)
5.6
2.4
10.4
7.5
5.4
(2.1)
5.7
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
23.7
22.9
15.9
37.5
Source: AIOCD, MOFSL
Exhibit 54: Therapy Mix (%)
Share
Total
100.0
21.3
15.5
12.5
12.3
11.7
7.3
MAT Gr (%)
11.4
5.0
18.8
5.5
10.8
13.1
12.4
Amongst the top therapies,
Cardiac saw growth of 10%
YoY (+25% in Mar’19). Other
therapies saw less than
industry growth.
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynaecological
Anti Diabetic
Exhibit 55: Brand-wise growth distribution
% of sales
Total
100.0
33.9
18.9
19.2
28.0
MAT growth (%)
11.4
7.7
14.1
9.3
15.8
Price growth improved to
6.2% YoY v/s 5.9% YoY in
Mar’19
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 56: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
16.9
Exhibit 57: Growth Distribution (%)(MAT Apr’19)
8.4
2.2
9.3
ACUTE
4.0
CHRONIC
Source: AIOCD, MOFSL
15 May 2019
Vol GR
6.2
2.9
Price GR
NP GR
Source: AIOCD, MOFSL
15

Sector Update| Healthcare
IPCA Labs
Exhibit 58: Top 10 Drugs
Drug
Therapy
MAT Apr 19
Value
Growth
Mkt
(INR m)
(%)
Share (%)
19,173
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti-Neoplastics
Anti Malarials
Pain / Analgesics
Anti Diabetic
Cardiac
Cardiac
Anti Malarials
1,806
1,179
1,057
608
499
488
484
480
402
398
23.1
42.8
24.8
26.4
30.6
(4.3)
34.0
16.2
40.4
45.9
15.7
100.0
9.4
6.2
5.5
3.2
2.6
2.5
2.5
2.5
2.1
2.1
Growth (%)
Last 3M
21.7
38.5
16.2
29.7
27.4
(14.3)
25.4
28.3
32.8
38.9
Apr-19
12.6
25.0
9.2
23.5
18.0
(13.4)
17.5
14.0
15.5
21.4
IPCA’s secondary sales
moderated to 12.6% YoY
v/s 21.4% YoY in Mar’19.
Top brand Zerodol sales
moderated to 25% YoY v/s
~40% YoY in Mar’19.
Ipca
Zerodol Sp
Zerodol P
Hcqs
Folitrax
Larinate
Zerodol Th
Glycinorm M
Ctd
Ctd-T
Lariago
11.7
11.2
Source: AIOCD, MOFSL
Apr 19 Gr. (%)
12.6
12.2
11.0
9.2
6.0
24.3
20.0
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
45.2
15.3
17.7
21.8
Source: AIOCD, MOFSL
Top therapy – Pain – saw
sales growth of 12% YoY v/s
21% YoY in Mar’19, thus
dragging growth during the
quarter. Cardiac too saw
slowdown in growth at 11%
YoY v/s 25% in Mar’19.
Exhibit 59: Therapy Mix (%)
Share
Total
Pain / Analgesics
Cardiac
Anti Malarials
Gastro Intestinal
Anti-Infectives
Anti-Neoplastics
100.0
28.7
16.7
14.5
7.0
6.5
5.1
MAT Gr. (%)
23.1
28.1
23.2
8.1
17.4
32.6
35.4
3M*
21.7
21.6
23.6
10.2
14.3
30.4
28.2
Price grew 7% YoY in Apr’19
v/s 6.4% in Mar’19. Volume
growth remained stable at
14.7% YoY on MoM basis.
Exhibit 60: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
38.6
21.2
17.7
22.5
MAT growth (%)
23.1
28.2
15.7
23.1
22.2
Exhibit 61: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
12.5
MATVALUE GR APR 19
23.6
Exhibit 62: Growth Distribution (%) (MAT Apr’19)
5.3
21.9
ACUTE
CHRONIC
Source: AIOCD, MOFSL
15 May 2019
14.7
7.0
1.4
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
16

Sector Update| Healthcare
Biocon
Exhibit 63: Top 10 Drugs
Biocon’s secondary sales
grew 13% YoY for Apr’19 v/s
17.6% YoY in Mar’19.
Insugen sales grew 8% YoY
v/s 11% in Mar’19 dragging
sales for the month.
Canmab and Insugen R
continued to grow at high
rate. Erypro, Psorid and
Insugen N also saw >25%
YoY growth.
Drug
Total
Insugen
Basalog
Canmab
Insugen R
Biomab Egfr
Blisto Mf
Erypro
Psorid
Insugen N
Krabeva
Anti Diabetic
Anti Diabetic
Anti-Neoplastics
Anti Diabetic
Anti-Neoplastics
Anti Diabetic
Blood Related
Anti-Neoplastics
Anti Diabetic
Anti-Neoplastics
Therapy
Value
(INR m)
4,729
1,118
848
746
261
172
140
139
133
76
68
MAT Apr 19
Growth
Mkt
(%)
Share (%)
16.1
(2.9)
1.2
83.6
5.1
86.9
(15.8)
(8.7)
21.0
(5.2)
157.1
100.0
23.6
17.9
15.8
5.5
3.6
3.0
2.9
2.8
1.6
1.4
Growth (%)
Last 3M
13.5
(1.5)
6.2
73.8
14.9
6.4
(20.1)
87.7
20.3
17.6
Apr-19
13.0
8.1
4.5
38.9
28.2
14.1
(18.1)
29.7
27.6
26.9
(8.4)
9.7
Source: AIOCD, MOFSL
3M*
13.5
1.6
42.9
15.9
64.5
16.4
Apr 19 Gr. (%)
13.0
6.5
28.9
22.8
11.9
17.1
(35.6)
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
65.6
25.6
8.7
0.1
Source: AIOCD, MOFSL
Exhibit 64: Therapy Mix (%)
Share
Total
Anti Diabetic
Anti-Neoplastics
Anti-Infectives
Blood Related
Derma
Cardiac
100.0
55.0
28.6
4.2
3.4
2.7
2.4
MAT Gr. (%)
16.1
(1.7)
75.3
49.0
(2.7)
31.7
(14.9)
Biocon’s largest portfolio,
Anti-diabetic saw subdued
growth at 6% YoY v/s ~9%
YoY decline in Mar’19. Anti-
Neoplastics and Anti-
Infectives grew at high rates
during the month.
Top-10 products are the
primary growth drivers
for Biocon. Company saw
healthy volume growth of
10.5% YoY in Apr’19 (+9.3%
in Mar’19).
(25.0)
Exhibit 65: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
78.3
11.9
7.5
2.3
MAT growth (%)
16.1
13.1
42.2
19.2
0.3
Exhibit 66: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
70.7
MATVALUE GR APR 19
2.9
Exhibit 67: Growth Distribution (%) (MAT Apr’19)
1.5
10.5
4.0
(2.5)
1.6
NP GR
Source: AIOCD, MOFSL
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
15 May 2019
17

Sector Update| Healthcare
Abbott India
Exhibit 68: Top 10 Drugs
Abbott’s secondary sales
grew at moderate 8% YoY
during the month. Growth
in its top brand –
Duphaston came in at 26%
YoY v/s 23% YoY in Mar’19.
Thyronorm growth was
subdued at 3.2% YoY and
was mostly stable MoM.
High growth brands include
Udilivm Duphalac and
Similac.
Drug
Total
Mixtard
Duphaston
Thyronorm
Novomix
Udiliv
Vertin
Duphalac
Ryzodeg
Similac
Anti Diabetic
Gynaecological
Hormones
Anti Diabetic
Gastro Intestinal
Neuro / Cns
Gastro Intestinal
Anti Diabetic
Therapy
MAT Apr 19
Growth (%)
Value Growth Mkt
Last 3M Apr-19
(INR m)
(%)
Sh. (%)
82,075
5,246
3,665
3,431
3,040
2,763
2,426
1,680
1,571
1,360
10.1
8.1
36.5
25.8
17.7
(11.7)
24.6
10.8
18.4
39.5
19.3
100.0
6.4
4.5
4.2
3.7
3.4
3.0
2.0
1.9
1.7
8.1
8.6
26.5
6.4
0.4
(14.2)
32.3
9.3
16.4
24.8
8.1
1.9
26.3
3.2
(4.6)
(22.2)
27.1
10.7
19.4
15.0
Phensedyl Cough LinctusRespiratory
Vitamins / Minerals / Nutrients 1,301
1.6
14.4
16.6
Source: AIOCD, MOFSL
3M*
8.1
6.2
16.5
6.3
8.1
1.8
8.7
Apr 19 Gr. (%)
8.1
0.7
17.4
8.5
8.7
(0.5)
14.4
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
48.6
20.1
11.4
19.9
Source: AIOCD, MOFSL
Exhibit 69: Therapy Mix
Share
Total
Anti Diabetic
100.0
20.2
16.6
11.3
8.6
7.7
7.3
MAT Gr. (%)
10.1
12.6
11.8
9.4
6.6
5.3
6.4
Top therapy - Anti-Diabetic
saw subdued growth at 1%
YoY for Apr’19 (+7.6% in
Mar’19).
Gastro Intestinal
Vitamins / Minerals / Nutrients
Neuro / Cns
Cardiac
Anti-Infectives
Exhibit 70: Brand -wise growth distribution
Top-10 brands grew 16%
YoY, which drove overall
sales. Volume growth came
in at 2.9% v/s 3.8% in
Mar’19.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
32.3
16.9
14.6
36.2
MAT growth (%)
10.1
16.0
12.2
7.7
5.3
Exhibit 71: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
Exhibit 72: Growth Distribution (%) (MAT Apr’19)
11.1
5.7
2.9
30.7
ACUTE
33.1
CHRONIC
Source: AIOCD, MOFSL
Vol GR
5.8
1.4
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
18

Sector Update| Healthcare
Mankind
Exhibit 73: Top 10 Drugs
Mankind’s secondary sales
reported healthy growth of
17.5% YoY in Apr’19
(+12.5% in Mar’19).
Drug
Mankind
Manforce
Moxikind Cv
Candiforce
Unwanted Kit
Glimestar M
Amlokind-At
Gudcef
Nurokind Lc
Telmikind H
Prega News
Sex Stimulants / Rejuvenators
Anti-Infectives
Anti-Infectives
Gynaecological
Anti Diabetic
Cardiac
Anti-Infectives
Vitamins / Minerals / Nutrients
Cardiac
Others
Therapy
MAT Apr 19
Growth (%)
Value Growth
Mkt
Last 3M Apr-19
(INR m)
(%) Share (%)
48,738
2,048
1,932
1,470
1,207
1,078
955
861
797
713
687
12.1
3.7
11.2
86.0
20.8
15.9
20.9
30.3
20.7
19.8
2.1
100.0
4.2
4.0
3.0
2.5
2.2
2.0
1.8
1.6
1.5
1.4
14.4
5.4
3.0
68.1
27.6
26.1
27.3
21.4
31.1
31.4
17.5
10.5
6.7
121.6
18.9
30.6
33.3
31.6
42.6
43.6
16.5
27.5
Source: AIOCD, MOFSL
Apr 19 Gr. (%)
17.5
19.7
17.4
31.9
4.0
19.4
30.4
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
36.8
16.5
13.8
33.0
Source: AIOCD, MOFSL
Cardiac portfolio saw
growth of ~32% YoY in
Apr’19 (~27% in Mar’19).
Anti-diabetic too grew at a
high rate of 30.4% YoY
(+29.8% in Mar’19).
Exhibit 74: Therapy Mix (%)
Share
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Cardiac
Gastro Intestinal
Respiratory
Anti Diabetic
100.0
21.8
13.8
10.9
10.3
7.2
6.9
MAT Gr. (%)
12.1
13.2
9.9
23.3
3.4
14.1
23.0
3M*
14.4
12.0
12.8
30.6
3.4
16.2
29.2
Volume growth stood at
7.5% YoY and was stable
MoM. Price growth
improved to 3.4% YoY v/s
2.6% in Mar’19. .
Exhibit 75: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.1
15.1
16.1
44.7
MAT gr. (%)
12.1
19.8
13.4
10.2
8.7
Exhibit 76: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
26.8
MATVALUE GR APR 19
18.8
Exhibit 77: Growth Distribution (%) (MAT Apr’19)
12.4
10.1
7.5
3.4
1.2
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
19

Sector Update| Healthcare
Pfizer
Exhibit 78: Top 10 Drugs
Pfizer’s secondary sales saw
subdued growth of 3.3%
YoY in Apr’19 (+7.9% in
Mar’19).
Drug
Pfizer*
Becosules
Magnex
Dolonex
Gelusil Mps
Mucaine
Minipress Xl
Prevenar 13
Corex Dx
Wysolone
Dalacin C
Vitamins / Minerals / Nutrients
Anti-Infectives
Pain / Analgesics
Gastro Intestinal
Gastro Intestinal
Cardiac
Vaccines
Respiratory
Hormones
Anti-Infectives
Therapy
MAT Apr 19
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
30,780
2,929
1,829
1,533
1,484
1,348
1,279
1,267
1,107
1,094
900
6.9
26.8
18.7
8.1
8.8
11.9
(13.4)
3.8
17.1
(2.8)
19.2
100.0
9.5
5.9
5.0
4.8
4.4
4.2
4.1
3.6
3.6
2.9
Growth (%)
Last
Apr-19
3M
5.8
20.5
30.2
8.1
8.5
5.8
(33.6)
9.1
14.7
4.0
3.3
21.3
20.0
11.9
14.3
5.1
(55.9)
15.1
25.9
4.5
22.4
16.8
Source: AIOCD, MOFSL
Apr 19 Gr. (%)
3.3
22.4
21.7
7.7
3.5
(9.8)
3.6
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
71.4
25.3
32.7
(29.4)
Source: AIOCD, MOFSL
Exhibit 79: Therapy Mix (%)
Anti-Infective business grew
22.4% YoY v/s 37% YoY in
Mar’19, which led to lower
growth for the month.
Vitamins growth came in at
21.7% YoY v/s 24.5% YoY in
Mar’19.
Share
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Gynaecological
Hormones
Neuro / Cns
100.0
16.6
11.7
11.0
9.0
7.9
6.8
MAT Gr. (%)
6.9
12.2
25.3
7.7
6.3
(12.9)
9.9
3M*
5.8
29.8
21.2
6.8
5.4
(10.5)
6.9
Exhibit 80: Brand-wise growth distribution
Price and volume growth
remained stable on MoM
basis.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
48.0
27.3
15.9
8.9
MAT growth (%)
6.9
10.5
6.3
15.2
(17.6)
Exhibit 81: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
19.2
5.1
2.1
MATVALUE GR APR 19
Exhibit 82: Growth Distribution (%)(MAT Apr’19)
3.5
4.6
2.9
0.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
20

Sector Update| Healthcare
Merck
Exhibit 83: Top 10 Drugs
Merck’s secondary sales
reported growth of 2% YoY in
Apr’19 (+4.3% in Mar’19).
Drug
Merck
Neurobion Forte
Livogen
Livogen Z
Concor
Evion Lc
Concor Cor
Polybion
Concor Am
Polybion Lc
Vitamins / Minerals / Nutrients
Gynaecological
Gynaecological
Cardiac
Vitamins / Minerals / Nutrients
Cardiac
Vitamins / Minerals / Nutrients
Cardiac
Vitamins / Minerals / Nutrients
Therapy
MAT Apr 19
Value
Growth
Mkt
(INR m)
(%)
Sh. (%)
7,239
972
537
526
505
416
410
349
343
293
272
8.5
15.4
15.1
18.7
26.4
10.8
16.8
30.2
(19.3)
13.2
2.9
100.0
13.4
7.4
7.3
7.0
5.7
5.7
4.8
4.7
4.0
Growth (%)
Last 3M Apr-19
4.0
10.0
12.7
(9.3)
20.1
(3.4)
17.6
22.3
2.5
8.5
2.0
7.4
5.5
(11.9)
16.4
(5.5)
14.3
7.9
10.5
10.1
Neurobion Forte Rf Vitamins / Minerals / Nutrients
3.8
(10.7)
(4.2)
Source: AIOCD, MOFSL
3M*
4.0
3.4
13.0
6.1
(10.7)
63.4
(9.0)
Apr 19 Gr (%)
2.0
2.3
8.4
9.0
(24.8)
48.1
(12.6)
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
92.8
30.0
3.9
(26.7)
Source: AIOCD, MOFSL
Exhibit 84: Therapy Mix (%)
Share
MAT Gr. (%)
8.5
5.4
19.4
9.4
3.0
146.6
(0.9)
Growth was subdued due to
lower growth in Cardiac,
which grew 8% YoY v/s 17%
YoY in Mar’19. Derma
portfolio saw ~25% YoY
decline. However, Anti-
Neoplastics is seeing high
growth (48% YoY v/s 70% in
Mar’19).
Total
Vitamins / Minerals / Nutrients
Cardiac
Gynaecological
Derma
Anti-Neoplastics
Anti Diabetic
100.0
46.3
20.2
17.8
6.3
3.3
3.2
Exhibit 85: Brand-wise growth distribution
% of sales
Total
100.0
63.8
26.8
8.3
1.0
MAT Gr. (%)
8.5
12.9
9.6
3.8
(66.7)
Prices increased 6.4% YoY in
Apr’19 (+5.9% in Mar’19).
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 86: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
1.7
16.3
0.6
16.0
Exhibit 87: Growth Distribution (%) (MAT Apr’19)
6.4
1.7
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
0.5
NP GR
Source: AIOCD, MOFSL
15 May 2019
21

Sector Update| Healthcare
Ajanta Pharma
Exhibit 88: Top 10 Drugs
Ajanta Pharma’s secondary
sales grew ~9.5% YoY for
Apr’19 v/s 8% in Feb’19.
Drug
Ajanta Pharma
Met Xl
Atorfit Cv
Melacare
Feburic
Met Xl Am
Cinod
Rosutor Gold
Rosufit Cv
Soft Drops
Vertizac
Cardiac
Cardiac
Derma
Pain / Analgesics
Cardiac
Cardiac
Cardiac
Cardiac
Ophthal / Otologicals
Neuro / Cns
Therapy
MAT Apr 19
Value
Growth
(INR m)
(%)
8,181
1,042
553
490
343
255
236
231
220
154
120
9.2
17.7
5.7
(0.7)
24.6
11.6
20.3
13.1
5.3
(10.4)
8.1
Growth (%)
Mkt
Sh. (%)
100.0
12.7
6.8
6.0
4.2
3.1
2.9
2.8
2.7
1.9
1.5
Last 3M
7.5
12.1
7.8
(9.3)
23.7
7.7
18.8
7.7
7.3
4.5
Apr-19
9.5
13.4
8.9
(8.5)
20.6
6.2
20.4
11.8
9.8
8.3
7.1
18.7
Source: AIOCD, MOFSL
3M*
7.5
11.0
2.4
(0.4)
21.2
2.1
(1.1)
Apr 19 Gr. (%)
9.5
10.6
7.6
1.9
22.3
3.2
(7.3)
Source: AIOCD, MOFSL
Gr. Contribution (%)
100.0
50.2
22.2
2.6
25.1
Source: AIOCD, MOFSL
Exhibit 89: Therapy Mix (%)
Share
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Anti Diabetic
100.0
41.9
23.0
15.7
5.6
3.5
2.5
MAT Gr.(%)
9.2
15.3
1.4
3.3
19.0
1.7
19.2
Volume growth stood at
1.3% v/s 1.8% in Mar’19.
However, price growth saw
improvement at 5% v/s
4.5% in Mar’19.
Exhibit 90: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
44.5
15.6
14.9
25.0
MAT Growth (%)
9.2
10.5
13.6
1.5
9.2
Exhibit 91: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
11.0
6.7
Exhibit 92: Growth Distribution (%) (MAT Apr’19)
5.0
2.9
1.3
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
3.1
ACUTE
4.3
CHRONIC
Source: AIOCD, MOFSL
15 May 2019
22

Sector Update| Healthcare
AstraZeneca
Exhibit 93: Top 10 Drugs
Drug
Total
Therapy
MAT Apr 19
Value
Growth
(INR m)
(%)
6,111
Cardiac
Anti Diabetic
Cardiac
Cardiac
Cardiac
Anti Diabetic
Cardiac
Anti Diabetic
Hormones
1,831
1,281
447
406
397
361
261
228
202
194
17.0
26.5
11.8
(0.7)
(5.9)
(5.5)
772.6
(3.7)
(10.6)
18.3
(26.7)
Growth (%)
Mkt
Sh. (%)
100.0
30.0
21.0
7.3
6.6
6.5
5.9
4.3
3.7
3.3
3.2
Last 3M
9.6
17.9
(3.2)
(9.0)
(12.3)
(6.2)
149.4
(10.1)
(13.3)
(15.6)
Apr-19
10.0
21.4
(8.9)
(8.4)
(8.9)
(2.7)
87.7
(7.7)
(14.5)
(24.6)
AstraZeneca’s sales grew
moderately at 10% YoY for
Apr’19. Sales were mainly
driven by ~21% YoY growth
in its top brand – Brilinta.
Brilinta
Forxiga
Crestor
Seloken
Betaloc
Xigduo
Imdur
Kombiglyze
Zoladex
Onglyza
Anti Diabetic
*3M: Nov 2018-Jan 2019
(26.7)
(33.0)
Source: AIOCD, MOFSL
Apr 19 Gr (%)
10.0
11.5
2.1
82.9
(24.5)
(1.8)
Source: AIOCD, MOFSL
Growth Contribution (%)
100.0
80.3
21.2
Source: AIOCD, MOFSL
Cardiac therapy grew at
~12% YoY v/s 6% in Mar’19.
Sales growth was dragged
by Anti-Diabetic portfolio,
which grew at only 2% YoY
v/s ~8% in Mar’19.
Exhibit 94: Therapy Mix (%)
Share
Total
Cardiac
Anti Diabetic
Anti-Neoplastics
Hormones
Respiratory
100.0
55.6
34.1
5.7
3.3
1.4
MAT Gr.(%)
17.0
11.0
22.0
61.5
18.4
21.7
3M*
9.6
7.1
9.2
66.2
(15.5)
(3.3)
Volume growth declined
significantly to 3.6% YoY v/s
6.1% YoY in Mar’19. Price
growth, however, saw
improvement at 4.3% YoY
v/s 3.6% in Mar’19.
Exhibit 95: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
100.0
91.8
8.2
MAT Gr. (%)
17.0
14.5
60.0
Exhibit 96: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
5.6
0.4
Exhibit 97: Growth Distribution (%) (MAT Apr’19)
9.0
3.6
0.6
ACUTE
0.2
4.3
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
23

Sector Update| Healthcare
JB Chemicals
Exhibit 98: Top 10 Drugs
Drug
Total
Therapy
MAT Apr 19
Growth (%)
Value Growth Mkt
Last 3M Apr-19
(INR m) (%)
Sh. (%)
6,152
Gastro Intestinal
Cardiac
Cardiac
Gastro Intestinal
Cardiac
Gastro Intestinal
Gastro Intestinal
Others
Gastro Intestinal
1,471
1,351
674
603
420
211
135
134
132
113
15.3
6.0
23.8
38.8
8.0
25.1
41.9
15.5
61.0
3.3
56.2
100.0
23.9
22.0
11.0
9.8
6.8
3.4
2.2
2.2
2.1
24.0
12.1
33.8
34.2
22.6
31.8
16.4
10.0
66.1
19.1
27.3
17.5
37.2
35.9
20.9
33.0
21.9
10.6
(6.3)
20.8
JB Chemicals’ sales grew
strongly at 27% YoY on the
back of high growth in its
top brands. Top-10 brands
grew at 19% YoY for MAT
Apr’19.
Rantac
Cilacar
Nicardia
Metrogyl
Cilacar T
Rantac Dom
Metrogyl Iv
Contrapaque
Rantac Mps
Rantac Od
Gastro Intestinal
*3M: Nov 2018-Jan 2019
1.8
52.7
45.1
Source: AIOCD, MOFSL
Apr 19 Gr (%)
27.3
22.1
38.0
2.9
(12.3)
45.2
Source: AIOCD, MOFSL
Growth Contribution (%)
100.0
102.7
10.2
1.9
(14.7)
Source: AIOCD, MOFSL
Exhibit 99: Therapy Mix (%)
Gastro and Cardiac
therapies drove high
growth for the month.
Share
Total
Gastro Intestinal
Cardiac
Others
Anti-Infectives
Gynaecological
100.0
45.5
44.5
3.1
2.0
1.8
MAT Gr.(%)
15.3
7.0
29.2
26.4
(22.1)
23.9
3M*
24.0
17.8
35.7
13.0
(18.6)
40.6
Volume growth for the
company stood at 8.1% YoY,
while price growth came in
at 6.5% YoY.
Exhibit 100: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
85.2
10.4
3.5
0.8
MAT Gr. (%)
15.3
19.0
14.9
7.6
(70.1)
Exhibit 101: Acute v/s Chronic (MAT growth)
MATVALUE APR 19
MATVALUE GR APR 19
12.3
Exhibit 102: Growth Distribution (%) (MAT Apr’19)
8.1
4.7
26.2
27.9
6.5
0.6
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
15 May 2019
24

Sector Update| Healthcare
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days 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 Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the
Regulations, is engaged in the business of providing Stock broking services, Investment Advisory Services, Depository participant services & distribution of various financial
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available on www.motilaloswal.com. MOFSL (erstwhile Motilal Oswal Securities Limited - 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 (BSE), Multi Commodity Exchange of India Limited (MCX) and
National Commodity & Derivatives Exchange Limited (NCDEX) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National
Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance
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Details of associate entities of Motilal Oswal Financial Services Limited are
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http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL 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
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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 MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
MOFSL and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report
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https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
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 MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated
from MOFSL research activity and therefore it can have an independent view with regards to Subject Company for which Research Team have expressed their views.
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For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong
Kong Securities and Futures Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst
Regulations) 2014 Motilal Oswal Securities (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of
research report in Hong Kong. This report is intended for distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity
to which this document relates is only 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.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) 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 MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
brokerage and investment services provided by MOFSL , including the products and services described herein are not available to or intended for U.S. persons. This report is
intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as
"major institutional 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 institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "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., MOFSL 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
chaperoning agreement.
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
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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in respect of any matter arising from, or in connection with this report/publication/communication. This report is distributed solely to persons who qualify as “Institutional Investors”,
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SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and
inform MOCMSPL.
Specific Disclosures
1 MOSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOSL has not received any compensation or other benefits from third party in connection with the research report
10 MOSL has not engaged in market making activity for the subject company
15 May 2019
25

Sector Update| Healthcare
********************************************************************************************************************************
The associates of MOFSL may have:
-
financial interest in the subject company
-
actual/beneficial ownership of 1% or more securities in the subject company
-
received compensation/other benefits from the subject company in the past 12 months
-
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 MOFSL
even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
-
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
-
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)
-
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
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.
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This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential 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
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Disclaimer:
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
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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
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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. MOFSL, 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 MOFSL. The views expressed are those of the analyst, and the Company may or
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The person accessing this information specifically agrees to exempt MOFSL or any of its
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expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website www.motilaloswal.com.CIN no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
15 May 2019
26