Sector Update | 19
Update| Healthcare
Sector
November 2019
Healthcare
Performance of top companies:
October 2019)
Company
MAT Oct- 19
gr (%)
(%)
IPM
9.2
5.1
Pfizer
7.4
17.7
Dr Reddy Labs
13.2
17.5
JB chemicals
21.6
14.7
Glenmark Pharma 8.9
9.2
Lupin
14.7
9.0
Sun Pharma
7.6
6.8
Zydus Cadila
10.1
7.0
Abbott
9.5
6.9
Mankind
12.7
5.6
Torrent Pharma
10.1
4.8
Biocon
12.3
3.6
Alkem
11.8
2.5
Sanofi
11.8
2.2
Cipla
8.0
2.0
Ipca Labs
15.4
1.2
Merck
3.2
-0.2
AstraZeneca
8.9
-1.2
GSK Pharma
11.3
-1.6
Ajanta Pharma
5.9
-2.3
Alembic Pharma
5.6
-3.4
Natco
6.6
-13.4
Sales growth in low single-digits despite reasonable base
Indian pharmaceutical market’s (IPM) secondary sales hit single-digit growth of
5.1% YoY in Oct’19 (v/s 11.9% YoY in Sep’19 and 9.5% YoY in Aug’19), despite a
reasonable base (12.5% YoY growth in Oct’18). Volumes declined 2.7% YoY in
Oct’19 (lower than 12-month rolling average of 1.5% and v/s 3.5% in Sep’19).
Price growth remained steady at 5.1% YoY while new launch growth was 2.5%
YoY.
For three months ended Oct’19, growth was 8.8% YoY. Overall growth was
driven by 5.6% YoY increase in prices and 2.6% YoY rise in new launch growth.
Volume growth at 0.7% (v/s 3.2% in 2QFY20) dragged overall growth. Notably,
both national list of essential medicines (NLEM) products/Non-NLEM products
reported growth of 10.4%/8.6% YoY for the quarter.
On MAT basis, industry grew 9.2% YoY with price growth of 5.2% YoY, volume
growth of 1.4% YoY and new launch growth of 2.6% YoY.
In value terms for secondary sales, NLEM (~10% of IPM) growth came in at 5.3%
YoY, while Non-NLEM (~86% of IPM) grew 5.1% YoY in Oct’19.
Growth in NLEM products was driven by prices (+4.4% YoY) and new products
(+0.4% YoY). Volume growth for NLEM products was +0.5% YoY in Oct’19.
For Oct’19, Pfizer (+17.7% YoY) exhibited highest YoY growth, followed by Dr.
Reddy (+17.5% YoY) and JB Chemical (+14.7% YoY).
Pfizer’s performance can be attributed to strong double-digit growth in its top
brands, especially in Anti-Infective/Hormones (+29.2%/+27.1 YoY). JB Chemicals
was supported by strong growth in Cardiac (+26.7% YoY). Gastro intestinal/
Derma (+22%/+20.4% YoY) drove Dr. Reddy’s growth.
Sun Pharma’s sales were impacted sequentially and grew 6.8% YoY (v/s 13.1%
YoY in Sep’19), mainly dragged by muted +4.4% YoY growth in Neuro/CNS.
Secondary sales declined for Ajanta (-2.3% YoY), Alembic (-3.4% YoY), and Natco
(-13.4% YoY) for Oct’19.
On MAT basis, JB Chemicals/Torrent reported highest price growth of 9.1%/8.1%
YoY. AstraZeneca delivered highest growth in new product launches at +5.3%
YoY.
Cardiac (~12.5% of IPM) exhibited highest YoY growth (+7.9%) among therapies
in Oct’19. This was followed by growth in Anti-Diabetics (9.8% of IPM) at 6.4%
YoY and Neuro/CNS (6% of IPM) at 6.1% YoY. Anti- Infective (13.4% of IPM) and
Vitamin/Mineral/Nutrients (VMNs; 8% of IPM) grew moderately at ~2.9%/2.3%
YoY for Oct’19.
Price – Key growth driver; Volumes drag overall growth
Pfizer, Dr. Reddy, JB Chemicals – Outperformers for Oct’19
Anti-infective/VMNs drag growth in terms of therapies
Tushar Manudhane – Research analyst
(Tushar.Manudhane@MotilalOswal.com); +91 022 6129 1536
Hitakshi Chandrani – Research analyst
(Hitakshi.Chandrani@motilaloswal.com); +91 22 6129 1557
19 November 2019
1
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.
 Motilal Oswal Financial Services
Sector Update| Healthcare
MNCs exhibited better growth than Indian companies
Indian companies grew at a slower rate of 5% YoY while MNCs were slightly
better off with a growth rate of 5.3% YoY.
In Oct’19, sales of approved FDC (~48% of IPM) and single molecules (~52% of
IPM) rose by single digit of 5.1% YoY and 5.7% YoY, respectively.
Exhibit 1: Volume growth moderates for the quarter ended Oct’19
Volume Growth (%)
8.8
7.3
5.3
2.9
3.4
5.5
3.8
1.2
0.7
-2.0
3M-Oct 17
-1.4
3M-Jan 18
-1.1
3M-Apr 18
3M-Jul 18
3M-Oct 18
3M-Jan 19
3M-Apr 19
3M-Jul19
3M-Oct19
3.6
3.4
0.7
3.1
1.5
Price Growth (%)
10.5
7.6
5.0
4.7
5.0
9.3
New Product Growth (%)
8.8
9.6
5.3
2.8
0.8
Total Growth (%)
9
8.8
5.6
2.6
0.7
3.8
3.2
2.6
Source: AIOCD, MOFSL
19 November 2019
2
 Motilal Oswal Financial Services
Sector Update| Healthcare
Indian Pharma Market - October 2019
Exhibit 2: Performance of top companies – September 2019
MAT Oct- 19
Market
Value
Share (%)
(INR m)
IPM
13,74,904
100.0
Sun Pharma
1,12,283
8.2
Abbott
85,112
6.2
Cipla
64,084
4.7
Zydus Cadila
56,875
4.1
Mankind
51,766
3.8
Alkem
48,719
3.5
Lupin
53,201
3.9
Torrent Pharma
42,228
3.1
Pfizer
31,854
2.3
Glenmark Pharma
31,547
2.3
Sanofi
31,782
2.3
Dr Reddy Labs
32,154
2.3
GSK Pharma
40,083
2.9
Alembic Pharma
16,639
1.2
Ipca Labs
19,889
1.4
Natco
10,785
0.8
Ajanta Pharma
8,349
0.6
Merck
7,242
0.5
Biocon
4,915
0.4
Astrazeneca
6,324
0.5
JB Chemicals
6,799
0.5
Company
Growth
(%)
9.2
7.6
9.5
8.0
10.1
12.7
11.8
14.7
10.1
7.4
8.9
11.8
13.2
11.3
5.6
15.4
6.6
5.9
3.2
12.3
8.9
21.6
Last 8 Quarters YoY Growth (%)
Jan-18
8.1
7.5
7.0
8.6
8.9
16.7
12.7
13.5
(0.8)
(5.6)
3.2
11.7
9.7
4.6
2.0
(0.8)
19.8
8.0
(1.1)
5.8
2.9
6.1
Apr-18
8.0
6.4
12.2
7.6
4.0
10.4
13.0
15.6
(0.4)
(0.2)
11.4
12.9
12.7
2.4
6.6
2.7
(13.1)
8.3
6.1
9.2
7.6
12.3
Jul-18
11.0
10.5
12.2
8.7
12.1
9.4
14.8
16.7
11.8
2.9
20.4
6.1
12.9
6.1
11.5
11.4
5.5
12.8
7.5
9.1
35.4
7.2
Oct-18
9.7
6.1
7.9
10.5
8.3
10.7
9.2
13.5
11.6
9.8
11.7
8.4
10.9
0.6
12.3
30.0
3.2
8.7
13.0
21.3
14.5
11.8
Jan-19
9.2
6.7
11.2
8.5
7.4
11.7
8.5
14.1
9.4
8.4
10.5
14.5
6.4
8.3
11.6
28.7
26.3
8.1
9.8
20.6
12.0
17.9
Apr-19
9.7
5.9
8.4
10.0
10.2
14.1
12.8
16.8
13.3
5.9
9.5
11.3
10.5
10.7
10.0
21.7
13.7
7.4
4.0
13.5
9.6
24.0
Jul-19
9.1
7.7
8.1
9.9
12.1
13.9
13.4
14.3
10.0
5.0
7.7
12.6
16.8
13.4
2.2
10.1
(7.3)
6.2
(1.3)
10.2
6.7
23.1
Oct- 19
8.8
9.8
10.3
4.1
10.6
11.4
12.3
13.6
8.2
9.9
8.0
9.1
18.7
12.7
(0.5)
5.5
(2.7)
2.2
1.4
6.0
7.5
21.2
1M
Oct- 19
5.1
6.8
6.9
2.0
7.0
5.6
2.5
9.0
4.8
17.7
9.2
2.2
17.5
(1.6)
(3.4)
1.2
(13.4)
(2.3)
(0.2)
3.6
(1.2)
14.7
Exhibit 3: Performance of top therapies – October 2019
Therapy
IPM
ANTI-INFECTIVES
CARDIAC
GASTRO INTESTINAL
ANTI DIABETIC
VITAMINS / MINERALS / NUTRIENTS
RESPIRATORY
PAIN / ANALGESICS
DERMA
NEURO / CNS
GYNAECOLOGICAL
ANTI-NEOPLASTICS
OPHTHAL / OTOLOGICALS
HORMONES
VACCINES
MAT Oct- 19
Last 8 Quarters in Growth (%)
1M
Market Growth
Value
Share (%) (%)
(INR m)
Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct- 19 Oct- 19
13,74,904
100.0
9.2
8.1
8.0 11.0 9.7
9.2
9.7
9.1
8.8
5.1
1,84,875
13.4
7.5
9.6
7.4
3.6
7.0
5.3
5.4
9.3
9.6
2.9
1,71,797
12.5
12.0
3.5
5.0 11.3 11.8 14.1 14.3 10.3
9.6
7.9
1,55,377
11.3
8.1
7.7
6.2
8.2
8.1
9.0
7.4
7.7
8.2
4.7
1,34,457
9.8
13.9
9.3
8.2 13.1 14.0 17.8 15.9 11.9 10.5
6.4
1,19,035
8.7
8.3
8.0
7.1 12.1 10.1
8.1
9.9
8.2
7.1
2.3
1,01,712
7.4
6.8
12.9 19.0 12.1 9.3
4.3
4.7 10.4
8.4
5.0
93,783
6.8
8.8
8.2
5.9
9.0
7.0
7.8
9.5
8.2
9.6
5.2
92,634
6.7
8.0
13.1
8.5 16.5 10.8
9.8
9.9
6.5
6.2
3.6
82,976
6.0
9.2
7.4
5.7 10.8 8.1
8.6
11.6 8.6
8.2
6.1
68,040
4.9
7.8
1.5
2.2
7.0
9.5
9.5
10.6 7.0
4.5
2.9
29,734
2.2
9.1
1.3
5.4 20.6 7.4
11.3 15.2 4.5
6.1
3.4
25,285
25,170
22,166
1.8
1.8
1.6
8.4
10.0
3.2
13.0
10.4
11.9
3.7
15.1
3.4
7.4
16.2
(1.2)
8.7
12.5
(9.3)
7.3
12.2
(3.3)
9.1
8.1
0.1
10.1
10.9
5.5
7.2
9.1
11.4
5.0
6.5
5.4
Source: AIOCD, MOFSL
19 November 2019
3
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sun Pharma
Exhibit 4: Top-10 Drugs
Drug
Therapy
MAT Oct - 19
Growth (%)
Value
Growth (%) Mkt Share (%) Last 3M Oct - 19
(INR m)
112,283
7.6
100.0
9.8
6.8
2,704
15.6
6.8
14.9
7.6
1,850
8.6
5.8
22.2
14.3
1,598
13.6
5.0
6.7
(0.5)
1,266
2.1
3.2
4.4
1.4
1,146
11.4
3.6
15.2
13.9
1,091
15.2
3.4
25.2
10.6
995
0.1
3.1
(7.2)
(9.8)
917
681.6
2.9
241.2 158.1
803
9.8
2.0
18.1
16.9
709
13.0
1.8
18.4
22.7
Source: AIOCD, MOFS
MAT Growth
(%)
7.6
6.9
5.2
5.7
11.0
7.2
5.5
Sun Pharma’s secondary
sales grew 6.8% v/s 13%YoY
in Oct’19.Growth in top
brands like Rosuvas (+7.6%
YoY), Combiflam (+14.3%
YoY), Clexane (+13.9% YoY)
was offset by
decline/muted growth in
other brands.
Total
Rosuvas
Cardiac
Combiflam
Pain / Analgesics
Amaryl M
Anti Diabetic
Revital H
Vitamins / Minerals / Nutrients
Clexane
Cardiac
Enterogermina Gastro Intestinal
Cardace
Cardiac
Fluquadri
Vaccines
Sporidex
Anti-Infectives
Silverex Ionic Derma
*3M: Aug 2019-Oct 2019
Exhibit 5: Therapy mix (%)
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
Share
100.0
17.7
16.8
12.1
10.1
9.3
6.5
3M*
9.8
7.0
6.9
8.8
15.9
8.2
7.0
Oct - 19
6.8
5.0
4.4
6.1
10.2
6.9
5.6
Source: AIOCD, MOFSL
Growth largely led by anti-
Infectives (+10.2% YoY) and
dragged by Neuro/ CNS
(+4.4% YoY) in Oct’19.
Exhibit 6: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
27.2
17.4
15.5
39.8
Acute portfolio grew faster
at 8.6% YoY on MAT basis.
Growth
MAT growth (%)
Contribution (%)
7.6
100.0
9.2
32.6
9.2
20.8
5.8
12.1
6.5
34.5
Source: AIOCD, MOFSL
Exhibit 7: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
8.6
6.3
MATVALUE GR Oct 19
Exhibit 8: Growth Distribution (%) (MAT Oct’19)
61.9
5.1
50.4
0.1
Vol GR
2.4
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
CHRONIC
Source: AIOCD, MOFSL
19 November 2019
4
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 Drugs
MAT Oct - 19
Drug
Therapy
Growth (%)
Mkt Share
(%)
100.0
5.1
3.6
3.3
3.0
2.6
2.5
2.0
1.9
1.9
1.8
Last 3M
Oct - 19
Value
(INR m)
640,84
3,236
2,293
2,125
1,914
1,681
1,590
1,278
1,242
1,233
1,178
Growth (%)
8.0
8.7
9.3
7.0
13.4
(3.9)
11.7
19.8
14.7
5.3
16.8
Cipla’s secondary sales grew
+2% YoY v/s +5.9% YoY in
Sep’19. While Budecort
grew 18.6% YoY, sales of
brands like Duolin, Aerocort
and Foracort declined this
month.
Total
Foracort
Respiratory
Budecort
Respiratory
Duolin
Respiratory
Seroflo
Respiratory
Asthalin
Respiratory
Montair Lc
Respiratory
Dytor
Cardiac
Azee
Anti-Infectives
Aerocort
Respiratory
Urimax D
Urology
*3M: Aug 2019-Oct 2019
4.1
2.0
(0.1)
(2.8)
3.8
18.6
(2.9)
(7.3)
6.1
1.3
(0.5)
4.8
15.1
5.1
11.2
7.8
12.2
1.9
(6.4)
(5.5)
17.2
12.7
Source: AIOCD, MOFSL
Exhibit 10: Therapy Mix (%)
Respiratory therapy (34.2%
of Cipla’s portfolio)
reported muted growth of
2.2% YoY in Oct’19.
Total
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
Share
100.0
34.2
21.1
13.2
7.2
5.8
3.7
MAT Growth
(%)
8.0
7.8
5.0
12.8
4.2
15.6
13.6
3M*
4.1
1.9
4.5
7.7
(1.1)
14.8
10.4
Oct - 19
2.0
2.2
(1.6)
5.6
(4.5)
10.5
7.2
Source: AIOCD, MOFSL
Top-10 brands (27.7% of
sales) contributed 32% of
the overall growth.
Exhibit 11: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
27.7
16.1
15.2
41.0
Price growth stood at 5.7%
for Oct’19. Volume declined
at higher rate compared to
last month by 0.7% YoY.
Growth
MAT growth (%)
Contribution (%)
8.0
100.0
9.4
32.0
3.9
8.1
13.0
23.6
7.0
36.3
Source: AIOCD, MOFSL
Exhibit 12: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
MATVALUE GR Oct 19
9.9
Exhibit 13: Growth Distribution (%)(MAT Oct’19)
35.1
6.5
5.7
3.0
29.0
-0.7
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
CHRONIC
Source: AIOCD, MOFSL
19 November 2019
5
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 Drugs
MAT Oct - 19
Growth (%)
Mkt Share
(%)
100.0
3.0
2.9
2.4
2.2
2.1
1.9
1.9
1.8
1.7
1.5
Last 3M
Oct - 19
Drug
Therapy
Value
(INR m)
56,875
1,687
1,624
1,342
1,227
1,217
1,097
1,058
1,021
944
853
Zydus’ secondary sales
grew 7% YoY v/s 14.4% YoY
in Sep’19. Brands like
Atorva/Mifegest Kit at
14%/35% proved to be a
catalyst for overall growth.
Growth (%)
10.1
(8.1)
15.5
19.2
23.7
12.3
13.9
(3.5)
44.0
20.4
5.4
Total
Skinlite
Derma
Deriphyllin
Respiratory
Atorva
Cardiac
Mifegest Kit
Gynaecological
Pantodac
Gastro Intestinal
Deca Durabolin
Hormones
Amicin
Anti-Infectives
Zyrop
Blood Related
Thrombophob
Pain / Analgesics
Formonide
Respiratory
*3M: Aug 2019-Oct 2019
10.6
7.0
(3.0)
(6.4)
20.3
13.1
14.8
14.0
42.7
35.0
14.3
10.6
24.2
17.2
(9.1)
(12.0)
25.7
29.3
35.1
28.3
2.4
0.7
Source: AIOCD, MOFSL
Exhibit 15: Therapy Mix (%)
While Cardiac saw 10.6%
YoY growth,
Respiratory/Gastro
intestinal saw muted growth
of 4.1%/2.1% YoY.
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Pain / Analgesics
Gynaecological
Share
100.0
15.3
13.8
10.9
10.7
9.5
8.0
MAT Growth
(%)
10.1
3.8
9.8
7.7
5.9
12.4
10.4
3M*
10.6
7.4
10.2
7.1
6.1
7.3
10.1
Oct - 19
7.0
6.8
10.6
4.1
2.1
6.9
5.3
Source: AIOCD, MOFSL
Growth was driven by
brands.
Performance was driven by
price growth (+5.6% YoY).
Volume growth was 1.9%
YoY v/s 2.4% YoY last
month.
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
21.2
15.7
15.7
47.4
Growth
MAT growth (%)
Contribution (%)
10.1
100.0
11.7
24.2
6.7
10.8
15.6
23.1
8.8
41.9
Source: AIOCD, MOFSL
Exhibit 17: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
10.1
MATVALUE GR Oct 19
Exhibit 18: Growth Distribution (%)(MAT Oct’19)
5.6
39.6
10.1
17.3
ACUTE
CHRONIC
Source: AIOCD, MOFSL
1.9
Vol GR
Price GR
2.6
NP GR
Source: AIOCD, MOFSL
19 November 2019
6
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alkem
Exhibit 19: Top 10 Drugs
Alkem’s secondary sales
were muted at 2.5% YoY for
Oct’19 v/s double-digit
growth in Aug-Sep’19.
Barring Pan, A to Z Ns, and
Ondem, all other brands
declined.
MAT Oct - 19
Drug
Therapy
Growth (%)
Value
Growth (%) Mkt Share (%) Last 3M Oct - 19
(INR m)
48,719
11.8
100.0
12.3
2.5
3,683
12.0
7.6
6.8
(6.2)
2,978
11.4
6.1
7.2
5.1
2,659
6.3
5.5
(3.3) (11.1)
2,148
6.3
4.4
21.4
(3.8)
1,515
18.6
3.1
19.0
(6.0)
1,385
15.4
2.8
22.7
8.0
1,276
(2.0)
2.6
(1.5) (21.7)
1,148
21.2
2.4
33.6
23.7
1,013
3.2
2.1
(9.7) (21.7)
982
18.0
2.0
16.7
(0.5)
Source: AIOCD, MOFSL
MAT Growth
(%)
11.8
10.6
9.6
7.9
14.7
20.8
27.1
Total
Clavam Anti-Infectives
Pan
Gastro Intestinal
Pan D
Gastro Intestinal
Taxim O Anti-Infectives
Xone
Anti-Infectives
A To Z Ns Vitamins / Minerals / Nutrients
Taxim
Anti-Infectives
Ondem Gastro Intestinal
Gemcal Vitamins / Minerals / Nutrients
Pipzo
Anti-Infectives
*3M: Aug 2019-Oct 2019
Therapy Mix (%)
Sales growth was dragged
by decline in Vitamins/
Minerals/ Nutrients and
Anti-Infective therapy for
the month.
Total
Anti-Infective
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / CNS
Anti Diabetic
Share
100.0
39.1
18.3
12.6
7.3
5.5
4.0
3M*
12.3
12.5
5.8
3.2
23.4
24.7
32.9
Contribution of top-10
brands to growth was
34.3% in Oct’19.
Price growth stood at 6.3%
for Oct’19.
Oct - 19
2.5
(1.5)
0.5
(5.9)
15.2
22.8
21.1
Source: AIOCD, MOFSL
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
38.6
17.5
12.1
31.9
Growth
MAT growth (%)
Contribution (%)
11.8
100.0
10.3
34.3
11.4
17.0
20.1
19.1
10.9
29.6
Source: AIOCD, MOFSL
Exhibit 21: Acute v/s Chronic (MAT growth)
MATVALUE GR Oct 19
42.1
23.1
10.2
MATVALUE Oct 19
Exhibit 22: Growth Distribution (%) (MAT Oct’19)
6.3
3.5
2.0
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
6.6
CHRONIC
Source: AIOCD, MOFSL
ACUTE
19 November 2019
7
 Motilal Oswal Financial Services
Sector Update| Healthcare
Lupin
Exhibit 23: Top 10 Drugs
MAT Oct - 19
Drug
Therapy
Value
(INR m)
53,201
2,530
1,859
1,255
1,231
1,073
965
946
905
794
724
Growth (%)
14.7
12.2
9.3
7.7
43.9
46.3
6.0
54.4
29.6
133.6
0.2
Growth (%)
Last
Mkt Share (%)
Oct - 19
3M
100.0
13.6
9.0
4.8
7.4
1.6
3.5
1.3
(2.6)
2.4
19.5
18.6
2.3
24.6
14.4
2.0
35.2
22.1
1.8
6.3
4.8
1.8
41.0
29.5
1.7
15.6
6.6
1.5
93.5
78.0
1.4
3.1
(1.6)
Source: AIOCD, MOFSL
3M*
13.6
13.3
23.0
7.6
11.2
9.7
23.2
Oct - 19
9.0
9.4
16.3
1.0
8.9
6.5
21.1
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
33.6
14.7
15.5
36.2
Source: AIOCD, MOFSL
Lupin’s secondary sales
grew 9% YoY v/s 19.3% YoY
in Sep’19. Growth was
driven by Cidmus, Ondero
Met, Ondero brands at 78%,
29.5% and 22.1% YoY,
respectively.
Total
Gluconorm-G
Anti Diabetic
Huminsulin
Anti Diabetic
Budamate
Respiratory
Gibtulio
Anti Diabetic
Ondero
Anti Diabetic
Tonact
Cardiac
Ondero Met
Anti Diabetic
Ivabrad
Cardiac
Cidmus
Cardiac
Rablet-D
Gastro Intestinal
*3M: Aug 2019-Oct 2019
Growth was led by Anti-
Diabetic (up 16.3% YoY) and
Neuro/CNS (up 21.1% YoY).
Exhibit 24: Therapy Mix (%)
Total
Cardiac
Anti Diabetic
Anti-Infectives
Respiratory
Gastro Intestinal
Neuro / Cns
Share
100.0
23.5
23.3
14.0
12.1
7.2
4.7
MAT Growth (%)
14.7
16.8
24.9
6.2
9.2
10.0
19.3
Volume growth during the
month moderated to 3.5%
YoY. Price growth was
better at 6.3% YoY in
Oct’19.
Exhibit 25: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
23.1
14.4
15.9
46.6
MAT growth (%)
14.7
22.9
15.0
14.2
11.0
Exhibit 26: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
MATVALUE GR Oct 19
18.7
9.7
Exhibit 27: Growth Distribution (%)(MAT Oct’19)
6.3
3.5
4.8
22.7
ACUTE
30.5
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
8
 Motilal Oswal Financial Services
Sector Update| Healthcare
GSK Pharma
Exhibit 28: Top 10 Drugs
MAT Oct - 19
Growth (%)
Mkt Share (%) Last 3M
100.0
12.7
10.8
22.9
6.8
10.7
5.9
32.7
5.3
19.3
4.9
(19.6)
4.9
14.4
4.8
(19.0)
4.2
40.1
4.1
11.2
3.0
19.0
Oct - 19
(1.6)
9.5
(13.2)
7.9
6.1
(66.0)
0.8
(21.2)
40.9
(0.7)
1.3
GSK Pharma’s secondary
sales declined 1.6% YoY v/s
strong growth of 22.9% YoY
in Sep’19. This was led by
decline in Synflorix/
Zinetac/Bentnovate N
brands at
13.2%/66%/21.2% in
Oct’19.
Drug
Total
Augmentin
Synflorix
Calpol
Betnovate C
Zinetac
Eltroxin
Betnovate N
T Bact
Ceftum
Betnesol
Therapy
Anti-Infectives
Vaccines
Pain / Analgesics
Derma
Gastro Intestinal
Hormones
Derma
Derma
Anti-Infectives
Hormones
Value
(INR m)
40,083
4,325
2,739
2,381
2,117
1,970
1,964
1,925
1,690
1,643
1,191
Growth (%)
11.3
18.5
4.4
19.0
21.9
2.4
20.8
(2.3)
39.6
10.0
14.3
*3M: Aug 2019-Oct 2019
Source: AIOCD, MOFSL
The Vaccines therapy
(17.8% of portfolio)
declined to 7.2% YoY this
month. Hormones also
declined to 2.1% YoY.
Exhibit 29: Therapy Mix (%)
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Vitamins / Minerals / Nutrients
Share
100.0
22.9
22.0
17.7
8.6
7.9
6.2
MAT Growth
(%)
11.3
12.3
15.3
14.9
13.9
14.8
5.2
3M*
12.7
13.4
19.6
9.7
26.9
12.5
10.4
Oct - 19
(1.6)
7.2
6.6
(7.2)
5.8
(2.1)
1.7
Source: AIOCD, MOFSL
Exhibit 30: Brand-wise growth distribution
Price growth came in at
6.0% YoY. Volume growth
was at 3.5% YoY in Oct’19.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
54.7
22.1
13.7
9.4
Growth
MAT growth (%)
Contribution (%)
11.3
100.0
13.8
65.6
25.0
43.6
12.9
15.5
(21.0)
(24.7)
Source: AIOCD, MOFSL
Exhibit 31: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
10.9
MATVALUE GR Oct 19
14.2
Exhibit 32: Growth Distribution (%)(MAT Oct’19)
6.0
3.5
35.1
ACUTE
5.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
1.8
NP GR
Source: AIOCD, MOFSL
19 November 2019
9
 Motilal Oswal Financial Services
Sector Update| Healthcare
Glenmark Pharma
Exhibit 33: Top 10 Drugs
MAT Oct - 19
Growth (%)
Mkt Share (%) Last 3M Oct - 19
100.0
8.3
6.6
4.2
3.7
3.5
3.4
3.0
2.7
1.8
1.8
8.0
22.9
11.7
5.7
11.1
11.0
5.3
6.2
(2.7)
(1.0)
22.8
9.2
23.7
14.0
12.1
7.8
9.7
11.6
6.6
(5.7)
1.8
10.0
Drug
Total
Telma
Telma H
Telma Am
Candid
Ascoril Plus
Ascoril Ls
Candid-B
Zita-Met Plus
Canditral
Ascoril D Plus
Therapy
Value
(INR m)
31,547
2,623
2,075
1,334
1,176
1,095
1,058
960
840
576
574
Glenmark’s secondary sales
grew 9.2% at a similar rate
as last month. This growth
was mainly led by growth in
its top brand Telma/Telma
H/Telma AM at
23.7%/14%/12.1% YoY.
Growth (%)
8.9
29.1
9.1
14.2
4.6
(3.6)
15.7
(1.1)
19.4
(5.5)
14.2
Cardiac
Cardiac
Cardiac
Derma
Respiratory
Respiratory
Derma
Anti Diabetic
Anti-Infectives
Respiratory
*3M: Aug 2019-Oct 2019
Source: AIOCD, MOFSL
Share
100.0
27.4
26.7
16.9
12.1
8.5
3.0
MAT Growth (%)
8.9
3.2
17.0
8.8
6.2
17.0
7.6
3M*
8.0
1.8
11.1
13.5
10.0
15.3
2.8
Oct - 19
9.2
2.7
14.0
12.7
10.9
15.4
(4.6)
Source: AIOCD, MOFSL
Exhibit 34: Therapy Mix (%)
Glenmark’s largest
portfolio, Derma, grew at a
marginal 2.7% YoY in
Oct’19, dragging overall
growth. However, Cardiac,
Respiratory, Anti-Infective
and Anti-Diabetic continued
to grow at a high rate.
Total
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gynaecological
Exhibit 35: Brand-wise growth distribution
Volume declined 1.4% while
price growth stood at 5.8%
YoY.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
39.0
17.6
14.7
28.7
Growth
MAT growth (%)
Contribution (%)
8.9
100.0
11.3
48.4
5.4
11.1
5.6
9.6
9.6
30.9
Source: AIOCD, MOFSL
Exhibit 36: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
MATVALUE GR Oct 19
Exhibit 37: Growth Distribution (%)(MAT Oct’19)
18.5
15.3
5.8
-1.4
4.5
13.0
4.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
10
 Motilal Oswal Financial Services
Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 38: Top 10 Drugs
MAT Oct - 19
Growth (%)
Mkt Share (%) Last 3M Oct - 19
100.0
4.5
3.9
3.9
3.2
2.7
2.5
2.3
2.3
2.2
2.1
18.7
22.0
21.4
20.4
20.1
23.6
40.8
27.0
23.8
21.3
25.4
17.5
31.0
16.4
21.4
30.2
27.9
38.9
10.9
25.4
23.0
20.7
Drug
Total
Omez
Omez D
Econorm
Atarax
Razo D
Stamlo
Nise
Ketorol
Razo
Reclimet
Therapy
Value
(INR m)
32,154
1,452
1,268
1,254
1,042
854
812
745
725
714
678
Sales growth of 17.5% YoY
was backed by strong
growth in most of its top
brands.
Stamlo/Omez/Atarax
brands grew at the highest
rate of 38.9%/31%/30.2%
YoY in Oct’19.
Growth (%)
13.2
15.6
19.1
29.5
17.8
16.3
12.8
16.8
24.1
11.8
24.9
Gastro Intestinal
Gastro Intestinal
Gastro Intestinal
Derma
Gastro Intestinal
Cardiac
Pain / Analgesics
Pain / Analgesics
Gastro Intestinal
Anti Diabetic
*3M: Aug 2019-Oct 2019
Source: AIOCD, MOFSL
Exhibit 39: Therapy Mix (%)
Top therapy Gastro
Intestinal’s growth was a
strong 22% supported by
brands like Omez, Omez D
and Econorm. Derma
portfolio also continued to
exhibit high growth.
Total
Gastro Intestinal
Cardiac
Derma
Respiratory
Anti Diabetic
Anti-Infectives
Share
100.0
22.9
13.4
10.8
8.1
7.5
6.9
MAT Growth
(%)
13.2
19.3
11.8
25.5
12.1
17.9
(8.3)
3M*
18.7
21.6
15.4
22.1
16.6
15.3
13.3
Oct - 19
17.5
22.0
10.0
20.4
13.4
11.0
15.8
Source: AIOCD, MOFSL
Top 10 brands (29.7% of
total sales) contributed
significantly (40.4%) to
overall growth.
Price growth for the
company stood at 6.5% YoY
in Oct’19.
MATVALUE Oct 19
23.0
Exhibit 40: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
29.7
20.2
16.0
34.2
MAT growth (%)
13.2
18.8
13.7
10.8
9.4
Growth
Contribution (%)
100.0
40.4
20.9
13.3
25.3
Source: AIOCD, MOFSL
Exhibit 41: Acute v/s Chronic (MAT growth)
MATVALUE GR Oct 19
13.6
Exhibit 42: Growth Distribution (%)(MAT Oct’19)
13.0
9.2
6.5
3.6
3.0
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
11
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sanofi India
Exhibit 43: Top 10 Drugs
Sanofi’s secondary sales
were muted at 2.2% v/s
11.4% YoY in
Sep’19. Major drags were
brands like Lantus/Cardace/
Clexane/Avil, which
declined 10.6%/9.8%/
13.9%
6.5% respectively.
MAT Oct - 19
Drug
Therapy
Total
Lantus
Anti Diabetic
Allegra
Respiratory
Combiflam
Pain / Analgesics
Amaryl M
Anti Diabetic
Hexaxim
Vaccines
Clexane
Cardiac
Enterogermina
Gastro Intestinal
Cardace
Cardiac
Fluquadri
Vaccines
Avil
Respiratory
*3M: Aug 2019-Oct 2019
Value
(INR m)
31,782
4,948
1,859
1,850
1,598
1,568
1,146
1,091
995
917
890
Growth (%)
11.8
13.6
9.5
8.6
13.6
(2.8)
11.4
15.2
0.1
681.6
(18.4)
Growth (%)
Last
Mkt Share (%) 3M Oct - 19
100.0
9.1
2.2
15.6
(3.3) (10.6)
5.8
4.4
(4.7)
5.8
22.2
14.3
5.0
6.7
(0.5)
4.9
23.3
17.6
3.6
15.2
3.4
25.2
10.6
3.1
(7.2)
(9.8)
2.9
241.2 158.1
2.8
(8.3)
(6.5)
Source: AIOCD, MOFS
Exhibit 44: Therapy Mix (%)
Robust growth of Vaccines
was offset by decline in
Anti-Diabetic/ Cardiac/
Respiratory therapies.
Total
Anti Diabetic
Cardiac
Vaccines
Respiratory
Pain / Analgesics
Neuro / Cns
Share
100.0
29.5
15.3
12.8
10.1
8.5
7.1
MAT Growth
(%)
11.8
16.2
9.9
14.2
1.1
8.1
14.0
3M*
9.1
3.4
3.2
38.8
1.4
13.8
7.5
Oct - 19
2.2
(4.2)
(1.6)
33.9
(4.3)
4.8
(0.2)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
56.8
38.7
18.7
(14.2)
Source: AIOCD, MOFSL
Top 10 brands showed
maximum contribution to
overall sales growth at
56.8%.
Overall volume growth
stood at 2.8%. Also, price
growth was at 5.3% in
Oct’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
53.1
25.5
15.5
5.9
MAT growth (%)
11.8
12.8
19.2
14.6
(20.2)
Exhibit 46: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
MATVALUE GR Oct 19
14.0
9.6
Exhibit 47: Growth Distribution (%)(MAT Oct’19)
5.3
16.5
15.3
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
2.8
3.7
19 November 2019
12
 Motilal Oswal Financial Services
Sector Update| Healthcare
Torrent Pharma
Exhibit 48: Top 10 Drugs
MAT Oct - 19
Growth (%)
Drug
Therapy
Value
Mkt Share
Growth (%)
Last 3M Oct - 19
(%)
(INR m)
Total
42,228
10.1
100.0
8.2
4.8
Shelcal
Vitamins / Minerals / Nutrients 2,185
7.0
5.2
2.8
(0.7)
Chymoral Forte
Pain / Analgesics
1,525
12.4
3.6
4.0
6.4
Nikoran
Cardiac
1,075
8.2
2.5
7.5
3.8
Azulix-Mf
Anti Diabetic
1,013
12.9
2.4
10.8
2.1
Losar H
Cardiac
938
(0.1)
2.2
(11.5) (16.9)
Nexpro Rd
Gastro Intestinal
935
16.2
2.2
17.6
9.9
Nebicard
Cardiac
880
11.9
2.1
9.2
5.5
Losar
Cardiac
838
10.1
2.0
1.3
4.0
Dilzem
Cardiac
835
3.2
2.0
(1.8) (5.1)
Shelcal Xt
Vitamins / Minerals / Nutrients
734
45.5
1.7
28.2
25.1
*3M: Aug 2019-Oct 2019
Source: AIOCD, MOFSL
Torrent Pharma’s secondary
sales grew 4.8% YoY v/s
17.5% in Sep’19. Top brand
Shelcal declined marginally
against growth of 9.1% last
month.
Gastro Intestinal therapy
growth at 11.7% was
supported by growth in
brands like Nexpro Rd. Anti-
Diabetic also grew 7.9% YoY
in Oct’19.
Exhibit 49: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins / Minerals / Nutrients
Anti Diabetic
Pain / Analgesics
Share
100.0
30.6
16.0
14.8
12.7
8.1
6.5
MAT Growth
(%)
10.1
9.2
13.8
6.7
9.9
17.1
9.8
3M*
8.2
6.2
14.9
6.5
5.8
14.0
4.1
Oct - 19
4.8
2.3
11.7
2.9
2.4
7.9
4.3
Source: AIOCD, MOFSL
All brand categories saw
nearly an equal
contribution in overall sales
growth.
Price growth stood at 8.1%
YoY Oct’19. Volumes
declined 0.1% YoY.
Exhibit 50: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
25.9
17.5
15.2
41.4
MAT growth (%)
10.1
10.7
11.9
15.7
7.2
Growth
Contribution (%)
100.0
27.4
20.2
22.3
30.1
Source: AIOCD, MOFSL
Exhibit 51: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
11.0
22.0
MATVALUE GR Oct 19
Exhibit 52: Growth Distribution (%)(MAT Oct’19)
8.1
9.3
20.2
ACUTE
CHRONIC
Source: AIOCD, MOFSL
-0.1
Vol GR
Price GR
2.1
NP GR
Source: AIOCD, MOFSL
19 November 2019
13
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alembic Pharma
Exhibit 53: Top 10 Drugs
MAT Oct - 19
Drug
Therapy
Value
(INR m)
16,639
1,615
809
699
524
483
340
315
291
278
242
Growth (%)
Last
Growth (%) Mkt Share (%)
Oct - 19
3M
5.6
100.0
(0.5) (3.4)
4.7
9.7
6.3
(3.3)
2.7
4.9
1.5
6.0
8.2
4.2
1.7
1.7
(3.1)
3.1
(5.7) (6.5)
(12.0)
2.9
(18.5) (17.1)
17.0
2.0
12.6 10.0
(7.4)
1.9
(25.5) (29.1)
(4.0)
1.7
(16.0) (21.0)
16.6
1.7
(0.6) (1.9)
5.2
1.5
(8.1) (6.8)
Source: AIOCD, MOFSL
Alembic Pharma’s
secondary sales declined
3.4% YoY in Oct’19 dragged
by decline in sales of most
brands, except for Althrocin
and Wikoryl, which grew 6%
YoY and 1.7% YoY in the
month.
Total
Azithral
Anti-Infectives
Althrocin
Anti-Infectives
Wikoryl
Respiratory
Roxid
Anti-Infectives
Gestofit
Gynaecological
Ulgel
Gastro Intestinal
Rekool D
Gastro Intestinal
Richar
Gynaecological
Crina N
Gynaecological
Tellzy
Cardiac
*3M: Aug 2019-Oct 2019
Exhibit 54: Therapy Mix (%)
Except for marginal growth
in Respiratory, all other
therapies declined.
Share
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynaecological
Anti Diabetic
100.0
21.6
15.5
13.0
11.9
11.4
7.3
MAT Growth
(%)
5.6
3.0
10.5
6.8
2.8
2.5
8.0
3M*
(0.5)
1.6
(0.3)
4.9
(6.9)
(5.4)
0.7
Oct - 19
(3.4)
(2.6)
(2.3)
2.0
(9.7)
(9.6)
(1.1)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
14.4
15.7
16.9
53.0
Source: AIOCD, MOFSL
Exhibit 55: Brand-wise growth distribution
% of sales
MAT growth (%)
5.6
2.3
4.7
5.0
10.9
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
33.6
18.6
18.9
28.8
Price growth was at 5.9%
YoY while volumes declined
2.9% YoY in Oct’19.
Exhibit 56: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
MATVALUE GR Oct 19
10.2
Exhibit 57: Growth Distribution (%)(MAT Oct’19)
5.9
4.3
-2.9
12.7
ACUTE
4.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
2.6
19 November 2019
14
 Motilal Oswal Financial Services
Sector Update| Healthcare
IPCA Labs
Exhibit 58: Top 10 Drugs
MAT Oct - 19
Drug
Therapy
Value
(INR m)
19,889
1,894
1,231
1,135
634
512
506
503
497
470
422
Growth (%)
15.4
23.8
16.4
22.1
17.7
21.1
1.2
17.1
21.4
25.9
25.9
Growth (%)
Last
Mkt Share (%)
Oct - 19
3M
100.0
5.5
1.2
9.5
2.6
(0.5)
6.2
9.6
5.9
5.7
10.9
8.3
3.2
4.5
2.6
2.6
12.0
18.2
2.5
9.2
11.6
2.5
(0.2) (10.7)
2.5
(1.8)
(1.2)
2.4
38.3
3.4
2.1
4.2
7.2
Source: AIOCD, MOFSL
IPCA’s secondary sales
remain muted at 1.2% YoY
in Oct’19. Growth was
dragged by decline in
brands like Glycinorm M/
CTD/ Zerodol SP, down
10.7%/1.2%/0.5% YoY.
Total
Zerodol Sp
Pain / Analgesics
Zerodol P
Pain / Analgesics
Hcqs
Anti Malarials
Folitrax
Anti-Neoplastics
Zerodol Th
Pain / Analgesics
Larinate
Anti Malarials
Glycinorm M
Anti Diabetic
Ctd
Cardiac
Lariago
Anti Malarials
Ctd-T
Cardiac
*3M: Aug 2019-Oct 2019
Amongst top therapies, Anti
Infective/Anti- malaria grew
10.8%/4.3% YoY, while
other therapies’ growth
declined or remained
muted for the month.
Exhibit 59: Therapy Mix (%)
Share
100.0
28.4
16.2
15.0
6.8
6.7
5.1
MAT Growth
(%)
15.4
14.9
13.3
13.2
24.6
6.9
21.4
3M*
5.5
3.2
(2.1)
13.8
17.5
(5.6)
8.5
Oct - 19
1.2
0.8
(3.8)
4.3
10.8
(6.9)
2.1
Source: AIOCD, MOFSL
Total
Pain / Analgesics
Cardiac
Anti Malarials
Anti-Infectives
Gastro Intestinal
Anti-Neoplastics
Top-10 brands were major
growth contributors at
48.1% YoY.
Exhibit 60: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
39.2
21.1
17.7
21.9
Volume growth at 7.6%
beat price growth of 6.2%.
Growth
MAT growth (%)
Contribution (%)
15.4
100.0
19.6
48.1
11.5
16.3
16.7
19.0
11.3
16.6
Source: AIOCD, MOFSL
Exhibit 61: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
MATVALUE GR Oct 19
16.0
Exhibit 62: Growth Distribution (%)(MAT Oct’19)
14.5
7.6
5.4
15.2
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
6.2
1.6
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
15
 Motilal Oswal Financial Services
Sector Update| Healthcare
Biocon
Exhibit 63: Top 10 Drugs
Biocon’s secondary sales
grew 3.6%YoY v/s 7.6% last
month. Insugen R, Canmab,
Biomab Egfr, Blisto MF and
Insuden N sales declined,
dragging sales growth for
the month, while Erypro
and Psorid saw >80% YoY
growth.
MAT Oct - 19
Drug
Therapy
Value
(INR m)
4,915
1,141
869
772
249
238
167
134
116
73
64
Growth (%)
12.3
3.1
5.3
38.7
(1.6)
145.8
35.0
(17.0)
(26.6)
(3.6)
29.5
Growth (%)
Last
Mkt Share (%)
Oct - 19
3M
100.0
6.0
3.6
23.2
(0.2)
2.4
17.7
4.3
(0.1)
15.7
(22.6) (41.0)
5.1
(6.3)
(1.4)
4.8
267.4
215.9
3.4
85.1
84.9
2.7
(23.0)
(6.2)
2.4
(32.7) (31.6)
1.5
(8.3)
(7.1)
1.3
22.9
21.3
Source: AIOCD, MOFSL
Total
Insugen
Anti Diabetic
Basalog
Anti Diabetic
Canmab
Anti-Neoplastics
Insugen R
Anti Diabetic
Erypro
Blood Related
Psorid
Anti-Neoplastics
Biomab Egfr
Anti-Neoplastics
Blisto Mf
Anti Diabetic
Insugen N
Anti Diabetic
Biopiper Tz
Anti-Infectives
*3M: Aug 2019-Oct 2019
Biocon’s largest portfolio,
Anti-diabetic (53% of
overall portfolio) saw
decline at 0.6% in Oct’19.
Derma, Anti-infective and
Blood Related showed
robust growth for the
month.
Exhibit 64: Therapy Mix (%)
Total
Anti Diabetic
Anti-Neoplastics
Blood Related
Anti-Infectives
Derma
Cardiac
Share
100.0
53.0
27.8
5.4
4.7
3.2
2.0
MAT Growth
(%)
12.3
0.9
24.8
120.4
34.4
34.6
(21.5)
3M*
6.0
(0.9)
(9.8)
244.6
32.5
57.2
(14.6)
Oct - 19
3.6
(0.6)
(16.1)
208.6
36.7
53.2
(16.3)
Source: AIOCD, MOFSL
Top 10 products are the
primary growth drivers for
Biocon.
Company saw healthy
volume growth of 7.5% YoY
in Oct’19.
Exhibit 65: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
77.8
12.5
7.5
2.2
Growth
MAT growth (%)
Contribution (%)
12.3
100.0
12.2
77.7
19.7
18.8
14.5
8.8
(20.6)
(5.2)
Source: AIOCD, MOFSL
Exhibit 66: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
25.4
2.0
MATVALUE GR Oct 19
2.9
Exhibit 67: Growth Distribution (%)(MAT Oct’19)
7.5
4.9
-0.2
4.9
Vol GR
Price GR
NP GR
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Source: AIOCD, MOFSL
19 November 2019
16
 Motilal Oswal Financial Services
Sector Update| Healthcare
Abbott India
Exhibit 68: Top 10 Drugs
Abbott’s secondary sales
grew 6.9% v/s 13.9% YoY in
Sep’19. Growth in top
brand –Mixtard came in at
7.4% while Duphaston grew
6.4% YoY in Oct’19. High
growth brands include
Udilivm/Ryzodeg at
16%/25.3% YoY,
respectively.
MAT Oct - 19
Drug
Total
Mixtard
Duphaston
Thyronorm
Novomix
Phensedyl Cough Linctus
Udiliv
Vertin
Duphalac
Ryzodeg
Actrapid
*3M: Aug 2019-Oct 2019
Therapy
Value
(INR m)
85,112
5,419
3,894
3,529
3,077
2,893
2,679
1,747
1,656
1,518
1,292
Growth (%)
Growth (%) Mkt Share (%) Last 3M Oct - 19
9.5
8.5
23.1
10.3
7.1
(0.9)
23.1
8.4
15.2
29.4
12.5
100.0
10.3
6.9
6.4
8.3
7.4
4.6
12.5
6.4
4.1
5.4
1.5
3.6
4.6
(2.3)
3.4
25.6
3.5
3.1
21.8
16.0
2.1
7.7
2.8
1.9
6.3
6.0
1.8
30.0
25.3
1.5
9.0
9.0
Source: AIOCD, MOFSL
Top therapy - Anti-Diabetic
saw below average growth
of 5% YoY for Oct’19. Also,
single-digit growth was
seen for Neuro/CNS and
Cardiac therapies, thus
dragging overall growth.
Anti Diabetic
Gynaecological
Hormones
Anti Diabetic
Respiratory
Gastro Intestinal
Neuro / Cns
Gastro Intestinal
Anti Diabetic
Anti Diabetic
Exhibit 69: Therapy Mix
Total
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Neuro / Cns
Anti-Infectives
Cardiac
Share
100.0
20.2
17.2
10.5
8.5
7.9
7.5
MAT Growth
(%)
9.5
9.3
14.9
8.5
5.5
17.2
3.9
3M*
10.3
7.9
14.4
6.7
6.3
28.2
5.3
Oct - 19
6.9
5.0
12.1
(0.1)
5.5
18.2
6.4
Source: AIOCD, MOFSL
Top 25 brands drove overall
sales for Oct’19.
Price growth came in at
7.1% in Oct’19.
Exhibit 70: Brand -wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
32.5
17.2
14.1
36.2
Growth
MAT growth (%)
Contribution (%)
9.5
100.0
12.2
40.6
12.2
21.5
5.4
8.3
7.6
29.6
Source: AIOCD, MOFSL
Exhibit 71: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
Exhibit 72: Growth Distribution (%) (MAT Oct’19)
10.7
MATVALUE GR Oct 19
7.8
7.1
-0.5
51.0
ACUTE
34.1
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
3.0
19 November 2019
17
 Motilal Oswal Financial Services
Sector Update| Healthcare
Mankind
Exhibit 73: Top 10 Drugs
Mankind’s secondary sales
grew 5.6% YoY v/s 14.5%
YoY in Sep’19. While some
top brands grew at >10%
rate, brands like Manforce/
Candiforce grew at strong
growth of 24.6%/ 33.7%
YoY for Oct’19.
Drug
Total
Manforce
Moxikind Cv
Candiforce
Unwanted Kit
Glimestar M
Amlokind-At
Gudcef
Nurokind Lc
Telmikind H
Prega News
MAT Oct - 19
Growth (%)
Therapy
Value
Mkt Share
Growth (%)
Last 3M Oct - 19
(%)
(INR m)
51,766
12.7
100.0
11.4
5.6
Sex Stimulants / Rejuvenators
2,330
15.2
4.5
25.6
24.6
Anti-Infectives
2,045
9.6
4.0
14.9
6.2
Anti-Infectives
1,728
60.0
3.3
34.5
33.7
Gynaecological
1,271
18.5
2.5
7.6
(4.9)
Anti Diabetic
1,173
19.7
2.3
14.7
9.5
Cardiac
1,038
24.2
2.0
17.1
26.6
Anti-Infectives
990
29.3
1.9
27.6
5.9
Vitamins / Minerals / Nutrients
869
21.1
1.7
10.9
2.4
Cardiac
779
21.3
1.5
16.3
10.0
Others
779
15.6
1.5
29.3
26.8
Source: AIOCD, MOFSL
MAT Growth
(%)
12.7
13.8
9.1
23.5
6.8
15.2
22.9
*3M: Aug 2019-Oct 2019
Cardiac (11.1% of total
therapy mix) grew at robust
rate of 15.1% YoY
supporting overall growth.
Therapies like VMS/Gastro
remained muted in Oct’19.
Exhibit 74: Therapy Mix (%)
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Cardiac
Gastro Intestinal
Respiratory
Anti Diabetic
Share
100.0
22.1
13.6
11.1
10.2
7.4
7.0
Growth was distributed
amongst brands.
Volume growth stood at 5%
YoY, price growth was at
6.1% in Oct’19.
3M*
11.4
15.5
5.3
16.9
9.8
19.5
14.6
Oct - 19
5.6
5.3
0.5
15.1
4.4
8.9
10.3
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
40.2
22.8
13.8
23.3
Source: AIOCD, MOFSL
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
25.1
15.5
16.0
43.4
MAT growth (%)
12.7
22.0
19.9
10.8
6.4
Exhibit 76: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
38.3
MATVALUE GR Oct 19
20.1
Exhibit 77: Growth Distribution (%)(MAT Oct’19)
13.5
10.3
ACUTE
CHRONIC
Source: AIOCD, MOFSL
5.0
6.1
1.7
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
18
 Motilal Oswal Financial Services
Sector Update| Healthcare
Pfizer
Exhibit 78: Top 10 Drugs
Pfizer’s secondary sales
grew at robust rate of
17.7% v/s 9.4% YoY in
Sep’19. Top brands like
Meronem/ Minipress
Xl/Gelusil MPS saw
97.4%/76.5%/32.4% growth
YoY.
MAT Oct - 19
Growth (%)
Drug
Therapy
Value
Growth Mkt Share
Last 3M Oct - 19
(%)
(%)
(INR m)
Total
31,854
7.4
100.0
9.9
17.7
Becosules
Vitamins / Minerals / Nutrients 3,098
15.9
9.7
13.0
9.9
Magnex
Anti-Infectives
1,995
20.6
6.3
14.7
9.6
Gelusil Mps
Gastro Intestinal
1,613
12.7
5.1
18.4
32.4
Dolonex
Pain / Analgesics
1,547
6.8
4.9
5.0
9.6
Mucaine
Gastro Intestinal
1,452
12.1
4.6
16.0
24.3
Prevenar 13
Vaccines
1,431
19.3
4.5
24.3
21.3
Minipress Xl
Cardiac
1,333
(3.1)
4.2
16.6
76.5
Corex Dx
Respiratory
1,210
21.0
3.8
23.9
19.5
Meronem
Anti-Infectives
1,178
66.7
3.7
77.6
97.4
Wysolone
Hormones
1,174
8.8
3.7
18.5
29.2
*3M: Aug 2019-Oct 2019
Source: AIOCD, MOFSL
Exhibit 79: Therapy Mix (%)
Anti-Infective business
(17.8% of total therapy mix)
grew 29.2% YoY. Hormone/
Gynecology/ Gastro grew
27.1%/26.2%/25.2% YoY in
Oct’19.
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Gynaecological
Hormones
Neuro / Cns
Share
100.0
17.8
12.1
11.3
8.9
7.9
6.8
MAT Growth
(%)
7.4
22.7
16.5
10.4
6.8
(2.2)
7.7
3M*
9.9
23.6
13.0
14.3
10.8
14.6
6.7
Oct - 19
17.7
29.2
11.8
25.2
26.2
27.1
16.7
Source: AIOCD, MOFSL
Exhibit 80: Brand-wise growth distribution
Top 10 Brands contributed
majorly to overall growth.
Price and volume growth
were at 2.5% and 4.0%,
respectively.
% of sales
100.0
50.3
27.0
14.9
7.8
Growth
MAT growth (%)
Contribution (%)
7.4
100.0
15.6
99.1
9.8
34.9
(4.7)
(10.7)
(17.1)
(23.3)
Source: AIOCD, MOFSL
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 81: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
27.0
MATVALUE GR Oct 19
7.4
Exhibit 82: Growth Distribution (%)(MAT Oct’19)
4.0
4.9
Vol GR
2.5
0.8
Price GR
NP GR
Source: AIOCD, MOFSL
7.4
ACUTE
CHRONIC
Source: AIOCD, MOFSL
19 November 2019
19
 Motilal Oswal Financial Services
Sector Update| Healthcare
Merck
Exhibit 83: Top 10 Drugs
Merck’s secondary sales
declined marginally v/s +9.4%
YoY in Sep’19. Growth was
dragged by top brands like
Livogen Z/ Neurobion ForteRF at
-15.9%/-14.2% YoY.
Drug
Total
Neurobion Forte
Livogen
Concor
Livogen Z
Neurobion Forte Rf
Polybion
Evion Lc
Concor Cor
Concor Am
Erbitux
Therapy
Vitamins / Minerals / Nutrients
Gynaecological
Cardiac
Gynaecological
Vitamins / Minerals / Nutrients
Vitamins / Minerals / Nutrients
Vitamins / Minerals / Nutrients
Cardiac
Cardiac
Anti-Neoplastics
Growth (%)
Value
Mkt
Oct -
(INR m) Growth (%) Share (%) Last 3M
19
7242
3.2
100.0
1.4
(0.2)
1013
11.7
14.0
7.0
0.4
563
12.6
7.8
9.2
22.3
540
19.7
7.5
14.3
8.6
473
(8.4)
6.5
(12.0) (15.9)
410
9.0
5.7
(4.1)
(14.2)
403
10.5
5.6
47.9
40.8
399
(3.1)
5.5
(3.8)
2.8
378
23.2
5.2
23.9
28.2
302
8.5
4.2
5.0
10.5
262
53.2
3.6
25.0
32.3
Source: AIOCD, MOFSL
MAT Growth
(%)
3.2
3.6
12.4
1.1
(13.4)
53.2
(7.5)
MAT Oct - 19
*3M: Aug 2019-Oct 2019
Exhibit 84: Therapy Mix (%)
VMN, Gynecology and
Derma sales declined
1.7%/3.5%/16.7% YoY in
Oct’19.
Total
Vitamins / Minerals / Nutrients
Cardiac
Gynaecological
Derma
Anti-Neoplastics
Anti Diabetic
Share
100.0
46.7
21.0
17.6
5.5
3.6
3.0
3M*
1.4
3.4
10.0
(5.3)
(14.7)
25.0
(6.7)
Oct - 19
(0.2)
(1.7)
9.2
(3.5)
(16.7)
32.3
2.2
Source: AIOCD, MOFSL
Prices increased 7.5% YoY in
Oct’19, while volume
growth dipped 5% YoY.
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
65.5
26.1
7.9
0.5
Growth
MAT growth (%)
Contribution (%)
3.2
100.0
10.7
202.7
(5.6)
(49.6)
(4.2)
(11.1)
(70.7)
(42.0)
Source: AIOCD, MOFSL
Exhibit 86: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
5.5
MATVALUE GR Oct 19
10.0
Exhibit 87: Growth Distribution (%)(MAT Oct’19)
7.5
-5.0
0.7
1.8
1.2
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
20
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ajanta Pharma
Exhibit 88: Top 10 Drugs
Ajanta Pharma’s secondary
sales declined 2.3% YoY in
Oct’19. Decline in top
brands Melacare, Rosufit CV
and Feburic were major
factors for the overall drag
in growth.
Drug
Total
Met Xl
Atorfit Cv
Melacare
Feburic
Met Xl Am
Rosutor Gold
Cinod
Rosufit Cv
Soft Drops
Vertizac
Therapy
MAT Oct - 19
Value
(INR m)
8,349
1,057
546
497
335
257
244
242
215
163
125
Growth (%)
Growth (%)
5.9
7.1
4.7
1.2
6.8
4.3
8.7
12.6
1.3
4.6
9.4
Mkt Share
Last 3M
(%)
100.0
2.2
12.7
(0.9)
6.5
(8.1)
5.9
1.2
4.0
(12.2)
3.1
(0.6)
2.9
21.2
2.9
2.9
2.6
(3.2)
2.0
8.0
1.5
13.8
Oct - 19
(2.3)
(8.0)
(12.0)
(15.6)
(13.0)
(6.0)
18.1
6.3
(14.1)
(3.2)
31.2
Ophthal grew 2.8%, while
all other therapies declined
marginally.
Cardiac
Cardiac
Derma
Pain / Analgesics
Cardiac
Cardiac
Cardiac
Cardiac
Ophthal / Otologicals
Neuro / Cns
*3M: Aug 2019-Oct 2019
Source: AIOCD, MOFSL
MAT Growth
(%)
5.9
5.8
4.6
3.3
10.1
0.9
(0.5)
Exhibit 89: Therapy Mix (%)
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Anti Diabetic
Share
100.0
41.1
23.4
15.8
5.6
3.4
2.3
3M*
2.2
(3.2)
6.0
2.8
(1.6)
(5.8)
(4.7)
Oct - 19
(2.3)
(7.1)
2.8
(8.6)
(1.7)
(11.5)
(15.3)
Source: AIOCD, MOFSL
Volumes declined 4.4% in
Oct’19. However, price
growth 5.6% in Oct’19.
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
44.1
15.7
14.4
25.8
Growth
MAT growth (%)
Contribution (%)
5.9
100.0
5.7
42.8
12.1
30.3
5.1
12.5
3.2
14.4
Source: AIOCD, MOFSL
Exhibit 91: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
7.9
MATVALUE GR Oct 19
Exhibit 92: Growth Distribution (%)(MAT Oct’19)
5.6
-4.4
4.1
4.7
4.1
ACUTE
4.3
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
21
 Motilal Oswal Financial Services
Sector Update| Healthcare
AstraZeneca
Exhibit 93: Top 10 Drugs
MAT Oct - 19
Drug
Therapy
Total
Brilinta
Cardiac
Forxiga
Anti Diabetic
Crestor
Cardiac
Xigduo
Anti Diabetic
Seloken
Cardiac
Betaloc
Cardiac
Imdur
Cardiac
Tagrisso
Anti-Neoplastics
Kombiglyze
Anti Diabetic
Zoladex
Hormones
*3M: Aug 2019-Oct 2019
Value
(INR m)
6,324
1,899
1,300
449
428
408
389
264
239
217
200
Growth (%)
8.9
13.5
3.4
(3.2)
111.8
(4.9)
(5.6)
(3.3)
139.7
(9.9)
(1.5)
Mkt Share
(%)
100.0
30.0
20.6
7.1
6.8
6.5
6.2
4.2
3.8
3.4
3.2
Growth (%)
Last 3M Oct - 19
7.5
(1.2)
1.3
(23.7)
3.7
(1.1)
8.3
6.3
38.7
26.9
11.5
6.2
(1.6)
(4.2)
10.2
3.4
63.1
52.3
(0.3)
4.0
6.6
0.2
Source: AIOCD, MOFSL
AstraZeneca’s sales
declined 1.2% in Oct’19.
Sales were mainly dragged
by decline in top brands –
Brilinta/ Forxiga/ Betaloc at
23.7%/1.1%/ 4.2% YoY in
the month.
Cardiac (54.4% of total
portfolio) declined 11.8%
YoY causing overall decline
for the month.
Exhibit 94: Therapy Mix (%)
Total
Cardiac
Anti Diabetic
Anti-Neoplastics
Hormones
Respiratory
Vitamins / Minerals / Nutrients
Share
100.0
54.4
34.7
6.1
3.2
1.5
0.0
MAT Growth
(%)
8.9
4.0
14.2
34.3
(1.3)
11.0
57.7
3M*
7.5
2.3
12.5
9.6
7.1
39.0
308.1
Oct - 19
(1.2)
(11.8)
7.8
9.6
0.6
40.3
140.2
Source: AIOCD, MOFSL
Sales were driven by top 10
brands.
Volumes declined 0.9% YoY.
Price growth came in at
4.4% YoY in Oct’19.
Exhibit 95: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
% of sales
100.0
91.6
8.4
0.0
Growth
MAT growth (%)
Contribution (%)
8.9
100.0
10.3
104.4
0.2
0.2
(99.2)
(4.6)
Source: AIOCD, MOFSL
Exhibit 96: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
19.2
MATVALUE GR Oct 19
5.7
Exhibit 97: Growth Distribution (%) (MAT Oct’19)
5.3
4.4
0.6
ACUTE
7.9
-0.9
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
22
 Motilal Oswal Financial Services
Sector Update| Healthcare
JB Chemicals
Exhibit 98: Top 10 Drugs
MAT Oct - 19
Drug
Therapy
Value
(INR m)
6,799
1,540
1,536
768
640
474
220
171
138
135
121
Growth (%)
21.6
30.3
9.5
33.8
16.0
27.8
14.4
54.8
11.2
4.7
32.0
Growth (%)
Mkt Share
Last 3M
Oct - 19
(%)
100.0
21.2
14.7
22.7
30.7
25.8
22.6
4.0
(4.6)
11.3
28.8
25.6
9.4
12.9
7.7
7.0
26.8
22.5
3.2
10.0
(7.0)
2.5
53.1
35.2
2.0
8.8
(2.9)
2.0
2.0
4.0
1.8
7.7
(21.9)
Source: AIOCD, MOFSL
JB Chemicals’ sales grew a
strong 14.7% YoY on the
back of high growth in its
top brands. Most of the
top-10 brands grew at >15%
YoY for MAT Oct’19.
Total
Cilacar
Cardiac
Rantac
Gastro Intestinal
Nicardia
Cardiac
Metrogyl
Gastro Intestinal
Cilacar T
Cardiac
Rantac Dom
Gastro Intestinal
Contrapaque
Others
Rantac Mps
Gastro Intestinal
Metrogyl Iv
Gastro Intestinal
Rantac Od
Gastro Intestinal
*3M: Aug 2019-Oct 2019
Exhibit 99: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Others
Anti-Infectives
Gynaecological
Pain / Analgesics
Share
100.0
46.2
43.8
3.4
1.8
1.8
1.5
MAT Growth
(%)
21.6
32.8
13.8
25.7
(10.7)
26.2
0.7
3M*
21.2
31.3
10.5
58.6
(2.3)
17.5
15.6
Oct - 19
14.7
26.7
1.5
53.6
(9.1)
9.6
7.3
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
84.0
16.6
3.2
(3.8)
Source: AIOCD, MOFSL
Cardiac therapy (46.2% of
sales share) drove high
growth for the month at
26.7% YoY.
Top 25 brands led overall
growth for the company in
Oct’19.
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
84.5
11.1
3.7
0.8
MAT growth (%)
21.6
21.4
36.2
18.6
(46.4)
Volume growth for the
company stood at 10.5%
YoY while price growth
came in at 9.1% YoY.
Exhibit 101: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
MATVALUE GR Oct 19
32.9
Exhibit 102: Growth Distribution (%)(MAT Oct’19)
3.7
13.3
3.1
ACUTE
10.5
9.1
2.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
23
 Motilal Oswal Financial Services
Sector Update| Healthcare
ERIS LS
Exhibit 103: Top 10 Drugs
Drug
Therapy
Total
Glimisave M Anti Diabetic
Glimisave Mv Anti Diabetic
Renerve Plus Vitamins / Minerals / Nutrients
Remylin D
Vitamins / Minerals / Nutrients
Tendia M
Anti Diabetic
Eritel Ch
Cardiac
Triglimisave Anti Diabetic
Lnbloc
Cardiac
Tendia
Anti Diabetic
Cyblex Mv
Anti Diabetic
*3M: Aug 2019-Oct 2019
Value
(INR m)
12,865
1,029
715
654
533
384
366
327
321
313
268
Growth (%)
Oct -
Growth (%) Mkt Share (%) Last 3M 19
13.0
100.0
6.8
2.8
23.7
8.0
18.8
16.1
35.6
5.6
36.3
34.2
10.7
5.1
9.4
11.1
13.6
4.1
5.0
(4.6)
41.1
3.0
38.4
34.0
19.5
2.8
12.1
3.2
(19.5)
2.5
(37.0) (37.6)
26.5
2.5
22.9
17.3
23.9
2.4
17.9
13.4
91.0
2.1
93.2
85.1
Source: AIOCD, MOFSL
MAT Oct - 19
ERIS’ secondary sales grew
marginally at 2.8% YoY v/s
10.2% YoY in Sep’19.
Triglimisave declined at
37.6% for Oct’19, dragging
overall growth.
Anti-Diabetic (28.4% of total
therapy mix) grew 15.4%
YoY along with Cardiac
growing 5.8% YoY. Other
therapies declined, dragging
overall sales for the month.
Exhibit 104: Therapy Mix (%)
Total
Anti Diabetic
Cardiac
Vitamins / Minerals / Nutrients
Neuro / Cns
Gastro Intestinal
Pain / Analgesics
Share
100.0
28.4
26.6
18.2
7.8
6.5
4.5
MAT Growth
(%)
13.0
21.0
15.0
8.8
16.4
1.6
(5.7)
3M*
6.8
17.8
10.3
1.5
(0.9)
(3.9)
(6.1)
Oct - 19
2.8
15.4
5.8
(1.9)
(5.9)
(9.6)
(11.0)
Source: AIOCD, MOFSL
Volume growth for the
company stood at 5.4% YoY,
while price growth came in
at 5.5% YoY.
Exhibit 105: Brand-wise growth distribution
% of sales
100.0
38.2
22.8
18.0
20.9
Growth
MAT growth (%)
Contribution (%)
13.0
100.0
21.2
58.1
15.8
27.0
13.3
18.4
-1.9
-3.5
Source: AIOCD, MOFSL
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 106: Acute v/s Chronic (MAT growth)
MATVALUE Oct 19
MATVALUE GR Oct 19
17.9
Exhibit 107: Growth Distribution (%)(MAT Oct’19)
5.4
5.8
4.9
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
8.0
5.5
2.2
Price GR
NP GR
Source: AIOCD, MOFSL
19 November 2019
24
 Motilal Oswal Financial Services
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
products. MOFSL is a subsidiary company of Passionate Investment Management Pvt. Ltd.. (PIMPL). MOFSL is a listed public company, the details in respect of which are
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
Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
Details of associate entities of Motilal Oswal Financial Services Limited are
available on the website at
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