Sector Update | 16 December 2019
Sector Update| Healthcare
Healthcare
Performance of top companies:
October 2019)
MAT Nov- 19
Company
gr (%)
(%)
IPM
9.8
14.5
Dr. Reddy Labs
15.4
28.0
JB Chemicals
22.7
26.6
Emcure
13.5
23.6
Pfizer
8.7
23.4
FDC
4.8
20.9
Glenmark
9.7
20.0
Mankind
13.3
17.9
Torrent
11.3
17.8
Alkem
12.8
17.1
Cadila
11.1
16.9
Intas
9.0
16.8
Lupin
14.1
16.3
Sun Pharma
8.5
14.5
MSD
5.7
12.9
Indoco
13.8
12.8
Cipla
8.8
12.6
Abbott
9.7
12.0
Astrazeneca
9.2
11.7
Ipca
14.5
11.4
Ajanta
6.8
10.1
GSK
11.2
9.4
Alembic
5.7
8.9
Impressive growth led by volumes revival, low base
Indian pharmaceutical market’s (IPM) growth recovered impressively to 14.5%
YoY in Nov’19 from 5.1% YoY in the previous month. The improvement can be
partly ascribed to a low base of past year (Nov’18: +7% YoY) and a revival in
volumes (+5.9% YoY v/s 2.7% and 3.5% in the prior two months). Price growth
further improved to 5.7% and new launch growth came in at 3% YoY.
Growth stood at 10.4% YoY for the quarter ended Nov’19, led by price (+5.5%)
and new launch (+2.7%). Volume growth for the quarter was relatively low at
2.2% YoY due to the dismal momentum in Sep-Oct’19. Notably, both NLEM and
non-NLEM products grew by 11.2% and 10.4% YoY, respectively.
On a MAT basis, industry growth stood at 9.8% YoY with price growth of 5.3%
and new launch growth of 2.6% YoY.
In value terms, NLEM (~10% of IPM) secondary sales grew by 15.2% YoY and
non-NLEM (~86% of IPM) by 14.6% YoY in Nov’19.
Volume growth for non-NLEM products was 5.5% YoY in Nov’19. Growth in
NLEM products was driven by volumes (+9.6% YoY) and prices (+4.7% YoY).
In Nov’19, Dr. Reddy’s (+28% YoY), JB Chemicals (+26.6% YoY) and Emcure
(+23.6% YoY) delivered highest growth.
Dr. Reddy’s performance was driven by strong double-digit growth in its top
therapies, especially in Gastro-intestinal/Derma (+31.2%/+37.9 YoY). JB
Chemicals gained from strong growth in Cardiac (+39.1% YoY). Emcure
witnessed good traction in price (+5.8%) and volumes (+5.9%).
Sun Pharma’s sales improved from last quarter with growth of 14.5% YoY
(Oct’19: 6.8%), mainly driven by Anti-infective/ Gastro (+29.8%/17.7% YoY).
Secondary sales for Alembic (8.9% YoY), GSK (+9.4% YoY), Ajanta (+10.1% YoY),
and Ipca (+11.4% YoY) were below IPM growth for Nov’19.
On a MAT basis, JB Chemicals/Torrent reported highest price growth of
9.3%/8.2% YoY. AstraZeneca saw highest growth in new launches (+5.5% YoY).
Respiratory therapy exhibited highest YoY growth of 19.7% among the top 10
therapies, followed by Anti-Infectives (+17% YoY) and Pain-analgesics (+15.2%
YoY) in Nov’19. Other therapies like Anti-diabetic, Derma and Neuro/CNS grew
marginally below industry average at 11.3% YoY, 12.8% YoY and 13.5% YoY,
respectively.
Price – key growth driver; volumes recovering
Dr. Reddy, JB Chemicals, Emcure emerge as outperformers
Respiratory /Anti-Infective – growth drivers on therapy front
Tushar Manudhane – Research analyst
(Tushar.Manudhane@MotilalOswal.com); +91 022 6129 1536
Hitakshi Chandrani – Research analyst
(Hitakshi.Chandrani@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.
 Motilal Oswal Financial Services
Sector Update| Healthcare
Indian companies exhibit healthy growth compared to MNCs
In Nov’19, Indian companies grew at a better rate of 15.1% YoY than MNCs
(+12.4% YoY).
In Nov’19, sales of approved-FDC (~48% of IPM) rose by 14.2% YoY, while those
of single molecules (~52% of IPM) increased 14.7% YoY.
Exhibit 1: Volume growth moderates for the quarter ended Nov’19
Volume Growth (%)
8.7
7.1
9.7
8.1
4.1
3.3
2.7
4.8
2.7
1.3
4.9
2.4
3.0
5.1
2.1
1.5
5.5
2.8
1.5
5.5
2.7
2.2
10.1
Price Growth (%)
8.8
New Product Growth (%)
10.3
8.7
9.8
Total Growth (%)
10.4
2.8
-1.2
2.7
-1.1
3M-May 18
3M-Feb 18
3M-Aug 18
3M-Nov 18
3M-Feb 19
3M-May 19
3M-Aug 19
3M-Nov 19
Source: AIOCD, MOFSL
16 December 2019
2
 Motilal Oswal Financial Services
Sector Update| Healthcare
Indian Pharma Market - November 2019
Exhibit 2: Performance of top companies – November 2019
MAT Nov-19
Market
Value
Share (%)
(INR m)
IPM
13,91,440
100.0
Sun Pharma
1,13,592
8.2
Abbott
87,011
6.3
Cipla
64,748
4.7
Zydus Cadila
57,620
4.1
Mankind
52,493
3.8
Alkem
49,412
3.6
Lupin
53,823
3.9
Torrent Pharma
42,818
3.1
Pfizer
32,465
2.3
Glenmark Pharma
32,056
2.3
Sanofi
31,953
2.3
Dr Reddy Labs
32,824
2.4
GSK Pharma
40,354
2.9
Alembic Pharma
16,766
1.2
Ipca Labs
20,080
1.4
Natco
10,714
0.8
Ajanta Pharma
8,451
0.6
Merck
7,294
0.5
Biocon
4,915
0.4
Astrazeneca
6,382
0.5
JB Chemicals
6,932
0.5
Company
Growth
(%)
9.8
8.5
9.7
8.8
11.1
13.3
12.8
15.2
11.3
8.7
9.7
11.4
15.4
11.2
5.7
14.5
4.4
6.8
3.4
10.8
9.2
22.7
Last 8 Quarters YoY Growth (%)
Feb-18 May-18 Aug-18
6.3
5.5
6.5
6.1
7.0
16.1
8.7
11.8
(5.4)
(6.4)
3.2
11.6
9.4
4.5
0.3
(5.8)
14.5
6.6
(2.2)
6.6
2.4
5.5
10.7
8.5
17.7
7.5
6.2
11.9
15.9
20.2
6.5
1.6
11.4
14.9
12.5
4.3
6.3
9.1
(15.1)
10.7
11.6
9.8
12.5
15.1
13.5
12.1
14.8
12.9
13.5
13.7
19.7
17.6
12.8
6.5
25.2
6.9
15.5
6.5
16.3
18.8
13.7
13.6
9.2
12.4
36.2
10.0
Sep-18
9.1
6.0
9.3
10.6
8.2
9.9
8.1
13.0
9.8
8.0
11.2
9.7
9.2
1.7
12.8
29.4
7.0
8.9
9.5
22.4
12.3
11.6
10.2
7.8
11.3
10.9
9.6
12.0
10.0
16.9
12.8
8.0
10.3
15.2
8.1
6.8
12.9
32.6
22.6
8.1
9.4
18.0
12.7
21.1
8.8
5.5
7.1
10.0
9.2
13.8
12.6
14.7
12.1
3.9
8.5
9.9
12.9
10.3
6.7
12.7
17.0
8.4
2.0
15.1
7.4
24.8
9.9
8.9
9.8
7.6
12.9
14.8
17.4
15.1
8.3
5.7
7.2
14.1
17.2
18.0
2.3
10.2
(10.2)
5.0
(2.8)
7.7
7.4
21.7
10.4
11.4
10.9
6.7
12.6
12.5
11.2
14.4
12.2
16.7
12.7
6.6
23.1
9.8
1.7
7.1
(5.1)
5.8
5.8
3.7
9.3
23.0
1M
14.5
14.5
12.0
12.6
16.9
17.9
17.1
15.3
17.8
23.4
20.0
6.7
28.0
9.4
8.9
11.4
(6.6)
10.1
8.7
(0.0)
11.7
26.6
Feb-19 May-19 Aug-19 Nov- 19 Nov- 19
Exhibit 3: Performance of top therapies – November 2019
Therapy
IPM
Anti-Infectives
Cardiac
Gastro Intestinal
Anti-Diabetic
Vitamins / Minerals / Nutrients
Respiratory
Pain / Analgesics
Derma
Neuro / CNS
Gynecological
Anti-Neoplastic
Opthal / Otologicals
Hormones
Vaccines
MAT Nov- 19
Last 8 Quarters in Growth (%)
Market Growth
Value
Share (%) (%) Feb-18 May-18 Aug-18 Sep-18 Feb-19 May-19
(INR m)
6.3
10.7
13.5
9.1
10.2
8.8
13,91,440
100.0
9.8
8.2
6.8
11.3
6.8
5.3
5.6
1,89,036
13.6
8.6
3.4
9.7
12.3 12.2 15.4
12.2
1,74,437
12.5
12.2
5.5
11.4
8.1
3.4
10.0
6.2
1,55,726
11.2
8.9
7.7
13.3
14.0 14.8 18.6
13.8
1,35,698
9.8
13.6
5.2
13.7
13.5
7.4
9.4
8.6
1,20,356
8.6
8.9
12.7
8.5
19.1 14.8
4.3
5.5
1,03,489
7.4
8.3
4.2
9.6
11.6
5.9
9.8
7.8
94,801
6.8
9.7
10.4
12.0
20.6 10.7 10.2
8.3
93,878
6.7
8.3
5.2
9.3
11.9
7.8
10.9
9.8
83,872
6.0
9.9
1.0
6.7
7.8
6.5
10.8
9.3
68,664
4.9
8.3
(0.7)
9.8
21.3
7.0
13.5
15.1
30,048
2.2
9.6
25,519
25,414
22,323
1.8
1.8
1.6
8.9
10.0
4.1
10.3
9.9
8.3
7.5
16.4
5.4
8.6
18.6
(2.1)
8.0
13.7
(7.6)
7.9
10.8
(1.8)
9.7
8.0
(0.4)
1M
Aug-19 Nov- 19 Nov- 19
9.9
13.1
9.8
8.9
12.1
8.7
12.9
10.2
6.2
8.4
5.9
1.6
8.9
10.8
7.7
10.4
10.0
11.7
10.5
10.6
9.0
10.8
10.9
8.7
10.4
7.5
9.0
9.1
10.5
11.3
14.5
17.0
13.6
14.5
11.3
13.7
19.7
15.2
12.8
13.5
11.8
12.5
11.4
13.7
8.5
Source: AIOCD, MOFSL
16 December 2019
3
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sun Pharma
Exhibit 4: Top-10 Drugs
Drug
Value
(INR m)
Total
1,13,592
Rosuvas
Cardiac
2,724
Combiflam
Pain / Analgesics
1,876
Amaryl M
Anti Diabetic
1,601
Revital H
Vitamins / Minerals / Nutrients
1,268
Clexane
Cardiac
1,158
Enterogermina Gastro Intestinal
1,113
Cardace
Cardiac
993
Fluquadri
Vaccines
967
Sporidex
Anti-Infectives
823
Mox Cv
Anti-Infectives
719
*3M: Sep 2019-Nov 2019
Therapy
MAT Nov - 19
Gr. (%)
8.5
15.1
11.5
12.7
2.6
12.3
17.8
(1.0)
419.1
13.2
26.2
100.0
6.8
5.9
5.0
3.1
3.6
3.5
3.1
3.0
2.0
1.8
Growth (%)
11.4
14.5
14.1
9.4
19.7
17.6
3.4
3.0
4.0
2.0
16.2
14.6
28.6
42.6
(6.5)
(2.3)
136.2 71.8
23.1
32.6
30.7
44.8
Source: AIOCD, MOFSL
Mkt Share (%) Last 3M Nov - 19
Sun Pharma’s secondary
sales grew by 14.5% YoY in
Nov’19 v/s 6.8% YoY in
Oct’19. Growth was led by
top brands like Combiflam
(+17.6%
YoY),Enterogermina
(+42.6% YoY) and Fluquadri
(+71.8% YoY).
Exhibit 5: Therapy mix (%)
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
Share
100.0
17.6
16.8
12.1
10.2
9.2
6.5
MAT Growth (%)
8.5
7.0
5.7
7.5
13.2
7.3
6.9
3M*
11.4
7.6
7.7
12.0
18.3
9.0
10.3
Nov - 19
15.1
7.4
9.2
17.7
29.8
8.3
13.2
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
33.0
19.0
12.4
35.6
Source: AIOCD, MOFSL
Growth was largely led by
Anti-Infectives (+29.8% YoY)
and Gastro-intestinal
(+17.7% YoY) in Nov’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
27.3
17.4
15.5
39.9
Acute portfolio grew at a
faster rate of 10% YoY on a
MAT basis in Nov’19.
MAT
Growth (%)
8.5
10.4
9.3
6.7
7.5
Exhibit 7: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
10.0
62.8
6.6
50.8
MATVALUE GR Nov 19
Exhibit 8: Growth Distribution (%) (MAT Nov’19)
5.5
2.4
0.6
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
CHRONIC
Source: AIOCD, MOFSL
16 December 2019
4
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 Drugs
Drug
Therapy
Value
(INR m)
64,748
3,248
2,343
2,168
1,912
1,711
1,617
1,289
1,260
1,240
1,189
MAT Nov - 19
Growth
Mkt
(%)
Share (%)
8.8
100.0
8.0
5.0
10.5
3.6
9.2
3.3
12.3
3.0
(1.9)
2.6
12.3
2.5
19.2
2.0
15.3
1.9
5.4
1.9
17.5
1.8
Growth (%)
Last 3M
Nov - 19
Cipla’s secondary sales grew
12.6% YoY v/s +2% YoY in
Oct’19. Budecort and
Duolin sales grew 24.9%
and 23.1% YoY,
respectively. Sales of
Seroflo declined 1.3% YoY.
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: Sep 2019-Nov 2019
6.7
12.6
1.3
3.9
13.6
24.9
0.5
23.1
2.6
(1.3)
9.5
19.4
14.6
19.7
11.7
12.0
11.2
16.7
(1.8)
6.6
15.5
12.7
Source: AIOCD, MOFSL
Exhibit 10: Therapy Mix (%)
Respiratory therapy (34.3%
of Cipla’s portfolio) grew
robustly by 14.9% YoY in
Nov’19 v/s 2.2% YoY in
Oct’19.
Total
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
Share
100.0
34.3
21.9
13.2
6.4
5.8
3.6
MAT Growth (%)
8.8
8.7
6.7
13.4
2.8
15.0
13.7
3M*
6.7
6.2
5.0
9.8
1.9
11.9
10.5
Nov - 19
12.6
14.9
11.8
13.9
3.4
6.9
9.1
Source: AIOCD, MOFSL
Top-10 brands (27.8% of
sales) contributed 31% of
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
27.8
16.0
15.2
41.0
Price growth stood at 5.6%
on a MAT basis in Nov’19.
Volumes were muted.
MAT
Growth (%)
8.8
9.9
4.9
13.2
8.0
Growth
Contribution (%)
100.0
31.0
9.2
22.1
37.7
Source: AIOCD, MOFSL
Exhibit 12: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
MATVALUE GR Nov 19
10.7
35.4
7.2
29.3
Exhibit 13: Growth Distribution (%)(MAT Nov’19)
5.6
3.0
0.1
Vol GR
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Price GR
NP GR
Source: AIOCD, MOFSL
16 December 2019
5
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 Drugs
Zydus’ secondary sales
grew 16.9% YoY v/s 7% YoY
in Oct’19. Brands like
Deriphyllin/Mifegest Kit at
27.9%/50.5% proved to be a
catalyst for growth. Some
other brands also portrayed
robust growth in Nov’19.
Drug
Therapy
MAT Nov - 19
Value
Growth
Mkt
(%)
Share (%)
(INR m)
57620
11.1
100.0
1661
17.0
2.9
1627
(9.4)
2.8
1356
18.9
2.4
1263
30.0
2.2
1244
14.3
2.2
1112
14.9
1.9
1067
50.4
1.9
1064
(5.4)
1.8
959
22.0
1.7
856
4.7
1.5
Growth (%)
Last 3M
Nov - 19
Total
Deriphyllin
Respiratory
Skinlite
Derma
Atorva
Cardiac
Mifegest Kit
Gynaecological
Pantodac
Gastro Intestinal
Deca Durabolin
Hormones
Zyrop
Blood Related
Amicin
Anti-Infectives
Thrombophob
Pain / Analgesics
Formonide
Respiratory
*3M: Sep 2019-Nov 2019
12.6
16.9
20.5
27.9
(13.5)
(9.1)
15.7
13.7
43.9
50.5
18.5
29.1
20.0
18.0
34.7
82.6
(4.3)
7.1
33.4
19.4
2.7
4.0
Source: AIOCD, MOFSL
Exhibit 15: Therapy Mix (%)
While all therapies grew at
15% or more than 15% YoY,
Anti-infective/Cardiac grew
at 9.7%/ 12.1% YoY in
Nov’19.
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Pain / Analgesics
Gynecological
Share
100.0
15.3
13.7
10.9
10.7
9.5
8.0
MAT Growth (%)
11.1
3.8
10.4
8.4
7.7
13.2
11.6
3M*
12.6
8.8
12.1
8.9
11.1
13.4
11.3
Nov - 19
16.9
9.7
12.1
14.8
16.2
17.8
16.6
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
24.1
12.1
23.7
40.1
Source: AIOCD, MOFSL
Exhibit 16: Brand-wise growth distribution
Performance was driven by
price growth (+5.5% YoY).
Volume growth was 2.9%
YoY v/s 1.9% YoY in Oct’19
on a MAT basis.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
21.2
15.7
15.8
47.3
MAT
Growth (%)
11.1
12.8
8.3
17.7
9.2
Exhibit 17: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
11.1
MATVALUE GR Nov 19
Exhibit 18: Growth Distribution (%)(MAT Nov’19)
5.5
40.2
11.0
17.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
2.9
2.7
16 December 2019
6
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alkem
Exhibit 19: Top 10 Drugs
Alkem’s secondary sales
came in better at 17.1% YoY
v/s 2.5% YoY for Oct’19.
Barring Pan D, Taxim and
Gemcal, all other brands
grew robustly.
Drug
Therapy
Growth (%)
Value
Nov -
Growth (%) Mkt Share (%) Last 3M
19
(INR m)
49412
12.8
100.0
11.2
17.1
3739
13.0
7.6
5.7
18.9
3006
11.9
6.1
9.6
12.4
2631
3.7
5.3
(6.1) (12.1)
2192
9.1
4.4
14.1
26.4
1537
17.1
3.1
14.6
16.9
1412
17.9
2.9
18.3
27.0
1265
(3.4)
2.6
(10.3) (9.4)
1168
22.5
2.4
28.0
26.5
1003
20.8
2.0
14.0
28.7
1001
1.4
2.0
(14.7) (13.6)
Source: AIOCD, MOFSL
MAT Growth (%)
12.8
12.2
9.5
8.0
16.5
21.3
28.7
3M*
11.2
10.3
6.0
1.6
21.4
22.7
30.4
Nov - 19
17.1
20.0
6.6
5.1
28.6
17.8
30.3
Source: AIOCD, MOFSL
MAT Nov - 19
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
Pipzo
Anti-Infectives
Gemcal Vitamins / Minerals / Nutrients
*3M: Sep 2019-Nov 2019
Therapy Mix (%)
Share
100.0
39.2
18.1
12.5
7.4
5.5
4.0
Sales growth was driven by
Anti- infective/Pain-
analgesics/ Neuro-CNS and
Anti-Diabetic therapies for
Nov’19.
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Anti Diabetic
Contribution of top-10
brands to growth was
32.5% in Nov’19.
Price growth stood at 6.3%
for Nov’19 on a MAT basis.
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
38.4
17.4
12.1
32.1
MAT
Growth (%)
12.8
10.7
12.3
21.6
12.7
Growth
Contribution (%)
100.0
32.5
16.8
19.0
31.8
Source: AIOCD, MOFSL
Exhibit 21: Acute v/s Chronic (MAT growth)
MATVALUE GR Nov 19
42.7
MATVALUE Nov 19
Exhibit 22: Growth Distribution (%) (MAT Nov’19)
6.3
11.2
6.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
24.2
4.4
2.1
NP GR
Source: AIOCD, MOFSL
16 December 2019
7
 Motilal Oswal Financial Services
Sector Update| Healthcare
Lupin
Exhibit 23: Top 10 Drugs
MAT Nov - 19
Drug
Therapy
Value
(INR m)
53823
2545
1850
1279
1238
1087
966
961
913
830
733
Growth (%)
15.2
11.7
9.4
9.7
38.1
43.2
5.8
51.7
27.2
123.0
1.7
Growth (%)
Last
Mkt Share (%)
Nov - 19
3M
100.0
14.4
15.3
4.7
7.9
7.4
3.4
(0.2)
(5.5)
2.4
21.3
23.5
2.3
17.2
8.1
2.0
27.9
18.6
1.8
6.7
0.6
1.8
32.5
23.2
1.7
13.4
12.3
1.5
88.7
78.9
1.4
9.3
16.1
Source: AIOCD, MOFSL
3M*
14.4
13.8
20.8
7.1
14.0
13.6
23.2
Nov - 19
15.3
12.1
15.9
10.8
20.1
19.1
18.3
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
31.7
14.9
15.1
38.2
Source: AIOCD, MOFSL
Lupin’s secondary sales
grew 15.3% YoY v/s 9% YoY
in Oct’19. Growth was
driven by Budamate,
Ondero, Ondero Met
brands at 23.5%, 18.6% and
23.2% YoY, respectively.
Sales of Huminsulin
declined by 5.5% YoY.
Tonact growth was muted
at 0.6% YoY.
Performance of therapies
like Anti-diabetic,
Respiratory, Gastro-
intestinal and Neuro/CNS
was robust.
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: Sep 2019-Nov 2019
Exhibit 24: Therapy Mix (%)
Total
Cardiac
Anti Diabetic
Anti-Infectives
Respiratory
Gastro Intestinal
Neuro / Cns
Share
100.0
23.4
23.3
14.0
12.1
7.1
4.7
MAT Growth (%)
15.2
16.5
24.9
7.0
10.4
11.4
19.8
Exhibit 25: Brand-wise growth distribution
Volume growth was 4%
YoY. Price growth was
better at 6.5% YoY in MAT
Nov’19.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
23.0
14.5
15.9
46.6
MAT
Growth (%)
15.2
22.2
15.8
14.4
12.1
Exhibit 26: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
MATVALUE GR Nov 19
18.8
Exhibit 27: Growth Distribution (%)(MAT Nov’19)
6.5
10.7
23.0
ACUTE
30.8
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
4.0
4.7
16 December 2019
8
 Motilal Oswal Financial Services
Sector Update| Healthcare
GSK Pharma
Exhibit 28: Top 10 Drugs
MAT Nov - 19
Growth (%)
GSK Pharma’s secondary
sales grew by 9.4% YoY v/s
a decline of 1.6% YoY in
Oct’19. This was led by
growth in top brands like
Augmentin/Synflorix/Calpol
(+21.6%/26.4%/32.5%) in
Nov’19. However, the
decline in Betnovate C/
Betnovate N/ Zinetac
proved to be a drag on
overall growth.
Drug
Therapy
Total
Augmentin
Anti-Infectives
Synflorix
Vaccines
Calpol
Pain / Analgesics
Betnovate C
Derma
Eltroxin
Hormones
Betnovate N
Derma
Zinetac
Gastro Intestinal
T Bact
Derma
Ceftum
Anti-Infectives
Betnesol
Hormones
*3M: Sep 2019-Nov 2019
Value
(INR m)
40354
4397
2799
2438
2104
1980
1906
1839
1771
1658
1208
Growth (%)
11.2
19.3
5.7
20.9
17.8
19.2
(5.6)
(5.2)
40.9
10.1
16.4
Mkt Share (%) Last 3M Nov - 19
100.0
9.8
9.4
10.9
20.9
21.6
6.9
11.6
26.4
6.0
23.4
32.5
5.2
17.0
(7.1)
4.9
10.4
10.1
4.7
(18.4)
(9.9)
4.6
(50.0) (76.4)
4.4
52.7
70.2
4.1
12.0
13.1
3.0
14.4
18.7
Source: AIOCD, MOFSL
Exhibit 29: Therapy Mix (%)
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Vitamins / Minerals / Nutrients
Share
100.0
23.0
22.2
17.7
8.7
8.0
6.1
MAT Growth (%)
11.2
11.9
16.0
13.7
15.6
14.4
4.7
3M*
9.8
14.8
17.5
9.2
18.9
8.4
8.6
Nov - 19
9.4
14.8
18.4
10.7
24.8
9.7
5.6
Source: AIOCD, MOFSL
Derma, Anti-infective,
Vaccines and Pain/
Analgesics grew at a better
rate than overall growth.
Exhibit 30: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
54.8
22.1
13.8
9.3
Price growth came in at
6.0% YoY. Volume growth
was at 3.3% YoY on a MAT
basis in
Chronic
Exhibit 31: Acute v/s
Nov’19.
(MAT growth)
MATVALUE Nov 19
35.3
MAT
Growth (%)
11.2
13.0
23.5
13.5
(18.5)
Growth
Contribution (%)
100.0
62.8
41.9
16.3
(21.0)
Source: AIOCD, MOFSL
Exhibit 32: Growth Distribution (%)(MAT Nov’19)
MATVALUE GR Nov 19
12.1
6.0
11.0
5.0
ACUTE
CHRONIC
Source: AIOCD, MOFSL
3.3
1.9
Price GR
NP GR
Source: AIOCD, MOFSL
Vol GR
16 December 2019
9
 Motilal Oswal Financial Services
Sector Update| Healthcare
Glenmark Pharma
Exhibit 33: Top 10 Drugs
MAT Nov - 19
Growth (%)
Drug
Therapy
Value
(INR m)
32056
2681
2126
1343
1194
1115
1095
974
844
585
584
Glenmark’s secondary sales
grew 20% YoY in Nov’19 v/s
9.2% YoY in Oct’19. This
growth was mainly led by
its top brands Telma/Telma
H/Candid
(+30%/31.1%/25.7% YoY).
Growth (%)
9.7
29.7
11.7
12.7
6.9
(0.3)
10.3
1.3
18.5
15.3
(4.7)
Mkt Share (%) Last 3M Nov - 19
100.0
8.4
6.6
4.2
3.7
3.5
3.4
3.0
2.6
1.8
1.8
12.7
20.0
25.9
30.0
19.2
31.1
8.5
9.1
16.9
25.7
13.1
21.5
15.4
36.9
11.6
18.5
(0.6)
6.5
17.8
22.4
7.3
15.7
Source: AIOCD, MOFSL
Nov - 19
20.0
16.2
20.5
27.9
19.2
26.5
3.3
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
47.8
10.9
14.6
26.8
Source: AIOCD, MOFSL
Total
Telma
Cardiac
Telma H
Cardiac
Telma Am
Cardiac
Candid
Derma
Ascoril Plus
Respiratory
Ascoril Ls
Respiratory
Candid-B
Derma
Zita-Met Plus
Anti Diabetic
Ascoril D Plus
Respiratory
Canditral
Anti-Infectives
*3M: Sep 2019-Nov 2019
Exhibit 34: Therapy Mix (%)
Glenmark’s largest portfolio
Derma (27.3% of overall
therapies sales) grew at
16.2% YoY in Nov’19,
dragging overall growth.
However, Cardiac,
Respiratory and Anti-
Diabetic continued growing
at a higher rate.
Total
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gynecological
Share
100.0
27.3
26.7
17.1
13.1
8.5
3.0
MAT Growth (%)
9.7
4.2
17.1
10.9
6.6
17.9
6.4
3M*
12.7
7.4
15.3
16.8
14.7
20.7
1.8
Exhibit 35: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
39.1
17.5
14.7
28.6
MAT
Growth (%)
9.7
12.1
5.8
9.7
9.0
Volumes declined 0.6%,
while price growth stood at
5.9% YoY MAT in Nov’19.
Exhibit 36: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
MATVALUE GR Nov 19
15.6
13.2
Exhibit 37: Growth Distribution (%)(MAT Nov’19)
18.8
5.9
-0.6
4.4
5.9
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
16 December 2019
10
 Motilal Oswal Financial Services
Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 38: Top 10 Drugs
MAT Nov - 19
Growth (%)
Drug
Therapy
Value
(INR m)
32824
1496
1287
1270
1076
877
837
756
743
733
689
Sales growth of 28% YoY
was backed by most of its
top brands. Omez/Atarax/
Razo D brands grew at
41.8%/43.5%/35% YoY in
Nov’19.
Growth (%)
15.4
18.9
20.2
30.2
21.5
19.3
16.5
18.9
25.2
16.0
25.0
Mkt Share (%) Last 3M Nov - 19
100.0
4.6
3.9
3.9
3.3
2.7
2.6
2.3
2.3
2.2
2.1
23.1
28.0
31.9
41.8
23.0
21.3
25.1
23.3
32.6
43.5
31.5
35.0
46.0
47.5
18.4
19.0
28.5
33.8
27.4
36.7
25.6
23.4
Source: AIOCD, MOFSL
Total
Omez
Gastro Intestinal
Omez D
Gastro Intestinal
Econorm
Gastro Intestinal
Atarax
Derma
Razo D
Gastro Intestinal
Stamlo
Cardiac
Nise
Pain / Analgesics
Ketorol
Pain / Analgesics
Razo
Gastro Intestinal
Reclimet
Anti Diabetic
*3M: Sep 2019-Nov 2019
Exhibit 39: Therapy Mix (%)
Gastro Intestinal’s growth
at 31.2% was supported by
brands like Omez, Omez D
and Econorm. Derma/ Anti-
infective portfolio also
continued to exhibit high
growth rates of
37.9%YoY/38.6% YoY.
Total
Gastro Intestinal
Cardiac
Derma
Respiratory
Anti Diabetic
Anti-Infectives
Share
100.0
22.9
13.3
10.9
8.1
7.4
7.0
MAT Growth (%)
15.4
21.4
13.4
27.5
14.1
18.3
(3.8)
3M*
23.1
27.0
17.4
28.3
20.6
16.5
22.2
Nov - 19
28.0
31.2
21.0
37.9
29.4
17.1
38.6
Source: AIOCD, MOFSL
Exhibit 40: Brand-wise growth distribution
Top 10 brands (29.7% of
total sales) contributed
significantly (38.9%) to
overall growth.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
29.7
20.2
15.9
34.2
Price growth stood at 6.8%
YoY in Nov’19 on a MAT
basis.
Exhibit 41: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
23.5
15.6
MAT
Growth (%)
15.4
21.2
16.3
14.7
10.7
Growth
Contribution (%)
100.0
38.9
21.1
15.2
24.8
Source: AIOCD, MOFSL
Exhibit 42: Growth Distribution (%)(MAT Nov’19)
MATVALUE GR Nov 19
9.3
15.0
5.5
6.8
3.1
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
16 December 2019
11
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sanofi India
Exhibit 43: Top 10 Drugs
Sanofi’s secondary sales
were muted at 6.7% v/s
14.5% YoY IPM growth in
Nov’19. Major drags were
brands like
Lantus/Hexaxim/ Cardace,
(-6.4%/2.3%/2.3% YoY).
MAT Nov - 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: Sep 2019-Nov 2019
Value
(INR m)
31953
4920
1878
1876
1601
1565
1158
1113
993
967
914
Growth (%)
11.4
9.9
10.1
11.5
12.7
0.3
12.3
17.8
(1.0)
419.1
(16.2)
Growth (%)
Last
Mkt Share (%) 3M Nov - 19
100.0
6.6
6.7
15.4
(7.6)
(6.4)
5.9
4.0
11.6
5.9
19.7
17.6
5.0
3.4
3.0
4.9
11.6
(2.3)
3.6
16.2
14.6
3.5
28.6
42.6
3.1
(6.5)
(2.3)
3.0
136.2
71.8
2.9
4.9
33.1
Source: AIOCD, MOFS
3M*
6.6
(0.3)
3.2
25.2
5.4
11.4
3.1
Nov - 19
6.7
0.6
5.7
4.8
19.0
11.1
0.2
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
57.7
36.3
18.1
(12.1)
Source: AIOCD, MOFSL
Exhibit 44: Therapy Mix (%)
Robust growth of
Respiratory was offset by
muted growth in Anti-
Diabetic/ Neuro-CNS
therapies.
Total
Anti Diabetic
Cardiac
Vaccines
Respiratory
Pain / Analgesics
Neuro / Cns
Share
100.0
29.4
15.2
12.8
10.2
8.5
7.0
MAT Growth(%)
11.4
13.7
9.4
15.2
2.3
9.7
13.1
Top 10 brands showed
maximum contribution to
overall sales growth at
57.7%.
Overall volume growth
stood at 2.4%; price growth
was at 5.4% in Nov’19 on a
MAT basis.
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
53.2
25.4
15.5
5.9
MAT
Growth (%)
11.4
12.5
17.1
13.5
(17.3)
Exhibit 46: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
MATVALUE GR Nov 19
16.5
12.3
15.4
10.4
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Exhibit 47: Growth Distribution (%)(MAT Nov’19)
5.4
2.4
Vol GR
Price GR
3.6
NP GR
Source: AIOCD, MOFSL
16 December 2019
12
 Motilal Oswal Financial Services
Sector Update| Healthcare
Torrent Pharma
Exhibit 48: Top 10 Drugs
MAT Nov - 19
Growth (%)
Drug
Therapy
Value
Mkt Share
Nov -
Growth (%)
Last 3M
(%)
19
(INR m)
Total
42818
11.3
100.0
12.2 17.8
Shelcal
Vitamins / Minerals / Nutrients 2194
6.9
5.1
4.3
5.1
Chymoral Forte
Pain / Analgesics
1544
12.4
3.6
10.5
15.5
Nikoran
Cardiac
1087
8.8
2.5
9.9
13.8
Azulix-Mf
Anti Diabetic
1021
12.7
2.4
9.2
9.9
Nexpro Rd
Gastro Intestinal
952
18.3
2.2
18.8
23.2
Losar H
Cardiac
935
(0.3)
2.2
(8.4) (3.7)
Nebicard
Cardiac
891
12.3
2.1
11.4
14.6
Losar
Cardiac
850
10.7
2.0
10.8
19.9
Dilzem
Cardiac
842
3.8
2.0
3.0
10.6
Shelcal Xt
Vitamins / Minerals / Nutrients
757
44.4
1.8
34.6
45.1
*3M: Sep 2019-Nov 2019
Source: AIOCD, MOFSL
Torrent Pharma’s secondary
sales grew 17.8% YoY in
Nov’19 v/s 4.8% YoY in
Oct’19. Brands like Nexpro
Rd/Losar/ Shecal XT proved
to be a catalyst for overall
growth.
Exhibit 49: Therapy Mix (%)
Gastro Intestinal/Anti-
diabetic therapies growth at
24.8%/18.6% YoY supported
overall growth in Nov’19.
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins / Minerals / Nutrients
Anti Diabetic
Pain / Analgesics
Share
100.0
30.5
16.1
14.7
12.7
8.1
6.5
MAT Growth (%)
11.3
10.2
15.4
8.4
10.4
17.5
10.4
3M*
12.2
10.4
18.9
11.0
9.4
15.3
9.7
Nov - 19
17.8
16.5
24.8
16.5
14.1
18.6
15.2
Source: AIOCD, MOFSL
All brand categories saw
nearly an equal
contribution in sales
growth.
Price growth stood at 8.2%
YoY in Nov’19.
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
41.5
MAT
Growth (%)
11.3
11.1
13.1
17.1
8.8
Growth
Contribution (%)
100.0
25.4
20.0
21.8
32.9
Source: AIOCD, MOFSL
Exhibit 51: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
12.3
MATVALUE GR Nov 19
Exhibit 52: Growth Distribution (%)(MAT Nov’19)
22.3
10.4
20.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
1.0
Vol GR
8.2
2.1
Price GR
NP GR
Source: AIOCD, MOFSL
16 December 2019
13
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alembic Pharma
Exhibit 53: Top 10 Drugs
MAT Nov - 19
Drug
Therapy
Value
(INR m)
16766
1634
820
710
526
480
345
306
287
281
246
Growth (%)
Last
Growth (%) Mkt Share (%)
Nov - 19
3M
5.7
100.0
1.7
8.9
6.8
9.7
4.5
14.0
4.3
4.9
7.2
16.2
9.8
4.2
3.7
18.0
(2.6)
3.1
(4.2)
5.2
(12.8)
2.9
(13.5) (8.1)
17.3
2.1
14.1 19.6
(11.8)
1.8
(26.7) (28.4)
(6.0)
1.7
(16.3) (11.7)
15.5
1.7
5.1
15.8
23.4
1.5
13.9 35.5
Source: AIOCD, MOFSL
Alembic Pharma’s
secondary sales grew 8.9%
YoY v/s a decline of 3.4%
YoY in Oct’19. Growth was
backed by brands like
Azithral/Althrocin/Wikoryl
which grew at
14%/16.2%/18% YoY.
Total
Azithral
Anti-Infectives
Althrocin
Anti-Infectives
Wikoryl
Respiratory
Roxid
Anti-Infectives
Gestofit
Gynecological
Ulgel
Gastro Intestinal
Rekool D
Gastro Intestinal
Richar
Gynecological
Crina N
Gynecological
Brozeet Ls
Respiratory
*3M: Sep 2019-Nov 2019
Robust growth in Anti-
Infectives (+13.6%) and
Respiratory (+18.7%) was
dragged by muted growth in
Gynecology/Anti-diabetic
therapies.
Exhibit 54: Therapy Mix (%)
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynecological
Anti Diabetic
Share
100.0
21.7
15.4
13.2
11.9
11.3
7.3
MAT Growth (%)
5.7
4.4
9.6
8.6
2.5
1.5
7.1
3M*
1.7
2.6
2.5
6.3
(3.1)
(4.0)
1.4
Nov - 19
8.9
13.6
7.7
18.7
2.9
0.9
2.2
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
21.1
9.9
15.5
53.5
Source: AIOCD, MOFSL
Exhibit 55: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
33.6
18.6
18.9
28.9
Price growth was at 6% YoY,
while volumes declined
2.5% YoY in Nov’19 on a
MAT basis.
MAT
Growth (%)
5.7
3.5
3.0
4.6
11.1
Exhibit 56: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
MATVALUE GR Nov 19
9.4
Exhibit 57: Growth Distribution (%)(MAT Nov’19)
6.0
4.6
-2.5
12.8
ACUTE
4.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
2.2
16 December 2019
14
 Motilal Oswal Financial Services
Sector Update| Healthcare
IPCA Labs
Exhibit 58: Top 10 Drugs
MAT Nov - 19
Drug
Therapy
Value
(INR m)
20080
1916
1236
1151
640
518
516
503
501
477
427
Growth (%)
14.5
21.7
15.0
21.7
16.5
2.6
18.3
15.5
19.7
25.6
23.5
Growth (%)
Last
Mkt Share (%)
Nov - 19
3M
100.0
7.1
11.4
9.5
4.6
13.4
6.2
12.5
5.8
5.7
14.1
18.0
3.2
7.0
10.4
2.6
13.4
20.9
2.6
14.3
10.0
2.5
(0.1)
1.5
2.5
1.7
9.4
2.4
20.5
16.0
2.1
7.3
14.1
Source: AIOCD, MOFSL
3M*
7.1
5.5
0.3
12.0
18.5
(2.4)
7.2
Nov - 19
11.4
8.4
3.9
15.6
25.3
3.9
6.4
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
47.9
20.9
15.4
15.9
Source: AIOCD, MOFSL
IPCA’s secondary sales grew
at 11.4% YoY in Nov’19.
Growth in brands like
Zerodol Sp/HCQS/Larinate,
was pulled down by muted
growth of Zerodol P/
Glycinorm M.
Total
Zerodol Sp
Pain / Analgesics
Zerodol P
Pain / Analgesics
Hcqs
Anti Malarials
Folitrax
Anti-Neoplastics
Larinate
Anti Malarials
Zerodol Th
Pain / Analgesics
Glycinorm M
Anti Diabetic
Ctd
Cardiac
Lariago
Anti Malarials
Ctd-T
Cardiac
*3M: Sep 2019-Nov 2019
Amongst top therapies, Anti
Infective/Anti- malaria grew
25.3%/15.6% YoY, while
other therapies’ growth
remained muted.
Exhibit 59: Therapy Mix (%)
Total
Pain / Analgesics
Cardiac
Anti Malarials
Anti-Infectives
Gastro Intestinal
Anti-Neoplastics
Share
100.0
28.3
16.1
15.0
6.9
6.7
5.1
MAT Growth (%)
14.5
13.4
11.8
13.7
24.0
5.9
18.8
Top-10 brands were major
growth contributors at
47.9% 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
39.3
21.1
17.8
21.8
Volume growth at 7.1%
beat price growth of 6% on
a MAT basis in Nov’19.
Exhibit 61: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
MAT
Growth (%)
14.5
18.3
14.4
12.3
10.1
Exhibit 62: Growth Distribution (%)(MAT Nov’19)
MATVALUE GR Nov 19
14.7
7.1
5.5
6.0
1.5
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
14.6
14.5
ACUTE
16 December 2019
15
 Motilal Oswal Financial Services
Sector Update| Healthcare
Biocon
Exhibit 63: Top 10 Drugs
MAT Nov - 19
Drug
Therapy
Value
(INR m)
4915
1134
864
745
265
247
177
134
113
73
65
Growth (%)
Last
Mkt Share (%)
Nov - 19
3M
100.0
3.7
(0.0)
23.1
(1.6)
(7.7)
17.6
(2.2)
(7.4)
15.2
(33.1) (39.5)
5.4
391.6
504.5
5.0
(5.0)
(9.3)
3.6
94.4
94.7
2.7
(18.8)
2.4
2.3
(32.2) (28.7)
1.5
(6.7)
(4.5)
1.3
23.2
17.5
Source: AIOCD, MOFSL
3M*
3.7
(3.3)
(15.7)
351.5
31.9
60.9
(17.2)
Nov - 19
(0.0)
(7.7)
(19.0)
419.6
29.7
76.1
(19.4)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
78.3
19.4
8.7
(6.4)
Source: AIOCD, MOFSL
Biocon’s secondary sales
were muted for Nov’19 v/s
3.6% YoY growth in Oct’19.
While sales of Erypro and
Psorid saw >90% YoY
growth, overall growth was
dragged by a decline in
sales of other brands.
Growth (%)
10.8
2.3
4.6
26.8
174.6
(1.8)
42.4
(19.8)
(26.8)
(2.9)
24.0
Total
Insugen
Anti Diabetic
Basalog
Anti Diabetic
Canmab
Anti-Neoplastics
Erypro
Blood Related
Insugen R
Anti Diabetic
Psorid
Anti-Neoplastics
Biomab Egfr
Anti-Neoplastics
Blisto Mf
Anti Diabetic
Insugen N
Anti Diabetic
Biopiper Tz
Anti-Infectives
*3M: Sep 2019-Nov 2019
Biocon’s largest portfolio
Anti-diabetic (53% of
overall portfolio) declined
at 7.7% in Nov’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
52.7
27.4
6.0
5.2
3.3
2.0
MAT Growth (%)
10.8
0.5
17.3
144.7
30.8
37.9
(22.5)
Top 10 products are the
primary growth drivers for
Biocon.
Company saw healthy
volume growth of 5.5% YoY
in Nov’19 on a MAT basis.
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
77.7
12.6
7.6
2.1
MAT
Growth (%)
10.8
10.9
17.5
12.5
(22.5)
Exhibit 66: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
19.8
2.0
MATVALUE GR Nov 19
3.0
Exhibit 67: Growth Distribution (%)(MAT Nov’19)
5.5
5.1
5.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
0.1
NP GR
Source: AIOCD, MOFSL
16 December 2019
16
 Motilal Oswal Financial Services
Sector Update| Healthcare
Abbott India
Exhibit 68: Top 10 Drugs
Abbott’s secondary sales
grew at 12% v/s 6.9%YoY in
Oct’19. High growth brands
Udilivm/Ryzodeg
(+26.5%/28.7% YoY) drove
overall growth.
MAT Nov - 19
Drug
Total
Mixtard
Duphaston
Thyronorm
Novomix
Phensedyl Cough Linctus
Udiliv
Vertin
Duphalac
Ryzodeg
Actrapid
*3M: Sep 2019-Nov 2019
Therapy
Value
(INR m)
87011
5446
3907
3547
3064
2897
2733
1762
1675
1552
1305
Growth (%)
Growth (%) Mkt Share (%) Last 3M Nov - 19
9.7
8.0
20.1
9.3
4.7
(0.2)
22.9
9.0
15.1
28.3
12.0
100.0
10.9
12.0
6.3
7.9
6.0
4.5
8.9
4.5
4.1
6.9
6.4
3.5
(0.5)
(4.8)
3.3
13.7
1.5
3.1
23.0
26.5
2.0
9.1
10.9
1.9
9.9
14.6
1.8
30.9
28.7
1.5
10.0
12.1
Source: AIOCD, MOFSL
Top therapy - Anti-Diabetic
saw below average growth
of 5.8% YoY for Nov’19.
Also, single-digit growth in
Cardiac therapy proved to
be drag on overall growth.
Anti Diabetic
Gynecological
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
19.8
17.1
10.4
8.4
8.0
7.4
MAT Growth (%)
9.7
8.4
15.8
9.1
6.9
19.6
4.1
3M*
10.9
7.0
17.0
6.7
9.2
25.8
6.9
Nov - 19
12.0
5.8
20.3
13.1
12.6
27.2
6.4
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
36.9
21.0
10.9
31.2
Source: AIOCD, MOFSL
Top 25 brands drove overall
sales for Nov’19 on a MAT
basis.
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
32.1
16.9
14.3
36.8
Price growth came in at
7.2% in Nov’19.
Exhibit 71: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
11.2
MAT
Growth (%)
9.7
11.4
12.3
7.3
8.1
Exhibit 72: Growth Distribution (%) (MAT Nov’19)
MATVALUE GR Nov 19
7.5
7.2
-0.5
52.7
ACUTE
34.3
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
3.0
16 December 2019
17
 Motilal Oswal Financial Services
Sector Update| Healthcare
Mankind
Exhibit 73: Top 10 Drugs
Mankind’s secondary sales
in Nov’19 grew at a robust
rate of 17.9% YoY v/s 5.6%
in Oct’19. While some top
brands grew at >20%,
brands like
Manforce/Candiforce grew
strongly by 40%/44.5% YoY.
MAT Nov - 19
Growth (%)
Drug
Therapy
Value
Mkt Share
Nov -
Growth (%)
Last 3M
(%)
19
(INR m)
Total
52493
13.3
100.0
12.5 17.9
Manforce
Sex Stimulants / Rejuvenators
2393
18.8
4.6
32.4
40.0
Moxikind Cv
Anti-Infectives
2084
10.2
4.0
14.5
23.2
Candiforce
Anti-Infectives
1785
55.3
3.4
38.9
44.5
Unwanted Kit
Gynecological
1265
16.4
2.4
(0.5) (6.5)
Glimestar M
Anti Diabetic
1186
19.8
2.3
14.0
13.8
Amlokind-At
Cardiac
1050
22.9
2.0
19.1
14.6
Gudcef
Anti-Infectives
1010
27.4
1.9
21.1
24.8
Nurokind Lc
Vitamins / Minerals / Nutrients
886
22.1
1.7
14.4
25.7
Telmikind H
Cardiac
804
21.1
1.5
38.5
56.1
Prega News
Others
788
21.8
1.5
16.2
15.4
*3M: Sep 2019-Nov 2019
Source: AIOCD, MOFSL
Anti-infective (22.1% of
total therapy mix)/ Cardiac
(11.1% of total therapy mix)
grew at a robust rate of
21.6%/18% YoY, supporting
overall growth in Nov’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
10.1
7.5
7.0
MAT Growth (%)
13.3
14.4
9.8
22.9
7.4
17.4
21.9
3M*
12.5
14.5
8.1
18.4
10.3
19.7
14.2
Growth was distributed
amongst brands.
Volume growth stood at
5.7% YoY, while price
growth was at 6% in Nov’19
on a MAT basis.
Nov - 19
17.9
21.6
15.4
18.0
14.6
32.3
14.9
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
39.6
22.6
13.9
23.8
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
25.2
15.6
16.0
43.2
MAT
Growth (%)
13.3
22.5
20.4
11.4
6.9
Exhibit 76: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
38.8
MATVALUE GR Nov 19
20.3
Exhibit 77: Growth Distribution (%)(MAT Nov’19)
11.0
13.7
5.7
6.0
1.6
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
16 December 2019
18
 Motilal Oswal Financial Services
Sector Update| Healthcare
Pfizer
Exhibit 78: Top 10 Drugs
Pfizer’s secondary sales
continued growing robustly
by 23.4% YoY in Nov’19.
Top brands like
Meronem/Magnex/Gelusil
MPS grew by
86.2%/43.2%/34.7% YoY.
MAT Nov - 19
Growth (%)
Drug
Therapy
Value
Growth Mkt Share
Nov -
Last 3M
(%)
(%)
19
(INR m)
Total
32465
8.7
100.0
16.7 23.4
Becosules
Vitamins / Minerals / Nutrients 3148
15.2
9.7
16.4
20.3
Magnex
Anti-Infectives
2055
23.9
6.3
22.3
43.2
Gelusil Mps
Gastro Intestinal
1656
15.1
5.1
26.7
34.7
Dolonex
Pain / Analgesics
1568
6.4
4.8
8.9
15.3
Mucaine
Gastro Intestinal
1486
14.3
4.6
24.8
32.0
Prevenar 13
Vaccines
1437
18.8
4.4
18.3
4.7
Minipress Xl
Cardiac
1328
(5.7)
4.1
14.0 (2.9)
Meronem
Anti-Infectives
1243
70.6
3.8
84.8
86.2
Corex Dx
Respiratory
1236
20.5
3.8
20.5
23.1
Wysolone
Hormones
1203
11.1
3.7
25.7
30.4
*3M: Aug 2019-Oct 2019
Source: AIOCD, MOFSL
Exhibit 79: Therapy Mix (%)
Anti-Infective business
(18.1% of total therapy mix)
grew 45.6% YoY. Hormone/
Gastro/ Gynecology grew
27.7%/31%/23.6% YoY in
Nov’19.
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Gynecological
Cardiac
Hormones
Share
100.0
18.1
12.0
11.3
8.9
8.2
7.9
MAT Growth (%)
8.7
25.9
16.1
12.6
8.5
(0.4)
1.0
3M*
16.7
31.9
16.9
23.0
20.8
10.0
22.2
Nov - 19
23.4
45.6
21.2
31.0
23.6
4.5
27.7
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
88.2
34.3
(7.4)
(15.1)
Source: AIOCD, MOFSL
Exhibit 80: Brand-wise growth distribution
Top 10 Brands contributed
majorly to overall growth.
Price and volume growth
was at 2.9% and 4.9%,
respectively, on a MAT basis
in Nov’19.
% of sales
100.0
50.4
27.1
14.8
7.7
MAT
Growth (%)
8.7
16.4
11.3
(3.9)
(13.6)
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
Exhibit 81: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
MATVALUE GR Nov 19
Exhibit 82: Growth Distribution (%)(MAT Nov’19)
9.2
6.5
4.9
5.6
2.9
0.9
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
26.8
ACUTE
16 December 2019
19
 Motilal Oswal Financial Services
Sector Update| Healthcare
Merck
Exhibit 83: Top 10 Drugs
Merck’s Nov’19 secondary sales
grew at 8.7%YoY v/s a decline in
Oct’19. Growth was dragged by
top brands like Livogen Z/
Neurobion ForteRF (-6.4%/-7.9%
YoY).
Drug
Therapy
Total
Neurobion Forte
Vitamins / Minerals / Nutrients
Livogen
Gynecological
Concor
Cardiac
Livogen Z
Gynecological
Polybion
Vitamins / Minerals / Nutrients
Neurobion Forte Rf Vitamins / Minerals / Nutrients
Evion Lc
Vitamins / Minerals / Nutrients
Concor Cor
Cardiac
Concor Am
Cardiac
Polybion Lc
Vitamins / Minerals / Nutrients
*3M: Sep 2019-Nov 2019
Growth (%)
Value
Mkt
Nov -
(INR m) Growth (%) Share (%) Last 3M
19
7294
3.4
100.0
5.8
8.7
1024
11.1
14.0
9.7
13.3
579
13.8
7.9
28.0
35.9
547
19.4
7.5
17.2
17.5
471
(10.2)
6.5
(11.9)
(6.4)
417
19.0
5.7
65.3
66.2
408
6.4
5.6
(6.2)
(7.9)
399
(3.7)
5.5
2.3
1.2
389
23.9
5.3
32.4
39.3
303
8.3
4.2
7.9
5.1
267
(2.8)
3.7
6.4
45.2
Source: AIOCD, MOFSL
3M*
5.8
8.1
14.0
1.0
(13.5)
17.8
1.2
Nov - 19
8.7
13.1
17.2
4.0
(12.9)
(3.6)
5.8
Source: AIOCD, MOFSL
MAT Nov - 19
Exhibit 84: Therapy Mix (%)
Derma/Anti-neoplastic sales
declined by 12.9%/3.6% YoY
in Nov’19.
Total
Vitamins / Minerals / Nutrients
Cardiac
Gynecological
Derma
Anti-Neoplastics
Anti Diabetic
Share
100.0
46.9
21.1
17.5
5.4
3.6
3.0
MAT Growth (%)
3.4
4.6
12.6
0.6
(15.2)
35.7
(6.4)
Prices increased 7.6% YoY in
Nov’19 on a MAT basis,
while volumes 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
65.9
25.8
7.8
0.5
MAT
Growth (%)
3.4
8.4
(1.4)
(3.7)
(71.1)
Growth
Contribution (%)
100.0
157.7
(11.3)
(9.2)
(37.2)
Source: AIOCD, MOFSL
Exhibit 86: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
5.5
MATVALUE GR Nov 19
10.6
Exhibit 87: Growth Distribution (%)(MAT Nov’19)
7.6
1.8
1.2
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
-5.0
0.7
16 December 2019
20
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ajanta Pharma
Exhibit 88: Top 10 Drugs
Ajanta Pharma’s secondary
sales were at 10.1% YoY in
Nov’19. Decline in top
brands Melacare, Rosufit CV
and Atorfit CV were major
factors for overall drag in
growth.
MAT Nov - 19
Drug
Therapy
Value
(INR m)
Total
8451
Met Xl
Cardiac
1070
Atorfit Cv
Cardiac
537
Melacare
Derma
503
Feburic
Pain / Analgesics
354
Met Xl Am
Cardiac
258
Rosutor Gold
Cardiac
251
Cinod
Cardiac
244
Rosufit Cv
Cardiac
214
Soft Drops
Ophthal / Otologicals
164
Vertizac
Neuro / Cns
127
*3M: Sep 2019-Nov 2019
Growth (%)
Mkt Share
Nov -
Growth (%)
Last 3M
(%)
19
6.8
100.0
5.8
10.1
8.1
12.7
2.8
1.7
2.0
6.4
(12.6) (25.7)
2.7
6.0
0.4
15.8
11.6
4.2
6.9
5.2
4.8
3.1
2.1
8.8
11.5
3.0
26.6
33.9
12.2
2.9
9.8
11.8
0.4
2.5
(4.3)
(4.7)
6.6
1.9
5.1
8.6
10.3
1.5
21.5
24.0
Source: AIOCD, MOFSL
3M*
5.8
(0.5)
10.3
3.6
15.4
(2.4)
50.2
Nov - 19
10.1
0.9
16.4
12.9
18.2
3.6
65.3
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
42.4
27.7
13.9
16.0
Source: AIOCD, MOFSL
Cardiac (40.8% of total
therapy mix) was muted at
0.9% YoY. VMN therapy also
remained muted
(+3.6%YoY) in Nov’19.
Exhibit 89: Therapy Mix (%)
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Anti-Infectives
Share
100.0
40.8
23.5
16.0
5.8
3.4
2.3
MAT Growth (%)
6.8
5.5
6.4
3.8
15.1
1.1
31.5
Volumes declined 3.6% in
Nov’19 on a MAT basis.
However, price growth was
5.5% on a MAT basis.
Exhibit 90: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
44.0
15.7
14.4
25.9
MAT
Growth (%)
6.8
6.5
12.7
6.5
4.1
Exhibit 91: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
9.9
MATVALUE GR Nov 19
Exhibit 92: Growth Distribution (%)(MAT Nov’19)
5.5
-3.6
3.9
Vol GR
Price GR
4.8
NP GR
4.2
ACUTE
4.3
CHRONIC
Source: AIOCD, MOFSL
Source: AIOCD, MOFSL
16 December 2019
21
 Motilal Oswal Financial Services
Sector Update| Healthcare
AstraZeneca
Exhibit 93: Top 10 Drugs
MAT Nov - 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: Sep 2019-Nov 2019
Value
(INR m)
6382
1868
1313
461
442
413
390
268
245
218
201
Growth (%)
9.2
10.0
3.3
0.0
90.9
(2.9)
(4.5)
(0.9)
129.0
(8.7)
(2.1)
Mkt Share
(%)
100.0
29.3
20.6
7.2
6.9
6.5
6.1
4.2
3.8
3.4
3.1
Growth (%)
Last 3M Nov - 19
9.3
11.7
(11.8)
(20.0)
8.5
11.4
18.5
35.1
41.8
45.5
15.0
14.5
1.9
2.5
14.2
20.1
49.8
39.8
4.7
3.5
14.9
5.7
Source: AIOCD, MOFSL
AstraZeneca’s sales grew
11.7% in Nov’19 v/s a
decline in Oct’19. While the
top brand Brilinta declined
by 20% YoY, growth was
mainly driven by Crestor/
Xigduo/ Tagrisso
(+35.1%/45.5%/ 39.8%
YoY).
Exhibit 94: Therapy Mix (%)
Cardiac (54.4% of total
portfolio) declined 3.6% YoY
dragging overall growth for
the month. VMS therapy
grew at a robust rate.
Total
Cardiac
Anti Diabetic
Anti-Neoplastics
Hormones
Respiratory
Vitamins / Minerals / Nutrients
Share
100.0
53.7
34.9
6.5
3.2
1.5
0.0
MAT Growth (%)
9.2
3.3
13.9
49.3
(1.8)
18.0
86.0
3M*
9.3
(1.1)
17.5
37.3
15.4
57.5
442.1
Nov - 19
11.7
(3.6)
20.1
75.8
6.2
88.7
1433.2
Source: AIOCD, MOFSL
Sales were driven by top 10
brands.
Price growth came in at
2.9% YoY; new products
grew at a better rate of
5.5% on a MAT basis.
Exhibit 95: Brand-wise growth distribution
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
% of sales
100.0
91.1
8.9
0.0
MAT
Growth (%)
9.2
9.4
7.2
(97.2)
Growth
Contribution (%)
100.0
93.6
7.1
(0.7)
Source: AIOCD, MOFSL
Exhibit 96: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
22.8
MATVALUE GR Nov 19
5.8
Exhibit 97: Growth Distribution (%) (MAT Nov’19)
5.5
2.9
0.6
ACUTE
7.9
0.8
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
16 December 2019
22
 Motilal Oswal Financial Services
Sector Update| Healthcare
JB Chemicals
Exhibit 98: Top 10 Drugs
MAT Nov - 19
Drug
Therapy
Value
(INR m)
6932
1582
1548
789
646
487
220
178
138
136
122
Growth (%)
22.7
31.6
9.7
34.0
16.1
29.2
11.9
60.3
11.0
4.9
28.4
Growth (%)
Mkt Share
Last 3M
Nov - 19
(%)
100.0
23.0
26.6
22.8
34.1
37.4
22.3
4.6
9.4
11.4
32.2
37.4
9.3
10.7
12.2
7.0
30.6
36.4
3.2
2.8
(2.2)
2.6
73.0
58.6
2.0
3.3
1.7
2.0
5.2
12.8
1.8
19.0
22.0
Source: AIOCD, MOFSL
3M*
23.0
34.7
9.1
80.6
17.9
(3.1)
19.0
Nov - 19
26.6
39.1
11.7
71.6
20.6
(2.5)
31.4
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
82.2
16.9
4.1
(3.3)
Source: AIOCD, MOFSL
JB Chemicals’ sales grew
strongly by 26.6% v/s 14.7%
YoY in Oct’19 on the back of
high growth in its top
brands. Most of the top-10
brands grew at >15% YoY
(MAT) in Nov’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
Bizfer Xt
Gynecological
*3M: Sep 2019-Nov 2019
Exhibit 99: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Others
Gynaecological
Anti-Infectives
Pain / Analgesics
Share
100.0
46.6
43.3
3.5
1.8
1.8
1.5
MAT Growth (%)
22.7
33.9
14.1
32.1
26.3
(8.3)
5.6
Cardiac therapy (46.6% of
sales share) drove high
growth for the month at
39.1% YoY.
Exhibit 100: Brand-wise growth distribution
Top 25 brands led overall
growth for the company in
Nov’19.
Volume growth for the
company stood at 11.2%
YoY while price growth
came in at 9.3% YoY.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
84.3
11.2
3.8
0.7
MAT
Growth (%)
22.7
22.0
38.9
25.5
(45.8)
Exhibit 101: Acute v/s Chronic (MAT growth)
MATVALUE Nov 19
MATVALUE GR Nov 19
33.9
Exhibit 102: Growth Distribution (%)(MAT Nov’19)
3.7
14.3
3.2
ACUTE
11.2
9.3
2.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
16 December 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
Lnbloc
Cardiac
Tendia
Anti Diabetic
Triglimisave Anti Diabetic
Cyblex Mv
Anti Diabetic
*3M: Sep 2019-Nov 2019
Value
(INR m)
12941
1045
732
655
529
392
370
324
315
315
282
Growth (%)
Nov -
Growth (%) Mkt Share (%) Last 3M 19
12.7
100.0
6.8
7.5
23.2
8.1
18.4
19.8
35.7
5.7
35.7
32.8
9.3
5.1
9.0
3.2
11.0
4.1
2.8
(8.3)
39.8
3.0
32.4
27.5
18.8
2.9
9.9
11.6
25.9
2.5
19.7
13.4
21.5
2.4
12.8
9.2
(23.2)
2.4
(34.0) (32.7)
91.8
2.2
92.1
88.2
Source: AIOCD, MOFSL
3M*
6.8
17.7
9.1
1.9
(2.2)
(0.8)
(3.0)
Nov - 19
7.5
17.7
9.1
(1.4)
(2.7)
8.1
3.8
Source: AIOCD, MOFSL
MAT Nov - 19
ERIS’ secondary sales grew
marginally at 7.5% YoY v/s
IPM growth of 14.5% YoY in
Nov’19. Triglimisave/
Remylin declined at
32.7%/8.3% YoY for Nov’19,
dragging overall growth.
Exhibit 104: Therapy Mix (%)
Anti-Diabetic (28.7% of total
therapy mix) grew 17.7%
YoY along with Cardiac
growing 9.1% YoY; VMN/
Neuro-CNS therapy sales
declined, dragging overall
sales.
Volume growth for the
company stood at 5.1% YoY,
while price growth came in
at 5.4% YoY.
Total
Anti Diabetic
Cardiac
Vitamins / Minerals / Nutrients
Neuro / Cns
Gastro Intestinal
Pain / Analgesics
Share
100.0
28.7
26.7
18.0
7.8
6.5
4.5
MAT Growth (%)
12.7
20.6
14.4
7.8
14.3
3.0
(2.1)
Exhibit 105: Brand-wise growth distribution
% of sales
100.0
38.3
22.8
18.0
20.9
MAT
Growth (%)
12.7
20.1
14.6
13.4
-0.9
Growth Contribution
(%)
100.0
56.9
25.8
18.9
-1.6
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 Nov 19
MATVALUE GR Nov 19
17.1
Exhibit 107: Growth Distribution (%)(MAT Nov’19)
6.1
4.9
ACUTE
8.1
5.1
5.4
2.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
16 December 2019
24
 Motilal Oswal Financial Services
Sector Update| Healthcare
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%