Sector Update |
Update| Healthcare
Sector
24 February 2020
Healthcare
Performance of top companies:
December 2019
MAT Jan-20
Company
gr (%)
(%)
IPM
Dr. Reddy Labs
FDC
JB Chemicals
Torrent
Emcure
Pfizer
Intas
Glenmark
Sun Pharma Lab
Eris LS
USV
Natco
Cadila HC
Ipca
Mankind
Astrazeneca
Lupin
Ajanta
Abbott
Cipla
Alkem
Wockhardt
Indoco
9.6
17.5
7.6
21.9
11.8
14.4
9.7
13.6
10.0
8.7
12.0
8.0
-0.6
12.0
11.1
12.9
7.9
13.6
6.0
8.7
7.9
12.5
-10.9
11.8
7.6
20.4
18.1
18.0
15.8
13.7
13.2
11.5
11.0
10.7
10.0
10.0
8.9
8.9
8.4
8.3
6.9
6.7
5.6
5.4
5.0
4.6
2.4
1.8
Volumes continue impacting overall growth
Indian pharmaceutical market (IPM) growth stood at 7.6% YoY in Jan’20, lower
than 8.8% YoY in Dec’19 and 10.8% YoY in Jan’19.
Growth was led by prices (+5.2% YoY) and new launches (+2.7% YoY), but
dragged by volumes (-0.3% YoY; 12-month average: 1.8%).
For the quarter ended Jan’20, overall growth came in at 10.3% YoY, led by price
(+5.4% YoY) and new launches (+2.7% YoY). Volume growth for the quarter was
relatively low at 2.2% YoY due to dismal momentum in Dec/Jan. Notably, both
NLEM and non-NLEM products grew by 10% and 10.4% YoY, respectively.
On a MAT basis, industry growth came in at 9.6% YoY, with price growth at
5.3%, new product growth at 2.5% and volume growth at a mere 1.8% YoY.
In value terms, secondary sales increased by 7.5% YoY for NLEM (~10% of IPM)
and by 7.6% YoY for non-NLEM (~86% of IPM) in Jan’20.
Price growth for non-NLEM products was 5.5% YoY in Jan’20. Growth in NLEM
products was driven by volumes (+3.5% YoY) and prices (+3.6% YoY).
In Jan’20, Dr. Reddy’s (+20.4% YoY), JB Chemicals (+18%) and Torrent (+15.8%)
delivered highest growth.
Dr. Reddy’s performance was driven by strong double-digit growth in its top
therapies, especially in Derma/ Respiratory (+23.2%/+23.6 YoY). JB Chemicals
witnessed good traction in volumes (+10.5%) and price (+9.1%). Torrent gained
from strong growth in Anti-diabetic therapy (+20.2% YoY).
Sun Pharma’s sales grew at 10.3% in Jan’20 from 8% in Dec’19, mainly due to a
better performance of Anti-infective/ Gastro-intestinal (+17%/11.7% YoY).
Secondary sales were muted for GSK Pharma, Alembic and Biocon.
On a MAT basis, JB Chemicals/Torrent reported highest price growth of
9.1%/8.2% YoY. AstraZeneca saw highest growth in new launches (+5.4% YoY).
Cardiac therapy exhibited highest YoY growth of 10.5% among the top 10
therapies, followed by Respiratory (+9.7%) in Jan’20. Other therapies like Anti-
infective, Anti-diabetic, Derma and Gastro-intestinal grew below industry
average at 6.7%, 6.7%, 5.4% and 5.3% YoY, respectively.
In Jan’20, Indian companies grew at a better rate (+8.6% YoY) than MNCs (+3.6%
YoY).
Also, for the quarter ended Jan’20, Indian companies grew at 11.2% YoY (MNCs:
+6.8% YoY).
On a MAT basis, Indian companies grew by 9.8% YoY (MNCs: +8.6% YoY).
Price – key growth driver; volumes muted
Dr. Reddy, JB Chemicals, Torrent emerge as outperformers
Cardiac /Respiratory – growth drivers on therapy front
Indian companies continue exhibiting healthy growth compared to MNCs
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
Exhibit 1: Volume growth moderates for the quarter ended Jan’20
Volume Growth (%)
10.5
8.8
7.3
2.9
-1.4
3M-Jan 18
3.4
-1.1
3M-Apr 18
3M-Jul 18
7.6
5.3
5.5
3.8
1.2
1
5
3.7
Price Growth (%)
9.7
9.2
4.8
3.4
1
New Product Growth (%)
9.8
5
3.2
1.6
9.2
5.3
2.8
1.1
Total Growth (%)
9
5.4
2.6
1
10.3
5.4
2.2
2.7
3M-Oct 18
3M-Jan 19
3M-Apr 19
3M-Jul19
3M-Oct19
3M-Jan20
Source: AIOCD, MOFSL
24 February 2020
2
 Motilal Oswal Financial Services
Sector Update| Healthcare
Indian Pharma Market - January 2020
Exhibit 2: Performance of top companies – January 2020
MAT Jan- 20
Market
Value
Share (%)
(INR m)
IPM
14,12,239
100.0
Sun Pharma
1,15,376
8.7
Abbott
88,221
6.2
Cipla
65,390
4.6
Zydus Cadila
58,997
4.2
Mankind
53,313
3.8
Alkem
50,057
3.5
Lupin
54,480
3.9
Torrent Pharma
43,797
3.1
Pfizer
33,199
2.4
Glenmark Pharma
32,680
2.3
Sanofi
31,868
2.3
Dr Reddy Labs
33,929
2.4
GSK Pharma
40,552
2.9
Alembic Pharma
16,800
1.2
Ipca Labs
20,369
1.4
Natco
10,677
0.8
Ajanta Pharma
8,522
0.6
Merck
7,325
0.5
Biocon
4,873
0.3
Astrazeneca
6,449
0.5
JB Chemicals
7,103
0.5
Company
Growth
(%)
9.6
8.7
8.7
7.9
12.0
12.9
12.5
13.6
11.8
9.7
10.0
8.3
17.5
10.6
3.7
11.1
(0.6)
6.0
2.3
6.2
7.9
21.9
Last 8 Quarters YoY Growth (%)
Apr-18
8.1
6.4
14.2
7.6
4.3
10.4
13.0
15.6
(0.4)
(0.2)
11.4
12.9
12.7
2.1
6.6
2.7
(13.1)
8.3
6.2
9.2
7.6
12.3
Jul-18
11.2
10.5
14.2
8.7
12.3
9.4
14.8
16.7
11.8
2.9
20.4
6.1
12.9
5.7
11.5
11.4
5.5
12.8
7.4
9.3
35.4
7.2
Oct-18
9.8
6.1
9.8
10.5
8.2
10.7
9.2
13.5
11.6
9.8
11.7
8.4
10.9
0.4
12.3
30.0
3.2
8.7
12.7
21.3
14.5
11.8
Jan-19
9.3
6.7
12.0
8.5
7.6
11.7
8.5
14.1
9.4
8.4
10.5
14.5
6.4
8.3
11.5
28.7
26.3
8.1
9.6
20.6
12.0
17.9
Apr-19
9.8
5.9
8.4
10.0
10.3
14.1
12.7
16.8
13.3
5.8
9.5
11.3
10.5
11.0
10.0
21.7
13.7
7.4
3.7
13.5
9.6
24.0
Jul-19
9.2
7.7
8.2
9.9
12.7
13.9
13.4
14.3
10.0
5.0
7.7
12.6
16.8
13.8
2.2
10.1
(7.3)
6.2
(1.4)
10.1
6.7
23.1
Oct-19
9.0
9.8
10.4
4.1
12.1
11.4
12.4
13.6
8.3
10.0
8.0
8.9
18.7
12.9
(0.5)
5.5
(2.7)
3.9
1.6
6.0
7.5
21.2
Jan-20
10.3
11.2
7.7
8.0
13.0
12.6
11.7
10.1
15.9
17.5
14.6
1.3
23.6
5.2
3.7
9.7
(3.6)
6.6
5.5
(3.4)
8.0
19.6
1M
Jan- 20
7.6
10.3
5.4
5.0
8.9
8.3
4.6
6.7
15.8
13.2
11.0
1.0
20.4
(0.2)
(2.0)
8.4
8.9
5.6
1.5
(1.9)
6.9
18.0
Exhibit 3: Performance of top therapies – January 2020
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 Jan- 20
Market Growth
Value
Share (%)
(%)
Apr-18 Jul-18
(INR m)
14,12,239
100.0
9.6
8.1
11.2
1,91,838
13.6
9.2
8.3
4.6
1,77,571
12.6
11.3
5.8
12.0
1,57,004
11.1
8.0
5.3
7.3
1,37,503
9.7
11.6
8.4
13.3
1,22,330
8.7
9.0
7.4
12.3
1,06,060
7.5
10.4
18.7 11.6
96,348
6.8
9.5
6.1
9.2
95,005
6.7
7.7
8.9
17.2
85,103
6.0
9.5
5.9
11.0
69,436
4.9
7.5
2.4
7.2
30,309
2.1
8.3
5.5
20.7
25,574
1.8
8.3
3.3
6.9
26,002
1.8
10.1
15.9 16.7
22,630
1.6
6.4
3.4
(1.2)
Last 8 Quarters in Growth (%)
9.8
7.8
12.5
7.1
14.2
10.4
8.9
7.3
11.3
8.3
9.7
7.3
8.1
12.3
(9.3)
9.3
5.7
14.4
8.6
17.9
8.2
4.1
8.1
9.8
8.7
9.5
11.1
6.9
12.4
(3.3)
9.8
5.5
14.1
7.4
16.0
10.0
4.9
9.6
10.0
11.6
10.6
15.1
9.1
8.0
0.1
9.2
9.4
10.4
7.8
12.1
8.4
10.9
8.3
6.5
8.6
7.1
4.4
10.1
11.2
5.5
1M
9.0
10.3
7.6
9.7
11.9
6.7
9.7
11.0
10.5
8.5
8.3
5.3
11.0
7.9
6.7
7.3
10.4
7.8
9.3
15.7
9.7
9.8
10.2
6.5
6.5
8.1
5.4
8.3
9.8
8.4
4.7
7.8
5.5
6.3
8.0
6.8
6.9
7.1
4.3
9.9
11.2
9.3
11.4
8.5
9.4
Source: AIOCD, MOFSL
Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Jan- 20
24 February 2020
3
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sun Pharma
Exhibit 4: Top-10 Drugs
Drug
Therapy
MAT Jan–20
Value
(INR m)
115376
2780
1886
1593
1293
1196
1075
1010
979
869
747
Gr. (%)
8.7
14.9
7.4
8.4
12.8
16.3
9.8
221.4
(4.7)
19.5
28.1
Growth (%)
Mkt Share (%) Last 3M Jan - 20
100.0
11.2
10.3
6.8
11.9
15.6
5.9
5.6
(0.1)
5.0
(1.2)
(2.7)
3.2
21.1
15.1
3.8
19.0
28.8
3.4
(6.7) (20.8)
3.2
47.0
(1.1)
3.1
(6.1)
(7.3)
2.1
35.3
42.9
1.8
32.1
20.9
Source: AIOCD, MOFSL
3M*
11.2
7.1
7.5
13.6
23.2
6.1
9.3
Jan - 20
10.3
8.6
8.5
11.7
17.0
7.5
8.6
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
33.2
18.3
14.8
33.7
Source: AIOCD, MOFSL
Sun Pharma’s secondary
sales grew by 10.3%YoY in
Jan’20 v/s 8.8% YoY in
Dec’19.Sporidex and
Clexane grew by 42.9% and
28.8% YoY, respectively.
Total
Rosuvas
Cardiac
Allegra
Respiratory
Amaryl M
Anti Diabetic
Mox
Anti-Infectives
Clexane
Cardiac
Enterogermina Gastro Intestinal
Fluquadri
Vaccines
Cardace
Cardiac
Sporidex
Anti-Infectives
Mox Cv
Anti-Infectives
*3M: Nov 2019-Jan 2020
The top therapy
contributors Cardiac and
Neuro/CNS grew merely at
8.6% and 8.5% YoY,
respectively, impacting
overall growth.
Exhibit 5: Therapy mix (%)
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
Share
100.0
17.5
16.7
12.2
10.4
9.2
6.5
MAT Growth (%)
8.7
6.6
5.7
8.5
15.5
6.4
7.4
Exhibit 6: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
27.3
17.4
15.4
39.8
MAT
Growth (%)
8.7
10.8
9.2
8.3
7.3
Acute portfolio grew at a
faster rate of 10.8% YoY on
a MAT basis in Jan’20.
Exhibit 7: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
10.8
MATVALUE GR Jan 20
Exhibit 8: Growth Distribution (%) (MAT Jan’20)
64.1
6.2
51.3
1.3
6.1
1.7
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
24 February 2020
4
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 Drugs
Drug
Therapy
Value
(INR m)
65390
3270
2384
2226
1911
1766
1664
1308
1287
1247
1193
MAT Jan - 20
Growth
(%)
7.9
6.0
9.3
9.4
9.5
1.8
13.8
16.1
16.1
3.5
13.0
Growth (%)
Mkt
Last 3M Jan - 20
Share (%)
100.0
8.0
5.0
5.0
3.8
6.4
3.6
13.9
2.0
3.4
16.7
14.6
2.9
(0.8)
2.4
2.7
18.5
16.8
2.5
17.3
19.4
2.0
9.9
13.3
2.0
14.7
11.1
1.9
4.1
3.7
1.8
5.3
6.1
Source: AIOCD, MOFSL
Cipla’s secondary sales grew
at 5% YoY in Jan’20 v/s 6.7%
YoY in Dec’19. Growth was
impacted by brands like
Budecort (2% YoY) and
Seroflo (2.4% 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: Nov 2019-Jan 2020
Exhibit 10: Therapy Mix (%)
Respiratory therapy grew
by 8.8% YoY, supported by
growth in top brands like
Duolin, Asthalin and
Montair LC.
Total
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
Share
100.0
34.6
21.9
13.2
6.3
5.7
3.6
MAT Growth (%)
7.9
8.4
6.9
11.8
1.1
11.5
11.2
3M*
8.0
11.5
8.3
8.8
(1.6)
4.1
4.7
Jan - 20
5.0
8.8
3.7
7.0
(5.3)
4.4
2.3
Source: AIOCD, MOFSL
Top-10 brands (27.9% of
sales) contributed 31.7% of
overall growth.
Exhibit 11: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
27.9
15.9
15.2
41.0
MAT
Growth (%)
7.9
9.0
4.8
10.0
7.6
Growth
Contribution (%)
100.0
31.7
9.9
18.9
39.5
Source: AIOCD, MOFSL
Price growth stood at 5.4%
on a MAT basis (slight
increase from that in
Dec’19). Volumes declined
further.
Exhibit 12: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
MATVALUE GR Jan 20
9.5
6.6
35.7
29.7
Exhibit 13: Growth Distribution (%)(MAT Jan’20)
5.4
2.9
-0.4
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
5
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 Drugs
Zydus’ secondary sales
grew at 8.9% YoY in Jan’20
v/s 11.4% YoY in Dec’19.
Growth was dragged down
by brands like Skinlite (-
32.9% YoY) and Amicin (-
12.3% YoY).
Drug
Therapy
Value
(INR m)
58997
1675
1623
1387
1313
1293
1127
1100
1039
1001
862
MAT Jan - 20
Growth
(%)
12.0
15.2
(6.9)
17.6
34.3
17.3
15.0
46.5
(8.8)
25.0
2.2
Growth (%)
Mkt
Share (%)
100.0
2.8
2.8
2.4
2.2
2.2
1.9
1.9
1.8
1.7
1.5
Last 3M
Jan - 20
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: Nov 2019-Jan 2020
13.0
8.9
12.3
3.9
(18.7)
(32.9)
14.2
16.5
33.1
23.7
27.1
29.4
11.8
5.1
39.7
5.4
(7.4)
(12.3)
24.9
29.8
3.7
1.2
Source: AIOCD, MOFSL
Jan - 20
8.9
4.0
13.7
3.2
12.4
9.8
9.6
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
24.6
13.1
25.3
37.0
Source: AIOCD, MOFSL
Exhibit 15: Therapy Mix (%)
Cardiac/Gastro-intestinal
grew at 13.7%/12.4% YoY,
supporting overall growth.
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Pain / Analgesics
Gynaecological
Share
100.0
15.1
13.6
10.9
10.7
9.5
7.9
MAT Growth (%)
12.0
5.8
10.5
9.2
7.9
12.2
11.3
3M*
13.0
7.2
11.2
10.6
12.7
14.8
11.6
Performance was driven by
price growth (+5.3% YoY, at
similar rate of that in
Dec’19). Volume growth was
at 4.5% YoY v/s 4.1% YoY in
Dec’19 on a MAT basis.
Exhibit 16: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
21.2
15.7
15.8
47.2
MAT
Growth (%)
11.7
13.9
9.6
20.2
9.0
Exhibit 17: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
12.1
MATVALUE GR Jan 20
Exhibit 18: Growth Distribution (%)(MAT Jan’20)
41.1
11.8
17.8
4.5
5.3
2.2
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
6
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alkem
Exhibit 19: Top 10 Drugs
Alkem’s secondary sales
growth rate was at 4.6% in
Jan’20 v/s 13.6% YoY in
Dec’19. Except Taxim O,
Xone, A To Z Ns and Pipzo,
growth of all other brands
declined, impacting overall
growth.
MAT Jan - 20
Drug
Therapy
Growth (%)
Value
Growth (%) Mkt Share (%) Last 3M Jan - 20
(INR m)
50057
12.5
100.0
11.7
4.6
3765
11.0
7.5
8.9
(7.5)
3004
7.9
6.0
3.5
(0.5)
2555
(2.4)
5.1
(14.5) (14.8)
2223
11.8
4.4
22.8
28.2
1580
17.4
3.2
19.4
8.7
1435
18.5
2.9
16.9
3.7
1263
(1.4)
2.5
(4.3)
(6.3)
1170
19.7
2.3
9.0
(8.1)
1026
20.9
2.0
19.4
3.2
958
(6.4)
1.9
(19.9) (35.5)
Source: AIOCD, MOFSL
MAT Growth (%)
12.5
13.2
5.5
5.3
18.6
22.4
28.7
3M*
11.7
14.7
(1.0)
(0.9)
24.3
18.6
25.4
JAN - 20
4.6
5.4
(5.8)
(10.7)
19.3
13.6
23.3
Source: AIOCD, MOFSL
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: Nov 2019-Jan 2020
Therapy Mix (%)
Share
100.0
39.3
17.7
12.3
7.5
5.6
4.1
Sales growth was driven by
Anti- infective/Pain-
analgesics, Neuro-CNS and
Anti-Diabetic therapies
which grew at
5.4%/19.3%/13.6%/23.3%
YoY for Jan’20.
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Anti Diabetic
Exhibit 20: Brand-wise growth distribution
Contribution of top-10
brands to growth was
27.1% in Jan’20.
Both volume and price
growth was in a similar
range as that of Dec’19.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
37.9
17.4
12.3
32.4
MAT
Growth (%)
12.5
8.6
12.0
22.5
14.1
Growth
Contribution (%)
100.0
27.1
16.7
20.2
36.0
Source: AIOCD, MOFSL
Exhibit 21: Acute v/s Chronic (MAT growth)
MATVALUE GR Jan 20
43.1
24.6
10.8
MATVALUE Jan 20
Exhibit 22: Growth Distribution (%) (MAT Jan’20)
6.3
4.0
2.2
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
7.0
CHRONIC
Source: AIOCD, MOFSL
ACUTE
24 February 2020
7
 Motilal Oswal Financial Services
Sector Update| Healthcare
Lupin
Exhibit 23: Top 10 Drugs
MAT Jan - 20
Drug
Therapy
Value
(INR m)
54480
2532
1812
1321
1258
1116
972
972
924
900
731
Growth (%)
13.6
8.1
5.4
12.5
28.0
35.7
5.4
40.0
19.5
101.9
1.3
Growth (%)
Last
Mkt Share (%)
Jan - 20
3M
100.0
10.1
6.7
4.6
0.4
(3.5)
3.3
(9.7) (10.1)
2.4
20.3
17.6
2.3
9.2
10.0
2.0
17.6
12.8
1.8
2.9
5.5
1.8
12.0
0.3
1.7
8.7
12.2
1.7
68.8
62.1
1.3
4.1
(2.0)
Source: AIOCD, MOFSL
3M*
10.1
10.0
10.7
3.5
15.6
11.3
14.9
Jan - 20
6.7
11.0
7.3
(2.3)
10.9
6.9
12.4
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
29.8
15.8
17.4
37.1
Source: AIOCD, MOFSL
Lupin’s secondary sales
grew 6.7% YoY in Jan’20 v/s
8.5% YoY in Dec’19. Despite
strong traction in brands
like Cidmus, Budamate,
Ondero, Gibtulio (growth at
62.1%. 17.6%, 12.8% and
10% YoY, respectively),
sales were affected by
decline of Gluconorm G,
Huminsulin and Rablet D.
Performance of therapies
like Cardiac, Respiratory
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: Nov 2019-Jan 2020
Exhibit 24: Therapy Mix (%)
Total
Cardiac
Anti Diabetic
Anti-Infectives
Respiratory
Gastro Intestinal
Neuro / Cns
Share
100.0
23.5
23.3
13.8
12.3
7.1
4.7
MAT Growth (%)
13.6
14.1
21.6
5.9
11.4
10.3
19.4
Contribution of Top 10
brands to growth was
29.8% in Jan’20.
Volume growth
was 2.8% YoY.
Price growth was
better at 6.4% YoY
in MAT Jan’20.
Exhibit 25: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
23.0
14.5
15.8
46.6
MAT
Growth (%)
13.6
18.3
14.9
15.1
10.5
Exhibit 26: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
MATVALUE GR Jan 20
16.7
9.6
23.2
31.3
Exhibit 27: Growth Distribution (%)(MAT Jan’20)
6.4
2.8
Vol GR
Price GR
4.3
ACUTE
CHRONIC
Source: AIOCD, MOFSL
NP GR
Source: AIOCD, MOFSL
24 February 2020
8
 Motilal Oswal Financial Services
Sector Update| Healthcare
GSK Pharma
Exhibit 28: Top 10 Drugs
MAT Jan - 20
Growth (%)
Mkt Share (%) Last 3M Jan - 20
100.0
5.2
(0.2)
11.1
15.4
13.5
7.1
22.4
8.2
6.1
16.4
0.3
5.2
(4.7)
(3.9)
5.0
11.8
11.1
4.6
(12.7)
(2.1)
4.5
41.9
26.3
4.2
17.4
14.9
3.9
(79.3) (81.9)
3.0
13.4
4.2
Source: AIOCD, MOFSL
GSK Pharma’s secondary
sales declined by 0.2% YoY
in Jan’20 v/s growth of 6.6%
YoY in Dec’19. The decline
in Betnovate C/ Betnovate
N/ Zinetac proved to be a
continuous drag on overall
growth.
Drug
Therapy
Total
Augmentin
Anti-Infectives
Synflorix
Vaccines
Calpol
Pain / Analgesics
Betnovate C
Derma
Eltroxin
Hormones
Betnovate N
Derma
T Bact
Derma
Ceftum
Anti-Infectives
Zinetac
Gastro Intestinal
Betnesol
Hormones
*3M: Nov 2019-Jan 2020
Value
(INR m)
40552
4484
2883
2461
2089
2019
1857
1835
1705
1577
1228
Growth (%)
10.6
19.6
10.4
19.9
10.8
17.3
(8.2)
38.5
13.2
(18.8)
18.5
Vaccines (17.9% of therapy
mix) grew at a low rate of
1.5% and VMS declined
5.8% YoY, affecting overall
growth.
Exhibit 29: Therapy Mix (%)
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Vitamins / Minerals / Nutrients
Share
100.0
23.1
22.5
17.9
8.7
8.0
6.1
MAT Growth (%)
10.6
10.8
17.0
14.3
15.4
14.2
4.5
3M*
5.2
8.3
14.8
10.2
13.7
10.0
2.1
Jan - 20
(0.2)
6.9
11.2
1.5
2.6
7.3
(5.8)
Source: AIOCD, MOFSL
Exhibit 30: Brand-wise growth distribution
% of sales
Price growth came in at
5.9% YoY. Volume growth
was at 2.9% YoY on a MAT
basis in Jan’20.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
54.6
22.2
14.0
9.2
MAT
Growth (%)
10.6
11.5
20.8
9.5
(10.4)
Growth
Contribution (%)
100.0
58.7
39.8
12.6
(11.1)
Source: AIOCD, MOFSL
Exhibit 31: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
10.9
9.0
MATVALUE GR Jan 20
Exhibit 32: Growth Distribution (%)(MAT Jan’20)
35.5
2.9
5.0
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
5.9
1.8
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
9
 Motilal Oswal Financial Services
Sector Update| Healthcare
Glenmark Pharma
Exhibit 33: Top 10 Drugs
MAT Jan - 20
Growth (%)
Mkt Share (%) Last 3M Jan - 20
100.0
8.5
6.7
4.1
3.7
3.5
3.5
3.1
2.6
1.8
1.8
14.6
25.7
20.7
6.0
16.7
28.5
14.0
16.5
(0.1)
15.5
12.6
11.0
26.8
16.7
6.8
13.0
16.5
4.7
17.4
(1.1)
11.7
6.0
Drug
Total
Telma
Telma H
Telma Am
Candid
Ascoril Ls
Ascoril Plus
Candid-B
Zita-Met Plus
Ascoril D Plus
Canditral
Cardiac
Cardiac
Cardiac
Derma
Respiratory
Respiratory
Derma
Anti Diabetic
Respiratory
Anti-Infectives
Therapy
Value
(INR m)
32680
2777
2178
1354
1209
1144
1137
997
840
598
595
Glenmark’s secondary sales
grew 11% YoY in Jan’20.
This growth was mainly led
by its top brands
Telma/Telma H/ Ascoril
LS/Candid
(+26.8%/16.7%/16.5%/13%
YoY).
Growth (%)
10.0
29.7
13.4
9.0
8.1
13.0
4.7
4.2
13.0
15.9
(4.4)
*3M: Nov 2019-Jan 2020
Source: AIOCD, MOFSL
Share
100.0
27.1
26.8
17.6
13.0
8.7
2.9
MAT Growth (%)
10.0
4.3
16.2
14.9
6.0
19.4
4.1
3M*
14.6
10.3
16.5
22.1
11.2
25.6
2.4
Jan - 20
11.0
6.3
17.0
13.3
5.1
29.5
(0.8)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
49.3
9.5
15.4
25.7
Source: AIOCD, MOFSL
Exhibit 34: Therapy Mix (%)
Glenmark’s secondary sales
were driven by Anti-
Diabetic (+29.5%YoY),
Cardiac (+17% YoY) and
Respiratory (+13.3% YoY)
therapies in Jan’20.
Total
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gynaecological
Contribution of Top 10
brands to growth was
49.3% in Jan’20.
Volumes declined 0.6%,
while price growth stood at
6.1% YoY MAT in Jan’20.
Exhibit 35: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
39.3
17.4
14.7
28.7
MAT
Growth (%)
10.0
12.9
5.2
10.6
8.9
Exhibit 36: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
MATVALUE GR Jan 20
15.9
13.7
Exhibit 37: Growth Distribution (%)(MAT Jan’20)
19.0
6.1
6.1
-0.6
Vol GR
Price GR
4.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
NP GR
Source: AIOCD, MOFSL
24 February 2020
10
 Motilal Oswal Financial Services
Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 38: Top 10 Drugs
MAT Jan - 20
Growth (%)
Mkt Share (%) Last 3M Jan - 20
100.0
4.6
3.9
3.7
3.3
2.7
2.6
2.3
2.3
2.2
2.1
23.6
20.4
31.9
22.1
21.1
29.7
2.4
(5.6)
39.7
38.2
25.6
17.5
42.4
40.4
35.5
40.7
22.5
25.6
22.4
13.6
24.1
33.1
Source: AIOCD, MOFSL
Drug
Therapy
Value
(INR m)
33929
1557
1329
1260
1135
905
886
783
782
750
715
Sales growth of 20.4% YoY
in Jan’20 was backed by
robust growth of its brands
like Ketoraol, Stamlo,
Atarax and Reclinet, which
grew at 40.7%, 40.4%,
38.2% and 33.1% YoY,
respectively, in Jan’20.
Growth (%)
17.5
21.4
20.8
22.3
25.9
21.0
23.3
29.1
23.0
17.7
25.1
Total
Omez
Gastro Intestinal
Omez D
Gastro Intestinal
Econorm
Gastro Intestinal
Atarax
Derma
Razo D
Gastro Intestinal
Stamlo
Cardiac
Ketorol
Pain / Analgesics
Nise
Pain / Analgesics
Razo
Gastro Intestinal
Reclimet
Anti Diabetic
*3M: Nov 2019-Jan 2020
Growth was supported by
therapies Respiratory,
Derma, Anti Diabetic and
Anti-infective that exhibited
high growth of 23.6%,
23.2%, 17.8% and 17.3%
YoY, respectively.
Exhibit 39: Therapy Mix (%)
Total
Gastro Intestinal
Cardiac
Derma
Respiratory
Anti Diabetic
Anti-Infectives
Share
100.0
22.8
13.3
11.0
8.2
7.4
7.0
MAT Growth (%)
17.5
21.1
14.7
27.4
17.1
17.7
2.0
3M*
23.6
21.3
18.5
28.9
25.4
15.9
28.4
Jan - 20
20.4
15.6
15.5
23.2
23.6
17.8
17.3
Source: AIOCD, MOFSL
Top 10 brands (29.8% of
total sales) contributed
significantly (36.9%) to
overall growth.
Price and volume growth
stood at 7.4% YoY and 7.8%
YoY respectively in Jan’20
on a MAT basis.
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
29.8
20.2
15.9
34.2
MAT
Growth (%)
17.5
22.7
17.7
16.4
13.8
Growth
Contribution (%)
100.0
36.9
20.3
15.0
27.8
Source: AIOCD, MOFSL
Exhibit 41: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
18.1
MATVALUE GR Jan 20
Exhibit 42: Growth Distribution (%)(MAT Jan’20)
16.0
24.4
9.6
ACUTE
CHRONIC
Source: AIOCD, MOFSL
7.8
7.4
2.4
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
11
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sanofi India
Exhibit 43: Top 10 Drugs
Sanofi’s secondary sales
grew by 1% YoY in Jan’20
v/s decline of 2.9% in
Dec’19.
Major drags were brands
like Enterogermina,
Hexaxim, Cardaca and
Amaryl M (-20.8%,-14.2%,-
7.3% and -2.7% YoY).
MAT Jan - 20
Drug
Therapy
Total
Lantus
Anti Diabetic
Combiflam
Pain / Analgesics
Allegra
Respiratory
Amaryl M
Anti Diabetic
Hexaxim
Vaccines
Clexane
Cardiac
Enterogermina
Gastro Intestinal
Fluquadri
Vaccines
Cardace
Cardiac
Avil
Respiratory
*3M: Nov 2019-Jan 2020
Value
(INR m)
31868
4893
1893
1886
1593
1518
1196
1075
1010
979
937
Growth (%)
8.3
4.3
13.8
7.4
8.4
0.2
16.3
9.8
221.4
(4.7)
(11.8)
Growth (%)
Last
Mkt Share (%) 3M Jan - 20
100.0
1.3
1.0
15.4
(4.1)
4.7
5.9
10.0
2.1
5.9
5.6
(0.1)
5.0
(1.2)
(2.7)
4.8
(11.9) (14.2)
3.8
19.0
28.8
3.4
(6.7) (20.8)
3.2
47.0
(1.1)
3.1
(6.1)
(7.3)
2.9
22.1
14.6
Source: AIOCD, MOFS
3M*
1.3
0.6
3.2
(3.1)
11.2
4.6
(10.4)
Jan - 20
1.0
5.3
3.4
(3.7)
4.7
(2.4)
(11.6)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
60.2
35.0
16.4
(11.6)
Source: AIOCD, MOFSL
Lower growth is
attributable to de-growth in
Neuro-CNS, Vaccines and
Pain/Analgesics therapies.
(-11.6%/-3.7%/-2.4% YoY).
Top 10 brands showed
maximum contribution to
overall sales growth at
60.2%.
Price growth was at 5.4%
whereas the volume growth
was muted in Jan’20 on a
MAT basis.
Exhibit 44: Therapy Mix (%)
Total
Anti Diabetic
Cardiac
Vaccines
Respiratory
Pain / Analgesics
Neuro / Cns
Share
100.0
29.5
15.3
12.7
10.3
8.5
6.9
MAT Growth(%)
8.3
8.8
7.2
13.6
2.2
9.9
7.2
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
53.3
25.3
15.5
5.9
MAT
Growth (%)
8.3
9.5
11.9
8.8
(13.1)
Exhibit 46: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
8.5
MATVALUE GR Jan 20
16.5
Exhibit 47: Growth Distribution (%)(MAT Jan’20)
5.4
15.4
8.1
ACUTE
CHRONIC
Source: AIOCD, MOFSL
0.1
Vol GR
Price GR
2.7
NP GR
Source: AIOCD, MOFSL
24 February 2020
12
 Motilal Oswal Financial Services
Sector Update| Healthcare
Torrent Pharma
Exhibit 48: Top 10 Drugs
MAT Jan - 20
Growth (%)
Drug
Therapy
Value
Mkt Share
Growth (%)
Last 3M Jan - 20
(%)
(INR m)
Total
43797
11.8
100.0
15.9
15.8
Shelcal
Vitamins / Minerals / Nutrients 2217
6.6
5.1
6.2
9.4
Chymoral Forte
Pain / Analgesics
1589
12.1
3.6
17.9
24.3
Nikoran
Cardiac
1118
10.1
2.6
16.6
21.3
Azulix-Mf
Anti Diabetic
1036
12.0
2.4
9.4
10.0
Nexpro Rd
Gastro Intestinal
989
20.9
2.3
25.7
26.9
Nebicard
Cardiac
920
13.1
2.1
18.1
23.3
Losar H
Cardiac
909
(6.0)
2.1
(12.6) (19.1)
Dilzem
Cardiac
861
5.1
2.0
12.9
14.3
Losar
Cardiac
851
6.2
1.9
6.5
(3.1)
Shelcal Xt
Vitamins / Minerals / Nutrients
801
43.0
1.8
45.3
45.3
*3M: Nov 2019-Jan 2020
Source: AIOCD, MOFSL
Torrent Pharma’s secondary
sales grew at 15.8% YoY in
Jan’20 v/s 14% YoY growth
in Dec’19. Brands like
Shecal XT, Nexpro Rd,
Chymoral Forte, Nebicard
proved to be a catalyst for
overall growth.
Gastro Intestinal/Anti-
diabetic therapies continue
to grow at 19.4%/20.2%
YoY, supporting overall
growth in Jan’20.
Exhibit 49: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins / Minerals / Nutrients
Anti Diabetic
Pain / Analgesics
Share
100.0
30.4
16.1
14.7
12.6
8.2
6.5
MAT Growth (%)
11.8
9.9
16.1
9.8
10.8
17.8
10.6
3M*
15.9
13.6
21.5
15.0
14.2
19.4
15.7
Jan - 20
15.8
12.5
19.4
16.6
16.2
20.2
19.4
Source: AIOCD, MOFSL
All brand categories saw
nearly an equal
contribution in sales
growth.
Price growth stood at 8.2%,
whereas volumes grew by
1.6% YoY in Jan’20 on a
MAT basis.
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
25.8
17.5
15.2
41.5
MAT
Growth (%)
11.8
10.5
13.8
16.8
10.0
Growth
Contribution (%)
100.0
23.3
20.2
20.7
35.8
Source: AIOCD, MOFSL
Exhibit 51: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
13.1
10.6
MATVALUE GR Jan 20
Exhibit 52: Growth Distribution (%)(MAT Jan’20)
8.2
1.6
Vol GR
Price GR
2.0
NP GR
Source: AIOCD, MOFSL
21.0
ACUTE
22.8
CHRONIC
Source: AIOCD, MOFSL
24 February 2020
13
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alembic Pharma
Exhibit 53: Top 10 Drugs
MAT Jan - 20
Drug
Therapy
Value
(INR m)
16800
1630
839
714
530
462
356
290
283
276
254
Growth (%)
Last
Growth (%) Mkt Share (%)
Jan - 20
3M
3.7
100.0
3.7
(2.0)
5.4
9.7
3.5
(8.1)
5.9
5.0
15.5 19.9
8.8
4.2
7.6
(4.7)
(2.2)
3.2
4.3
(4.3)
(17.0)
2.7
(16.1) (21.6)
17.8
2.1
21.7 20.6
(18.9)
1.7
(28.2) (25.2)
9.9
1.7
6.9
2.3
(11.1)
1.6
(18.4) (23.4)
23.2
1.5
24.0
4.6
Source: AIOCD, MOFSL
Alembic Pharma’s
secondary sales declined by
2.0% YoY in Jan’20 v/s
growth of 4.5% YoY in
Dec’19. Growth was
dragged by decline in sales
of brands like Rekool D,
Richar, Gestofit and Azithral
which were down by 25.2%,
23.4%, 21.6% and 8.1% YoY
respectively.
Total
Azithral
Anti-Infectives
Althrocin
Anti-Infectives
Wikoryl
Respiratory
Roxid
Anti-Infectives
Gestofit
Gynaecological
Ulgel
Gastro Intestinal
Rekool D
Gastro Intestinal
Crina N
Gynaecological
Richar
Gynaecological
Brozeet Ls
Respiratory
*3M: Nov 2019-Jan 2020
Exhibit 54: Therapy Mix (%)
Respiratory segment
declined (-1%YoY). Also,
decline in Gastro-intestinal/
Gynecology/Anti-diabetic
therapies (-5%/-10.1%/-
8.6% YoY) led to overall
decline.
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynaecological
Anti Diabetic
Share
100.0
21.7
15.5
13.3
11.8
11.1
7.2
MAT Growth (%)
3.7
4.2
6.4
9.4
(0.7)
(2.3)
2.6
3M*
3.7
6.9
5.6
11.4
(1.6)
(5.7)
(3.1)
Jan - 20
(2.0)
(0.9)
1.8
(1.0)
(5.0)
(10.2)
(8.6)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
18.0
15.1
(0.4)
67.3
Source: AIOCD, MOFSL
Exhibit 55: Brand-wise growth distribution
Price growth was at 6.1%
YoY (at similar rate of that
in Dec’19), while volumes
declined 4.6% YoY in Jan’20
on a MAT basis.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
33.5
18.5
18.7
29.2
MAT
Growth (%)
3.7
1.9
3.0
(0.1)
8.9
Exhibit 56: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
MATVALUE GR Jan 20
5.8
3.1
12.8
ACUTE
4.0
CHRONIC
Source: AIOCD, MOFSL
Exhibit 57: Growth Distribution (%)(MAT Jan’20)
6.1
2.1
-4.6
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
14
 Motilal Oswal Financial Services
Sector Update| Healthcare
IPCA Labs
Exhibit 58: Top 10 Drugs
MAT Jan - 20
Drug
Therapy
Value
(INR m)
20369
1955
1263
1185
655
526
524
505
504
486
440
Growth (%)
11.1
16.9
10.8
19.0
14.0
13.4
2.7
10.7
11.8
24.8
21.3
Mkt Share (%)
100.0
9.6
6.2
5.8
3.2
2.6
2.6
2.5
2.5
2.4
2.2
Growth (%)
Last
Jan - 20
3M
9.7
8.4
13.3
16.7
10.0
17.1
18.2
17.4
13.5
15.8
10.7
14.8
14.9
23.3
1.5
(1.4)
5.1
0.3
16.7
9.8
21.3
17.5
IPCA’s secondary sales grew
at 8.4% YoY in Jan’20 vs.
9.3% YoY in Dec’19. Growth
in brands like Larinate (23.3
%)/Saaz (17.5%)/HCQS
(17.4%)/Zerodol P (17.1%)
contributed towards the
overall growth.
Amongst top therapies, Anti
Infective/Anti- malaria grew
19.5%/14.2% YoY, while
Gastro-Intestinal and
Cardiac therapies de-grew
by 3.9% and 0.3%
respectively impacting
overall growth.
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
Saaz
Gastro Intestinal
*3M: Nov 2019-Jan 2020
Source: AIOCD, MOFSL
Exhibit 59: Therapy Mix (%)
Total
Pain / Analgesics
Cardiac
Anti Malarials
Anti-Infectives
Gastro Intestinal
Anti-Neoplastics
Share
100.0
28.4
15.9
15.1
7.0
6.6
5.2
MAT Growth (%)
11.1
9.9
6.7
12.8
21.9
2.0
14.6
3M*
9.7
9.3
2.1
14.9
22.2
0.1
10.6
Jan - 20
8.4
12.4
(0.3)
14.2
19.5
(3.9)
15.2
Source: AIOCD, MOFSL
Growth Contribution
(%)
100.0
50.5
25.3
13.1
11.0
Source: AIOCD, MOFSL
Top-10 brands were major
growth contributors at
50.5% YoY.
Exhibit 60: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
39.5
21.1
17.7
21.7
MAT
Growth (%)
11.1
14.6
13.6
8.0
5.3
Volumes grew at 4.4% and
price growth stood at 5.4%
on a MAT basis in Jan’20.
Exhibit 61: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
11.7
9.5
MATVALUE GR Jan 20
Exhibit 62: Growth Distribution (%)(MAT Jan’20)
4.4
14.9
ACUTE
5.5
CHRONIC
Source: AIOCD, MOFSL
Vol GR
5.4
1.3
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
15
 Motilal Oswal Financial Services
Sector Update| Healthcare
Biocon
Exhibit 63: Top 10 Drugs
MAT Jan - 20
Drug
Therapy
Value
(INR m)
4873
1121
847
661
316
247
196
139
105
74
71
Growth (%)
Last
Mkt Share (%)
Jan - 20
3M
100.0
(3.4)
(1.9)
23.0
(6.8)
0.9
17.4
(9.7)
(15.0)
13.6
(55.5) (50.9)
6.5
206.2
106.8
5.1
(3.9)
(6.7)
4.0
86.6
101.1
2.9
16.0
(28.6)
2.2
(30.6) (30.3)
1.5
7.2
19.1
1.4
82.7
84.8
Source: AIOCD, MOFSL
3M*
(3.4)
(7.2)
(27.5)
193.9
11.2
68.2
(17.3)
Jan - 20
(1.9)
(5.3)
(23.7)
102.5
(0.5)
66.9
(15.1)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
79.5
22.3
10.5
(12.3)
Source: AIOCD, MOFSL
Biocon’s secondary sales
recorded de-growth of 1.9%
YoY in Jan’20. While sales of
Erypro and Psorid saw
>100% YoY growth, overall
growth was dragged by a
decline in sales of other
brands.
Growth (%)
6.2
(0.1)
1.4
0.7
165.2
(2.4)
53.9
(18.5)
(28.9)
0.8
58.4
Biocon’s two major
therapies, Anti-diabetic and
Anti-Neoplastics (52.4% and
26.2% of overall portfolio)
declined at 5.3% and 23.7%
respectively in Jan’20.
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
Picon
Derma
*3M: Nov 2019-Jan 2020
Exhibit 64: Therapy Mix (%)
Total
Anti Diabetic
Anti-Neoplastics
Blood Related
Anti-Infectives
Derma
Cardiac
Share
100.0
52.4
26.2
7.2
5.2
3.6
1.9
MAT Growth (%)
6.2
(1.4)
2.4
143.4
24.1
45.2
(21.3)
Top 10 products are the
primary growth drivers for
Biocon contributing 79.5%
towards overall growth.
Company saw volume
growth of mere 0.9% YoY
and price growth of
5.1%YoY in Jan’20 on a MAT
basis.
Exhibit 65: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
77.5
12.7
7.7
2.1
MAT
Growth (%)
6.2
6.4
11.4
8.7
(25.4)
Exhibit 66: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
8.6
4.7
MATVALUE GR Jan 20
Exhibit 67: Growth Distribution (%)(MAT Jan’20)
5.1
1.9
ACUTE
3.0
CHRONIC
Source: AIOCD, MOFSL
0.9
Vol GR
Price GR
0.2
NP GR
Source: AIOCD, MOFSL
24 February 2020
16
 Motilal Oswal Financial Services
Sector Update| Healthcare
Abbott India
Exhibit 68: Top 10 Drugs
Abbott’s secondary sales
grew at 5.4%YoY in Jan’20
vs. 6.1% in Dec’19. Decline
in sales of top brands like
Duphaston/ Thyronorm/
Novomix / Phemsedyl
Cough Linctus at
8.6%/5.9%/7.8%/7.2% YoY
dragged the overall growth
level in Jan’20.
MAT Jan - 20
Drug
Total
Mixtard
Duphaston
Thyronorm
Novomix
Phensedyl Cough Linctus
Udiliv
Vertin
Duphalac
Ryzodeg
Actrapid
*3M: Nov 2019-Jan 2020
Therapy
Value
(INR m)
88221
5479
3872
3501
3018
2882
2798
1763
1685
1597
1311
Growth (%)
Growth (%) Mkt Share (%) Last 3M Jan - 20
8.7
6.5
12.2
3.6
(0.7)
(0.1)
23.1
7.3
10.9
23.7
9.2
100.0
7.7
5.4
6.2
4.3
3.6
4.4
(2.3)
(8.6)
4.0
(3.0)
(5.9)
3.4
(7.2)
(7.8)
3.3
(1.5)
(7.2)
3.2
20.0
24.9
2.0
4.0
3.7
1.9
7.2
4.1
1.8
21.0
17.3
1.5
5.7
2.5
Source: AIOCD, MOFSL
Anti Diabetic
Gynaecological
Hormones
Anti Diabetic
Respiratory
Gastro Intestinal
Neuro / Cns
Gastro Intestinal
Anti Diabetic
Anti Diabetic
Top therapy - Anti-Diabetic
declined at 0.7% YoY for
Jan’20. Also, low-single-digit
growth in Cardiac/ Neuro-
CNS proved to be drag on
overall growth.
Exhibit 69: Therapy Mix
Total
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Neuro / Cns
Anti-Infectives
Cardiac
Share
100.0
19.5
17.2
10.4
8.3
8.2
7.3
MAT Growth (%)
8.7
5.3
15.2
9.0
6.0
21.9
2.9
3M*
7.7
1.8
14.2
10.7
4.7
26.1
3.4
Jan - 20
5.4
(0.7)
13.1
8.7
0.6
27.8
0.1
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
29.6
19.9
13.6
36.9
Source: AIOCD, MOFSL
Top 10 brands contributed
29.6% towards overall
growth.
Price growth came in at
7.2% in MAT Jan’20
.
Exhibit 70: Brand -wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
31.6
16.8
14.2
37.3
MAT
Growth (%)
8.7
8.1
10.4
8.3
8.6
Exhibit 71: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
11.2
MATVALUE GR Jan 20
Exhibit 72: Growth Distribution (%) (MAT Jan’20)
7.2
5.0
-2.0
53.9
ACUTE
34.3
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
3.5
24 February 2020
17
 Motilal Oswal Financial Services
Sector Update| Healthcare
Mankind
Exhibit 73: Top 10 Drugs
Mankind’s secondary sales
in Jan’20 grew at 8.3% YoY.
Top brands like Manforce/
Moxikind CV/
Amlokind/Gudcef/Telmkind
H grew at
27.2%/8.9%/10%/13.8%/30.
8% YoY, driving overall
growth.
MAT Jan - 20
Growth (%)
Drug
Therapy
Value
Mkt Share
Growth (%)
Last 3M Jan - 20
(%)
(INR m)
Total
53313
12.9
100.0
12.6
8.3
Manforce
Sex Stimulants / Rejuvenators
2468
22.2
4.6
25.9
27.2
Moxikind Cv
Anti-Infectives
2131
11.1
4.0
16.8
8.9
Candiforce
Anti-Infectives
1815
39.2
3.4
21.8
3.2
Unwanted Kit
Gynaecological
1272
12.8
2.4
0.4
9.3
Glimestar M
Anti Diabetic
1186
16.5
2.2
4.5
(4.9)
Amlokind-At
Cardiac
1069
19.1
2.0
11.9
10.0
Gudcef
Anti-Infectives
1038
26.2
1.9
21.3
13.8
Nurokind Lc
Vitamins / Minerals / Nutrients
899
20.1
1.7
15.4
6.9
Telmikind H
Cardiac
844
28.1
1.6
41.8
30.8
Prega News
Others
799
20.0
1.5
10.5
3.6
*3M: Nov 2019-Jan 2020
Source: AIOCD, MOFSL
Respiratory/Cardiac
therapies grew at
19.9%/10.5% YoY,
supporting overall growth
in Jan’20.
Exhibit 74: Therapy Mix (%)
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Cardiac
Gastro Intestinal
Respiratory
Anti Diabetic
Growth is driven by all
brands.
Volume growth stood at
5.1% YoY and price growth
was at 6.2% in Jan’20 on a
MAT basis.
Share
100.0
22.2
13.4
11.2
10.0
7.7
6.9
MAT Growth (%)
12.9
14.0
9.1
20.3
7.1
21.3
17.8
3M*
12.6
14.9
8.4
13.9
6.5
28.8
7.4
Jan - 20
8.3
6.7
3.3
10.5
1.0
19.9
1.4
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
38.4
23.7
13.2
24.8
Source: AIOCD, MOFSL
Exhibit 75: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
25.4
15.7
15.9
43.0
MAT
Growth (%)
12.9
20.9
20.8
10.5
7.1
Exhibit 76: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
MATVALUE GR Jan 20
18.7
11.0
Exhibit 77: Growth Distribution (%)(MAT Jan’20)
5.1
39.3
ACUTE
14.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
6.2
1.6
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
18
 Motilal Oswal Financial Services
Sector Update| Healthcare
Pfizer
Exhibit 78: Top 10 Drugs
Pfizer’s secondary sales
continued growing robustly
by 13.2% YoY in Jan’20.
Robust performance by top
brands like
Meronem/Mucaine/
Wysolone which grew by
65.3%/25.4%/25.2% YoY
supported the overall
growth.
MAT Jan - 20
Growth (%)
Drug
Therapy
Value
Growth Mkt Share
Last 3M Jan - 20
(%)
(%)
(INR m)
Total
33199
9.7
100.0
17.5
13.2
Becosules
Vitamins / Minerals / Nutrients 3223
14.8
9.7
18.9
19.0
Magnex
Anti-Infectives
2130
24.4
6.4
30.7
15.8
Gelusil Mps
Gastro Intestinal
1692
16.3
5.1
21.8
10.4
Dolonex
Pain / Analgesics
1599
6.2
4.8
13.6
14.8
Mucaine
Gastro Intestinal
1530
15.0
4.6
25.0
25.2
Prevenar 13
Vaccines
1430
15.5
4.3
(0.3) (5.2)
Meronem
Anti-Infectives
1358
76.6
4.1
80.0
65.3
Minipress Xl
Cardiac
1340
(4.8)
4.0
1.7
13.6
Wysolone
Hormones
1253
15.7
3.8
29.2
25.4
Corex Dx
Respiratory
1235
15.8
3.7
6.9
(2.5)
*3M: Nov 2019-Jan 2020
Source: AIOCD, MOFSL
Exhibit 79: Therapy Mix (%)
Anti-Infective business grew
19.5% YoY. Hormone/
VMN/ Gynecology grew
22.5%/17.9%/16% YoY in
Jan’20.
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Gynaecological
Cardiac
Hormones
Share
100.0
18.4
12.0
11.3
8.9
8.2
8.0
MAT Growth (%)
9.7
27.6
15.3
13.0
9.2
0.9
6.9
3M*
17.5
34.3
18.0
20.0
19.0
5.8
25.4
Jan - 20
13.2
19.5
17.9
13.1
16.0
14.6
22.5
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
82.2
38.1
(4.3)
(16.1)
Source: AIOCD, MOFSL
Top 10 Brands contributed
majorly to overall growth.
Price and volume growth
was at 4.3% and 4.2%,
respectively, on a MAT basis
in Jan’20.
Exhibit 80: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
50.6
27.3
14.7
7.4
MAT
Growth (%)
9.7
16.8
14.1
(2.5)
(16.0)
Exhibit 81: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
10.0
8.1
MATVALUE GR Jan 20
Exhibit 82: Growth Distribution (%)(MAT Jan’20)
4.2
4.3
1.1
27.4
ACUTE
5.8
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
19
 Motilal Oswal Financial Services
Sector Update| Healthcare
Merck
Exhibit 83: Top 10 Drugs
Merck’s secondary sales grew at
1.5% in Jan’20 v/s. 6.1% YoY
growth in Dec’19. Growth was
dragged by decline in top
brands like Livogen Z/
Neurobion ForteRF/ Evion LC
(16.1%/18.8%/10.1% YoY).
Drug
Therapy
Total
Neurobion Forte
Vitamins / Minerals / Nutrients
Livogen
Gynaecological
Concor
Cardiac
Livogen Z
Gynaecological
Polybion
Vitamins / Minerals / Nutrients
Concor Cor
Cardiac
Neurobion Forte Rf Vitamins / Minerals / Nutrients
Evion Lc
Vitamins / Minerals / Nutrients
Concor Am
Cardiac
Polybion Lc
Vitamins / Minerals / Nutrients
*3M: Nov 2019-Jan 2020
Growth (%)
Value
Mkt
Jan -
(INR m) Growth (%) Share (%) Last 3M
20
7325
2.3
100.0
5.5
1.5
1042
9.9
14.2
11.9
9.4
602
15.1
8.2
30.4
18.0
560
15.9
7.6
14.6
10.9
461
(14.1)
6.3
(9.9)
(16.1)
438
28.1
6.0
64.4
83.2
410
23.2
5.6
35.1
25.4
397
0.6
5.4
(13.5) (18.8)
395
(5.7)
5.4
(4.2)
(10.1)
307
7.1
4.2
6.9
15.6
275
(1.4)
3.8
30.5
24.3
Source: AIOCD, MOFSL
3M*
5.5
6.4
16.2
3.5
(14.3)
(3.1)
(3.5)
Jan - 20
1.5
2.0
15.1
(2.9)
(28.1)
5.3
(8.6)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
210.3
(29.8)
(42.0)
(38.5)
Source: AIOCD, MOFSL
MAT Jan - 20
Derma/ Anti-diabetic/
Gynecological sales
declined by 28.1%/
8.6%/2.9% YoY in Jan’20.
Robust growth by Top 10
brands was offset by de-
growth in other brands,
dragging down the overall
growth to greater extent.
Exhibit 84: Therapy Mix (%)
Total
Vitamins / Minerals / Nutrients
Cardiac
Gynaecological
Derma
Anti-Neoplastics
Anti Diabetic
Share
100.0
46.7
21.6
17.5
5.3
3.5
3.0
MAT Growth (%)
2.3
3.3
11.3
0.9
(18.0)
20.0
(7.7)
Exhibit 85: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
66.7
25.4
7.5
0.4
MAT
Growth (%)
2.3
7.5
(2.5)
(11.0)
(67.8)
Prices increased by 7.5%
YoY in Jan’20 on a MAT
basis, while volumes dipped
by 6.1% YoY.
Exhibit 86: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
MATVALUE GR Jan 20
9.7
5.5
Exhibit 87: Growth Distribution (%)(MAT Jan’20)
7.5
0.8
(0.0)
-6.1
1.8
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
24 February 2020
20
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ajanta Pharma
Exhibit 88: Top 10 Drugs
Ajanta Pharma’s secondary
sales were at 5.6% YoY in
Jan’20 v/s. 4.3% YoY in
Dec’19. De-Growth in top
brands Met XL, Atorfit CV
and Melacare hurt overall
growth.
Drug
Therapy
MAT Jan - 20
Value
(INR m)
8522
1065
509
496
352
262
255
249
211
164
130
Growth (%)
Growth (%)
6.0
5.0
(6.3)
(1.4)
7.7
15.2
2.1
10.1
(2.2)
7.8
10.7
Mkt Share
Last 3M Jan - 20
(%)
100.0
6.6
5.6
12.5
(1.5)
(1.2)
6.0
(26.9) (28.3)
5.8
(0.7)
(1.8)
4.1
(0.1)
4.2
3.1
30.3
21.5
3.0
(1.7)
(6.0)
2.9
11.0
9.6
2.5
(6.2)
(10.2)
1.9
2.2
0.3
1.5
18.8
15.5
Source: AIOCD, MOFSL
3M*
6.6
(1.6)
13.8
7.8
13.7
1.6
53.3
Jan - 20
5.6
(2.5)
10.1
7.6
16.0
(0.8)
48.7
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
24.3
29.5
25.6
20.7
Source: AIOCD, MOFSL
Cardiac having a major
share (40.7% in therapy
mix) declined at the rate of
2.5% YoY whereas Anti-
Infectives having a share of
2.4% in therapy mix grew at
48.7% in Jan’20.
Growth was distributed
amongst the brands.
Volumes declined 3.5% in
Jan’20 on a MAT basis.
However, price growth was
5.1% on a MAT basis.
Total
Met Xl
Cardiac
Atorfit Cv
Cardiac
Melacare
Derma
Feburic
Pain / Analgesics
Rosutor Gold
Cardiac
Met Xl Am
Cardiac
Cinod
Cardiac
Rosufit Cv
Cardiac
Soft Drops
Ophthal / Otologicals
Vertizac
Neuro / Cns
*3M: Nov 2019-Jan 2020
Exhibit 89: Therapy Mix (%)
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Anti-Infectives
Share
100.0
40.2
23.8
16.1
5.9
3.4
2.4
MAT Growth (%)
6.0
2.4
8.5
3.8
14.5
1.7
37.9
Exhibit 90: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
43.3
15.8
14.6
26.3
MAT
Growth (%)
6.0
3.3
11.8
11.0
4.7
Exhibit 91: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
11.5
MATVALUE GR Jan 20
Exhibit 92: Growth Distribution (%)(MAT Jan’20)
5.1
4.4
4.3
4.3
1.0
-3.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
21
 Motilal Oswal Financial Services
Sector Update| Healthcare
AstraZeneca
Exhibit 93: Top 10 Drugs
MAT Jan - 20
Growth (%)
Value
Mkt Share
(INR m)
Growth (%)
(%)
Last 3M Jan - 20
6449
7.9
100.0
8.0
6.9
1799
2.3
27.9
(21.3)
(20.4)
1324
2.6
20.5
7.1
9.5
481
5.0
7.5
28.2
31.8
461
53.8
7.1
33.1
30.6
419
(0.2)
6.5
11.0
15.1
392
(2.8)
6.1
2.8
5.1
273
1.8
4.2
14.0
18.9
267
101.2
4.1
58.4
61.9
220
(6.7)
3.4
4.4
14.1
202
(3.7)
3.1
4.3
19.2
Source: AIOCD, MOFSL
MAT Growth (%)
7.9
1.5
11.5
56.5
(3.4)
32.7
(4.3)
3M*
8.0
(6.2)
14.5
91.4
4.5
88.5
159.3
Jan - 20
6.9
(5.6)
15.9
44.0
19.0
115.1
516.2
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
76.2
24.2
(0.4)
Source: AIOCD, MOFSL
AstraZeneca’s sales grew
6.9% YoY in Jan’20 v/s. 5.6%
in Dec’19. Top brand
Brilinta declined by 20.4%
YoY whereas brands like
Forxiga, Crestor and Xigduo
showcased robust growth.
The major therapy Cardiac
declined 5.6% YoY dragging
overall growth for the
month and also off-setting
robust growth of
Pain/Analgesics and
Respiratory therapies.
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: Nov 2019-Jan 2020
Exhibit 94: Therapy Mix (%)
Total
Cardiac
Anti Diabetic
Anti-Neoplastics
Hormones
Respiratory
Pain / Analgesics
Share
100.0
52.5
35.3
7.3
3.1
1.7
0.0
Sales were driven by top 10
brands.
Volume growth came in at
3.1% YoY with a price
decline of 0.5%. New
products grew at a better
rate of 5.4% on a MAT
basis.
Exhibit 95: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
100.0
90.5
9.5
0.0
MAT
Growth (%)
7.9
6.6
23.1
(96.3)
Exhibit 96: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
19.6
MATVALUE GR Jan 20
5.8
Exhibit 97: Growth Distribution (%) (MAT Jan’20)
5.4
3.1
6.8
0.6
-0.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
22
 Motilal Oswal Financial Services
Sector Update| Healthcare
JB Chemicals
Exhibit 98: Top 10 Drugs
MAT Jan - 20
Drug
Therapy
Growth (%)
Value
Mkt Share
Growth (%)
Last 3M
Jan - 20
(%)
(INR m)
7103
21.9
100.0
19.6
18.0
1641
30.7
23.1
28.6
28.3
1550
8.5
21.8
3.8
(0.2)
830
32.8
11.7
34.0
40.8
649
13.6
9.1
6.8
7.8
509
29.9
7.2
32.2
33.0
211
3.9
3.0
(17.9)
(30.7)
184
51.2
2.6
41.1
67.5
138
4.3
1.9
10.0
8.5
137
8.4
1.9
(3.9)
(7.7)
127
49.7
1.8
38.0
38.9
Source: AIOCD, MOFSL
MAT Growth (%)
21.9
33.3
12.2
30.0
26.4
(5.6)
8.9
3M*
19.6
33.1
5.0
29.0
19.1
(4.2)
16.8
Jan - 20
18.0
35.2
0.8
5.4
14.8
(5.4)
4.0
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
81.1
17.6
4.6
(3.3)
Source: AIOCD, MOFSL
JB Chemicals’ sales grew by
18% YoY in Jan’20 (v/s.
14.6% YoY in Dec’19) on the
back of high growth in its
top brands. Cilacar/
Nicardia/ Cilacar T/Cilcal M
grew at robust rate of
28.3/40.8%/33% /38.9%
YoY in Jan’20.
Total
Cilacar
Cardiac
Rantac
Gastro Intestinal
Nicardia
Cardiac
Metrogyl
Gastro Intestinal
Cilacar T
Cardiac
Rantac Dom
Gastro Intestinal
Contrapaque
Others
Metrogyl Iv
Gastro Intestinal
Rantac Mps
Gastro Intestinal
Cilacar M
Cardiac
*3M: Nov 2019-Jan 2020
Cardiac therapy (47.6% of
sales share) drove high
growth for the month at
35.2% YoY supported by
strong sales of Cilacar,
Cilacar T, Nicardia, Cilacar
M brands.
Top 25 brands led overall
growth for the company in
Jan’20.
Volume growth for the
company stood at 10.5%
YoY while price growth
came in at 9.1% YoY (at a
similar rate of that in
Dec’19).
Exhibit 99: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Others
Gynaecological
Anti-Infectives
Pain / Analgesics
Share
100.0
47.6
42.4
3.4
1.8
1.7
1.5
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
84.1
11.3
3.9
0.7
MAT
Growth (%)
21.9
21.0
38.9
27.0
(46.9)
Exhibit 101: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
MATVALUE GR Jan 20
33.4
3.7
13.0
3.4
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Exhibit 102: Growth Distribution (%)(MAT Jan’20)
10.5
9.1
2.4
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
23
 Motilal Oswal Financial Services
Sector Update| Healthcare
ERIS LS
Exhibit 103: Top 10 Drugs
MAT Jan - 20
Drug
Therapy
Total
Glimisave M Anti Diabetic
Renerve Plus Vitamins / Minerals / Nutrients
Glimisave Mv Anti Diabetic
Remylin D
Vitamins / Minerals / Nutrients
Tendia M
Anti Diabetic
Eritel Ch
Cardiac
Lnbloc
Cardiac
Tendia
Anti Diabetic
Cyblex Mv
Anti Diabetic
Triglimisave Anti Diabetic
*3M: Nov 2019-Jan 2020
Growth (%)
Value
(INR m) Growth (%) Mkt Share (%) Last 3M Jan - 20
13291
12.0
100.0
7.9
10.0
1084
22.4
8.2
22.4
24.8
855
25.2
6.4
20.9
27.4
751
32.7
5.7
22.8
20.8
516
3.3
3.9
(12.9) (10.7)
404
36.0
3.0
23.7
24.6
373
14.9
2.8
7.9
9.1
329
22.6
2.5
10.8
5.7
319
17.5
2.4
8.5
9.4
303
89.3
2.3
71.2
66.7
297
(27.5)
2.2
(29.4) (21.7)
Source: AIOCD, MOFSL
MAT Growth (%)
12.0
19.8
12.7
10.6
8.7
1.0
1.0
3M*
7.9
17.9
9.2
4.3
(2.4)
(0.5)
(0.2)
Jan - 20
10.0
20.6
11.8
7.1
(1.0)
(3.2)
(1.6)
Source: AIOCD, MOFSL
Growth Contribution
(%)
100.0
60.7
21.1
18.1
0.1
Source: AIOCD, MOFSL
ERIS’ secondary sales grew
at 10% YoY in Jan’20 v/s.
2.7% YoY growth in Dec’19.
Top brands like Glimisave
M, Renerve Plus. Glimisave
Mix and Cyblex Mix
recorded double-digit
growth.
Anti-Diabetic (28.7% of total
therapy mix) grew 20.6%
YoY along with Cardiac
growing 11.8% YoY,
whereas Neuro-CNS/
Gastro-intestinal therapy
sales declined.
Top 10 Brands contributed
60.7% of overall growth.
Exhibit 104: Therapy Mix (%)
Total
Anti Diabetic
Cardiac
Vitamins / Minerals / Nutrients
Neuro / Cns
Gastro Intestinal
Pain / Analgesics
Share
100.0
28.7
26.4
19.0
7.6
6.3
4.4
Exhibit 105: Brand-wise growth distribution
Volume growth for the
company stood at 4.3% YoY,
while price growth came in
at 5.2% YoY on MAT Jan’20
basis.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
39.4
22.3
17.7
20.6
MAT
Growth (%)
12.0
19.8
11.3
12.3
0.1
Exhibit 106: Acute v/s Chronic (MAT growth)
MATVALUE Jan 20
MATVALUE GR Jan 20
15.3
Exhibit 107: Growth Distribution (%)(MAT Jan’20)
7.0
5.1
ACUTE
8.2
4.3
5.2
2.4
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
24 February 2020
24