Sector Update | 12 March 2020
Sector Update| Healthcare
Healthcare
Performance of top companies:
February 2019
Company
IPM
Natco
Dr. Reddy’s
Mankind
FDC
Torrent
USV
Eris LS
Glenmark
Emcure
AstraZeneca
Ajanta
Pfizer
Intas
JB Chemicals
Alkem
Lupin
Ipca
Sun Pharma
Cadila HC
Cipla
Sanofi
Abbott
Indoco
Merck
GSK
Wockhardt
Alembic
MSD
Biocon
MAT
Feb-20
gr (%)
(%)
9.7
1.0
18.9
13.5
9.4
12.1
8.6
11.4
10.5
14.6
8.3
6.8
10.3
13.5
21.1
12.8
11.8
9.8
9.3
12.0
7.9
7.9
8.6
11.6
2.5
10.5
-9.1
3.3
3.2
4.9
12.1
24.7
21.4
19.1
18.3
17.4
16.6
16.3
15.6
14.6
14.4
14.4
14.0
14.0
13.9
13.6
13.4
12.2
11.1
11.7
10.4
10.0
9.4
8.3
8.0
7.9
6.9
6.1
-4.5
-6.1
Volume growth revives; Sustainability remains key monitorable
Indian pharmaceutical market (IPM) growth stood at 12.1% YoY in Feb’20 (v/s
7.6% YoY in Jan’20). Growth was led by prices (+5.4% YoY) and new launches
(+2.9% YoY). Volumes also improved 3.8% YoY in Feb’20.
For the quarter ended Feb’20, overall growth came in at 9.5% YoY, led by prices
(+5.3% YoY) and new launches (+2.7% YoY). Volume growth for the quarter was
relatively low at 1.4% YoY due to dismal momentum in Dec’19/Jan’20. Notably,
both NLEM/non-NLEM products grew 9.2%/9.5% YoY.
On MAT basis, industry growth came in at 9.7% YoY, price growth at 5.4% YoY,
new product growth at 2.5% YoY and volume growth at a mere 1.9% YoY.
In value terms, secondary sales increased 12% YoY for NLEM (~10% of IPM) and
non-NLEM (~86% of IPM) in Feb’20.
Price growth for non-NLEM products was 5.7% YoY in Feb’20. Growth in NLEM
products was driven by volumes (+7.6% YoY) followed by prices (+3.8% YoY).
In Feb’20, Natco (+24.7%), Dr. Reddy’s (+21.4% YoY) and Mankind (+19.1%)
delivered highest growth.
Natco witnessed good traction in volumes (+7.6% YoY). Dr. Reddy’s performance
was driven by strong double-digit growth in its top therapies, especially in
Respiratory/ Anti-infective (+29.2%/+24.4 YoY).
Sun Pharma’s sales grew 14.4% in Feb’20 from 10.3% in Jan’20, mainly due to
better performance of Anti-infective (+21.2% YoY).
Secondary sales declined for MSD and Biocon.
On MAT basis, JB Chemicals/Torrent reported highest price growth of 8.9%/8.2%
YoY. Glenmark saw highest growth in new launches (+4.6% YoY).
Among the top-10 therapies, Respiratory therapy exhibited highest YoY growth
of 17.9%, followed by Anti-infective (+14.1%) in Feb’20. Other therapies like
Pain-Analgesics, VMN, Anti-Diabetic and Gastro-intestinal grew slightly below
industry average at 11.8%, 11.2%, 11% and 10.9% YoY, respectively.
In Feb’20, Indian companies grew at a better rate (+13.2% YoY) than MNCs
(+7.6% YoY).
Also, for the quarter ended Feb’20, Indian companies grew at 10.6% YoY (MNCs:
+5.2% YoY).
On MAT basis, Indian companies grew 10% YoY (MNCs: +8.3% YoY).
Price – key growth driver; volumes improve as well
Natco, Dr. Reddy, Mankind emerge as outperformers
Respiratory/Anti-infective – growth drivers on therapy front
Indian companies continue exhibiting healthy growth compared to MNCs
Tushar Manudhane – Research analyst
(Tushar.Manudhane@MotilalOswal.com); +91 22 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 Feb’20
Volume Growth (%)
9.7
10.8
9.2
4.8
2.7
2.7
-1.1
3M-May 18
3M-Aug 18
1.3
3M-Nov 18
2.4
3M-Feb 19
Price Growth (%)
10.3
8.8
4.9
3
1.5
3M-May 19
5.1
2.1
1.5
3M-Aug 19
New Product Growth (%)
10.0
5.5
2.8
Total Growth (%)
10.5
9.5
5.3
2.7
1.4
3M- Feb 20
8.1
4.1
2.7
5.5
2.7
2.2
3M-Nov 19
3.3
Source: AIOCD, MOFSL
12 March 2020
2
 Motilal Oswal Financial Services
Sector Update| Healthcare
Indian Pharma Market – Feb’20
Exhibit 2: Performance of top companies – Feb’20
MAT Jan- 20
Market
Value
Share (%)
(INR m)
IPM
14,26,575
100.0
Sun Pharma
1,16,643
9.3
Abbott
89,214
6.3
Cipla
66,004
4.6
Zydus Cadila
59,529
4.2
Mankind
54,079
3.8
Alkem
50,545
3.5
Lupin
54,150
3.8
Torrent Pharma
44,337
3.1
Pfizer
33,215
2.3
Glenmark Pharma
32,381
2.3
Sanofi
32,128
2.3
Dr Reddy Labs
34,471
2.4
GSK Pharma
40,795
2.9
Alembic Pharma
16,886
1.2
Ipca Labs
20,561
1.4
Natco
10,885
0.8
Ajanta Pharma
8,621
0.6
Merck
7,370
0.5
Biocon
4,849
0.3
Astrazeneca
6,521
0.5
JB Chemicals
7,178
0.5
Company
Growth
(%)
9.7
9.3
8.6
7.9
12.0
13.5
12.8
11.8
12.1
10.3
10.5
7.9
18.9
10.5
3.3
9.8
1.0
6.8
2.5
4.9
8.3
21.1
Last 8 Quarters YoY Growth (%)
May-18 Aug-18
9.7
7.6
16.2
9.2
6.8
9.8
12.7
16.6
5.4
0.1
11.9
10.4
12.6
4.2
7.1
5.0
(10.1)
8.5
7.9
4.4
22.4
10.9
10.8
9.1
12.3
8.4
11.2
8.4
13.6
15.3
11.3
3.5
15.6
6.0
13.5
2.9
11.5
17.9
5.1
13.0
10.5
14.0
28.7
7.9
Nov-18
9.2
5.7
10.3
9.1
7.6
11.9
8.2
11.8
10.0
9.0
8.7
9.5
6.2
4.7
12.1
28.5
8.4
7.1
9.7
21.2
9.5
13.0
Feb-19 May-19 Aug-19
10.3
7.8
12.4
11.0
9.8
12.0
10.0
15.5
12.8
6.8
8.0
15.7
8.1
6.8
12.9
32.6
22.6
8.2
9.1
18.0
12.7
21.1
8.8
5.5
7.1
10.0
9.3
13.8
12.4
12.6
12.1
4.0
8.5
9.9
12.9
10.3
6.7
12.7
17.0
8.4
1.7
15.0
7.4
24.8
10.0
9.0
9.9
7.7
13.7
14.8
17.3
13.1
8.4
5.6
7.0
14.0
17.2
18.0
2.3
10.2
(10.2)
5.1
(2.7)
7.6
7.4
21.7
Nov-19
10.5
11.4
10.8
6.8
14.2
12.5
11.1
12.3
12.2
16.8
12.8
6.3
23.1
9.8
1.7
7.1
(5.1)
5.8
6.0
3.7
9.3
23.0
Feb-20
9.5
11.1
6.7
7.3
10.9
12.9
10.5
9.5
15.7
14.5
13.1
2.1
21.7
4.7
2.8
9.9
6.1
8.0
5.1
(5.4)
8.9
15.5
1M
Feb- 20
12.1
14.4
9.4
10.4
11.7
19.1
13.6
13.4
17.4
14.0
15.6
10.0
21.4
7.9
6.1
12.2
24.7
14.4
8.0
(6.1)
14.4
13.9
Exhibit 3: Performance of top therapies – Feb’20
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 (%) (%) May-18 Aug-18
(INR m)
14,26,575
100.0
9.7
9.7
10.8
1,94,000
13.6
9.9
7.4
3.1
1,79,272
12.6
11.0
7.9
12.0
1,58,740
11.1
8.1
7.0
7.3
1,38,497
9.7
11.0
9.4
13.7
1,22,798
8.6
9.1
8.5
11.8
1,07,695
7.5
11.5
18.1
6.0
97,379
6.8
9.6
7.7
8.3
95,857
6.7
7.8
11.1
15.8
85,922
6.0
9.4
7.9
10.2
70,682
5.0
7.3
5.6
9.3
30,336
2.1
7.5
11.0
17.2
25,820
1.8
8.3
3.4
8.6
26,189
1.8
10.1
16.1
15.7
22,851
1.6
6.9
1.8
(2.2)
Last 8 Quarters in Growth (%)
9.2
9.4
12.9
6.7
14.5
8.6
9.5
7.1
10.4
7.9
9.9
7.6
7.4
12.1
(8.6)
10.3
5.4
15.5
10.3
18.6
8.9
4.3
10.4
10.3
11.1
12.3
13.1
8.0
11.2
(1.2)
8.8
5.5
12.0
6.0
13.7
8.5
5.5
7.9
8.5
9.7
9.4
14.9
9.8
8.1
(0.4)
10.0
13.0
9.6
8.9
12.2
8.9
13.5
10.4
6.4
8.4
6.0
1.3
8.7
11.4
7.7
1M
10.5
9.5
12.1
10.0 10.8
14.1
11.5 11.0
13.3
10.4
7.1
10.9
10.7
7.8
11.0
9.4
9.5
11.2
11.5 14.9
17.9
11.2
8.9
11.8
9.2
7.0
9.8
10.4
9.0
10.9
7.6
6.2
6.9
8.9
5.3
4.4
8.7
6.1
8.0
11.7
9.2
8.8
11.3
9.1
12.3
Source: AIOCD, MOFSL
Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 Feb- 20
12 March 2020
3
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sun Pharma
Exhibit 4: Top-10 Drugs
Drug
Therapy
MAT Feb–20
Value
(INR m)
116643
Cardiac 2825
Respiratory 1904
Anti-Diabetic 1601
Anti-Infectives 1316
Cardiac 1201
Gastro Intestinal 1064
Vaccines 1038
Cardiac 976
Anti-Infectives 895
Anti-Infectives 763
Gr. (%)
9.3
16.3
7.6
8.3
14.0
16.2
7.0
147.5
(5.6)
22.8
29.3
Growth (%)
Mkt Share (%) Last 3M Feb - 20
100.0
11.1
14.4
6.8
16.3
23.4
5.9
5.6
12.2
5.0
(0.0)
6.7
3.2
18.9
20.7
3.7
16.1
6.2
3.3
(17.6) (11.3)
3.2
16.0
35.9
3.0
(6.8)
(4.5)
2.2
38.8
43.3
1.8
27.4
29.8
Source: AIOCD, MOFSL
3M*
11.1
8.4
8.8
12.7
20.3
6.3
8.9
Feb - 20
14.4
11.5
13.4
15.2
21.2
8.9
12.4
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
33.3
18.1
14.3
34.3
Source: AIOCD, MOFSL
Sun Pharma’s secondary
sales grew 14.4% YoY in
Feb’20 v/s 10.3% YoY in
Jan’20. Sporidex and
Fluquadri grew 43.3% and
35.9% YoY, respectively.
Total
Rosuvas
Allegra
Amaryl M
Mox
Clexane
Enterogermina
Fluquadri
Cardace
Sporidex
Mox Cv
*3M: Dec 2019-Feb 2020
The top therapy
contributors Cardiac and
Neuro/CNS grew 11.5% and
13.4% YoY, respectively.
Exhibit 5: Therapy mix (%)
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Anti-Infectives
Ant- Diabetic
Pain / Analgesics
Share
100.0
17.5
16.7
12.2
10.4
9.1
6.5
MAT Growth (%)
9.3
7.0
6.2
9.3
16.7
6.5
7.9
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
27.4
17.5
15.4
39.8
MAT
Growth (%)
9.3
11.6
9.7
8.6
7.9
Acute portfolio grew at a
faster rate of 11.6% YoY on
MAT basis in Feb’20.
Exhibit 7: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
11.6
MATVALUE GR Feb 20
Exhibit 8: Growth Distribution (%) (MAT Feb’20)
6.6
6.3
2.0
Price GR
NP GR
Source: AIOCD, MOFSL
64.9
ACUTE
51.8
CHRONIC
Source: AIOCD, MOFSL
1.0
Vol GR
12 March 2020
4
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cipla
Exhibit 9: Top-10 Drugs
Drug
Therapy
Value
(INR m)
66004
3307
2416
2273
1927
1804
1686
1325
1311
1261
1206
MAT Feb - 20
Growth
(%)
7.9
6.4
9.5
11.3
9.2
4.5
14.2
15.7
17.2
4.5
13.0
Growth (%)
Mkt
Share (%)
100.0
5.0
3.7
3.4
2.9
2.7
2.6
2.0
2.0
1.9
1.8
Last 3M
Feb - 20
Cipla’s secondary sales grew
10.4% YoY in Feb’20 v/s. 5%
YoY in Jan’20. Growth was
driven by top brands like
Foracort (+14.2% YoY),
Budecort (+16.1% YoY) and
Duolin (+24.8% 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: Dec 2019- Feb 2020
7.3
10.4
6.9
14.2
11.1
16.1
17.3
24.8
3.0
10.9
21.0
27.7
16.3
16.7
11.6
17.0
16.8
22.9
6.5
15.3
6.0
14.7
Source: AIOCD, MOFSL
Exhibit 10: Therapy Mix (%)
Respiratory therapy grew
16.8% 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
34.7
22.0
13.2
6.2
5.7
3.6
MAT Growth (%)
7.9
9.1
7.0
11.3
0.4
11.2
10.2
3M*
7.3
12.0
7.5
7.3
(2.5)
5.0
3.1
Feb - 20
10.4
16.8
9.0
8.9
1.4
10.2
4.1
Source: AIOCD, MOFSL
Top-10 brands (28.1% of
sales) contributed 34.2% 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
28.1
15.8
15.2
40.9
MAT
Growth (%)
7.9
9.8
4.9
9.5
7.2
Growth
Contribution (%)
100.0
34.2
10.2
17.9
37.7
Source: AIOCD, MOFSL
Price growth stood at 5.2%
on MAT basis. Volumes
continue to decline further.
Exhibit 12: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
9.7
6.4
Exhibit 13: Growth Distribution (%)(MAT Feb’20)
5.2
2.9
36.0
ACUTE
30.0
CHRONIC
Source: AIOCD, MOFSL
-0.2
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
5
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top-10 Drugs
Zydus’ secondary sales
grew 11.7% YoY in Feb’20
v/s 8.9% YoY in Jan’20;
growth was dragged by
brands like Skinlite (-25.5%
YoY), Deca Durabolin(-
55.8% YoY) and Amicin (-
15.3% YoY).
Drug
Therapy
Value
(INR m)
59529
1681
1583
1400
1353
1315
1125
1085
1034
1026
871
MAT Feb - 20
Growth
(%)
12.0
14.7
(9.5)
16.5
37.6
18.4
50.6
10.9
27.4
(10.0)
2.8
Growth (%)
Mkt
Share (%)
100.0
2.8
2.7
2.4
2.3
2.2
1.9
1.8
1.7
1.7
1.5
Last 3M
Feb - 20
Total
Deriphyllin
Respiratory
Skinlite
Derma
Atorva
Cardiac
Mifegest Kit
Gynaecological
Pantodac
Gastro Intestinal
Zyrop
Blood Related
Deca Durabolin
Hormones
Thrombophob
Pain / Analgesics
Amicin
Anti-Infectives
Formonide
Respiratory
*3M: Dec 2019- Feb 2020
10.9
11.7
4.7
4.6
(23.9)
(25.5)
13.7
12.3
30.7
38.1
25.3
25.3
29.4
46.5
(11.4)
(55.8)
33.2
44.3
(15.1)
(15.3)
6.5
12.8
Source: AIOCD, MOFSL
Feb - 20
11.7
2.8
7.9
8.4
14.6
19.5
16.6
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
22.4
10.6
30.7
36.2
Source: AIOCD, MOFSL
Exhibit 15: Therapy Mix (%)
Robust growth of Gastro-
intestinal/Pain-Analgesics/
Gynaec at
14.6%/19.5%/16.6% YoY
was offset by lower growth
in Anti-infective/Cardiac/
Respiratory therapies.
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Pain / Analgesics
Gynaecological
Share
100.0
15.0
13.6
10.9
10.7
9.6
7.9
MAT Growth (%)
12.0
5.0
10.0
9.5
8.2
12.4
12.0
3M*
10.9
4.7
9.8
7.5
11.9
14.1
11.7
Exhibit 16: Brand-wise growth distribution
Performance was driven by
volume/price growth at
5.2%/4.8% YoY on MAT
Feb’20 basis.
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
21.0
15.6
16.2
47.3
MAT
Growth (%)
12.0
13.0
7.9
25.6
9.0
Exhibit 17: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
12.1
MATVALUE GR Feb 20
Exhibit 18: Growth Distribution (%)(MAT Feb’20)
5.2
12.0
4.8
2.0
41.5
ACUTE
18.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
6
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alkem
Exhibit 19: Top-10 Drugs
Alkem’s secondary sales
grew 13.6% YoY in Feb’20,
led by Taxim O, Xone and A
To Z Ns.
MAT Feb - 20
Drug
Therapy
Growth (%)
Value
Growth (%) Mkt Share (%) Last 3M Feb - 20
(INR m)
50545
12.8
100.0
10.5
13.6
3765
9.3
7.4
2.7
0.0
3031
8.0
6.0
3.4
12.1
2565
(2.5)
5.1
(9.6)
4.9
2277
15.8
4.5
27.4
37.8
1602
18.9
3.2
21.8
23.4
1453
18.7
2.9
13.9
18.0
1263
(0.4)
2.5
(0.6)
0.1
1174
18.9
2.3
2.3
4.7
1043
22.0
2.1
18.1
25.7
940
(9.8)
1.9
(22.4) (21.3)
Source: AIOCD, MOFSL
MAT Growth (%)
12.8
13.8
5.4
4.2
19.6
21.0
29.2
3M*
10.5
12.7
(0.7)
(2.1)
22.6
14.9
24.7
FEB - 20
13.6
14.0
7.8
1.8
24.1
7.0
28.2
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: Dec 2019- Feb 2020
Exhibit 20: Therapy Mix (%)
Sales growth was driven by
Anti- infective/Pain-
analgesics and Anti-Diabetic
therapies, which grew
14%/24.1%/28.2% YoY for
Feb’20.
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Anti-Diabetic
Share
100.0
39.4
17.7
12.1
7.6
5.6
4.2
Contribution of top-10
brands to growth was
26.9% in Feb’20.
Volumes grew 4.4% YoY and
price grew 6.2% YoY on
MAT Feb’20 basis.
Exhibit 21: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
37.8
17.4
12.3
32.5
MAT
Growth (%)
12.8
8.8
12.3
21.4
14.9
Growth
Contribution (%)
100.0
26.9
16.8
19.1
37.3
Source: AIOCD, MOFSL
Exhibit 22: Acute v/s Chronic (MAT growth)
MATVALUE GR Feb 20
43.5
MATVALUE Feb 20
Exhibit 23: Growth Distribution (%) (MAT Feb’20)
11.1
7.1
ACUTE
24.7
6.2
4.4
2.2
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
CHRONIC
Source: AIOCD, MOFSL
12 March 2020
7
 Motilal Oswal Financial Services
Sector Update| Healthcare
Lupin
Exhibit 24: Top-10 Drugs
MAT Feb - 20
Drug
Therapy
Value
(INR m)
54150
2490
1783
1326
1252
1113
968
958
925
924
730
Growth (%)
11.8
5.0
2.7
12.8
23.4
31.3
4.6
33.0
92.3
16.9
1.6
Growth (%)
Last
Mkt Share (%)
Feb - 20
3M
100.0
9.5
13.4
4.6
(2.0)
(0.3)
3.3
(7.8)
1.2
2.4
21.4
26.7
2.3
11.7
15.9
2.1
18.3
20.6
1.8
7.7
15.6
1.8
6.2
3.9
1.7
65.9
67.8
1.7
11.7
21.5
1.3
5.4
21.2
Source: AIOCD, MOFSL
3M*
9.5
11.6
10.3
1.9
15.0
11.4
14.1
Feb - 20
13.4
16.7
14.1
5.4
18.1
19.9
15.4
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
29.4
16.3
17.9
36.4
Source: AIOCD, MOFSL
Lupin’s secondary sales
grew 13.4% YoY in Feb’20
v/s 6.7% YoY in Jan’20.
Strong traction in brands
like Cidmus, Budamate,
Ivabrad, Rablet D (growth at
67.8%. 26.7%, 21.5% and
21.2% YoY, respectively) led
overall growth.
Performance of therapies
like Cardiac, Respiratory,
Anti-diabetic, Gastro and
Neuro/CNS was robust,
driving overall growth.
Total
Gluconorm-G
Anti-Diabetic
Huminsulin
Anti-Diabetic
Budamate
Respiratory
Gibtulio
Anti-Diabetic
Ondero
Anti-Diabetic
Tonact
Cardiac
Ondero Met
Anti-Diabetic
Cidmus
Cardiac
Ivabrad
Cardiac
Rablet-D
Gastro Intestinal
*3M: Dec 2019- Feb 2020
Exhibit 25: Therapy Mix (%)
Total
Cardiac
Anti-Diabetic
Anti-Infectives
Respiratory
Gastro Intestinal
Neuro / Cns
Share
100.0
23.5
23.3
13.7
12.3
7.2
4.7
MAT Growth (%)
11.8
12.4
18.8
4.7
10.7
9.2
17.3
Contribution of Top-10
brands to growth was
29.4% in Feb’20.
Volume growth
was 1.4% YoY.
Price growth was
better at 6.4% YoY
on MAT basis.
basisFeb’20.
Exhibit 26: 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
14.6
15.8
46.6
MAT
Growth (%)
11.8
15.6
13.4
13.6
9.0
Exhibit 27: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
14.7
8.3
Exhibit 28: Growth Distribution (%)(MAT Feb’20)
6.4
4.1
23.0
ACUTE
31.1
CHRONIC
Source: AIOCD, MOFSL
1.4
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
8
 Motilal Oswal Financial Services
Sector Update| Healthcare
GSK Pharma
Exhibit 29: Top-10 Drugs
MAT Feb - 20
Growth (%)
Mkt Share (%) Last 3M Feb - 20
100.0
4.7
7.9
11.2
16.6
24.5
7.1
18.4
14.6
6.1
13.7
26.2
5.0
(9.2)
(20.6)
5.0
12.1
10.8
4.7
(1.6)
26.0
4.6
29.4
32.7
4.3
24.4
34.0
3.5
(81.0) (81.2)
3.0
9.4
6.5
Source: AIOCD, MOFSL
GSK Pharma’s secondary
sales grew 7.9% YoY in
Feb’20 v/s decline of 0.2%
YoY in Jan’20. The decline in
Betnovate C/ 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: Dec 2019- Feb 2020
Value
(INR m)
40795
4574
2913
2504
2047
2036
1898
1871
1745
1447
1234
Growth (%)
10.5
20.5
11.7
21.4
4.2
16.2
(6.3)
38.0
16.1
(25.5)
19.1
Exhibit 30: Therapy Mix (%)
Pain/Analgesics grew 22.3%
YoY followed by Anti-
infective, which grew at
robust rate of 20.8% YoY.
Derma also grew 11.3% YoY
in Feb ’20, supporting
overall growth.
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Respiratory
Share
100.0
23.2
22.7
18.0
8.8
8.0
5.8
MAT Growth (%)
10.5
10.6
18.0
13.4
16.7
14.1
6.5
3M*
4.7
7.1
15.7
10.2
12.5
9.5
3.6
Feb - 20
7.9
11.3
20.8
10.7
22.3
8.5
7.9
Source: AIOCD, MOFSL
Exhibit 31: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
54.6
22.5
13.8
9.1
MAT
Growth (%)
10.5
11.1
28.5
(0.3)
(8.7)
Growth
Contribution (%)
100.0
57.1
52.4
(0.4)
(9.1)
Source: AIOCD, MOFSL
Price growth came in at
6.1% YoY. Volume growth
was at 2.7% YoY on MAT
basis in Feb’20.
Exhibit 32: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
11.2
MATVALUE GR Feb 20
Exhibit 33: Growth Distribution (%)(MAT Feb’20)
6.0
2.7
35.8
ACUTE
5.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
6.1
1.8
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
9
 Motilal Oswal Financial Services
Sector Update| Healthcare
Glenmark Pharma
Exhibit 34: Top-10 Drugs
MAT Feb - 20
Growth (%)
Mkt Share (%) Last 3M Feb - 20
100.0
8.8
6.9
4.2
3.8
3.6
3.6
3.1
2.6
1.9
1.9
13.1
15.6
25.5
29.4
19.2
26.6
7.1
12.2
14.6
20.2
24.0
23.4
11.9
14.9
18.1
24.3
(1.9)
0.6
15.5
22.1
11.3
12.1
Source: AIOCD, MOFSL
Feb - 20
15.6
19.4
11.2
22.9
11.0
29.3
32.0
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
51.6
18.2
5.4
24.8
Source: AIOCD, MOFSL
Drug
Therapy
Value
(INR m)
32381
2835
2220
1368
1222
1168
1152
1013
840
610
600
Glenmark’s Feb’20
secondary sales growth
stood at 15.6% YoY v/s 11%
YoY in Jan’20. This growth
was mainly led by its top
brands Telma/Telma
H/Candid/ Ascoril LS
(+29.4%/26.6%/20.2%/23.4
% YoY).
Growth (%)
10.5
29.7
15.2
7.6
9.2
14.6
7.7
6.1
10.4
18.2
(3.6)
Glenmark’s secondary sales
were driven by Anti- Opthal
(+32% YoY), Diabetic
(+29.3% YoY), Respiratory
(+22.9% YoY) and Cardiac
(+19.4% YoY) therapies in
Feb’20.
Total
Telma
Cardiac
Telma H
Cardiac
Telma Am
Cardiac
Candid
Derma
Ascoril Ls
Respiratory
Ascoril Plus
Respiratory
Candid-B
Derma
Zita-Met Plus
Anti-Diabetic
Ascoril D Plus
Respiratory
Canditral
Anti-Infectives
*3M: Dec 2019- Feb 2020
Exhibit 35: Therapy Mix (%)
Total
Cardiac
Derma
Respiratory
Anti-Infectives
Anti-Diabetic
Ophthal / Otologicals
Share
100.0
27.5
27.5
18.2
13.2
9.0
1.3
MAT Growth (%)
10.5
16.1
4.5
16.9
6.9
20.3
9.2
3M*
13.1
16.2
8.4
20.2
8.6
26.5
27.9
Contribution of Top-10
brands to growth was
51.6% in Jan’20.
Volumes declined 0.3% YoY,
while price growth stood at
6.1% YoY on MAT basis in
Feb’20.
Exhibit 36: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
40.2
17.6
14.5
27.6
MAT
Growth (%)
10.5
13.8
10.8
3.7
9.3
Exhibit 37: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
16.0
Exhibit 38: Growth Distribution (%)(MAT Feb’20)
6.1
6.6
-0.3
18.5
ACUTE
13.9
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
4.6
NP GR
Source: AIOCD, MOFSL
12 March 2020
10
 Motilal Oswal Financial Services
Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 39: Top-10 Drugs
MAT Feb - 20
Growth (%)
Mkt Share (%) Last 3M Feb - 20
100.0
4.6
3.9
3.7
3.3
2.7
2.7
2.3
2.3
2.2
2.1
21.7
21.4
26.2
24.2
22.6
26.0
2.0
16.7
32.9
23.6
20.4
19.0
43.9
52.3
37.2
38.8
24.6
25.2
13.3
8.1
24.6
25.0
Source: AIOCD, MOFSL
Drug
Therapy
Value
(INR m)
34471
1585
1353
1275
1154
917
914
804
796
754
729
Sales growth of 21.4% YoY
in Feb’20 was backed by
robust growth of its brands
like Stamlo, Ketoraol, Omez
D and Nise, which grew
52.3%, 38.8%, 26% and
25.2% YoY, respectively.
Growth (%)
18.9
22.5
21.9
22.5
26.2
21.9
28.9
30.9
24.5
18.5
26.2
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: Dec 2019- Feb 2020
Growth was supported by
Respiratory and Anti-
infective that exhibited high
growth of 29.2% and 24.4%
YoY, respectively.
Exhibit 40: Therapy Mix (%)
Total
Gastro Intestinal
Cardiac
Derma
Respiratory
Anti-Diabetic
Anti-Infectives
Share
100.0
22.7
13.2
11.0
8.2
7.3
7.0
MAT Growth (%)
18.9
21.6
15.8
26.6
19.2
17.6
5.9
3M*
21.7
17.1
17.7
23.0
25.4
14.8
23.7
Feb - 20
21.4
17.7
18.3
19.2
29.2
13.6
24.4
Source: AIOCD, MOFSL
Top-10 brands (29.8% of
total sales) contributed
significantly (36.4%) to
overall growth.
Volume and price growth
stood at 8.7% YoY and 7.6%
YoY, respectively, in Feb’20
on MAT basis.
Exhibit 41: 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 (%)
18.9
24.0
18.6
17.7
15.3
Growth
Contribution (%)
100.0
36.4
19.9
15.0
28.6
Source: AIOCD, MOFSL
Exhibit 42: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
19.8
16.4
MATVALUE GR Feb 20
Exhibit 43: Growth Distribution (%)(MAT Feb’20)
8.7
7.6
2.6
24.8
ACUTE
9.7
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
11
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sanofi India
Exhibit 44: Top-10 Drugs
Sanofi’s secondary sales
grew 10% YoY in Feb ’20 v/s
mere 1% YoY in Jan’20.
Major drags for the month
were brands like
Enterogermina, Cardace
and Hexaxim (-11.3%,-4.5%
and -1.6% YoY).
MAT Feb - 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: Dec 2019-Feb 2020
Value
(INR m)
32128
4932
1909
1904
1601
1516
1201
1064
1038
976
947
Growth (%)
7.9
3.4
14.3
7.6
8.3
0.8
16.2
7.0
147.5
(5.6)
(8.6)
Growth (%)
Last
Mkt Share (%) 3M Feb - 20
100.0
2.1
10.0
15.4
0.9
9.2
5.9
7.7
11.0
5.9
5.6
12.2
5.0
(0.0)
6.7
4.7
(11.0) (1.6)
3.7
16.1
6.2
3.3
(17.6) (11.3)
3.2
16.0
35.9
3.0
(6.8)
(4.5)
2.9
15.9
14.5
Source: AIOCD, MOFS
3M*
2.1
3.5
2.5
(0.9)
9.5
2.6
(5.6)
Feb - 20
10.0
9.7
3.3
20.0
14.3
6.1
14.7
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
58.4
34.3
17.1
(9.8)
Source: AIOCD, MOFSL
Lower growth is
attributable to muted
growth in Cardiac and
Pain/Analgesics therapies
(3.3%/6.1% YoY).
Top-10 brands showed
maximum contribution to
overall sales growth at
58.4%.
Price growth was at 5.5%
whereas volume growth
continues to be muted in
Feb’20 on MAT basis.
Exhibit 45: Therapy Mix (%)
Total
Anti-Diabetic
Cardiac
Vaccines
Respiratory
Pain / Analgesics
Neuro / Cns
Share
100.0
29.5
15.3
12.8
10.4
8.5
6.9
MAT Growth(%)
7.9
7.9
6.4
13.3
3.4
9.8
7.1
Exhibit 46: 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 (%)
7.9
8.8
11.0
8.8
(10.9)
Exhibit 47: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
8.5
MATVALUE GR Feb 20
Exhibit 48: Growth Distribution (%)(MAT Feb’20)
5.5
7.3
15.5
ACUTE
16.6
CHRONIC
Source: AIOCD, MOFSL
-0.1
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
2.5
12 March 2020
12
 Motilal Oswal Financial Services
Sector Update| Healthcare
Torrent Pharma
Exhibit 49: Top-10 Drugs
MAT Feb - 20
Growth (%)
Drug
Therapy
Value
Mkt Share
Feb -
Growth (%)
Last 3M
(%)
20
(INR m)
Total
44337
12.1
100.0
15.7
17.4
Shelcal
Vitamins / Minerals / Nutrients 2239
7.3
5.0
9.4
14.8
Chymoral Forte
Pain / Analgesics
1620
12.6
3.7
22.1
28.1
Nikoran
Cardiac
1139
11.6
2.6
20.6
26.0
Azulix-Mf
Anti-Diabetic
1043
11.7
2.4
9.5
10.4
Nexpro Rd
Gastro Intestinal
1012
22.4
2.3
29.1
33.6
Nebicard
Cardiac
936
13.6
2.1
21.0
23.7
Losar H
Cardiac
905
(6.9)
2.0
(12.8) (4.3)
Dilzem
Cardiac
865
5.0
2.0
11.4
5.8
Losar
Cardiac
854
5.3
1.9
1.9
5.2
Shelcal Xt
Vitamins / Minerals / Nutrients
822
42.6
1.9
45.7
46.1
*3M: Dec 2019- Feb 2020
Source: AIOCD, MOFSL
Torrent Pharma’s secondary
sales grew 17.4% YoY in
Feb’20 v/s 15.8% YoY in
Jan’20. Brands like Shelcal
XT, Nexpro Rd, Chymoral
Forte, and Nikoran proved
to be a catalyst for overall
growth.
Pain-Analgesics/ Anti-
diabetic/ Gastro Intestinal
therapies continued to
grow at
23.1%/22.7%/22.6% YoY,
supporting overall growth
in Feb’20.
Exhibit 50: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins / Minerals / Nutrients
Anti-Diabetic
Pain / Analgesics
Share
100.0
30.4
16.2
14.7
12.7
8.2
6.6
MAT Growth (%)
12.1
9.9
16.6
10.0
11.6
18.0
11.1
3M*
15.7
12.7
20.7
13.7
16.5
20.7
18.2
Feb - 20
17.4
13.9
22.6
12.6
21.3
22.7
23.1
Source: AIOCD, MOFSL
All brand categories saw
nearly an equal
contribution to sales
growth.
Price growth stood at 8.2%
YoY, whereas volumes grew
2% YoY in Feb’20 on MAT
basis.
Exhibit 51: 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
17.6
15.1
41.5
MAT
Growth (%)
12.1
10.9
14.9
15.3
10.5
Growth
Contribution (%)
100.0
23.5
21.2
18.7
36.6
Source: AIOCD, MOFSL
Exhibit 52: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
Exhibit 53: Growth Distribution (%)(MAT Feb’20)
13.6
10.6
8.2
21.3
ACUTE
23.0
CHRONIC
Source: AIOCD, MOFSL
2.0
Vol GR
Price GR
1.8
NP GR
Source: AIOCD, MOFSL
12 March 2020
13
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alembic Pharma
Exhibit 54: Top-10 Drugs
MAT Feb - 20
Drug
Therapy
Value
(INR m)
16886
1649
856
722
535
451
362
285
282
272
258
Growth (%)
Last
Growth (%) Mkt Share (%)
Feb - 20
3M
3.3
100.0
2.8
6.1
6.6
9.8
3.5
14.1
7.9
5.1
19.7 30.2
9.5
4.3
6.2
14.0
(1.7)
3.2
6.2
11.2
(19.0)
2.7
(20.8) (23.2)
17.3
2.1
22.5 22.0
(20.8)
1.7
(24.8) (17.4)
7.6
1.7
1.6
(1.0)
(12.5)
1.6
(21.1) (19.5)
21.7
1.5
16.9 13.7
Source: AIOCD, MOFSL
Alembic Pharma’s
secondary sales grew 6.1%
YoY in Feb’20 v/s decline of
2.0% YoY in Jan’20. Growth
was dragged by decline in
sales of brands like Gestofit,
Richar, Rekool D and Crina
N, which were down 23.2%,
19.5%, 17.4% and 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: Dec 2019- Feb 2020
Gynaec/ Anti-diabetic
declined 11.6%/6% YoY
leading to overall decline.
Exhibit 55: Therapy Mix (%)
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynaecological
Anti-Diabetic
Share
100.0
21.9
15.5
13.4
11.7
11.0
7.1
MAT Growth (%)
3.3
5.1
5.1
10.2
(1.7)
(3.9)
0.7
3M*
2.8
7.0
5.3
9.7
(1.6)
(9.7)
(5.7)
Feb - 20
6.1
14.4
6.6
13.4
3.0
(11.6)
(6.0)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
21.9
15.2
(8.7)
71.5
Source: AIOCD, MOFSL
Exhibit 56: Brand-wise growth distribution
Price growth was at 6.2%
YoY (at similar rate of that
in Jan’20), while volumes
declined 5% YoY in Feb’20
on MAT basis.
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
33.6
18.5
18.6
29.3
MAT
Growth (%)
3.3
2.1
2.7
(1.5)
8.4
Exhibit 57: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
4.2
3.0
Exhibit 58: Growth Distribution (%)(MAT Feb’20)
6.2
2.1
-5.0
12.9
ACUTE
4.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
14
 Motilal Oswal Financial Services
Sector Update| Healthcare
IPCA Labs
Exhibit 59: Top-10 Drugs
MAT Feb - 20
Drug
Therapy
Value
(INR m)
20561
1992
1291
1207
664
536
528
505
505
488
447
Growth (%)
9.8
15.3
11.5
18.5
12.6
12.7
4.1
7.9
8.8
24.6
20.0
Growth (%)
Last
Mkt Share (%)
Feb - 20
3M
100.0
9.9
12.2
9.7
16.9
23.7
6.3
17.2
33.4
5.9
20.7
25.6
3.2
15.4
16.4
2.6
15.9
25.8
2.6
11.1
15.7
2.5
1.2
0.6
2.5
3.1
2.9
2.4
14.4
9.4
2.2
21.1
22.0
Source: AIOCD, MOFSL
3M*
9.9
13.2
2.0
14.7
20.1
(0.4)
14.1
Feb - 20
12.2
20.5
3.5
15.4
19.2
2.5
17.0
Source: AIOCD, MOFSL
Growth Contribution
(%)
100.0
53.9
26.2
11.7
8.2
Source: AIOCD, MOFSL
IPCA’s secondary sales grew
12.2% YoY in Feb’20 v/s
8.4% YoY in Jan’20. Growth
in top brands like Zerodol
SP (23.7 %)/Zerodol P
(33.4%)/HCQS (25.6%)
contributed toward overall
growth.
Amongst top therapies,
Pain- analgesics/ Anti
Infective/Anti- neoplatics
grew 20.5%/17%/15.4%
YoY, improving 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: Dec 2019-Feb 2020
Exhibit 60: Therapy Mix (%)
Total
Pain / Analgesics
Cardiac
Anti Malarials
Anti-Infectives
Gastro Intestinal
Anti-Neoplastics
Share
100.0
28.5
15.8
15.1
7.1
6.5
5.2
MAT Growth (%)
9.8
9.3
4.5
13.0
20.6
0.4
13.5
Top-10 brands were major
growth contributors at
53.9% YoY.
Exhibit 61: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
39.7
21.1
17.5
21.6
MAT
Growth (%)
9.8
13.8
12.5
6.3
3.5
Volumes grew 3.2% YoY
and price growth stood at
5.3% YoY on MAT basis in
Feb’20.
Exhibit 62: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
10.9
6.9
MATVALUE GR Feb 20
Exhibit 63: Growth Distribution (%)(MAT Feb’20)
5.3
3.2
15.1
ACUTE
5.5
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
1.3
NP GR
Source: AIOCD, MOFSL
12 March 2020
15
 Motilal Oswal Financial Services
Sector Update| Healthcare
Biocon
Exhibit 64: Top-10 Drugs
MAT Feb - 20
Drug
Therapy
Value
(INR m)
4849
1123
841
604
336
248
203
146
103
74
72
Growth (%)
Last
Mkt Share (%)
Feb - 20
3M
100.0
(5.4)
(6.1)
23.2
(3.6)
2.5
17.3
(10.6) (10.1)
12.4
(69.0) (78.5)
6.9
158.1
163.1
5.1
1.6
8.3
4.2
75.9
61.2
3.0
39.9
65.8
2.1
(29.3) (24.2)
1.5
8.4
(1.7)
1.5
62.4
38.3
Source: AIOCD, MOFSL
3M*
(5.4)
(5.3)
(34.1)
151.2
7.6
56.9
(19.3)
Feb - 20
(6.1)
(1.8)
(38.2)
154.4
20.3
42.0
(25.5)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
73.6
28.0
14.1
(15.7)
Source: AIOCD, MOFSL
Biocon’s secondary sales
recorded decline of 6.1% in
Feb’20 v/s decline of 1.9%
YoY in Jan’20. While sales of
Erypro and Psorid saw >60%
YoY growth, overall growth
was dragged by decline in
sales of other brands.
Growth (%)
4.9
2.0
0.0
(13.5)
166.8
(1.7)
58.8
(16.4)
(28.8)
0.4
61.6
Biocon’s two major
therapies, Anti-Diabetic and
Anti-Neoplastics (52.6% and
25.4% of overall portfolio)
declined 1.8% and 38.2%,
respectively in Feb’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: Dec 2019- Feb 2020
Exhibit 65: Therapy Mix (%)
Total
Anti-Diabetic
Anti-Neoplastics
Blood Related
Anti-Infectives
Derma
Cardiac
Share
100.0
52.6
25.4
7.6
5.3
3.7
1.9
MAT Growth (%)
4.9
(0.7)
(5.1)
146.7
25.1
48.5
(21.9)
Top-10 products are the
primary growth drivers for
Biocon contributing 73.6%
toward overall growth.
The company saw volume
decline 0.3% YoY and price
growth of 5% YoY in Feb’20
on MAT basis.
Exhibit 66: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
77.3
12.9
7.7
2.1
MAT
Growth (%)
4.9
4.7
11.3
9.3
(26.1)
Exhibit 67: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
5.7
3.7
Exhibit 68: Growth Distribution (%)(MAT Feb’20)
5.0
1.9
ACUTE
3.0
CHRONIC
Source: AIOCD, MOFSL
-0.3
Vol GR
Price GR
0.3
NP GR
Source: AIOCD, MOFSL
12 March 2020
16
 Motilal Oswal Financial Services
Sector Update| Healthcare
Abbott India
Exhibit 69: Top-10 Drugs
Abbott’s secondary sales
grew 9.4% YoY in Feb’20 v/s
5.4% YoY in Jan’20. Decline
in sales of top brands like
Duphaston/ Thyronorm/
Phemsedyl Cough Linctus at
8.6%/0.2%/9.8% YoY
dragged overall growth in
Feb’20.
MAT Feb - 20
Drug
Therapy
Value
(INR m)
89214
5530
3844
3501
3022
2858
2832
1780
1697
1632
1332
Growth (%)
Growth (%) Mkt Share (%) Last 3M Feb - 20
8.6
6.5
9.0
2.6
(0.9)
(0.3)
21.8
7.2
10.4
23.7
9.9
100.0
6.7
9.4
6.2
6.3
12.7
4.3
(6.4)
(8.6)
3.9
(5.2)
(0.2)
3.4
(5.4)
1.9
3.2
(5.2)
(9.8)
3.2
16.8
17.4
2.0
4.3
11.7
1.9
5.5
9.9
1.8
21.5
30.1
1.5
8.5
22.1
Source: AIOCD, MOFSL
Total
Mixtard
Anti-Diabetic
Duphaston
Gynaecological
Thyronorm
Hormones
Novomix
Anti-Diabetic
Phensedyl Cough Linctus Respiratory
Udiliv
Gastro Intestinal
Vertin
Neuro / Cns
Duphalac
Gastro Intestinal
Ryzodeg
Anti-Diabetic
Actrapid
Anti-Diabetic
*3M: Dec 2019- Feb 2020
Low single-digit growth in
Cardiac/ Neuro-CNS proved
to be a drag on overall
growth.
Exhibit 70: Therapy Mix
Total
Anti-Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti-Infectives
Neuro / Cns
Cardiac
Share
100.0
19.5
17.1
10.4
8.6
8.2
7.3
MAT Growth (%)
8.6
5.2
14.9
8.7
23.0
5.3
3.2
3M*
6.7
2.6
11.9
8.9
25.9
0.8
3.7
Feb - 20
9.4
8.7
13.4
8.7
31.4
0.8
7.7
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
27.2
19.1
18.6
35.1
Source: AIOCD, MOFSL
Top-10 brands contributed
27.2% toward overall
growth.
Price growth came in at
7.2% on MAT basis in
Feb’20.
Exhibit 71: Brand -wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
31.4
16.8
14.2
37.6
MAT
Growth (%)
8.6
7.4
10.0
11.7
8.0
Exhibit 72: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
Exhibit 73: Growth Distribution (%) (MAT Feb’20)
11.3
7.2
3.4
4.7
-2.0
54.7
ACUTE
34.5
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
17
 Motilal Oswal Financial Services
Sector Update| Healthcare
Mankind
Exhibit 74: Top-10 Drugs
Mankind’s secondary sales
in Feb’20 grew 19.1% YoY
v/s 8.3% YoY in Jan’20. Top
brands like Manforce/
Moxikind CV/ Amlokind
At/Gudcef/Nurokind
LC/Telmkind H grew
22.9%/23.3%/22.1%/23.2%/
29.1%/57.6% YoY, driving
overall growth.
MAT Feb - 20
Growth (%)
Drug
Therapy
Value
Mkt Share
Feb -
Growth (%)
Last 3M
(%)
20
(INR m)
Total
54079
13.5
100.0
12.9
19.1
Manforce
Sex Stimulants / Rejuvenators
2509
24.7
4.6
21.0
22.9
Moxikind Cv
Anti-Infectives
2170
13.2
4.0
16.8
23.3
Candiforce
Anti-Infectives
1824
34.8
3.4
9.6
6.5
Unwanted Kit
Gynaecological
1286
10.7
2.4
6.0
10.8
Glimestar M
Anti-Diabetic
1191
15.2
2.2
1.8
5.2
Amlokind-At
Cardiac
1088
18.2
2.0
14.4
22.1
Gudcef
Anti-Infectives
1055
26.8
2.0
20.7
23.2
Nurokind Lc
Vitamins / Minerals / Nutrients
917
20.6
1.7
16.1
29.1
Telmikind H
Cardiac
875
32.5
1.6
43.0
57.6
Prega News
Others
807
19.1
1.5
10.1
13.9
*3M: Dec 2019- Feb 2020
Source: AIOCD, MOFSL
Respiratory therapy grew at
robust rate of 38.5% YoY,
supporting overall growth
in Feb’20.
Exhibit 75: Therapy Mix (%)
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Cardiac
Gastro Intestinal
Respiratory
Anti-Diabetic
Growth is driven by all
brands.
Volume growth stood at
5.3% YoY and price growth
at 6.4% in Feb’20 on MAT
basis.
Share
100.0
22.1
13.4
11.1
9.9
7.8
6.9
MAT Growth (%)
13.5
14.9
9.3
19.2
7.6
23.6
16.9
3M*
12.9
13.4
7.7
13.9
5.6
30.8
7.7
Feb - 20
19.1
17.6
13.6
18.1
11.2
38.5
14.0
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
37.3
23.4
13.3
26.1
Source: AIOCD, MOFSL
Exhibit 76: 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
15.8
15.9
43.0
MAT
Growth (%)
13.5
21.1
21.3
11.0
7.8
Exhibit 77: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
39.9
MATVALUE GR Feb 20
18.5
Exhibit 78: Growth Distribution (%)(MAT Feb’20)
11.8
14.2
5.3
6.4
1.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
18
 Motilal Oswal Financial Services
Sector Update| Healthcare
Pfizer
Exhibit 79: Top-10 Drugs
Pfizer’s secondary sales
continued its robust growth
of 14% YoY in Feb’20.
Robust performance by top
brands like Minipress XI/
Meronem/Magnex, which
grew 41%/31.1%/23% YoY
supported overall growth.
MAT Feb - 20
Growth (%)
Drug
Therapy
Value
Growth Mkt Share
Feb -
Last 3M
(%)
(%)
20
(INR m)
Total
33215
10.3
100.0
14.5
14.0
Becosules
Vitamins / Minerals / Nutrients 3258
14.9
9.8
17.5
16.5
Magnex
Anti-Infectives
2167
23.6
6.5
24.3
23.0
Gelusil Mps
Gastro Intestinal
1707
16.9
5.1
14.0
11.6
Dolonex
Pain / Analgesics
1620
7.1
4.9
14.4
18.1
Mucaine
Gastro Intestinal
1550
15.4
4.7
20.2
18.2
Prevenar 13
Vaccines
1420
13.3
4.3
(4.5) (8.2)
Meronem
Anti-Infectives
1387
71.3
4.2
59.3
31.1
Minipress Xl
Cardiac
1376
0.1
4.1
14.2
41.0
Wysolone
Hormones
1264
16.4
3.8
22.5
11.7
Corex Dx
Respiratory
1248
16.4
3.8
3.3
12.0
*3M: Dec 2019- Feb 2020
Source: AIOCD, MOFSL
Exhibit 80: Therapy Mix (%)
Cardiac business grew
28.9% YoY. Anti-Infective /
Gynecology / VMN grew
24.2%/18.2%/15.4% YoY in
Feb’20.
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Gynaecological
Cardiac
Hormones
Share
100.0
17.7
12.1
11.4
9.1
8.3
8.1
MAT Growth (%)
10.3
28.5
15.2
13.1
10.0
4.9
9.2
3M*
14.5
29.7
15.9
13.1
17.2
13.0
20.6
Feb - 20
14.0
24.2
15.4
10.5
18.2
28.9
14.0
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
80.3
36.3
(2.6)
(14.0)
Source: AIOCD, MOFSL
Top-10 brands contributed
majorly to overall growth.
Price and volume growth
stood at 5.1% and 4.1%,
respectively, on MAT basis
in Feb’20.
Exhibit 81: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
51.2
27.5
14.1
7.2
MAT
Growth (%)
10.3
17.2
14.1
(1.7)
(15.4)
Exhibit 82: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
10.4
MATVALUE GR Feb 20
Exhibit 83: Growth Distribution (%)(MAT Feb’20)
10.2
4.1
5.1
27.3
ACUTE
5.9
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
1.2
NP GR
Source: AIOCD, MOFSL
12 March 2020
19
 Motilal Oswal Financial Services
Sector Update| Healthcare
Merck
Exhibit 84: Top-10 Drugs
Merck’s secondary sales grew
8% YoY in Feb’20 v/s. 1.5% in
Jan’20. Growth was dragged by
decline in top brands like
Neurobion ForteRF/ Evion LC
(11.7%/4.3% YoY).
Drug
Therapy
Total
Neurobion Forte
Vitamins / Minerals / Nutrients
Livogen
Gynaecological
Concor
Cardiac
Livogen Z
Gynaecological
Polybion
Vitamins / Minerals / Nutrients
Concor Cor
Cardiac
Evion Lc
Vitamins / Minerals / Nutrients
Neurobion Forte Rf Vitamins / Minerals / Nutrients
Concor Am
Cardiac
Polybion Lc
Vitamins / Minerals / Nutrients
*3M: Dec 2019- Feb 2020
Growth (%)
Value
Mkt
Feb -
(INR m) Growth (%) Share (%) Last 3M
20
7370
2.5
100.0
5.1
8.0
1055
10.7
14.3
12.7
15.8
580
9.6
7.9
19.6
19.0
568
15.9
7.7
15.4
19.7
467
(12.5)
6.3
(2.8)
16.3
447
30.1
6.1
61.5
58.1
421
23.9
5.7
34.6
37.7
394
(6.5)
5.3
(6.0)
(4.3)
393
(2.3)
5.3
(14.8) (11.7)
312
8.2
4.2
11.9
20.9
280
0.7
3.8
23.1
24.7
Source: AIOCD, MOFSL
3M*
5.1
4.6
17.9
3.8
(18.5)
4.9
(10.4)
Feb - 20
8.0
7.0
22.6
8.4
(24.2)
24.0
(15.7)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
191.2
(32.7)
(6.9)
(51.5)
Source: AIOCD, MOFSL
MAT Feb - 20
Derma/ Anti-diabetic
therapy sales declined
24.2%/ 15.7%YoY in Feb’20.
Robust growth by Top-10
brands was offset by
decline in other brands,
dragging overall growth to a
great extent.
Exhibit 85: Therapy Mix (%)
Total
Vitamins / Minerals / Nutrients
Cardiac
Gynaecological
Derma
Anti-Neoplastics
Anti-Diabetic
Share
100.0
44.3
21.8
19.8
5.1
3.6
2.9
MAT Growth (%)
2.5
3.3
12.1
1.7
(20.5)
17.8
(8.4)
Exhibit 86: Brand-wise growth distribution
Prices increased 7.6% YoY in
Feb’20 on MAT basis, while
volumes dipped 6% YoY.
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
66.7
25.0
7.7
0.5
MAT
Growth (%)
2.5
7.4
(3.0)
(2.1)
(69.7)
Exhibit 87: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
5.5
MATVALUE GR Feb 20
10.4
Exhibit 88: Growth Distribution (%)(MAT Feb’20)
7.6
-6.0
1.9
0.0
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
0.9
12 March 2020
20
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ajanta Pharma
Exhibit 89: Top-10 Drugs
Ajanta Pharma’s secondary
sales growth stood at 14.4%
YoY in Feb’20 v/s 5.6% YoY
in Jan’20. Growth in top
brands like Rosutor Gold
and Vertizac stood at 32.7%
and 32.4%, respectively,
and led overall growth.
Drug
Therapy
MAT Feb - 20
Value
(INR m)
8621
1076
504
499
355
268
256
249
213
165
133
Growth (%)
Growth (%)
6.8
5.2
(7.5)
0.2
6.9
17.5
1.5
8.7
(1.4)
8.0
13.4
Mkt Share
Last 3M Feb - 20
(%)
100.0
8.0
14.4
12.5
2.2
13.2
5.8
(22.2)
(9.9)
5.8
(3.2)
7.3
4.1
1.1
9.6
3.1
29.9
32.7
3.0
(4.3)
0.8
2.9
8.4
3.9
2.5
(1.2)
11.5
1.9
1.3
6.0
1.5
21.2
32.4
Source: AIOCD, MOFSL
3M*
8.0
1.1
14.1
7.9
15.4
(1.1)
50.6
Feb - 20
14.4
9.1
17.4
15.0
24.0
(1.9)
56.9
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
22.7
27.4
15.7
34.2
Source: AIOCD, MOFSL
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: Dec 2019- Feb 2020
Cardiac having a major
share (40.1% in therapy
mix) grew at mere 9.1%YoY
impacting robust growth of
Anti-infective segment
(+56.9%YoY) to certain
extent.
Exhibit 90: Therapy Mix (%)
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Anti-Infectives
Share
100.0
40.1
23.8
16.1
5.9
3.4
2.5
MAT Growth (%)
6.8
2.4
10.0
5.5
15.2
1.5
40.6
Growth was distributed
amongst brands.
Volumes declined 2.7% in
Feb’20 on MAT basis.
However, price growth was
5% on MAT basis.
Exhibit 91: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
43.1
15.9
14.6
26.4
MAT
Growth (%)
6.8
3.5
12.4
7.3
9.0
Exhibit 92: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
12.7
MATVALUE GR Feb 20
Exhibit 93: Growth Distribution (%)(MAT Feb’20)
5.0
4.5
-2.7
4.3
ACUTE
1.4
4.3
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
CHRONIC
Source: AIOCD, MOFSL
12 March 2020
21
 Motilal Oswal Financial Services
Sector Update| Healthcare
AstraZeneca
Exhibit 94: Top-10 Drugs
MAT Feb - 20
Growth (%)
Mkt Share
(%)
100.0
27.2
20.6
7.6
7.2
6.6
6.0
4.3
4.2
3.4
3.2
Last 3M Feb - 20
8.9
14.4
(19.9)
(15.7)
9.0
17.7
28.1
33.8
27.0
25.4
15.9
30.5
3.8
5.6
15.3
24.2
57.4
42.1
7.0
11.5
22.7
80.9
Source: AIOCD, MOFSL
Feb - 20
14.4
1.5
20.0
31.8
80.4
91.4
97.3
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
72.8
29.0
(1.8)
Source: AIOCD, MOFSL
Value
(INR m)
6521
1775
1342
494
469
428
394
278
276
222
211
AstraZeneca’s sales grew
6.9% YoY in Jan’20 v/s 5.6%
in Dec’19. Top brand
Brilinta declined 20.4% YoY
whereas brands like
Forxiga, Crestor and Xigduo
showcased robust growth.
The major therapy Cardiac
grew at mere 1.5%,
offsetting robust growth of
most other therapies to a
certain extent in Feb’20.
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: Dec 2019-Feb 2020
Growth (%)
8.3
(0.3)
3.6
8.4
44.7
3.3
(1.8)
4.7
88.6
(5.3)
1.0
Exhibit 95: Therapy Mix (%)
Total
Cardiac
Anti-Diabetic
Anti-Neoplastics
Hormones
Respiratory
Pain / Analgesics
Share
100.0
52.0
35.4
7.4
3.2
1.8
0.0
MAT Growth (%)
8.3
1.3
11.6
53.7
1.2
42.7
(1.8)
3M*
8.9
(4.6)
14.4
68.3
22.6
89.5
296.8
Sales were driven by top-25
brands.
Volume growth came in at
6.2% YoY with a price
decline of 1.9%. New
products grew at a better
rate of 4% on MAT basis.
Exhibit 96: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
100.0
90.3
9.7
0.0
MAT
Growth (%)
8.3
6.6
29.6
(98.7)
Exhibit 97: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
19.6
MATVALUE GR Feb 20
5.9
Exhibit 98: Growth Distribution (%) (MAT Feb’20)
7.2
0.6
ACUTE
CHRONIC
Source: AIOCD, MOFSL
6.2
-1.9
4.0
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
22
 Motilal Oswal Financial Services
Sector Update| Healthcare
JB Chemicals
Exhibit 99: Top-10 Drugs
MAT Feb - 20
Drug
Therapy
Value
(INR m)
7178
1661
1555
849
653
520
204
185
139
135
129
Growth (%)
21.1
29.0
8.3
32.4
12.1
29.8
(0.8)
42.6
4.5
5.4
44.7
Growth (%)
Mkt Share
Last 3M
Feb - 20
(%)
100.0
15.5
13.9
23.1
21.5
15.8
21.7
1.8
3.5
11.8
32.1
31.4
9.1
5.2
7.1
7.2
29.8
29.0
2.8
(28.6)
(34.9)
2.6
23.8
14.0
1.9
11.1
16.5
1.9
(9.3)
(13.7)
1.8
26.9
16.7
Source: AIOCD, MOFSL
3M*
15.5
28.4
2.0
7.9
10.4
(6.8)
13.2
Feb - 20
13.9
24.6
2.6
9.2
(4.2)
(10.3)
20.5
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
79.7
17.9
5.6
(3.3)
Source: AIOCD, MOFSL
JB Chemicals’ sales grew
13.9% YoY v/s 18% YoY in
Jan’20) on the back of high
growth in its top brands.
Cilacar/ Nicardia/ Cilacar T
grew at robust rate of
15.8%/31.4%/29% YoY in
Feb’20.
Cardiac therapy (48% of
sales share) drove high
growth for the month at
24.6% YoY, supported by
strong sales of Cilacar,
Cilacar T, Nicardia, Cilacar
M brands.
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: Dec 2019- Feb 2020
Exhibit 100: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Others
Gynaecological
Anti-Infectives
Pain / Analgesics
Share
100.0
48.0
42.1
3.4
1.8
1.7
1.5
MAT Growth (%)
21.1
32.2
11.2
28.2
22.7
(4.1)
11.3
Top-25 brands led overall
growth for the company in
Jan’20.
Exhibit 101: Brand-wise growth distribution
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
84.0
11.4
4.0
0.6
MAT
Growth (%)
21.1
19.8
38.0
32.6
(47.5)
Volume growth for the
company stood at 9.7% YoY
while price growth came in
at 8.9% YoY (at a similar
rate of that in Jan’20).
Exhibit 102: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
32.4
3.7
12.3
3.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Exhibit 103: Growth Distribution (%)(MAT Feb’20)
9.7
8.9
2.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
23
 Motilal Oswal Financial Services
Sector Update| Healthcare
ERIS LS
Exhibit 104: Top-10 Drugs
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: Dec 2019- Feb 2020
Value
(INR m)
13460
1099
871
768
516
414
381
331
324
316
293
Growth (%)
Feb -
Growth (%) Mkt Share (%) Last 3M 20
11.4
100.0
10.5
16.3
21.4
8.2
22.2
19.2
23.4
6.5
22.9
25.9
32.1
5.7
22.5
31.1
1.1
3.8
(10.0)
0.7
34.9
3.1
25.6
33.2
14.6
2.8
12.5
25.9
20.5
2.5
9.1
8.1
16.8
2.4
12.0
19.9
87.5
2.3
68.0
76.7
(27.9)
2.2
(23.2) (13.1)
Source: AIOCD, MOFSL
3M*
10.5
21.1
12.1
8.6
0.3
(3.3)
(0.5)
Feb - 20
16.3
27.3
17.9
18.2
4.5
(1.0)
2.8
Source: AIOCD, MOFSL
Growth Contribution
(%)
100.0
61.0
23.0
17.6
-1.6
Source: AIOCD, MOFSL
MAT Feb - 20
ERIS’ Feb’20 secondary
sales grew 16.3% YoY v/s
10% YoY in Jan’20. Top
brands like Glimisave M,
Renerve Plus and Glimisave
Mv recorded robust double-
digit growth.
Anti-Diabetic (28.9% of total
therapy mix) grew 27.3%
YoY along with Cardiac
growing 17.9% YoY,
whereas Gastro-intestinal
therapy sales declined.
Top-10 brands contributed
61% of overall growth.
Exhibit 105: Therapy Mix (%)
Total
Anti-Diabetic
Cardiac
Vitamins / Minerals / Nutrients
Neuro / Cns
Gastro Intestinal
Pain / Analgesics
Share
100.0
28.9
26.4
19.1
7.5
6.2
4.3
MAT Growth (%)
11.4
19.8
12.2
10.3
6.2
(0.4)
1.2
Exhibit 106: Brand-wise growth distribution
Volume growth for the
company stood at 3.6% YoY,
while price growth came in
at 5.2% YoY on MAT basis in
Feb’20.
% of sales
Total
Top-10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
39.5
22.1
17.7
20.7
MAT
Growth (%)
11.4
18.9
11.9
11.4
-0.8
Exhibit 107: Acute v/s Chronic (MAT growth)
MATVALUE Feb 20
MATVALUE GR Feb 20
14.8
Exhibit 108: Growth Distribution (%)(MAT Feb’20)
6.4
5.1
ACUTE
8.4
CHRONIC
Source: AIOCD, MOFSL
5.2
3.6
2.6
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12 March 2020
24