Sector Update | 10 June 2020
Sector Update| Healthcare
Healthcare
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IPM on the decline in May’20 as well, but gradual recovery visible
Performance of top companies:
May 2020
Company
IPM
Ipca
Mankind
Astrazeneca
USV
Natco
Pfizer
JB Chemicals
Eris LS
Merck
Intas
Sun Pharma
MAT
May-20
gr (%)
(%)
8.1
5.7
8.0
2.7
-2.8
8.7
0.2
9.6
4.6
-8.9
8.2
7.9
-8.9
7.1
6.2
4.8
3.9
2.1
-0.1
-2.1
-4.7
-4.9
-5.4
-7.2
While the IPM was down 8.9% YoY for May’20, gradual improvement has been
witnessed v/s Apr’20, wherein growth in IPM was down 11.2%. Decline in
volumes by 14.4% YoY dragged down growth, while price growth came in at
4.3% YoY.
For the quarter-ended May’20, overall decline stood at 3.9% YoY, led by sharp
decline in volumes (-10.2% YoY); conversely, prices and NP grew at 4.6% and
1.6%, respectively. NLEM and non-NLEM products declined 1.8% and 4.3% YoY,
respectively.
On a MAT basis, industry growth came in at 6.4% YoY.
In value terms, secondary sales declined 7.8% YoY for NLEM (~16% of IPM) and
9.2% YoY for non-NLEM (~84% of IPM) in May’20.
While price growth for non-NLEM products was 4.3% YoY, volumes declined
14.8% YoY. NLEM products were also dragged down by volumes (-10.7% YoY).
In May’20, Ipca (+7.1% YoY), Mankind (+6.2% YoY), and AstraZeneca (+4.8% YoY)
delivered growth, while the sales of most other companies declined.
Ipca witnessed good traction in Anti-Malaria (+45%YoY) and Anti-Neoplastics
(+22.4%YoY) therapies. Mankind’s growth was supported by growth in both
volumes (+3.8%) and prices (+4.6%). AstraZeneca’s growth was supported by
strong growth in Respiratory, Anti-Diabetic, and Anti-Neoplatics therapies.
Sun Pharma’s sales declined to further lower levels of 7.2% v/s decline of 5.7%
YoY in Apr’20, primarily due to lackluster performances in most of its key
therapies, such as Gastro, Anti-Infective, Anti-Diabetic, and Pain/Analgesics.
Secondary sales for GSK, Biocon, and Wockhardt were the weakest.
On a MAT basis, JB Chemicals / Torrent reported the highest price growth of
9.2%/7.8% YoY. Glenmark saw the highest growth in new launches (+4.8% YoY).
Cardiac and Anti-Diabetic therapies have grown to some extent (+2.9% YoY /
0.9% YoY), while other therapies have shown decline on a YoY basis for May’20.
Therapies such as Anti-Infective (11% of IPM), Gastrointestinal (11% of IPM),
and Respiratory (6% of IPM) declined 23.3% YoY, 11.6% YoY, and 15.9% YoY,
respectively.
On a MAT basis, Respiratory, Anti-Malaria, Cardiac, and Anti-Diabetic therapies
exhibited the highest growth of 11.6% YoY, 11.3% YoY, 10.6%YoY, and 9.8% YoY,
respectively, in May’20. On the other hand, Derma (+2.4% YoY) and Gynaec
(+1.1% YoY) posted disappointing growth.
Price growth offset by decline in volumes
Ipca, Mankind, and AstraZeneca emerge as outperformers
Ajanta
Glenmark
MSD
Abbott
Sanofi
Lupin
Torrent
Cadila HC
Dr. Reddys
Indoco
Cipla
FDC
-0.7
-10.9
10.9
7.5
9.1
9.6
9.9
4.3
7.2
-2.4
9.6
1.1
-6.5
-6.6
-7.0
-7.7
-8.0
-8.2
-8.8
-9.2
-9.8
-12.6
-12.9
-13.6
Cardiac/Anti-Diabetic off-take better than other therapies for May’20
Alkem
Alembic
Emcure
GSK
Biocon
Wockhardt
10.6
2.5
9.4
10.0
-2.4
16.7
-13.7
-13.8
-14.5
-16.5
-20.6
-23.3
Research analyst – Tushar Manudhane
(Tushar.Manudhane@MotilalOswal.com); +91 022 6129 1536
Hitakshi Chandrani
(Hitakshi.Chandrani@MotilalOswal.com); +91 22 6129 1557 |
Bharat Hegde
(Bharat.Hegde@MotilalOswal.com)
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: Volumes decline drastically for the quarter ended May’20
Volume Growth (%)
10.1
3.3
2.7
4.1
1.3
1.6
0.4
1.8
8.8
4.8
2.7
9.8
4.8
3.4
Price Growth (%)
8.5
5.1
3
New Product Growth (%)
9.9
5.4
2.7
10.3
5.4
2.7
9.5
5.3
2.7
1.5
4.6
1.6
-3.9
Total Growth (%)
2.2
-10.2
3M-Aug 18
3M-Nov 18
3M-Feb 19
3M-May 19
3M-Aug 19
3M-Nov 19
3M- Feb 20
3M-May 20
Source: AIOCD, MOFSL
Exhibit 2: Acute as a % of total sales and the growth rate on MAT May’20 basis
Acute as % of total sales
10.0 9.9 11.1
Acute sales MAT May-20 gr(%)
6.8
1.3
54
-21.5
8.1
5.4
7.7
8.3
9.0
3.5
26
-18.4
8.4
9.5
11.7
2.6
10.4 11.3
4.2
-3.0
6.7
8.7
88
81
78
70
65
61
59
57
55
53
52
44
41
40
39
39
39
38
26
26
26
Source: AIOCD, MOSL, Company
10 June 2020
2
 Motilal Oswal Financial Services
Sector Update| Healthcare
Indian Pharma Market – May 2020
Exhibit 3: Performance of top companies – May 2020
MAT May- 20
Market Growth
Value
Share (%)
(%)
(INR m)
IPM
14,19,792
100.0
6.4
Sun Pharma
1,16,650
7.9
7.8
Abbott
89,002
6.3
6.5
Cipla
65,683
4.6
3.8
Zydus Cadila
58,917
4.1
8.4
Mankind
60,683
4.3
12.3
Alkem
49,530
3.5
7.5
Lupin
53,915
3.8
8.1
Torrent Pharma
44,172
3.1
8.5
Pfizer
33,610
2.4
10.6
Glenmark Pharma
32,357
2.3
8.2
Sanofi
31,864
2.2
4.5
Dr Reddy Labs
33,160
2.3
9.9
GSK Pharma
39,337
2.8
4.3
Alembic Pharma
16,641
1.2
0.2
Ipca Labs
21,034
1.5
9.4
Natco
10,836
0.8
(2.8)
Ajanta Pharma
8,615
0.6
4.6
Merck
7,301
0.5
1.1
Biocon
4,667
0.3
(2.4)
Astrazeneca
6,668
0.5
8.7
JB Chemicals
7,319
0.5
16.7
Company
Last 8 Quarters YoY Growth (%)
Aug-18 Nov-18
11.4
9.1
12.3
9.8
11.2
23.4
13.6
15.3
11.3
3.5
15.6
6.0
13.2
2.6
11.5
17.8
5.1
13.0
10.5
14.0
28.7
7.9
9.9
5.7
10.4
10.2
7.6
25.4
8.2
11.8
10.0
9.0
8.7
9.5
9.7
4.4
12.1
28.4
8.4
7.1
9.7
21.2
9.5
13.0
Feb-19 May-19 Aug-19
10.7
7.8
12.5
12.0
9.8
17.9
10.0
15.5
12.8
6.8
8.0
15.7
10.3
6.4
12.9
32.5
22.6
8.2
9.1
18.0
12.7
21.1
8.9
5.5
6.9
10.0
9.3
17.8
12.2
12.6
12.1
4.0
8.5
9.9
11.1
10.1
6.7
12.7
17.0
8.5
1.7
15.0
7.4
24.8
9.9
9.0
10.1
7.2
13.7
14.2
17.0
13.1
8.4
5.6
7.0
14.0
16.3
17.9
2.2
10.4
(10.2)
5.1
(2.7)
7.6
7.4
21.7
Nov-19
10.3
11.4
11.0
6.5
14.2
12.5
11.2
12.3
12.2
16.8
12.8
6.3
13.7
9.7
1.7
7.5
(5.1)
6.4
6.0
3.7
9.3
23.0
1M
Feb-20 May-20 May-20
9.6
11.1
7.2
7.0
11.6
14.9
10.7
9.5
15.7
14.5
13.1
2.1
13.6
4.9
2.8
9.6
6.1
9.4
4.9
(5.4)
8.9
15.5
(3.9)
0.0
(2.0)
(5.4)
(5.0)
7.8
(8.6)
(1.8)
(1.6)
5.3
(0.3)
(3.4)
(3.4)
(13.5)
(6.2)
10.3
(1.9)
(2.4)
(3.6)
(14.9)
9.2
8.1
(8.9)
(7.2)
(7.7)
(12.9)
(9.2)
6.2
(13.7)
(8.2)
(8.8)
(0.1)
(6.6)
(8.0)
(9.8)
(16.5)
(13.8)
7.1
2.1
(6.5)
(4.9)
(20.6)
4.8
(2.1)
Exhibit 4: Performance of top therapies – May 2020
MAT May- 20
Market Growth
Value
Share (%) (%)
(INR m)
IPM
14,19,792
100.0
6.4
Anti-Infectives
1,90,935
13.4
6.2
Cardiac
1,84,754
13.0
10.6
Gastro Intestinal
1,55,969
11.0
4.2
Anti-Diabetic
1,41,744
10.0
9.8
Vitamins / Minerals / Nutrients 1,20,902
8.5
4.9
Respiratory
1,09,601
7.7
11.6
Pain / Analgesics
95,078
6.7
4.7
Derma
94,267
6.6
2.4
Neuro / CNS
86,244
6.1
7.1
Gynecological
68,311
4.8
1.1
Anti-Neoplastic
29,130
2.1
(0.4)
Opthal / Otologicals
24,673
1.7
0.8
Hormones
26,148
1.8
7.8
Vaccines
21,982
1.5
2.9
Therapy
Last 8 Quarters in Growth (%)
Aug-18
14.5
12.4
13.3
9.0
14.5
13.9
19.2
12.5
23.1
12.5
9.6
21.2
8.9
19.3
(2.1)
1M
Nov-18 Feb-19 May-19 Aug-19 Nov-19 Feb-20 May-20 May-20
10.1
7.8
13.3
4.5
15.4
7.7
15.2
6.8
13.2
8.3
8.4
6.8
8.2
13.4
(7.6)
8.9
3.9
15.5
9.3
17.1
6.1
4.3
6.8
8.8
9.1
11.9
10.7
5.5
10.9
(4.3)
11.9
4.7
17.0
12.4
19.2
15.4
(3.5)
12.4
12.9
13.7
15.0
19.6
14.3
9.5
1.6
9.9
13.0
9.8
8.7
12.2
8.7
13.5
10.6
5.7
8.4
6.1
1.3
8.7
11.4
7.9
10.3
10.0
11.5
9.9
10.7
9.4
11.3
11.0
8.2
10.4
7.7
8.3
8.8
11.7
11.6
9.6
(3.9) (8.9)
11.1 (10.5) (23.3)
11.3
9.7
2.9
6.8
(8.0) (11.6)
8.0
8.4
0.9
9.8
(7.7) (8.2)
14.9
6.5
(15.9)
8.6 (11.3) (18.6)
7.0 (11.7) (12.4)
9.2
0.6
(2.5)
6.5 (14.9) (17.8)
4.6 (14.4) (11.4)
6.2 (19.2) (22.5)
10.7 (2.5) (9.7)
9.3 (16.5) (11.9)
Source: AIOCD, MOFSL
10 June 2020
3
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sun Pharma
Exhibit 5: Top 10 Drugs
Drug
Therapy
Value
(INR m)
116650
2935
1899
1587
1331
1128
1118
972
969
903
753
MAT May’20
Growth (%)
Mkt Share
Last
Gr. (%)
May’20
(%)
3M
7.9
100.0
0.0
(7.2)
15.8
7.1
15.9
14.2
5.4
6.0
(1.2) (11.2)
3.5
5.0
(3.5)
(7.6)
14.0
3.2
5.4
6.2
102.5
3.5
65.6
56.7
4.0
3.5
(27.8) (37.4)
(2.4)
3.0
(31.0) (51.4)
2.0
3.0
10.6
9.5
16.2
2.2
(8.4) (25.3)
13.1
1.8
1.0
1.3
Source: AIOCD, MOFSL
Sun Pharma’s secondary
sales declined 7.2% in
May’20 v/s 5.7% YoY in
Apr’20. A plunge in brands
such as Clexane,
Enterogermina, and
Cepodem was mainly
responsible for overall
decline.
Total
Rosuvas
Cardiac
Allegra
Respiratory
Amaryl M
Anti Diabetic
Mox
Anti-Infectives
Fluquadri
Vaccines
Clexane
Cardiac
Enterogermina
Gastro Intestinal
Avil
Respiratory
Cepodem
Anti-Infectives
Silverex Ionic
Derma
*3M: Mar 2020-May 2020
Exhibit 6: Therapy mix (%)
Decline in Anti-Infective (-
21.9% YoY) and
Gastrointestinal (-15.3%
YoY) proved to be a drag on
overall sales.
Total
Cardiac
Neuro / Cns
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
Share
100.0
18.0
16.9
12.0
10.2
9.3
6.6
MAT Growth (%)
7.9
8.5
7.3
6.9
12.2
7.5
6.6
3M*
0.0
11.3
6.9
(6.2)
(9.5)
8.6
(6.7)
May – 20
(7.2)
4.3
3.0
(15.3)
(21.9)
(3.0)
(9.5)
Source: AIOCD, MOFSL
Exhibit 7: Brand-wise growth distribution
% of sales
MAT
Growth (%)
7.9
11.4
10.3
6.9
4.9
Growth
Contribution (%)
100.0
38.8
22.6
13.5
25.1
Source: AIOCD, MOFSL
Volumes declined 0.3% YoY,
while price growth came in
at 6.5% YoY on a MAT basis
in May’20.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
27.8
17.7
15.2
39.3
Exhibit 8: Acute v/s Chronic (MAT growth)
MATVALUE May 20
8.1
MATVALUE GR May 20
Exhibit 9: Growth Distribution (%) (MAT May’20)
6.5
7.7
1.6
63.9
ACUTE
52.8
CHRONIC
Source: AIOCD, MOFSL
(0.3)
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
4
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cipla
Exhibit 10: Top 10 Drugs
Drug
Therapy
Value
(INR m)
65683
3353
2389
2299
1933
1859
1744
1333
1313
1282
1219
MAT May - 20
Growth
Mkt
(%)
Share (%)
3.8
100.0
5.5
5.1
6.2
3.6
8.8
3.5
5.7
2.9
7.6
2.8
14.7
2.7
9.7
2.0
13.3
2.0
4.1
2.0
10.0
1.9
Growth (%)
Last 3M May – 20
(5.4)
(12.9)
5.8
1.2
(5.1)
(17.4)
5.1
(5.2)
1.3
(5.7)
14.1
5.0
15.9
(3.2)
2.2
(0.7)
0.8
(31.0)
7.3
(4.2)
4.4
9.4
Source: AIOCD, MOFSL
Cipla’s secondary sales
declined 12.9%YoY, in line
with the Apr’20 decline
rate. Growth was dragged
down by decline across
most of the top brands and
sharp decline particularly in
Budecort and Azee sales.
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: Mar 2020- May 2020
Exhibit 11: Therapy Mix (%)
Respiratory therapy (35.2%
of therapy mix) declined at
a slower rate of 6.7% YoY
v/s overall decline.
Gastrointestinal and Anti-
Infectives plummeted.
Total
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / Cns
Share
100.0
35.2
21.7
13.3
5.9
5.7
3.6
MAT Growth (%)
3.8
7.4
3.2
7.2
(5.5)
7.1
6.3
3M*
(5.4)
3.8
(8.9)
1.4
(23.1)
(2.2)
(0.2)
May – 20
(12.9)
(6.7)
(20.2)
(1.2)
(35.8)
(2.9)
3.8
Source: AIOCD, MOFSL
Top 10 brands (28.5% of
sales) contributed 57.4% to
overall growth.
Exhibit 12: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
28.5
15.6
15.1
40.9
MAT
Growth (%)
3.8
8.0
1.5
5.8
1.3
Growth
Contribution (%)
100.0
57.4
6.4
22.5
13.7
Source: AIOCD, MOFSL
Price growth stood at 5.1%
on a MAT basis. Volumes
continued to decline
further.
Exhibit 13: Acute v/s Chronic (MAT growth)
MATVALUE May 20
35.6
MATVALUE GR May 20
6.8
Exhibit 14: Growth Distribution (%)(MAT May’20)
5.1
2.3
-3.5
1.5
30.1
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
5
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cadila Healthcare
Exhibit 15: Top 10 Drugs
Zydus’ secondary sales
declined 9.2%YoY in May’20
v/s. -11.6% YoY in Apr’20.
Growth was dragged down
by brands such as Skinlite (-
26.9% YoY), Pantodac (-
13.3%), and Amicin(-48.4%
YoY).
Drug
Therapy
MAT May - 20
Value
Growth
Mkt
(%)
Share (%)
(INR m)
58917
8.4
100.0
1670
10.9
2.8
1476
38.3
2.5
1458
(15.9)
2.5
1444
14.1
2.5
1306
14.8
2.2
1157
15.8
2.0
1101
28.7
1.9
1051
24.4
1.8
923
(15.6)
1.6
892
5.3
1.5
Growth (%)
Last 3M
May - 20
Total
Deriphyllin
Respiratory
Mifegest Kit
Gynaecological
Skinlite
Derma
Atorva
Cardiac
Pantodac
Gastro Intestinal
Deca Durabolin
Hormones
Zyrop
Blood Related
Thrombophob
Pain / Analgesics
Amicin
Anti-Infectives
Formonide
Respiratory
*3M: Mar 2020- May 2020
(5.0)
(9.2)
(2.7)
(9.2)
34.9
45.9
(29.8)
(26.9)
12.4
12.8
(3.0)
(13.3)
1.0
(4.1)
(9.0)
(6.5)
7.7
(6.1)
(41.4)
(48.4)
10.3
2.5
Source: AIOCD, MOFSL
Exhibit 16: Therapy Mix (%)
Decline was seen across
most of the top therapies,
with Anti-Infective,
Respiratory, and
Pain/Analgesics exhibiting
double-digit decline.
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Pain / Analgesics
Gynaecological
Share
100.0
14.8
14.8
10.9
10.6
9.5
8.0
MAT Growth (%)
8.4
3.8
9.2
6.8
5.5
7.8
9.0
3M*
(5.0)
(10.1)
6.4
(4.7)
(7.7)
(6.6)
(0.3)
May – 20
(9.2)
(17.0)
2.1
(13.6)
(14.3)
(12.5)
(3.3)
Source: AIOCD, MOFSL
Exhibit 17: 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
15.6
16.1
47.0
MAT
Growth (%)
8.4
9.9
10.6
16.3
4.7
Growth
Contribution (%)
100.0
24.6
19.4
29.1
26.9
Source: AIOCD, MOFSL
Vol./Price growth came in at
2.6%/4.2%YoY on a MAT
May’20 basis.
Exhibit 18: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
8.7
8.3
Exhibit 19: Growth Distribution (%)(MAT May’20)
4.2
2.6
1.7
40.4
ACUTE
18.5
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
6
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alkem
Exhibit 20: Top 10 Drugs
Alkem’s secondary sales
continue to decline at
13.7% in May’20 v/s decline
of 16.6% YoY in Apr’20.
Decline was seen across
most of the top brands,
with severe decline in
Taxim, Ondem, Pipz, and
Gemcal.
Drug
Therapy
Value
(INR m)
49530
3766
3049
2542
2289
1568
1488
1185
1136
997
880
MAT May - 20
Growth (%)
Growth
Mkt Share
May -
Last 3M
(%)
(%)
20
7.5
100.0
(8.6) (13.7)
6.7
7.6
0.1
(5.2)
5.5
6.2
2.5
3.1
(5.2)
5.1
(3.5)
1.3
17.6
4.6
2.6
(6.0)
12.7
3.2
(9.9) (12.0)
17.2
3.0
10.2
20.5
(6.5)
2.4
(26.2) (32.6)
11.6
2.3
(13.7) (25.2)
12.0
2.0
(20.4) (33.6)
(16.3)
1.8
(24.8) (25.3)
Source: AIOCD, MOFSL
3M*
(8.6)
(10.6)
(6.1)
(7.7)
(11.3)
(11.7)
4.5
MAY - 20
(13.7)
(19.4)
(7.1)
(4.8)
(19.0)
(15.9)
(5.0)
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: Mar 2020- May 2020
Therapy Mix (%)
Share
100.0
39.2
17.8
12.4
7.2
5.6
4.3
Sales growth was dragged
down by decline in Anti-
Infective, Pain/Analgesics,
Neuro-CNS (-19.4%/-19%/-
15.9% YoY), which together
constitute 52% of sales.
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Anti Diabetic
MAT Growth (%)
7.5
8.8
1.6
1.9
8.4
11.5
22.8
Contribution of the Top 10
brands to growth was
27.8% in May’20.
Vol. were muted and price
grew 5.6% YoY on a MAT
May’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
38.2
17.2
12.1
32.6
MAT
Growth (%)
7.5
5.4
7.0
10.4
9.4
Growth
Contribution (%)
100.0
27.8
16.0
16.3
39.9
Source: AIOCD, MOFSL
Exhibit 22: Acute v/s Chronic (MAT growth)
MATVALUE GR May 20
42.5
MATVALUE May 20
Exhibit 23: Growth Distribution (%) (MAT May’20)
5.6
17.3
6.0
7.1
CHRONIC
Source: AIOCD, MOFSL
0.0
Vol GR
Price GR
1.9
NP GR
Source: AIOCD, MOFSL
ACUTE
10 June 2020
7
 Motilal Oswal Financial Services
Sector Update| Healthcare
Lupin
Exhibit 24: Top 10 Drugs
MAT May - 20
Drug
Therapy
Value
(INR m)
53915
2512
1815
1370
1264
1123
1008
975
950
942
747
Growth (%)
8.1
3.3
1.7
16.7
14.2
19.4
68.6
4.6
17.8
13.3
239.4
Growth (%)
Last
Mkt Share (%)
May – 20
3M
100.0
(1.8)
(8.2)
4.7
3.3
3.6
3.4
7.2
(1.4)
2.5
15.1
9.5
2.3
3.9
(7.5)
2.1
3.3
(1.6)
1.9
41.3
28.5
1.8
3.3
(5.5)
1.8
(3.4)
(6.7)
1.7
7.7
2.7
1.4
77.7
35.1
Source: AIOCD, MOFSL
Lupin’s secondary sales
declined 8.2% in May’20 v/s
-7.9% YoY in Apr’20. Strong
traction in brands such as
Cidmus and Ajadua was
more than offset by decline
in Gibtulio, Tonact, and
Ondero Met.
Total
Gluconorm-G
Anti Diabetic
Huminsulin
Anti Diabetic
Budamate
Respiratory
Gibtulio
Anti Diabetic
Ondero
Anti Diabetic
Cidmus
Cardiac
Tonact
Cardiac
Ondero Met
Anti Diabetic
Ivabrad
Cardiac
Ajaduo
Anti Diabetic
*3M: Mar 2020- May 2020
Exhibit 25: Therapy Mix (%)
Therapies such as Anti-
Infective (-28.4% YoY) and
Gastrointestinal (-13.2%
YoY) continue to record
diminished sales.
Total
Cardiac
Anti-Diabetic
Anti-Infective
Respiratory
Gastro Intestinal
Neuro / Cns
Share
100.0
24.0
24.0
13.1
12.6
7.0
4.8
MAT Growth (%)
8.1
10.6
15.0
(1.2)
10.8
5.1
13.6
3M*
(1.8)
7.0
9.3
(20.8)
6.9
(9.5)
3.6
May – 20
(8.2)
(2.4)
2.7
(28.4)
0.6
(13.2)
3.3
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
46.5
9.7
15.1
28.6
Source: AIOCD, MOFSL
Contribution of the Top 10
brands to growth was
46.5% in May’20.
Volumes declined
1.5% YoY. Price
growth was 6.1%
YoY in MAT
May’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
23.6
14.7
15.7
46.0
MAT
Growth (%)
8.1
17.4
5.2
7.8
4.9
Exhibit 27: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
12.4
Exhibit 28: Growth Distribution (%)(MAT May’20)
6.1
3.5
2.5
22.2
ACUTE
31.7
CHRONIC
Source: AIOCD, MOFSL
-1.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
8
 Motilal Oswal Financial Services
Sector Update| Healthcare
GSK Pharma
Exhibit 29: Top 10 Drugs
MAT May - 20
Growth (%)
Value
(INR m)
39337
4583
2724
2565
2104
2027
1945
1857
1718
1202
1128
GSK Pharma’s secondary
sales continue to fall, with
16.5% YoY decline in
May’20 v/s -22.4% YoY in
Apr’20. Brands such as
Synflorix (-23%YoY), Ceftum
(-18.8% YoY), and Betnesol
(-21.5%YoY) further
weighed on overall decline.
Drug
Therapy
Total
Augmentin
Anti-Infectives
Synflorix
Vaccines
Calpol
Pain / Analgesics
Eltroxin
Hormones
Betnovate C
Derma
Betnovate N
Derma
T Bact
Derma
Ceftum
Anti-Infectives
Betnesol
Hormones
Infanrix Hexa
Vaccines
*3M: Mar 2020- May 2020
Growth (%)
4.3
16.0
5.2
22.7
15.8
(0.7)
(3.8)
28.0
13.5
10.3
51.2
Mkt Share (%) Last 3M May - 20
100.0
(13.5) (16.5)
11.6
0.9
(10.4)
6.9
(26.6) (23.0)
6.5
13.5
(13.6)
5.3
13.9
7.9
5.2
(3.8)
7.5
4.9
10.2
30.3
4.7
(3.4)
(9.8)
4.4
(6.8)
(18.8)
3.1
(10.7) (21.5)
2.9
23.1
9.2
Source: AIOCD, MOFSL
Exhibit 30: Therapy Mix (%)
Decline in therapies such as
Anti-Infectives/Vaccines at
17.1%/32.5% YoY
contributed to overall
decline in sales.
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Vitamins / Minerals / Nutrients
Share
100.0
23.8
23.2
17.0
9.4
8.4
5.8
MAT Growth (%)
4.3
7.1
12.4
(0.6)
19.1
11.5
3.0
3M*
(13.5)
(4.3)
(7.4)
(34.6)
13.4
4.2
(5.6)
May 20
(16.5)
2.2
(17.1)
(32.5)
(7.8)
(3.3)
(1.3)
Source: AIOCD, MOFSL
Exhibit 31: Brand-wise growth distribution
% of sales
MAT
Growth (%)
4.3
13.2
2.1
6.6
(30.3)
Growth
Contribution (%)
100.0
155.2
11.3
20.2
(86.7)
Source: AIOCD, MOFSL
Price growth came in at
6.5% YoY. Volumes further
declined to 2.5% YoY on a
MAT basis in May’20.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
55.6
22.4
13.7
8.3
Exhibit 32: Acute v/s Chronic (MAT growth)
MATVALUE May 20
4.8
MATVALUE GR May 20
Exhibit 33: Growth Distribution (%)(MAT May’20)
6.5
1.6
4.9
-2.5
0.4
34.4
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
9
 Motilal Oswal Financial Services
Sector Update| Healthcare
Glenmark Pharma
Exhibit 34: Top 10 Drugs
MAT May - 20
Growth (%)
Drug
Therapy
Value
(INR m)
32357
2966
2236
1402
1258
1211
1174
1026
806
638
581
Glenmark’s May’20
secondary sales declined
6.6% YoY v/s -8.9%YoY in
Apr’20, led by contraction
in major brands such as
Telma H, Zita- Met Plus, and
Canditral.
Growth (%)
8.2
25.0
12.8
6.9
13.4
18.4
11.5
9.3
(2.2)
21.9
(3.2)
Mkt Share (%) Last 3M May - 20
100.0
9.2
6.9
4.3
3.9
3.7
3.6
3.2
2.5
2.0
1.8
(0.3)
(6.6)
19.6
8.9
2.9
(7.1)
9.9
9.2
11.5
17.1
18.5
(3.2)
8.8
(5.5)
6.2
12.3
(14.5) (22.6)
22.6
(5.0)
(15.9) (16.3)
Source: AIOCD, MOFSL
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: Mar 2020- May 2020
Sharp decline has continued
in therapies such as Derma
and Anti-Infective, leading
to May’20 decline.
Exhibit 35: Therapy Mix (%)
Total
Cardiac
Derma
Respiratory
Anti-Infectives
Anti Diabetic
Ophthal / Otologicals
Share
100.0
28.1
26.7
18.7
12.9
9.3
1.3
MAT Growth (%)
8.2
13.0
1.0
18.5
4.1
18.7
11.3
3M*
(0.3)
8.5
(11.8)
13.6
(13.2)
13.2
2.9
May - 20
(6.6)
0.3
(10.0)
(2.9)
(22.6)
1.8
17.1
Source: AIOCD, MOFSL
Exhibit 36: Brand-wise growth distribution
Contribution of Top 10
brands to growth was
63.4% in May’20.
Volumes declined 2.4%,
while price growth stood at
5.9% YoY MAT in May’20.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
41.1
17.6
14.3
27.0
MAT
Growth (%)
8.2
13.3
8.6
8.9
0.9
Growth
Contribution (%)
100.0
63.4
18.3
15.3
3.0
Source: AIOCD, MOFSL
Exhibit 37: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
13.2
18.2
14.1
Exhibit 38: Growth Distribution (%)(MAT May’20)
5.9
4.8
-2.4
4.7
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
10
 Motilal Oswal Financial Services
Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 39: Top 10 Drugs
MAT May - 20
Growth (%)
Drug
Therapy
Value
(INR m)
33160
1555
1294
1117
1099
917
899
778
763
712
707
Sales continue to decline in
May at 9.8% YoY v/s. -8.5%
in April. Growth was seen
among the top brands,
barring Omez and Stamlo;
all other brands saw
lackluster sales.
Growth (%)
9.9
14.9
11.1
17.3
(2.4)
28.2
15.2
18.6
13.9
15.2
7.0
Mkt Share (%) Last 3M May - 20
100.0
4.7
3.9
3.4
3.3
2.8
2.7
2.3
2.3
2.1
2.1
(3.4)
(9.8)
5.8
3.8
(5.3)
(17.8)
0.2
(1.6)
(42.4) (57.9)
16.5
6.4
5.6
(2.0)
(0.3)
(0.1)
(4.7)
(14.0)
3.9
(8.6)
(13.6) (22.2)
Source: AIOCD, MOFSL
Total
Omez
Gastro Intestinal
Omez D
Gastro Intestinal
Atarax
Derma
Econorm
Gastro Intestinal
Stamlo
Cardiac
Razo D
Gastro Intestinal
Ketorol
Pain / Analgesics
Nise
Pain / Analgesics
Reclimet
Anti Diabetic
Razo
Gastro Intestinal
*3M: Mar 2020- May 2020
Decline across top therapies
resulted in overall decline
for the company.
Exhibit 40: Therapy Mix (%)
Total
Gastro Intestinal
Cardiac
Derma
Respiratory
Anti Diabetic
Anti-Infectives
Share
100.0
22.2
13.4
10.8
8.6
7.4
6.9
MAT Growth (%)
9.9
8.4
9.0
12.8
10.9
7.6
4.2
3M*
(3.4)
(13.0)
3.6
(8.6)
(1.6)
0.5
(10.3)
May - 20
(9.8)
(21.9)
(4.1)
(9.7)
(17.2)
(7.3)
(18.1)
Source: AIOCD, MOFSL
The top 10 brands (29.7% of
total sales) contributed
significantly (38.1%) to
overall growth.
Volume growth was merely
0.4%. Price growth stood at
7.2% on a May’20 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
29.7
20.1
15.6
34.6
MAT
Growth (%)
9.9
13.1
8.9
15.4
5.7
Growth
Contribution (%)
100.0
38.1
18.2
23.1
20.6
Source: AIOCD, MOFSL
Exhibit 42: Acute v/s Chronic (MAT growth)
MATVALUE May 20
10.9
MATVALUE GR May 20
Exhibit 43: Growth Distribution (%)(MAT May’20)
7.5
7.2
2.4
23.9
ACUTE
9.3
CHRONIC
Source: AIOCD, MOFSL
0.4
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
11
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sanofi India
Exhibit 44: Top 10 Drugs
Sanofi’s secondary sales
declined 8% YoY v/s 10.6%
YoY decline in Apr’20.
Strong growth in vaccine
brands such as Hexaxim and
Fluquadri was offset by
sharp decline in brands
such as Allegra, Clexane,
and Enterogermina.
MAT May - 20
Drug
Therapy
Total
Lantus
Anti Diabetic
Combiflam
Pain / Analgesics
Allegra
Respiratory
Amaryl M
Anti Diabetic
Hexaxim
Vaccines
Fluquadri
Vaccines
Clexane
Cardiac
Enterogermina
Gastro Intestinal
Avil
Respiratory
Cardace
Cardiac
*3M: Mar 2020-May 2020
Value
(INR m)
31864
5073
1912
1899
1587
1496
1128
1118
972
969
968
Growth (%)
4.5
2.7
11.9
5.4
3.5
3.7
102.5
4.0
(2.4)
2.0
(6.4)
Growth (%)
Last
Mkt Share (%) 3M May - 20
100.0
(3.4)
(8.0)
15.9
11.3
0.0
6.0
0.6
(1.2)
6.0
(1.2) (11.2)
5.0
(3.5)
(7.6)
4.7
(4.8)
13.0
3.5
65.6
56.7
3.5
(27.8) (37.4)
3.0
(31.0) (51.4)
3.0
10.6
9.5
3.0
(3.2)
(6.9)
Source: AIOCD, MOFS
Exhibit 45: Therapy Mix (%)
Total
Anti Diabetic
Cardiac
Vaccines
Respiratory
Pain / Analgesics
Neuro / Cns
Share
100.0
30.2
15.0
12.8
10.5
8.4
6.9
MAT Growth(%)
4.5
5.4
0.7
12.6
5.8
4.9
2.6
3M*
(3.4)
6.7
(9.5)
(1.3)
4.2
(9.2)
(2.0)
May - 20
(8.0)
(1.6)
(15.7)
8.5
(3.5)
(11.6)
2.9
Source: AIOCD, MOFSL
Cardiac and Pain/Analgesics
continue to be adversely
impacted therapies in
May’20.
Top 10 brands showed
maximum contribution to
overall sales growth at
78.4%.
Price growth was at 5.6%.
Volume declined 3.5% in
May’20 on a MAT basis.
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
53.7
25.4
15.2
5.7
MAT
Growth (%)
4.5
6.8
7.8
(0.5)
(12.7)
Growth
Contribution (%)
100.0
78.4
42.3
(1.7)
(19.0)
Source: AIOCD, MOFSL
Exhibit 47: Acute v/s Chronic (MAT growth)
MATVALUE May 20
5.5
MATVALUE GR May 20
16.6
Exhibit 48: Growth Distribution (%)(MAT May’20)
5.5
2.5
15.2
3.7
-3.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
12
 Motilal Oswal Financial Services
Sector Update| Healthcare
Torrent Pharma
Exhibit 49: Top 10 Drugs
Value
(INR m)
Total
44172
Shelcal
Vitamins / Minerals / Nutrients 2220
Chymoral Forte
Pain / Analgesics
1560
Nikoran
Cardiac
1173
Azulix-Mf
Anti Diabetic
1049
Nexpro Rd
Gastro Intestinal
1027
Nebicard
Cardiac
968
Losar H
Cardiac
906
Dilzem
Cardiac
865
Losar
Cardiac
859
Ampoxin
Anti-Infectives
824
*3M: Mar 2020- May 2020
Drug
Therapy
MAT May - 20
Growth (%)
Mkt Share
May -
Growth (%)
Last 3M
(%)
20
8.5
100.0
(1.6) (8.8)
3.3
5.0
(3.2)
3.5
4.3
3.5
(15.8) (27.1)
13.1
2.7
12.6
10.3
9.2
2.4
2.1
(7.7)
18.9
2.3
7.0
(4.7)
14.6
2.2
14.3 (0.2)
(7.2)
2.1
0.2
(2.1)
2.3
2.0
(0.2) (1.8)
2.9
1.9
2.1
(3.7)
30.2
1.9
15.1
4.0
Source: AIOCD, MOFSL
Torrent Pharma’s secondary
sales continue to decline in
May’20 at 8.8% YoY v/s
decline of 10% YoY in
Apr’20. Shrunken sales
across most of the top
brands were the major drag
on overall sales.
On the therapy front,
Gastrointestinal (-16.4%
YoY) and Pain/Analgesics (-
25.9% YoY) sales nosedived
in May’20.
Exhibit 50: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins / Minerals / Nutrients
Anti Diabetic
Pain / Analgesics
Share
100.0
31.0
16.0
14.8
12.5
8.4
6.4
MAT Growth (%)
8.5
9.0
11.6
7.9
6.4
15.8
3.7
3M*
(1.6)
7.1
(5.9)
1.0
(5.8)
10.2
(15.6)
May - 20
(8.8)
(0.6)
(16.4)
(2.4)
(7.4)
(0.2)
(25.9)
Source: AIOCD, MOFSL
Brands above top 50
contributed the most
(+36%) to growth in
May’20.
Price growth stood at 7.8%,
whereas volumes continued
to be muted in May’20 on a
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
25.9
17.6
15.1
41.3
MAT
Growth (%)
8.5
7.6
11.1
10.2
7.3
Growth
Contribution (%)
100.0
23.5
22.6
17.9
36.0
Source: AIOCD, MOFSL
Exhibit 52: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
9.1
Exhibit 53: Growth Distribution (%)(MAT May’20)
7.8
7.8
1.7
20.9
ACUTE
23.3
CHRONIC
Source: AIOCD, MOFSL
-1.0
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
13
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alembic Pharma
Exhibit 54: Top 10 Drugs
Drug
Therapy
Value
(INR m)
16641
1701
877
717
521
409
376
266
259
256
243
MAT May - 20
Growth
(%)
0.2
9.5
10.6
5.3
(4.6)
(22.7)
16.1
(3.0)
(27.0)
15.0
(21.9)
Growth (%)
Mkt Share
Last
May - 20
(%)
3M
100.0
(6.2) (13.8)
10.2
14.9 (2.6)
5.3
12.8
0.3
4.3
(3.5) (38.4)
3.1
(11.5) (21.4)
2.5
(32.9) (31.6)
2.3
16.0 22.8
1.6
(23.8) (28.9)
1.6
(32.1) (31.7)
1.5
(3.5) (36.1)
1.5
(37.4) (38.2)
Source: AIOCD, MOFSL
Alembic Pharma’s
secondary sales plummeted
13.8% YoY in May’20 v/s
12.2% YoY decline in Apr’20.
Growth was dragged down
by decline in sales of brands
such as Wikoryl, Roxid,
Gestofit, and Rekool, to
name a few.
Total
Azithral
Anti-Infectives
Althrocin
Anti-Infectives
Wikoryl
Respiratory
Roxid
Anti-Infectives
Gestofit
Gynaecological
Ulgel
Gastro Intestinal
Crina N
Gynaecological
Rekool D
Gastro Intestinal
Brozeet Ls
Respiratory
Richar
Gynaecological
*3M: Mar 2020- May 2020
Exhibit 55: Therapy Mix (%)
Therapies such as
Gynaec/Respiratory
continue to portray
diminished sales at
-32.5%/-20.4% YoY.
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynaecological
Anti Diabetic
Share
100.0
22.4
16.0
13.7
11.5
10.3
7.2
MAT Growth (%)
0.2
5.4
3.1
9.2
(5.8)
(11.9)
(1.8)
3M*
(6.2)
4.3
4.4
3.8
(12.2)
(29.9)
(2.8)
May - 20
(13.8)
(10.1)
1.9
(20.4)
(13.5)
(32.5)
(6.9)
Source: AIOCD, MOFSL
Exhibit 56: Brand-wise growth distribution
% of sales
Price growth was at 6.3%
YoY (similar to that in
Apr’20), while volume
decline was greater at 7.6%
YoY in May’20 on a MAT
basis.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
33.8
18.8
18.3
29.1
MAT
Growth (%)
0.2
0.6
1.3
(4.3)
2.1
Growth
Contribution (%)
100.0
95.2
105.2
(357.4)
257.0
Source: AIOCD, MOFSL
Exhibit 57: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
1.4
12.6
Exhibit 58: Growth Distribution (%)(MAT May’20)
6.3
1.6
-7.6
(0.1)
4.0
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
14
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ipca Labs
Exhibit 59: Top 10 Drugs
MAT May - 20
Ipca’s secondary sales grew
at 7.1% YoY in May’20 v/s
4.6% YoY in Apr’20. Growth
in brands such as Hcqs
(64.7%), Zerodol P
(+12.4%YoY), Folitrax
(+15.4%YoY), Zerodol TH
(+23.3%YoY), and Lariago
(+45.1%YoY) contributed to
overall growth.
Drug
Therapy
Total
Zerodol Sp
Pain / Analgesics
Hcqs
Anti Malarials
Zerodol P
Pain / Analgesics
Folitrax
Anti-Neoplastics
Zerodol Th
Pain / Analgesics
Lariago
Anti Malarials
Larinate
Anti Malarials
Ctd
Cardiac
Glycinorm M
Anti Diabetic
Ctd-T
Cardiac
*3M: Mar 2019-May 2020
Value
(INR m)
21034
1980
1427
1293
690
555
543
521
520
514
483
Growth (%)
9.4
9.0
33.5
10.0
12.3
13.4
35.5
5.6
7.3
5.0
19.2
Growth (%)
Last
Mkt Share (%)
May - 20
3M
100.0
10.3
7.1
9.4
4.4
3.6
6.8
79.7
86.1
6.1
4.8
12.4
3.3
16.4
15.4
2.6
15.9
23.3
2.6
67.8
45.1
2.5
(9.2) (17.6)
2.5
12.8
7.1
2.4
7.3
(0.0)
2.3
37.0
31.5
Source: AIOCD, MOFSL
Exhibit 60: Therapy Mix (%)
Among the top therapies,
Anti-Malarials/Anti-
Neoplatics grew at a robust
rate of 45.1%/22.4% YoY,
improving overall growth.
Total
Pain / Analgesics
Cardiac
Anti Malarials
Anti-Infectives
Gastro Intestinal
Anti-Neoplastics
Share
100.0
27.9
16.1
16.1
7.0
6.2
5.3
MAT Growth (%)
9.4
6.8
5.2
21.1
16.8
(2.3)
14.7
3M*
10.3
3.7
14.7
46.4
(7.2)
(7.5)
23.5
May - 20
7.1
5.2
11.2
45.1
(28.8)
(9.8)
22.4
Source: AIOCD, MOFSL
The top 10 brands were the
major growth contributors
at 60.3% YoY.
Volumes grew at 3.1% and
price growth stood at 5% on
a MAT basis in May’20.
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
40.5
21.2
17.2
21.0
MAT
Growth (%)
9.4
14.6
11.5
6.1
1.1
Growth Contribution
(%)
100.0
60.3
25.5
11.5
2.7
Source: AIOCD, MOFSL
Exhibit 62: Acute v/s Chronic (MAT growth)
MATVALUE May 20
10.7
MATVALUE GR May 20
Exhibit 63: Growth Distribution (%)(MAT May’20)
5.9
3.1
15.5
ACUTE
5.6
CHRONIC
Source: AIOCD, MOFSL
Vol GR
5.0
1.3
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
15
 Motilal Oswal Financial Services
Sector Update| Healthcare
Biocon
Exhibit 64: Top 10 Drugs
MAT May - 20
Drug
Therapy
Value
(INR m)
4667
1099
822
443
365
244
214
165
99
74
67
Growth (%)
Last
Mkt Share (%)
May - 20
3M
100.0
(14.9) (20.6)
23.6
(8.4)
(6.0)
17.6
(8.5)
(16.9)
9.5
(75.7) (65.7)
7.8
54.7
(26.5)
5.2
(7.5)
(11.7)
4.6
28.5
6.0
3.5
70.8
219.2
2.1
(13.7)
(7.3)
1.6
1.7
9.9
1.4
(37.7) (64.9)
Source: AIOCD, MOFSL
Biocon’s secondary sales
plunged further in May’20
at 20.6% YoY v/s decline of
15.1% in Apr’20. Growth
was hit by decline in major
brands such as Basalog,
Canmab, Erypro, and Picon,
to mention a few.
Growth (%)
(2.4)
(3.2)
(3.2)
(42.9)
140.8
(8.0)
57.6
0.0
(26.8)
(3.3)
39.9
Biocon’s two major
therapies, Anti-Diabetic and
Anti-Neoplastics (53.7% and
23.3% in overall portfolio)
declined at 9.2% and 33.4%,
respectively, in May’20.
Decline was also noted
across other major
therapies.
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: Mar 2020- May 2020
Exhibit 65: Therapy Mix (%)
Total
Anti Diabetic
Anti-Neoplastics
Blood Related
Anti-Infectives
Derma
Cardiac
Share
100.0
53.7
23.3
8.6
5.4
3.8
2.0
MAT Growth (%)
(2.4)
(4.2)
(20.9)
133.8
16.3
37.4
(13.3)
3M*
(14.9)
(7.0)
(39.0)
55.8
(8.9)
(13.1)
10.7
May - 20
(20.6)
(9.2)
(33.4)
(21.7)
(32.7)
(33.6)
(0.3)
Source: AIOCD, MOFSL
Exhibit 66: Brand-wise growth distribution
% of sales
MAT
Growth (%)
(2.4)
(3.9)
9.6
5.7
(32.6)
Growth
Contribution (%)
100.0
126.0
(46.8)
(17.1)
37.9
Source: AIOCD, MOFSL
Volumes plunged at 7.1%
YoY and prices rose at 4.3%
YoY in May’20 on a MAT
basis.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
76.9
13.2
7.9
1.9
Exhibit 67: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
2.8
Exhibit 68: Growth Distribution (%)(MAT May’20)
4.3
0.4
-7.1
(10.4)
1.7
ACUTE
3.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
16
 Motilal Oswal Financial Services
Sector Update| Healthcare
Abbott India
Exhibit 69: Top 10 Drugs
Abbott’s secondary sales
declined at 7.7% YoY in
May’20 (similar to decline
rate of Apr’20). Top brands
such as Mixtard,
Duphaston, Thyronorm and
Phensedyl Cough Linctus
dragged down overall
growth.
MAT May - 20
Drug
Therapy
Value
(INR m)
89002
5636
3531
3485
3100
2824
2717
1780
1710
1704
1366
Growth (%)
Growth (%) Mkt Share (%) Last 3M May - 20
6.5
7.4
(5.1)
0.9
2.1
9.9
1.7
5.7
7.8
23.3
10.4
100.0
(2.0)
(7.7)
6.3
8.1
(13.0)
4.0
(29.6) (36.8)
3.9
(1.7) (10.6)
3.5
11.2
0.8
3.2
(1.2)
(7.2)
3.1
(20.2) (9.4)
2.0
0.1
(5.4)
1.9
3.4
1.5
1.9
20.2
14.5
1.5
10.9
(3.5)
Source: AIOCD, MOFSL
Total
Mixtard
Anti Diabetic
Duphaston
Gynaecological
Thyronorm
Hormones
Novomix
Anti Diabetic
Udiliv
Gastro Intestinal
Phensedyl Cough Linctus Respiratory
Vertin
Neuro / Cns
Duphalac
Gastro Intestinal
Ryzodeg
Anti Diabetic
Actrapid
Anti Diabetic
*3M: Mar 2020- May 2020
Exhibit 70: Therapy Mix
Anti-Infective (-16% YoY)
was impacted the most,
while other therapies,
barring Cardiac, also faced
sales decline in May’20.
Total
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti-Infectives
Neuro / Cns
Cardiac
Share
100.0
20.0
17.0
10.6
8.7
8.2
7.7
MAT Growth (%)
6.5
6.8
9.2
9.2
20.1
3.4
7.8
3M*
(2.0)
8.5
(2.6)
8.7
0.7
(2.6)
7.5
May - 20
(7.7)
(5.4)
(6.4)
11.7
(16.0)
(4.8)
1.9
Source: AIOCD, MOFSL
Exhibit 71: Brand -wise growth distribution
The top 10 brands
contributed 23.2% to
overall growth.
Price growth came in at 7%
in MAT May’20.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
31.3
16.9
14.4
37.4
MAT
Growth (%)
6.5
4.8
7.9
10.5
5.9
Growth
Contribution (%)
100.0
23.2
20.1
22.4
34.3
Source: AIOCD, MOFSL
Exhibit 72: Acute v/s Chronic (MAT growth)
MATVALUE May 20
Exhibit 73: Growth Distribution (%) (MAT May’20)
7.1
MATVALUE GR May 20
5.6
7.0
2.6
-3.1
53.9
ACUTE
35.1
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
17
 Motilal Oswal Financial Services
Sector Update| Healthcare
Mankind
Exhibit 74: Top 10 Drugs
Mankind’s secondary sales
grew 6.2% YoY in May’20
v/s decline of 3.5% YoY in
Apr’20. Good sales
momentum in brands such
as Candiforce, Glimestar M,
Amlokind AT and Telmikind
H and Prega News was
recorded in May.
Drug
Value
(INR m)
Total
60683
Manforce
Sex Stimulants / Rejuvenators
2599
Moxikind Cv
Anti-Infectives
2455
Candiforce
Anti-Infectives
2035
Unwanted Kit
Gynaecological
1461
Glimestar M
Anti Diabetic
1385
Amlokind-At
Cardiac
1307
Gudcef
Anti-Infectives
1185
Nurokind Lc
Vitamins / Minerals / Nutrients 1014
Telmikind H
Cardiac
994
Prega News
Others
947
*3M: Mar 2020- May 2020
Therapy
MAT May - 20
Growth (%)
Mkt Share
May -
Growth (%)
Last 3M
(%)
20
12.3
100.0
7.8
6.2
12.8
4.3
(24.8) (29.5)
15.9
4.0
14.1
4.3
22.4
3.4
5.8
23.0
10.0
2.4
13.7
6.4
15.3
2.3
23.0
20.7
22.8
2.2
38.3
29.5
23.8
2.0
10.0
4.9
13.7
1.7
1.6
1.6
29.1
1.6
13.5
24.0
18.7
1.6
26.5
14.7
Source: AIOCD, MOFSL
3M*
7.8
4.2
(2.6)
30.7
(5.3)
38.1
25.5
May - 20
6.2
3.4
2.7
22.6
(6.5)
26.5
18.8
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
34.3
26.2
14.1
25.5
Source: AIOCD, MOFSL
Growth in Cardiac,
Respiratory, and Anti-
Diabetic therapies favored
overall growth.
Exhibit 75: Therapy Mix (%)
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Cardiac
Gastro Intestinal
Respiratory
Anti Diabetic
Share
100.0
21.9
13.1
11.7
9.6
8.2
7.2
MAT Growth (%)
12.3
13.6
6.1
20.9
5.4
28.9
17.6
Growth was broad-based
across brands.
Volume growth stood at
3.8% YoY and price growth
was at 6.4% in May’20 on a
MAT basis.
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
25.3
16.1
15.8
42.7
MAT
Growth (%)
12.3
17.5
21.7
10.8
7.0
Exhibit 77: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
17.6
Exhibit 78: Growth Distribution (%)(MAT May’20)
10.5
3.8
6.4
2.1
44.4
ACUTE
16.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
18
 Motilal Oswal Financial Services
Sector Update| Healthcare
Pfizer
Exhibit 79: Top 10 Drugs
Pfizer’s secondary sales
were muted, with -0.1% YoY
decline witnessed in
May’20. Robust
performances by top brands
such as Mucaine/Minipress
XI/Corex DX were offset by
sharp decline in brands such
as
Magnex/Meronem/Prevena
r 13.
Drug
Value
(INR m)
Total
33610
Becosules
Vitamins / Minerals / Nutrients 3365
Magnex
Anti-Infectives
2054
Gelusil Mps
Gastro Intestinal
1774
Dolonex
Pain / Analgesics
1654
Mucaine
Gastro Intestinal
1625
Minipress Xl
Cardiac
1513
Meronem
Anti-Infectives
1369
Corex Dx
Respiratory
1358
Prevenar 13
Vaccines
1346
Wysolone
Hormones
1313
*3M: Mar 2020- May 2020
Therapy
MAT May - 20
Growth (%)
Growth Mkt Share
May -
Last 3M
(%)
(%)
20
10.6
100.0
5.3
(0.1)
14.9
10.0
14.3
19.6
10.1
6.1
(22.0) (48.2)
18.2
5.3
17.9
7.3
8.7
4.9
9.3
15.6
19.7
4.8
21.7
20.9
23.6
4.5
52.5
27.8
48.4
4.1
(6.4) (26.3)
21.4
4.0
39.8
32.8
3.5
4.0
(22.5) (13.2)
20.0
3.9
18.0
16.7
Source: AIOCD, MOFSL
Exhibit 80: Therapy Mix (%)
The Cardiac business grew
12.5% YoY. VMN/Gastro
grew 18.5%/11.6% YoY in
May’20.
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Gynaecological
Cardiac
Hormones
Share
100.0
17.1
12.4
11.7
9.0
8.7
8.1
MAT Growth (%)
10.6
17.7
14.8
15.6
9.2
16.7
12.6
3M*
5.3
(11.4)
14.0
16.9
0.6
27.6
3.0
May - 20
(0.1)
(32.1)
18.5
11.6
(0.3)
12.5
(6.9)
Source: AIOCD, MOFSL
The top 10 brands
contributed majorly to
overall growth.
Price growth was at 6% YoY
and volume growth stood at
3.2% YoY on a MAT basis in
May’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
51.7
27.8
13.9
6.6
MAT
Growth (%)
10.6
17.1
14.5
(0.3)
(17.9)
Growth
Contribution (%)
100.0
78.8
36.8
(0.5)
(15.1)
Source: AIOCD, MOFSL
Exhibit 82: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
Exhibit 83: Growth Distribution (%)(MAT May’20)
15.2
9.6
3.2
27.5
ACUTE
6.1
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
1.4
NP GR
Source: AIOCD, MOFSL
6.0
10 June 2020
19
 Motilal Oswal Financial Services
Sector Update| Healthcare
Merck
Exhibit 84: Top 10 Drugs
Merck’s secondary sales
declined 4.9%YoY in May'20 v/s
-10.3%YoY in Apr’20. Growth
was dragged down by higher
decline in top brands such as
Polybion/Neurobion Forte
RF/Evion LC (-26.5%/-13.4%/-
30.1% YoY).
Growth (%)
Value
Mkt
May -
(INR m) Growth (%) Share (%) Last 3M
20
7301
1.1
100.0
(3.6)
(4.9)
1050
6.6
14.4
(0.5)
5.3
585
14.5
8.0
12.6
7.0
579
6.9
7.9
(0.5)
(7.7)
464
(9.7)
6.4
(3.2)
(0.8)
448
27.3
6.1
29.7
21.6
432
23.9
5.9
(14.0) (26.5)
377
(8.8)
5.2
(14.8) (13.4)
367
(10.5)
5.0
(26.1) (30.1)
326
11.3
4.5
18.1
23.4
289
7.9
4.0
15.5
19.1
Source: AIOCD, MOFSL
3M*
(3.6)
(8.5)
19.8
(21.1)
(6.2)
49.5
(8.7)
May - 20
(4.9)
(8.8)
16.7
(25.0)
17.4
62.6
(12.3)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
356.4
(135.0)
(18.6)
(102.8)
Source: AIOCD, MOFSL
MAT May - 20
Drug
Therapy
Total
Neurobion Forte
Vitamins / Minerals / Nutrients
Concor
Cardiac
Livogen
Gynaecological
Livogen Z
Gynaecological
Concor Cor
Cardiac
Polybion
Vitamins / Minerals / Nutrients
Neurobion Forte Rf Vitamins / Minerals / Nutrients
Evion Lc
Vitamins / Minerals / Nutrients
Concor Am
Cardiac
Polybion Lc
Vitamins / Minerals / Nutrients
*3M: Mar 2020- May 2020
Gynaec/Anti-Diabetic
therapy sales declined at
25%/12.3% YoY in May’20.
Exhibit 85: Therapy Mix (%)
Total
Vitamins / Minerals / Nutrients
Cardiac
Gynaecological
Derma
Anti-Neoplastics
Anti Diabetic
Share
100.0
43.8
23.0
18.9
5.1
4.0
2.9
MAT Growth (%)
1.1
0.9
14.7
(6.6)
(16.8)
23.1
(7.4)
Robust growth in the top 10
brands was offset by de-
growth in other brands,
dragging down overall
growth to a large extent.
Prices increased 7.4% YoY in
the MAT May’20 period,
while volumes fell 6.9% YoY.
Exhibit 86: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
67.3
24.7
7.5
0.5
MAT
Growth (%)
1.1
6.0
(5.6)
(2.6)
(70.6)
Exhibit 87: Acute v/s Chronic (MAT growth)
MATVALUE May 20
5.3
MATVALUE GR May 20
13.2
Exhibit 88: Growth Distribution (%)(MAT Apr’20)
7.4
0.6
2.0
(2.7)
-6.9
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
CHRONIC
Source: AIOCD, MOFSL
10 June 2020
20
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ajanta Pharma
Exhibit 89: Top 10 Drugs
Ajanta Pharma’s secondary
sales declined 6.5% YoY in
May’20 v/s - 14.1%YoY in
Apr’20. Marked decline in
brands such as Atorfit CV(-
11.5% YoY), Melcare(-
8.1%YoY), and Soft Drops(-
17.7%YoY) dragged down
growth.
MAT May - 20
Drug
Therapy
Value
(INR m)
Total
8615
Met Xl
Cardiac
1118
Atorfit Cv
Cardiac
524
Melacare
Derma
495
Feburic
Pain / Analgesics
357
Rosutor Gold
Cardiac
275
Met Xl Am
Cardiac
273
Cinod
Cardiac
260
Rosufit Cv
Cardiac
214
Soft Drops
Ophthal / Otologicals
157
Cilamet
Cardiac
139
*3M: Mar 2020- May 2020
Growth (%)
Mkt Share
May -
Growth (%)
Last 3M
(%)
20
4.6
6.0
(6.2)
0.3
3.4
18.6
6.4
9.8
(3.1)
2.1
21.3
100.0
(2.4)
(6.5)
13.0
14.7
11.6
6.1
(5.3)
(11.5)
5.8
(2.6)
(8.1)
4.1
2.9
2.6
3.2
12.9
8.0
3.2
13.2
3.5
3.0
17.9
15.9
2.5
1.1
(2.9)
1.8
(18.6) (17.7)
1.6
27.3
28.1
Source: AIOCD, MOFSL
3M*
(2.4)
10.6
(10.4)
(15.7)
5.4
(29.8)
3.1
May - 20
(6.5)
7.2
(13.3)
(22.7)
2.9
(34.3)
(12.5)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
38.2
24.2
39.2
(1.6)
Source: AIOCD, MOFSL
Exhibit 90: Therapy Mix (%)
Barring Cardiac and
Pain/Analgesics therapies,
all other major therapies
continue to be severely
impacted in May’20.
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Anti-Infectives
Share
100.0
41.7
23.2
15.5
6.0
3.1
2.5
MAT Growth (%)
4.6
3.7
6.1
0.8
11.3
(7.4)
33.8
Growth was distributed
among the brands.
Volumes declined 3.9%.
However, price growth was
4.4% on a MAT basis in
May’20.
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
44.3
15.6
14.4
25.7
MAT
Growth (%)
4.6
4.0
7.3
13.6
(0.3)
Exhibit 92: Acute v/s Chronic (MAT growth)
MATVALUE May 20
7.0
MATVALUE GR May 20
Exhibit 93: Growth Distribution (%)(MAT May’20)
4.4
4.2
2.4
4.2
ACUTE
4.4
CHRONIC
Source: AIOCD, MOFSL
-3.9
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
21
 Motilal Oswal Financial Services
Sector Update| Healthcare
AstraZeneca
Exhibit 94: Top 10 Drugs
MAT May - 20
Growth (%)
Value
Mkt Share
(INR m)
Growth (%)
(%)
Last 3M May - 20
6668
8.7
100.0
9.2
4.8
1691
(8.5)
25.4
(16.8)
(16.2)
1410
10.6
21.1
22.6
13.1
529
19.5
7.9
31.8
24.9
504
34.6
7.6
33.0
21.6
454
12.9
6.8
25.7
18.7
401
1.3
6.0
6.8
2.8
292
12.6
4.4
22.1
16.2
277
41.8
4.2
1.6
(11.7)
236
5.4
3.5
26.6
15.7
197
(2.9)
2.9
(27.9)
(50.2)
Source: AIOCD, MOFSL
AstraZeneca’s sales grew
4.8% YoY in May’20 v/s
6.3% YoY in Apr’20. Growth
was driven by strong
traction in top brands such
as
Forxiga/Crestor/Xigduo/Sel
oken, to name a few.
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: Mar 2020-May 2020
Respiratory, Anti-Diabetic,
and Anti-Neoplastics
showed strong growth in
May’20.
Exhibit 95: Therapy Mix (%)
Total
Cardiac
Anti Diabetic
Anti-Neoplastics
Hormones
Respiratory
Vitamins / Minerals / Nutrients
Share
100.0
50.5
37.0
7.5
3.0
2.0
0.0
MAT Growth (%)
8.7
(1.0)
18.2
38.5
(2.7)
66.1
34.4
3M*
9.2
(2.8)
29.8
11.8
(28.0)
93.4
(44.8)
May - 20
4.8
(2.5)
19.1
11.2
(50.3)
87.8
(100.0)
Source: AIOCD, MOFSL
Sales growth was driven by
the top 25 brands.
Volume growth was 12.1%
YoY, with price decline of
7% witnessed during MAT
May’20.
Exhibit 96: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
100.0
89.8
10.2
0.0
MAT
Growth (%)
8.7
6.6
49.1
(100.0)
Growth
Contribution (%)
100.0
69.4
41.8
(11.2)
Source: AIOCD, MOFSL
Exhibit 97: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
8.9
7.2
Exhibit 98: Growth Distribution (%) (MAT May’20)
12.1
3.6
-7.0
0.6
ACUTE
6.1
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
22
 Motilal Oswal Financial Services
Sector Update| Healthcare
JB Chemicals
Exhibit 99: Top 10 Drugs
MAT May - 20
Growth (%)
Mkt Share
Last 3M
May - 20
(%)
100.0
8.1
(2.1)
24.1
26.8
13.4
20.7
(9.6)
(11.6)
12.4
27.8
12.5
9.3
16.0
7.5
7.7
35.2
16.9
2.5
(12.1)
(44.0)
2.4
(50.3)
(52.4)
1.9
34.3
18.6
1.8
(27.0)
(37.3)
1.7
(23.4)
(15.7)
Source: AIOCD, MOFSL
Drug
Therapy
Value
(INR m)
7319
1763
1516
904
682
563
181
176
139
129
127
JB Chemicals’ sales declined
2.1%YoY in May’20, v/s
growth of 5% YoY seen in
Apr’20. High growth in top
brands such as Cilacar/
Nicardia/Cilacar T was
offset by a downward trend
in sales of
Rantac/Contrapaque/Ranta
c Dom.
Growth (%)
16.7
27.5
1.5
30.3
11.3
30.7
33.5
(17.2)
40.0
(4.2)
(4.3)
Total
Cilacar
Cardiac
Rantac
Gastro Intestinal
Nicardia
Cardiac
Metrogyl
Gastro Intestinal
Cilacar T
Cardiac
Contrapaque
Others
Rantac Dom
Gastro Intestinal
Cilacar M
Cardiac
Metrogyl Iv
Gastro Intestinal
Rantac Mps
Gastro Intestinal
*3M: Mar 2020- May 2020
Cardiac therapy (50.3% of
sales share) grew strong at
14.5% YoY. Other major
therapies declined, which
proved to be drag on
overall sales.
Exhibit 100: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Others
Gynaecological
Anti-Infectives
Pain / Analgesics
Share
100.0
50.3
40.3
3.1
1.6
1.5
1.5
MAT Growth (%)
16.7
30.7
3.9
20.4
5.0
(7.8)
6.2
3M*
8.1
29.7
(8.4)
(27.8)
(25.0)
(28.6)
(17.3)
May - 20
(2.1)
14.5
(12.8)
(47.5)
(27.3)
(37.5)
(29.7)
Source: AIOCD, MOFSL
The top 25 brands led
overall growth for the
company in May’20.
Volume growth for the
company stood at 5.2% YoY,
while price growth came in
at 9.2% YoY (a rate similar
to that seen in Apr’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
84.4
11.0
4.0
0.5
MAT
Growth (%)
16.7
16.0
26.3
28.1
(50.1)
Growth
Contribution (%)
100.0
81.4
16.0
6.2
(3.6)
Source: AIOCD, MOFSL
Exhibit 102: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
3.7
31.0
Exhibit 103: Growth Distribution (%)(MAT May’20)
9.2
3.6
5.1
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
5.2
2.3
NP GR
Source: AIOCD, MOFSL
10 June 2020
23
 Motilal Oswal Financial Services
Sector Update| Healthcare
ERIS LS
Exhibit 104: Top 10 Drugs
Value
(INR m)
13513
1136
886
807
504
426
400
333
330
326
281
Growth (%)
May -
Growth (%) Mkt Share (%) Last 3M 20
7.2
100.0
1.5
(4.7)
18.4
8.4
14.8
8.4
19.4
6.6
7.3
3.3
27.5
6.0
21.5
13.3
(4.1)
3.7
(9.7) (21.7)
26.8
3.2
12.8
10.9
14.5
3.0
21.6
9.6
65.3
2.5
26.4
1.9
11.5
2.4
(2.3)
(9.5)
11.3
2.4
3.3
(7.2)
(28.4)
2.1
(14.4) (15.7)
Source: AIOCD, MOFSL
MAT May - 20
ERIS’s May’20 secondary
sales declined 4.7% YoY v/s
decline of 6.5% YoY in
Apr’20. While two brands
among the top 10 showed
some traces of growth, the
other eight brands declined.
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
Cyblex Mv
Anti Diabetic
Lnbloc
Cardiac
Tendia
Anti Diabetic
Triglimisave Anti Diabetic
*3M: Mar 2020- May 2020
Anti-Diabetic (30% of total
therapy mix) grew 11.6%
YoY, along with Cardiac,
which grew 2.7% YoY. Other
brands sales plummeted
sharply.
Exhibit 105: Therapy Mix (%)
Total
Anti Diabetic
Cardiac
Vitamins / Minerals / Nutrients
Neuro / Cns
Gastro Intestinal
Gynaecological
Share
100.0
30.0
26.9
18.8
7.3
6.0
4.1
MAT Growth (%)
7.2
18.5
10.2
5.5
(3.1)
(6.0)
(0.1)
3M*
1.5
18.8
9.9
(3.7)
(12.9)
(15.9)
(16.6)
May - 20
(4.7)
11.6
2.7
(9.5)
(17.1)
(18.5)
(24.6)
Source: AIOCD, MOFSL
The top 10 brands
contributed 76.9% to
overall growth.
Volumes declined 0.6%,
while price growth came in
at 5.1% YoY in May’20.
Exhibit 106: 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
22.1
17.3
20.4
MAT
Growth (%)
7.2
14.8
9.4
4.3
-4.9
Growth Contribution
(%)
100.0
76.9
28.1
10.5
-15.5
Source: AIOCD, MOFSL
Exhibit 107: Acute v/s Chronic (MAT growth)
MATVALUE May 20
MATVALUE GR May 20
12.1
Exhibit 108: Growth Distribution (%)(MAT May’20)
5.1
8.6
(0.3)
4.9
-0.6
2.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
10 June 2020
24
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