Sector Update
Update| Healthcare
Sector
| 11 August 2020
Healthcare
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Chronic therapies perform better than Acute
Performance of top companies: July
2020
Company
IPM
Glenmark
JB
Chemicals
Ipca
Pfizer
Cipla
Ajanta
USV
Merck
Eris LS
Alembic
Emcure
Dr. Reddys
Abbott
Intas
Cadila HC
Lupin
Sanofi India
Torrent
Alkem
Sun Pharma
AstraZeneca
MSD
Biocon
FDC
Indoco
GSK
Natco
Wockhardt
MAT gr
(%)
5
10.4
16.2
9.8
11.4
3.9
5.3
10
2.6
6.6
0.3
7.8
6.6
5.5
7.1
6.8
5.9
2.7
8
4.5
5.8
7.9
0.9
-5.3
6
1.7
0.2
-1.6
-24.5
Jul-20
(%)
0.2
30.3
12.8
11.5
11.5
10.8
9.4
9.1
7.4
5.3
4.4
3.1
2.6
2.2
-0.2
-0.4
-1.3
-1.4
-2.6
-3.1
-3.2
-3.7
-4.5
-8.2
-8.8
-10.1
-10.8
-11.1
-26.8
The Indian Pharmaceutical Market’s (IPM) growth was muted at 0.2% YoY in
Jul’20 (v/s 2.4% YoY in Jun’20). The 6.5% YoY volume decline was led by COVID
and higher offtake of trade generic medicines. This was offset to some extent by
price growth of 4.6% YoY and growth in new launches of 2.2% YoY.
Anti-Infective was down 10.2% YoY (v/s -9.7% YoY in Jun’20) while Gastro sales
dipped 2.4% YoY (v/s flat YoY in Jun’20). Pain/Analgesics declined further by
6.7% YoY (v/s -1.9% YoY in Jun’20). Cardiac/Anti-diabetic/VMN therapies
exhibited positive growth of 13.1% YoY/5.9% YoY/5.5% YoY in Jul’20.
For the quarter ending Jul’20, IPM declined 2% YoY and volumes dropped 8.3%
YoY. However, price grew 4.6% YoY and NP inched up 1.8% YoY. NLEM products
dipped 1.3% YoY while Non-NLEM products declined 2.1% YoY.
On a MAT basis, industry growth came in at 5% YoY. Volume declined 2% YoY,
Price/NP growth stood at 5%/2% YoY.
Price growth steady despite COVID led volume decline
In Jul’20, in value terms, secondary sales grew 1% YoY for NLEM (~16% of IPM)
while it remained muted for non-NLEM (~84% of IPM).
While price growth for non-NLEM products stood at 4.7% YoY, volumes declined
7.2% YoY.
Glenmark, JB Chemicals and Ipca – Outperformers
In Jul’20, Glenmark (+30.3% YoY), JB Chemicals (+12.8% YoY) and Ipca (+11.5%
YoY) delivered the highest growth.
Glenmark’s Anti-infective segment increased 1.7x YoY, mainly on account of
Flabiflu (Covid drug) sales. JB Chemicals grew on the back of robust uptake in its
Cardiac therapy sales (50.8% of therapy mix), which grew 24.6% YoY. Ipca
witnessed good traction in Pain/Analgesics (+23.4% YoY; 29% of therapy mix)
and Anti-malaria (+17.8% YoY; 16% of therapy mix) segments.
Sun Pharma’s sales dipped 3.2% YoY (v/s flat YoY growth in Jun’20), dragged by
decline in Anti-Infective (-23.8% YoY) and Gastro (-10.3% YoY).
Glaxo, Natco and Wockhardt exhibited weakest sales at -10.8%/-11.1%/-26.8%
YoY in Jul’20
On MAT basis, JB Chemicals/Torrent reported highest price growth of 10%/7.8%
YoY. Glenmark saw highest growth in new launches (+7.3% YoY).
Cardiac, Anti-Malaria and Respiratory witnessed strong growth
Cardiac, Anti-Malaria and Respiratory therapies exhibited highest growth of
11.1% YoY, 10.5% YoY and 10% YoY on MAT basis in Jul’20. However,
Gynecology (-0.8% YoY) and Anti-Neoplastic (-2.1% YoY) therapies remained
dim.
Tushar Manudhane - Research Analyst
(Tushar.Manudhane@MotilalOswal.com)
Research Analyst: Hitakshi Chandrani
(Hitakshi.Chandrani@motilaloswal.com);
Bharat Hegde
(Bharat.Hegde@motilaloswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Sector Update| Healthcare
Exhibit 1: Volumes declined drastically for quarter ended Jul’20
Volume Growth (%)
10.5
5.5 3.8
1.2
9.7
3.7
5
1
9.2
3.4
4.8
1
Price Growth (%)
9.3
9.1
5.3
3.3
1
5
2.9
New Product Growth (%)
8.7
5.3
2.7
0.9
0.7
2.1
10.1
5.3
2.8
3.4
5.0
2.2
-3.8
Total Growth (%)
4.6
1.8
-2
-8.3
3M-Jul 18
3M-Oct 18
3M-Jan 19
3M-Apr 19
3M-Jul19
3M-Oct19
3M-Jan20
3M-Apr 20
3M-Jul20
Source: AIOCD, MOFSL
Exhibit 2: Acute as % of total sales and growth rate on MAT Jul’20 basis
Acute as % of total sales
3.3
-2.5
0.9
6.7
5.3
12.0
2.3
8.6
1.4
9.4
Acute MATVALUE GR Jul 20
6.9
8.1
3.2
0.9
9.4
4.6
-48.2
40
40
39
39
38
26
6.7
5.6
46
87
81
77
70
66
60
58
57
54
54
53
43
40
Source: MOFSL, Company
11 August 2020
2
 Motilal Oswal Financial Services
Sector Update| Healthcare
Indian Pharma Market - Jul’20
Exhibit 3: Performance of top companies – Jul’20
MAT Jul- 20
Market Growth
Value
(%)
Share (%)
(INR b)
IPM
1,424
100.0
5.0
Sun Pharma
116
5.8
5.8
Abbott
90
6.3
5.5
Cipla
67
4.7
3.9
Zydus Cadila
59
4.2
6.8
Mankind
61
4.3
10.7
Alkem
49
3.5
4.5
Lupin
54
3.8
5.9
Torrent Pharma
44
3.1
8.0
Pfizer
34
2.4
11.4
Glenmark Pharma
33
2.3
10.4
Sanofi
32
2.2
2.7
Dr Reddy Labs
40
2.8
6.6
GSK Pharma
39
2.7
0.2
Alembic Pharma
17
1.2
0.3
Ipca Labs
22
1.5
9.8
Natco
11
0.7
(1.6)
Ajanta Pharma
9
0.6
5.3
Merck
7
0.5
2.6
Biocon
5
0.3
(5.3)
Astrazeneca
7
0.5
7.9
JB Chemicals
8
0.5
16.2
Company
Oct-18
10.8
6.1
10.4
12.3
8.4
25.6
9.2
13.5
12.1
8.7
9.5
8.4
41.2
0.1
12.4
29.8
3.2
8.7
12.7
21.3
14.5
11.8
Jan-19
10.0
6.7
12.7
10.6
7.6
19.5
8.5
13.4
9.6
7.2
8.2
15.0
33.2
8.0
11.5
28.6
26.3
8.1
9.6
20.6
12.0
17.9
Last 8 Quarters YoY Growth (%)
Apr-19
10.0
5.9
8.4
10.5
10.5
21.4
12.5
14.7
10.7
5.6
8.7
11.4
33.8
10.8
9.9
21.6
13.1
7.4
3.7
13.4
9.6
24.0
Jul-19
9.0
7.7
8.4
9.4
13.1
11.7
13.0
12.3
9.1
5.0
7.6
12.6
29.4
13.7
2.2
10.1
(8.0)
6.3
(1.4)
9.9
6.7
23.1
Oct-19
8.7
9.6
10.5
3.4
13.1
11.4
12.1
11.6
5.6
9.9
7.7
8.9
10.0
12.8
(0.5)
5.9
(3.5)
4.2
1.6
5.9
7.5
21.2
Jan-20
10.1
10.6
8.0
7.5
13.9
15.1
11.7
9.5
13.5
17.7
14.5
0.9
13.7
5.3
3.7
9.6
(4.4)
7.8
5.5
(3.5)
8.0
19.6
Apr-20
3.4
6.7
3.8
2.7
3.3
12.8
0.1
5.3
13.8
10.0
6.8
2.9
5.4
(5.6)
0.4
11.9
5.2
5.2
0.4
(10.2)
12.4
14.3
Jul-20
(2.0)
(3.5)
(0.2)
1.8
(2.6)
3.8
(6.1)
(2.5)
0.1
8.1
12.7
(1.4)
(2.7)
(11.0)
(2.5)
12.5
(3.0)
3.9
3.2
(13.2)
3.9
10.5
1M
Jul-20
0.2
(3.2)
2.2
10.8
(0.4)
1.9
(3.1)
(1.3)
(2.6)
11.5
30.3
(1.4)
2.6
(10.8)
4.4
11.5
(11.1)
9.4
7.4
(8.2)
(3.7)
12.8
Exhibit 4: Performance of top therapies – Jul’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 Jul-
Last 8 Quarters in Growth (%)
20
Market Growth
(%)
Value Share (%)
Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20
(INR b)
1,424
100.0
5.0
10.8
10.0
10.0
9.0
8.7
10.1
3.4
(2.0)
188
13.2
2.5
11.2
9.5
5.4
(0.3)
9.3
9.9
10.4
17.3
189
13.3
11.1
14.3
15.3
15.0
9.7
10.1
9.7
15.1
47.1
156
10.9
2.6
9.6
9.0
8.8
4.8
9.1
7.3
7.5
25.8
144
10.1
9.0
14.9
17.5
17.8
11.1
12.8
8.0
12.3
42.6
122
110
94
95
87
68
29
24
26
22
8.6
7.7
6.6
6.7
6.1
4.8
2.0
1.7
1.9
1.6
4.5
10.0
2.3
1.4
6.7
(0.8)
(2.1)
(2.6)
6.8
3.4
11.6
12.6
10.1
17.9
11.0
12.5
8.9
10.9
16.8
(6.2)
8.8
8.8
8.2
13.3
9.1
10.8
10.4
8.4
12.9
(4.7)
8.6
4.4
10.4
11.3
11.4
12.2
16.3
8.7
9.1
(0.0)
6.1
0.8
4.9
3.9
7.2
6.8
6.9
8.5
6.9
0.4
9.6
7.7
10.3
6.4
8.4
5.5
5.7
7.8
10.9
14.5
8.6
13.4
9.5
6.8
8.9
7.0
5.4
7.4
11.4
7.5
8.2
31.6
1M
Jul-20
0.2
6.7
20.6
6.9
13.2
15.2
17.2
35.5
16.6
7.3
20.5
3.7
4.6
25.1
8.8
10.0
36.7
11.7
3.2
18.4
0.9
(2.7)
18.6
0.8
2.4
10.1
(7.5)
11.0
32.4
10.5
7.3
26.0
11.4
Source: AIOCD, MOFSL
11 August 2020
3
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sun Pharma
Exhibit 5: Top-10 Drugs
Drug
Therapy
MAT Jul–20
Value
Gr. (%)
(INR m)
115967
5.8
2981
14.1
1877
2.2
1560
(0.8)
1332
9.3
1222
10.4
1101
54.6
1063
16.3
968
(4.5)
866
7.5
769
13.2
Mkt Share
(%)
100.0
7.3
5.9
4.9
3.2
3.8
3.4
3.3
3.0
2.1
1.9
Growth (%)
Last 3M
Jul - 20
(3.5)
(3.2)
11.2
6.6
(8.9)
(14.6)
(8.8)
(15.6)
(31.6)
(36.2)
21.0
94.0
1.3
(27.7)
38.3
42.3
(2.0)
(9.2)
(27.4)
(35.2)
8.8
11.1
Source: AIOCD, MOFSL
Jul – 20
(3.2)
3.7
6.2
(10.3)
(23.8)
1.2
(0.2)
Source: AIOCD, MOFSL
Sun Pharma’s secondary
sales declined 3.2% YoY in
Jul’20 v/s muted growth of
0.8% YoY in Jun’20. Higher
decline in sales of key
brands like Allegra, Amaryl
M and Moxclav dragged
sales.
Total
Rosuvas
Cardiac
Allegra
Respiratory
Amaryl M
Anti Diabetic
Moxclav
Anti-Infectives
Clexane
Cardiac
Fluquadri
Vaccines
Avil
Respiratory
Cardace
Cardiac
Cepodem
Anti-Infectives
Silverex Ionic Derma
*3M: May 2020-Jul 2020
Exhibit 6: Therapy mix (%)
Total
Anti-infective declined
further by 23.8% YoY in
Jul’20 (v/s -12.4% YoY in
Jun’20). Gastro therapy
declined 10.3% YoY.
Cardiac
Neuro / Cns
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
Share
100.0
17.9
17.2
11.9
10.0
9.4
6.6
MAT Growth (%)
5.8
6.2
7.6
3.8
6.5
6.7
4.7
3M*
(3.5)
4.1
5.7
(10.9)
(19.7)
0.2
(2.8)
Exhibit 7: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
27.8
17.7
15.3
39.3
Volume declined 1.5% YoY
while price growth came in
at 6.1% YoY on MAT basis in
Jul’20.
MAT
Growth (%)
5.8
9.0
7.6
6.5
2.7
Growth
Contribution (%)
100.0
41.6
22.8
17.0
18.7
Source: AIOCD, MOFSL
Exhibit 8: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
5.2
63.2
MATVALUE GR Jul 20
6.6
Exhibit 9: Growth Distribution (%) (MAT Jul’20)
6.1
(1.5)
52.8
1.3
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
4
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cipla
Exhibit 10: Top-10 Drugs
Drug
Therapy
Value
(INR m)
66794
3355
2422
2362
1980
1976
1915
1393
1367
1315
1251
MAT Jul - 20
Growth
(%)
3.9
3.6
6.7
10.4
14.3
4.8
13.8
11.7
13.8
4.8
10.4
Mkt
Last 3M Jul – 20
Share (%)
100.0
1.8
10.8
5.0
0.7
(2.4)
3.6
0.7
9.0
3.5
12.7
20.3
3.0
24.8
35.1
3.0
7.3
13.8
2.9
17.2
21.1
2.1
17.5
28.7
2.0
10.0
39.4
2.0
9.6
19.5
1.9
13.6
15.8
Source: AIOCD, MOFSL
Growth (%)
Cipla’s secondary sales grew
10.8% YoY in Jul’20 (v/s
7.4% YoY in Jun’20). Growth
was driven by top brands
like Duolin, Montair LC,
Seroflo, Asthalin and Dytor
to name a few.
Total
Foracort
Respiratory
Budecort
Respiratory
Duolin
Respiratory
Montair Lc
Respiratory
Seroflo
Respiratory
Asthalin
Respiratory
Dytor
Cardiac
Azee
Anti-Infectives
Aerocort
Respiratory
Urimax D
Urology
*3M: May 2020- Jul 2020
Respiratory therapy (35.4%
of therapy mix) had a good
run of 11.9% YoY growth in
Jul’20. This was supported
by growth in brands like
Duolin, Montair LC and
Seroflo. Other top therapies
like Cardiac, Urology and
Neuro also portrayed strong
growth.
Exhibit 11: Therapy Mix (%)
Total
Respiratory
Anti-Infectives
Cardiac
Urology
Gastro Intestinal
Neuro / Cns
Share
100.0
35.4
21.5
13.6
5.7
5.6
3.7
MAT Growth (%)
3.9
7.6
2.8
9.1
6.6
(8.4)
7.5
3M*
1.8
6.2
(2.8)
15.2
6.3
(21.4)
15.0
Jul – 20
10.8
11.9
8.5
26.3
11.4
(18.3)
18.4
Source: AIOCD, MOFSL
Exhibit 12: Brand-wise growth distribution
Top-10 brands (28.9% of
sales) contributed 61.8% of
overall growth.
Price growth stood at 5.4%
on MAT basis. Volumes
continued to decline.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
28.9
15.3
15.0
40.7
MAT
Growth (%)
3.9
8.7
0.6
5.7
1.3
Growth
Contribution (%)
100.0
61.8
2.3
21.5
14.4
Source: AIOCD, MOFSL
Exhibit 13: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
7.5
35.7
Exhibit 14: Growth Distribution (%)(MAT Jul’20)
5.4
2.2
-3.7
1.0
ACUTE
31.1
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
5
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cadila Healthcare
Exhibit 15: Top-10 Drugs
Zydus’ secondary sales
remained muted at 0.4%
YoY growth in Jul’20 (v/s
0.2% YoY growth in Jun’20).
Decline in sales was seen in
brands like Skinlite,
Pantodac, Deca Durabolin
and Zyrop, which more than
offset strong growth of
brands like Atorva, Mifegest
Kit and Dexona.
Drug
Therapy
Value
(INR m)
59464
1680
1670
1573
1437
1291
1181
1163
1070
1059
906
MAT Jul - 20
Growth
(%)
6.8
27.3
7.7
37.7
(15.4)
9.9
50.4
12.1
22.6
10.2
6.8
Mkt
Share (%)
100.0
2.8
2.8
2.6
2.4
2.2
2.0
2.0
1.8
1.8
1.5
Growth (%)
Last 3M
Jul - 20
(2.6)
(0.4)
28.6
26.5
(3.4)
0.8
43.9
58.4
(15.2)
(9.1)
(9.2)
(7.4)
47.8
45.4
0.9
(6.6)
6.4
11.5
(15.9)
(18.3)
8.2
11.8
Source: AIOCD, MOFSL
Jul - 20
(0.4)
10.6
(19.5)
(7.1)
(8.9)
1.4
12.3
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
43.4
14.7
34.0
7.9
Source: AIOCD, MOFSL
Total
Atorva
Cardiac
Deriphyllin
Respiratory
Mifegest Kit
Gynecological
Skinlite
Derma
Pantodac
Gastro Intestinal
Dexona
Hormones
Deca Durabolin
Hormones
Thrombophob
Pain / Analgesics
Zyrop(Biologicals)
Blood Related
Formonide
Respiratory
*3M: May 2020- Jul 2020
Exhibit 16: Therapy Mix (%)
Higher decline in Anti-
infective therapy (-19.5%
YoY) along with decline in
Respiratory and Gastro
therapies dragged Jul’20
sales.
Total
Cardiac
Anti-Infectives
Respiratory
Gastro Intestinal
Pain / Analgesics
Gynecological
Share
100.0
15.2
14.2
10.7
10.4
9.6
8.0
MAT Growth (%)
6.8
11.5
(1.3)
4.0
3.6
6.7
7.9
3M*
(2.6)
10.1
(16.6)
(8.6)
(7.7)
(2.4)
3.7
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
21.9
15.4
16.3
46.3
Volume/price growth came
in at 0.3%/4.9% YoY on MAT
Jul’20 basis.
MAT
Growth (%)
6.8
14.4
6.4
15.2
1.1
Exhibit 18: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
6.2
MATVALUE GR Jul 20
8.1
Exhibit 19: Growth Distribution (%)(MAT Jul’20)
40.7
18.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
0.3
Vol GR
4.9
1.5
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
6
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alkem
Exhibit 20: Top-10 Drugs
The decline in Alkem’s
secondary sales continued
with 3.1% YoY decline in
Jul’20 (v/s 1.8% YoY decline
in Jun’20). Decline was seen
across most top brands with
severe decline in Clavam,
Xone, Taxim and Ondem.
Drug
Therapy
MAT Jul - 20
Growth (%)
Value
Growth (%) Mkt Share (%) Last 3M Jul - 20
(INR m)
49230
4.5
100.0
(6.1)
(3.1)
3692
2.1
7.5
(10.7) (18.7)
3127
6.9
6.4
11.4
20.0
2611
(2.6)
5.3
10.8
15.5
2290
14.2
4.7
(1.6)
(1.6)
1639
25.1
3.3
49.2
69.0
1539
7.1
3.1
(11.3) (18.4)
1149
(10.3)
2.3
(22.4) (13.8)
1097
2.9
2.2
(20.3) (15.2)
961
2.2
2.0
(25.3) (19.3)
867
(16.6)
1.8
(13.7) (5.1)
Source: AIOCD, MOFSL
MAT Growth (%)
4.5
2.8
1.4
4.9
5.6
7.0
18.2
3M*
(6.1)
(16.3)
1.4
13.5
(11.0)
(9.4)
2.1
Jul - 20
(3.1)
(17.6)
6.6
26.5
(6.5)
(5.7)
3.9
Source: AIOCD, MOFSL
Total
Clavam Anti-Infectives
Pan
Gastro Intestinal
Pan D
Gastro Intestinal
Taxim O Anti-Infectives
A To Z Ns Vitamins / Minerals / Nutrients
Xone
Anti-Infectives
Taxim
Anti-Infectives
Ondem Gastro Intestinal
Pipzo
Anti-Infectives
Gemcal Vitamins / Minerals / Nutrients
*3M: May 2020- Jul 2020
Therapy Mix (%)
Share
100.0
38.3
18.1
13.0
7.1
5.5
4.4
Sales were dragged due to
continued decline in major
therapies like Anti-
infective/Pain-Analgesics/
Neuro-CNS (-17.6%/-6.5%/-
5.7% YoY).
Total
Anti-Infectives
Gastro Intestinal
Vitamins / Minerals / Nutrients
Pain / Analgesics
Neuro / Cns
Anti Diabetic
Exhibit 21: Brand-wise growth distribution
Contribution of top-10
brands to growth was
31.7% in Jul’20.
Volumes declined further at
2.2% YoY, while price grew
5% YoY on MAT Jul’20 basis.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
38.5
17.2
11.8
32.4
MAT
Growth (%)
4.5
3.7
4.0
3.7
6.1
Growth
Contribution (%)
100.0
31.7
15.2
9.9
43.1
Source: AIOCD, MOFSL
Exhibit 22: Acute v/s Chronic (MAT growth)
MATVALUE GR Jul 20
42.1
MATVALUE Jul 20
Exhibit 23: Growth Distribution (%) (MAT Jul’20)
5.0
-2.2
7.1
3.1
ACUTE
13.4
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
1.6
11 August 2020
7
 Motilal Oswal Financial Services
Sector Update| Healthcare
Lupin
Exhibit 24: Top-10 Drugs
Drug
Therapy
Value
(INR m)
53954
2557
1811
1388
1282
1136
1052
974
958
940
781
MAT Jul - 20
Growth (%)
5.9
3.9
(1.2)
16.9
11.0
15.1
55.9
3.6
10.8
8.7
141.0
Growth (%)
Last
Mkt Share (%)
Jul - 20
3M
100.0
(2.5)
(1.3)
4.7
8.4
9.7
3.4
(1.4)
3.0
2.6
9.4
4.6
2.4
3.3
15.7
2.1
4.3
9.9
1.9
29.9
33.8
1.8
(2.3)
(0.3)
1.8
8.0
6.4
1.7
(6.5)
(7.0)
1.4
33.3
31.2
Source: AIOCD, MOFSL
3M*
(2.5)
4.7
6.0
(22.2)
1.5
(7.9)
8.7
Jul - 20
(1.3)
9.1
8.4
(21.3)
(1.6)
(10.7)
9.1
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
53.2
12.4
11.7
22.7
Source: AIOCD, MOFSL
Lupin’s secondary sales
declined 1.3% YoY in Jul’20
as against marginally
growth of 1.8% YoY in
Jun’20. Sale of brands like
Ondero Met and Toncat
declined.
Total
Gluconorm-G
Anti Diabetic
Huminsulin
Anti Diabetic
Budamate
Respiratory
Gibtulio
Anti Diabetic
Ondero
Anti Diabetic
Cidmus
Cardiac
Tonact
Cardiac
Ivabrad
Cardiac
Ondero Met
Anti Diabetic
Ajaduo
Anti Diabetic
*3M: May 2020- Jul 2020
Exhibit 25: Therapy Mix (%)
Higher decline in sales of
Anti-
infective/Gastro/Respirator
y (-21.3%/-10.7%/-1.6%
YoY) offset growth in other
key therapies.
Total
Cardiac
Anti Diabetic
Anti-Infectives
Respiratory
Gastro Intestinal
Neuro / Cns
Share
100.0
24.3
24.3
12.7
12.6
7.0
4.9
MAT Growth (%)
5.9
9.6
12.2
(5.4)
9.9
2.8
12.8
Contribution of top-10
brands to growth was
53.2% in Jul’20.
Volume declined further by
3.1% YoY in MAT Jul’20 (v/s
-1.9% YoY in MAT Jun’20).
Price growth was 6% YoY in
MAT Jul’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
23.9
14.8
15.6
45.8
MAT
Growth (%)
5.9
14.1
4.9
4.3
2.8
Exhibit 27: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
10.8
Exhibit 28: Growth Distribution (%)(MAT Jul’20)
6.0
(0.7)
21.8
ACUTE
32.1
CHRONIC
Source: AIOCD, MOFSL
Source: AIOCD, MOFSL
-3.1
Vol GR
Price GR
3.0
NP GR
11 August 2020
8
 Motilal Oswal Financial Services
Sector Update| Healthcare
GSK Pharma
Exhibit 29: Top-10 Drugs
GSK Pharma’s secondary
sales witnessed 10.8% YoY
decline in Jul’20 against fall
of 5.6% YoY in Jun’20.
Decline in sales of brands
like Calpol (-21.1%YoY),
Betnovate N (-27.4%YoY)
and Ceftum (-33.4% YoY),
proved to be a drag on
overall sales.
Drug
Total
Therapy
Augmentin
Anti-Infectives
Synflorix
Vaccines
Calpol
Pain / Analgesics
Betnovate C
Derma
Eltroxin
Hormones
Betnovate N
Derma
T Bact
Derma
Ceftum
Anti-Infectives
Infanrix Hexa
Vaccines
Betnesol
Hormones
*3M: May 2020- Jul 2020
Value
(INR m)
38771
4571
2748
2499
2128
2127
1918
1899
1645
1199
1173
MAT Jul - 20
Growth
(%)
0.2
11.8
2.9
15.1
4.7
11.8
(5.3)
22.9
3.2
49.7
3.1
Mkt Share
(%)
Growth (%)
Last 3M Jul - 20
100.0
(11.0) (10.8)
11.8
(4.5)
(6.7)
7.1
(4.5)
(2.8)
6.4
(16.3) (21.1)
5.5
25.7
27.1
5.5
6.9
8.3
4.9
4.1
(27.4)
4.9
5.9
24.3
4.2
(22.5) (33.4)
3.1
31.9
44.3
3.0
(17.0)
(7.8)
Source: AIOCD, MOFSL
3M*
(11.0)
5.6
(13.6)
(15.8)
(7.6)
(1.9)
4.4
Jul - 20
(10.8)
2.5
(17.3)
(5.3)
(11.6)
2.8
9.9
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
2723.8
(1052.9)
355.0
(1925.9)
Source: AIOCD, MOFSL
Exhibit 30: Therapy Mix (%)
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Vitamins / Minerals / Nutrients
Growth in Derma,
Hormones and VMN
therapies was more than
off-set by decline in Anti-
infective, Vaccines and
Pain-Analgesics.
Share
100.0
24.5
23.1
17.0
9.4
8.5
5.9
MAT Growth (%)
0.2
6.5
6.3
(5.0)
14.1
7.0
3.1
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
56.5
21.6
14.1
7.9
Price growth of 6.6% YoY
was offset by volume
decline of 6.7% YoY on a
MAT basis in Jul’20.
MAT
Growth (%)
0.2
9.7
(8.2)
4.9
(31.0)
Exhibit 32: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
0.9
Exhibit 33: Growth Distribution (%)(MAT Jul’20)
6.6
-6.7
0.3
33.8
0.1
ACUTE
5.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
9
 Motilal Oswal Financial Services
Sector Update| Healthcare
Glenmark Pharma
Exhibit 34: Top 10 Drugs
Glenmark’s Jul’20
secondary sales had a
blockbuster performance
with 30.3% YoY growth (v/s
13.1% YoY in Jun’20). Strong
momentum in sales of top
brands coupled with good
traction in Fabiflu (Covid
treatment drug) led to the
robust performance.
Drug
Therapy
Value
(INR m)
33425
3092
2289
1442
1326
1204
1175
1047
806
734
638
MAT Jul - 20
Growth (%)
10.4
24.1
13.3
9.6
16.0
15.4
10.2
11.0
(4.7)
0.0
17.3
Growth (%)
Mkt Share (%) Last 3M Jul - 20
100.0
12.7
30.3
9.3
21.7
28.6
6.8
7.7
13.3
4.3
16.1
22.9
4.0
22.5
33.1
3.6
(5.0)
(7.8)
3.5
(1.0)
(0.6)
3.1
12.0
6.9
2.4
(8.3)
(1.4)
2.2
NA
NA
1.9
(2.2)
0.8
Source: AIOCD, MOFSL
3M*
12.7
12.8
0.7
(1.2)
62.5
15.3
12.5
Jul - 20
30.3
19.8
5.2
(2.4)
167.3
21.5
1.5
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
74.2
19.5
11.2
(5.0)
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
Fabiflu
Anti-Infectives
Ascoril D Plus
Respiratory
*3M: May 2020- Jul 2020
Growth across major top
therapies with special
mention to growth in Anti-
infective (+167.3% YoY) led
by Fabiflu sales drove
overall growth.
Exhibit 35: Therapy Mix (%)
Total
Cardiac
Derma
Respiratory
Anti-Infectives
Anti Diabetic
Ophthal / Otologicals
Share
100.0
28.0
26.2
18.1
14.3
9.3
1.3
MAT Growth (%)
10.4
13.8
2.0
15.2
19.3
19.6
13.4
Exhibit 36: Brand-wise growth distribution
Contribution of top- 10
Total
brands to growth was
Top 10 Brands
74.2% in Jul’20.
11 to 25 Brands
Volumes declined 2.7% YoY,
26 to 50 Brands
while price growth/NP grew
Above 50 Brands
5.9%/7.3% YoY in MAT
Jul’20.
Exhibit 37: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
18.9
MATVALUE GR Jul 20
14.5
14.4
-2.7
7.6
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
% of sales
100.0
41.2
18.1
14.9
25.9
MAT
Growth (%)
10.4
20.5
11.4
7.7
(1.8)
Exhibit 38: Growth Distribution (%)(MAT Jul’20)
5.9
7.3
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
10
 Motilal Oswal Financial Services
Sector Update| Healthcare
Dr Reddy’s Labs
Exhibit 39: Top-10 Drugs
Dr. Reddy’s secondary sales
continued on the positive
track with 2.6% YoY growth
in Jul’20 (v/s 1.1% YoY in
Jun’20). Growth was
observed across the top
brands, barring Econorm
and Nise, which impacted
overall growth levels
adversely to certain extent.
Drug
Total
Therapy
Omez
Gastro Intestinal
Omez D
Gastro Intestinal
Atarax
Derma
Econorm
Gastro Intestinal
Stamlo
Cardiac
Razo D
Gastro Intestinal
Ketorol
Pain / Analgesics
Nise
Pain / Analgesics
Butaproxyvon
Pain / Analgesics
Reclimet
Anti Diabetic
*3M: May 2020- Jul 2020
Value
(INR m)
40313
1644
1333
1126
978
948
920
809
760
753
728
MAT Jul - 20
Growth (%)
6.6
18.7
9.9
13.1
(18.8)
27.0
13.3
17.0
8.4
127.8
13.1
Growth (%)
Mkt Share (%) Last 3M Jul - 20
100.0
(2.7)
2.6
4.1
25.8
43.6
3.3
5.3
23.7
2.8
2.8
3.7
2.4
(50.7) (42.9)
2.4
16.3
32.5
2.3
9.2
21.4
2.0
15.9
21.0
1.9
(5.9)
(3.8)
1.9
190.6 306.5
1.8
5.9
17.7
Source: AIOCD, MOFSL
Exhibit 40: Therapy Mix (%)
Cardiac and Pain-Analgesic
therapies had strong
growth in Jul’20 supported
by growth in brands like
Stamlo, Ketorol and
Butaproxyvon.
Total
Gastro Intestinal
Cardiac
Respiratory
Derma
Pain / Analgesics
Anti-Infectives
Share
100.0
18.7
11.3
10.9
10.8
8.8
7.0
MAT Growth (%)
6.6
3.7
8.6
11.7
4.3
17.5
(0.5)
3M*
(2.7)
(9.2)
7.6
(8.1)
(6.6)
12.7
(20.6)
Jul - 20
2.6
1.0
18.9
(8.6)
(3.4)
20.0
(19.4)
Source: AIOCD, MOFSL
Exhibit 41: Brand-wise growth distribution
% of sales
Top 10 brands (24.8% of
total sales) contributed
51.4% to overall growth.
Volume declined 2.3%,
while price growth stood at
6.6% on Jul’20 MAT basis.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
24.8
19.7
15.7
39.9
MAT
Growth (%)
6.6
14.6
5.6
15.1
(0.3)
Growth
Contribution (%)
100.0
51.4
16.9
33.4
(1.7)
Source: AIOCD, MOFSL
Exhibit 42: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
7.3
29.7
MATVALUE GR Jul 20
Exhibit 43: Growth Distribution (%)(MAT Jul’20)
6.6
4.5
10.6
-2.3
2.2
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
11
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sanofi India
Exhibit 44: Top-10 Drugs
Sanofi’s secondary sales
declined 1.4% YoY in Jul’20
against growth of 4.3% YoY
in Jun’20. Decline in key
brands like Allegra, Amaryl
M, Hexaxim, Fluquadr,
Cardace and Enterogermina
dragged Jul’20 sales.
Drug
Therapy
Total
Lantus
Anti Diabetic
Combiflam
Pain / Analgesics
Allegra
Respiratory
Amaryl M
Anti Diabetic
Hexaxim
Vaccines
Clexane
Cardiac
Fluquadri
Vaccines
Avil
Respiratory
Cardace
Cardiac
Enterogermina
Gastro Intestinal
*3M: May 2020-Jul 2020
Value
(INR m)
31994
5204
1946
1877
1560
1470
1222
1101
1063
968
892
MAT Jul - 20
Growth (%)
2.7
4.3
11.0
2.2
(0.8)
(2.5)
10.4
54.6
16.3
(4.5)
(14.2)
Growth (%)
Last
Mkt Share (%) 3M Jul - 20
100.0
(1.4)
(1.4)
16.3
10.8
13.1
6.1
7.7
9.1
5.9
(8.9) (14.6)
4.9
(8.8) (15.6)
4.6
(2.3)
(9.3)
3.8
21.0
94.0
3.4
1.3
(27.7)
3.3
38.3
42.3
3.0
(2.0)
(9.2)
2.8
(43.6) (38.5)
Source: AIOCD, MOFSL
Exhibit 45: Therapy Mix (%)
Vaccines/ Neuro-CNS
therapies declined
17.5%/6.6%YoY, offsetting
strong growth in the
Cardiac therapy
(+18.8%YoY) in Jul’20.
Total
Anti Diabetic
Cardiac
Vaccines
Respiratory
Pain / Analgesics
Neuro / Cns
Share
100.0
30.5
15.4
12.5
10.7
8.4
6.9
MAT Growth(%)
2.7
4.8
2.3
5.3
7.8
3.3
(0.1)
3M*
(1.4)
4.9
5.4
(5.8)
6.7
(1.8)
1.1
Jul - 20
(1.4)
3.4
18.8
(17.5)
3.5
(0.2)
(6.6)
Source: AIOCD, MOFSL
Top-10 brands showed
maximum contribution.
Price growth stood at 6%.
Volume continues to
decline 4.8% in Jul’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
54.1
25.5
15.0
5.4
MAT
Growth (%)
2.7
5.2
5.2
(0.6)
(18.4)
Growth
Contribution (%)
100.0
101.5
47.6
(3.2)
(45.9)
Source: AIOCD, MOFSL
Exhibit 47: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
16.9
3.4
Exhibit 48: Growth Distribution (%)(MAT Jul’20)
6.0
-4.8
1.5
2.0
15.1
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
12
 Motilal Oswal Financial Services
Sector Update| Healthcare
Torrent Pharma
Exhibit 49: Top-10 Drugs
Drug
Therapy
Value
Mkt Share
Growth (%)
Last 3M Jul - 20
(%)
(INR m)
Total
44439
8.0
100.0
0.1
(2.6)
Shelcal
Vitamins / Minerals / Nutrients 2319
7.9
5.2
19.1 19.1
Chymoral Forte
Pain / Analgesics
1510
3.2
3.4
(10.0) (6.1)
Nikoran
Cardiac
1252
16.3
2.8
14.4
8.9
Azulix-Mf
Anti Diabetic
1084
8.0
2.4
(4.8) (10.2)
Nexpro Rd
Gastro Intestinal
1076
21.1
2.4
8.8
6.6
Nebicard
Cardiac
1014
14.5
2.3
3.2
(0.5)
Losar H
Cardiac
947
2.2
2.1
11.6
6.4
Losar
Cardiac
915
14.6
2.1
22.4 16.0
Dilzem
Cardiac
899
6.7
2.0
8.5
6.4
Shelcal Xt
Vitamins / Minerals / Nutrients
838
25.6
1.9
(1.1) (4.0)
*3M: May 2020- Jul 2020
Source: AIOCD, MOFSL
MAT Jul - 20
Growth (%)
Torrent Pharma’s secondary
sales turned downward
with decline of 2.6% YoY in
Jul’20 after growth of 6.7%
YoY in Jun’20. Decline in
sales of brands like
Chymoral Forte, Azulix Mf
and Shelcal Xt led to overall
disappointment in sales.
On therapy front, barring
Cardiac (+4.1% YoY) and
VMN (+5.3% YoY), all other
key therapies’ sales
declined in Jul’20.
Exhibit 50: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins / Minerals / Nutrients
Anti Diabetic
Pain / Analgesics
Share
100.0
32.0
15.9
14.9
12.5
8.7
6.0
MAT Growth (%)
8.0
12.5
8.9
8.7
7.0
16.5
0.0
3M*
0.1
8.5
(5.1)
3.8
5.7
4.8
(13.4)
Jul - 20
(2.6)
4.1
(5.6)
(0.7)
5.3
(0.2)
(12.0)
Source: AIOCD, MOFSL
Brands above top-10
contributed +35% to growth
in Jul’20.
Price growth stood at 7.8%,
whereas volumes continue
to remain muted in Jul’20 at
1.4% YoY 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
26.7
18.0
15.4
39.9
MAT
Growth (%)
8.0
10.8
14.3
8.0
3.7
Growth
Contribution (%)
100.0
35.0
30.4
15.5
19.2
Source: AIOCD, MOFSL
Exhibit 52: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
11.0
Exhibit 53: Growth Distribution (%)(MAT Jul’20)
4.7
20.5
ACUTE
-1.4
24.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
7.8
1.7
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
13
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alembic Pharma
Exhibit 54: Top-10 Drugs
Alembic Pharma’s
secondary sales traction
continued with 4.4% YoY
growth in Jul’20 as against
1.7% YoY in Jun’20. Strong
growth in top brands like
Azithral, Ulgel, Tellzy
continued and drove overall
sales.
Drug
Therapy
Value
(INR m)
16712
1771
885
688
516
404
398
266
257
250
245
MAT Jul - 20
Growth (%)
Last
Growth (%) Mkt Share (%)
Jul - 20
3M
0.3
100.0
(2.5)
4.4
11.6
10.6
19.9 39.7
10.0
5.3
4.2
8.3
(1.3)
4.1
(33.5) (33.2)
(3.1)
3.1
(11.9) (9.2)
(20.3)
2.4
(15.8) (4.2)
21.0
2.4
34.1 32.5
(4.4)
1.6
(10.1) 2.6
(24.2)
1.5
(14.1) 1.6
1.3
1.5
13.0 21.9
5.1
1.5
(37.4) (40.0)
Source: AIOCD, MOFSL
Total
Azithral
Anti-Infectives
Althrocin
Anti-Infectives
Wikoryl
Respiratory
Roxid
Anti-Infectives
Gestofit
Gynecological
Ulgel
Gastro Intestinal
Crina N
Gynecological
Rekool D
Gastro Intestinal
Tellzy
Cardiac
Brozeet Ls
Respiratory
*3M: May 2020- Jul 2020
Exhibit 55: Therapy Mix (%)
Therapies like Respiratory/
Gynaec continue to post
sales decline of
22.2%/9.4%YoY in Jul’20
while other therapies like
Anti-infective/Cardiac/
Gastro and Anti-diabetic
witnessed strong growth.
Total
Anti-Infectives
Cardiac
Respiratory
Gastro Intestinal
Gynecological
Anti Diabetic
Share
100.0
22.6
16.4
13.3
11.6
10.0
7.2
MAT Growth (%)
0.3
5.7
6.1
3.9
(3.8)
(13.1)
(0.6)
3M*
(2.5)
3.5
13.0
(19.2)
(0.3)
(18.4)
2.5
Jul - 20
4.4
14.3
21.7
(22.2)
7.6
(9.4)
9.8
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
221.5
89.0
(267.8)
57.4
Source: AIOCD, MOFSL
Exhibit 56: Brand-wise growth distribution
Price growth was at 6.3%
YoY while volume decline
stood at 7.3% YoY in Jul’20
on MAT basis.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
34.0
19.1
18.4
28.5
MAT
Growth (%)
0.3
2.3
1.6
(4.7)
0.7
Exhibit 57: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
3.6
Exhibit 58: Growth Distribution (%)(MAT Jul’20)
6.3
1.3
-7.3
(0.7)
4.1
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
12.6
ACUTE
11 August 2020
14
 Motilal Oswal Financial Services
Sector Update| Healthcare
IPCA Labs
Exhibit 59: Top-10 Drugs
IPCA’s secondary sales grew
11.5% YoY in Jul’20 (v/s
19.3% YoY growth in
Jun’20). Brands like Zerodol
SP (+34.4% YoY), Hcqs
(72.7% YoY) and Zerodol P
(+36.6% YoY) continued to
witness strong sales
momentum.
Drug
Total
Therapy
Zerodol Sp
Pain / Analgesics
Hcqs
Anti Malarials
Zerodol P
Pain / Analgesics
Folitrax
Anti-Neoplastics
Zerodol Th
Pain / Analgesics
Lariago
Anti Malarials
Ctd
Cardiac
Glycinorm M
Anti Diabetic
Ctd-T
Cardiac
Larinate
Anti Malarials
*3M: May 2019-Jul 2020
Value
(INR m)
21507
2093
1574
1365
711
595
546
520
507
501
496
MAT Jul - 20
Growth (%)
9.8
11.8
42.4
14.5
13.3
19.7
32.4
4.1
0.8
19.8
2.0
Growth (%)
Last
Mkt Share (%)
Jul - 20
3M
100.0
12.5
11.5
9.7
25.4
34.4
7.3
78.0
72.7
6.3
32.4
36.6
3.3
18.2
13.7
2.8
40.2
42.6
2.5
16.0
(7.6)
2.4
1.7
1.8
2.4
(5.8) (13.0)
2.3
27.2
26.7
2.3
(34.6) (57.7)
Source: AIOCD, MOFSL
Amongst top therapies,
Pain-Analgesics/ Anti-
Malarials /Anti- Neoplatics
grew at robust rate of
23.4%/17.8%/18.5% YoY,
improving overall growth in
Jul’20.
Exhibit 60: Therapy Mix (%)
Total
Pain / Analgesics
Anti Malarials
Cardiac
Anti-Infectives
Gastro Intestinal
Anti-Neoplastics
Share
100.0
28.5
16.2
16.0
6.7
6.2
5.4
MAT Growth (%)
9.8
9.7
22.9
5.4
11.1
(2.0)
16.4
3M*
12.5
20.8
32.1
10.2
(17.1)
0.9
23.8
Jul - 20
11.5
23.4
17.8
10.6
(10.1)
2.4
18.5
Source: AIOCD, MOFSL
Top-10 brands were the
major growth contributors
at 67.2% YoY.
Volumes grew 3.8% and
price growth stood at 4.9%
on MAT basis in Jul’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
41.4
21.2
16.8
20.6
MAT
Growth (%)
9.8
17.0
11.1
5.4
(0.2)
Growth Contribution
(%)
100.0
67.2
23.7
9.7
(0.5)
Source: AIOCD, MOFSL
Exhibit 62: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
15.9
11.5
5.4
5.6
MATVALUE GR Jul 20
Exhibit 63: Growth Distribution (%)(MAT Jul’20)
3.8
4.9
1.1
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
15
 Motilal Oswal Financial Services
Sector Update| Healthcare
Biocon
Exhibit 64: Top-10 Drugs
Biocon’s secondary sales
plunged 8.2% YoY in Jul’20
(v/s 10.6% YoY decline in
Jun’20). Growth was
affected by decline in major
brands like Erypro, Canmab,
Biomab Egfr and Basalog,
offsetting growth of other
brands.
Drug
Therapy
Value
(INR m)
4584
1130
812
355
347
249
213
188
99
78
70
MAT Jul - 20
Growth (%)
(5.3)
(1.1)
(5.7)
109.2
(57.4)
(1.7)
50.6
27.7
(22.0)
3.9
15.0
Growth (%)
Last
Mkt Share (%)
Jul - 20
3M
100.0
(13.2)
(8.2)
24.6
8.9
12.4
17.7
(10.5)
(0.3)
7.7
(23.8) (16.0)
7.6
(67.3) (72.2)
5.4
5.3
4.2
4.7
0.9
(4.4)
4.1
139.0
306.1
2.2
0.2
4.5
1.7
19.9
21.3
1.5
15.5
53.3
Source: AIOCD, MOFSL
While the major therapy
contributor Anti-diabetic
(55.4% of therapy mix) grew
7.8% YoY, overall sales were
hit by decline in other key
therapies like Anti-
Neoplastic, Blood related
and Derma.
Total
Insugen
Anti Diabetic
Basalog
Anti Diabetic
Erypro
Blood Related
Canmab
Anti-Neoplastics
Insugen R
Anti Diabetic
Psorid
Anti-Neoplastics
Biomab Egfr
Anti-Neoplastics
Blisto Mf
Anti Diabetic
Insugen N
Anti Diabetic
Biopiper Tz
Anti-Infectives
*3M: May 2020- Jul 2020
Exhibit 65: Therapy Mix (%)
Total
Anti Diabetic
Anti-Neoplastics
Blood Related
Anti-Infectives
Derma
Cardiac
Share
100.0
55.4
21.9
8.6
5.6
3.6
2.0
MAT Growth (%)
(5.3)
(2.7)
(28.3)
105.0
11.3
18.7
(9.2)
3M*
(13.2)
2.4
(33.7)
(19.3)
(3.3)
(40.6)
(2.0)
Jul - 20
(8.2)
7.8
(32.4)
(14.7)
19.0
(46.2)
2.8
Source: AIOCD, MOFSL
Exhibit 66: Brand-wise growth distribution
% of sales
Volumes declined sharply at
9.7% YoY and price grew
3.9% YoY in Jul’20 on MAT
basis.
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
77.2
13.4
7.6
1.8
MAT
Growth (%)
(5.3)
(6.6)
21.8
(15.8)
(37.7)
Growth
Contribution (%)
100.0
98.0
(42.7)
25.6
19.1
Source: AIOCD, MOFSL
Exhibit 67: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
3.4
Exhibit 68: Growth Distribution (%)(MAT Jul’20)
3.9
0.5
-9.7
(18.2)
1.6
ACUTE
3.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
16
 Motilal Oswal Financial Services
Sector Update| Healthcare
Abbott India
Exhibit 69: Top-10 Drugs
Abbott’s secondary sales
witnessed subdued growth
of 2.2% YoY as against 5.1%
YoY in Jun’20. Growth of
brands like Udiliv , Veryin,
and Actrapid were to a
certain extent adversely
impacted by decline in
brands like Mixtard,
Thyronorm and
Duphastonto to name a
few.
Drug
Therapy
Value
(INR m)
89539
5577
3497
3347
3116
2849
2717
1826
1730
1687
1392
MAT Jul - 20
5.5
5.0
0.4
(11.7)
2.5
8.1
(0.7)
6.6
6.2
18.6
10.0
Growth (%)
100.0
(0.2)
2.2
6.2
(8.5) (8.1)
3.9
(2.2) (2.3)
3.7
(32.5) (29.5)
3.5
2.4
(2.9)
3.2
1.2
5.0
3.0
(3.1)
3.5
2.0
8.7
12.8
1.9
5.1
3.1
1.9
0.1
(7.3)
1.6
6.5
14.1
Source: AIOCD, MOFSL
Growth (%) Mkt Share (%) Last 3M Jul - 20
Total
Mixtard
Anti Diabetic
Thyronorm
Hormones
Duphaston
Gynecological
Novomix
Anti Diabetic
Udiliv
Gastro Intestinal
Phensedyl Cough Linctus Respiratory
Vertin
Neuro / Cns
Duphalac
Gastro Intestinal
Ryzodeg
Anti Diabetic
Actrapid
Anti Diabetic
*3M: May 2020- Jul 2020
Exhibit 70: Therapy Mix
Growth in Gastro-intestinal,
VMN and Cardiac therapies
was affected by decline in
Anti-diabetic and Anti-
infective therapies in Jul’20
Total
Anti Diabetic
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti-Infectives
Neuro / Cns
Cardiac
Share
100.0
19.8
17.2
11.0
8.6
8.3
7.9
MAT Growth (%)
5.5
5.1
8.1
11.4
16.4
3.7
10.8
3M*
(0.2)
(3.6)
3.1
20.1
(5.9)
2.6
16.2
Jul - 20
2.2
(4.4)
6.5
23.1
(2.4)
5.1
28.0
Source: AIOCD, MOFSL
Exhibit 71: Brand -wise growth distribution
Top-10 brands contributed
15.2% toward overall
growth.
Price growth came in at
6.7% in MAT Jul’20.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
31.0
17.1
14.7
37.3
MAT
Growth (%)
5.5
2.6
7.8
9.9
5.3
Growth
Contribution (%)
100.0
15.2
23.7
25.4
35.8
Source: AIOCD, MOFSL
Exhibit 72: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
Exhibit 73: Growth Distribution (%) (MAT Jul’20)
5.7
5.2
-3.5
Vol GR
54.2
ACUTE
35.4
CHRONIC
Source: AIOCD, MOFSL
6.7
2.3
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
17
 Motilal Oswal Financial Services
Sector Update| Healthcare
Mankind
Exhibit 74: Top-10 Drugs
Mankind’s secondary sales
grew 1.9% YoY in Jul’20 (v/s
3.2% YoY in Jun’20). Good
momentum in sales of
brands like Candiforce,
Unwanted Kits, Glimestar
M, and Amlokind AT was to
a certain extent off-set by
decline in Manforce,
Moxikind CV and Gudcef
sales.
Drug
Therapy
Value
Mkt Share
Growth (%)
Last 3M Jul - 20
(%)
(INR m)
Total
61014
10.7
100.0
3.8
1.9
Manforce
Sex Stimulants / Rejuvenators
2492
3.3
4.1
(25.4) (19.4)
Moxikind Cv
Anti-Infectives
2418
12.6
4.0
(6.3) (12.1)
Candiforce
Anti-Infectives
2062
18.3
3.4
13.1
7.7
Unwanted Kit
Gynecological
1469
7.7
2.4
4.3
5.6
Glimestar M
Anti Diabetic
1410
13.6
2.3
14.1 12.4
Amlokind-At
Cardiac
1345
23.2
2.2
24.0 27.9
Gudcef
Anti-Infectives
1156
15.2
1.9
(11.2) (21.5)
Nurokind Lc
Vitamins / Minerals / Nutrients 1023
27.9
1.7
20.2 17.7
Telmikind H
Cardiac
1023
10.4
1.7
4.1
(1.0)
Prega News
Others
1012
7.7
1.7
6.7
4.2
*3M: May 2020- Jul 2020
Source: AIOCD, MOFSL
MAT Jul - 20
Growth (%)
Exhibit 75: Therapy Mix (%)
Growth in Cardiac,
Respiratory and Anti-
Diabetic therapies continue
to grow while Anti-infective
and Gastro sales declined.
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Cardiac
Gastro Intestinal
Respiratory
Anti Diabetic
Share
100.0
21.6
13.0
12.0
9.5
8.3
7.3
MAT Growth (%)
10.7
10.0
4.8
20.5
3.0
27.5
16.1
3M*
3.8
(3.8)
2.9
18.5
(6.0)
15.5
14.9
Jul - 20
1.9
(8.6)
2.5
16.0
(6.2)
6.2
13.7
Source: AIOCD, MOFSL
Growth was broad-based
across brands.
Volume growth stood at 2%
YoY and price growth at
6.3% in MAT Jul’20.
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
16.8
15.8
42.1
MAT
Growth (%)
10.7
12.7
19.3
15.9
4.7
Growth
Contribution (%)
100.0
29.6
28.2
22.5
19.7
Source: AIOCD, MOFSL
Exhibit 77: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
15.7
8.9
Exhibit 78: Growth Distribution (%)(MAT Jul’20)
6.3
2.0
Vol GR
Price GR
2.4
NP GR
Source: AIOCD, MOFSL
44.6
ACUTE
16.5
CHRONIC
Source: AIOCD, MOFSL
11 August 2020
18
 Motilal Oswal Financial Services
Sector Update| Healthcare
Pfizer
Exhibit 79: Top-10 Drugs
Pfizer’s secondary sales
witnessed strong growth of
11.5% YoY in Jul’20. Key
growth drivers were brands
like Becosules (+37% YoY),
Gelusil MPS (+19.3% YoY),
Mucaine (+30.3%YoY) and
Corex D (+19.4% YoY) to
name a few.
MAT Jul - 20
Growth (%)
Drug
Therapy
Value
Growth Mkt Share
Last 3M Jul - 20
(%)
(%)
(INR m)
Total
34229
11.4
100.0
8.1
11.5
Becosules
Vitamins / Minerals / Nutrients 3551
18.6
10.4
28.5 37.0
Magnex
Anti-Infectives
1953
1.4
5.7
(35.8) (23.9)
Gelusil Mps
Gastro Intestinal
1838
19.3
5.4
17.6 19.3
Mucaine
Gastro Intestinal
1715
23.1
5.0
30.1 30.3
Dolonex
Pain / Analgesics
1699
11.3
5.0
16.8
7.0
Minipress Xl
Cardiac
1555
21.1
4.5
20.9
8.2
Corex Dx
Respiratory
1391
21.3
4.1
27.5 19.4
Wysolone
Hormones
1356
21.0
4.0
20.6 19.7
Prevenar 13
Vaccines
1340
(1.2)
3.9
(6.3) (16.7)
Meronem
Anti-Infectives
1311
29.8
3.8
(28.2) (27.0)
*3M: May 2020- Jul 2020
Source: AIOCD, MOFSL
Exhibit 80: Therapy Mix (%)
Except Anti-Infective (-
14.4% YoY), growth was
otherwise witnessed across
therapies in Jul’20.
Total
Anti-Infectives
Vitamins / Minerals / Nutrients
Gastro Intestinal
Gynecological
Cardiac
Hormones
Share
100.0
16.3
13.0
12.0
9.0
8.8
8.1
MAT Growth (%)
11.4
10.7
19.4
18.1
11.8
15.8
14.2
3M*
8.1
(22.7)
32.6
21.2
11.0
16.3
6.8
Jul - 20
11.5
(14.4)
45.7
22.4
13.2
16.9
13.9
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
68.9
38.6
3.7
(11.2)
Source: AIOCD, MOFSL
Exhibit 81: Brand-wise growth distribution
Top-10 brands contributed
majorly to overall growth.
Price growth was at 5.9%
YoY and volume growth
stood at 4% YoY on MAT
basis in Jul’20.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
51.7
28.2
13.8
6.4
MAT
Growth (%)
11.4
15.7
16.3
2.8
(15.2)
Exhibit 82: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
14.4
10.7
Exhibit 83: Growth Distribution (%)(MAT Jul’20)
5.9
4.0
1.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
28.1
ACUTE
6.2
CHRONIC
Source: AIOCD, MOFSL
11 August 2020
19
 Motilal Oswal Financial Services
Sector Update| Healthcare
Merck
Exhibit 84: Top-10 Drugs
Merck’s secondary sales grew
7.4% YoY in Jul’20 at a similar
rate as that of Jun’20. Growth
continues to be driven by
brands like Neurobion Forte RF/
Concor Cor/Livogen Z.
Drug
Therapy
Total
Neurobion Forte Vitamins / Minerals / Nutrients
Concor
Cardiac
Livogen
Gynecological
Livogen Z
Gynecological
Concor Cor
Cardiac
Polybion
Vitamins / Minerals / Nutrients
Neurobion Forte Rf Vitamins / Minerals / Nutrients
Evion Lc
Vitamins / Minerals / Nutrients
Concor Am
Cardiac
Erbitux
Anti-Neoplastics
*3M: May 2020- Jul 2020
Value
Mkt
(INR m) Growth (%) Share (%) Last 3M Jul - 20
7390
2.6
100.0
3.2
7.4
1075
7.9
14.6
11.8
12.8
595
13.9
8.1
10.0
7.8
586
8.1
7.9
2.4
4.1
475
(3.0)
6.4
10.1
14.0
474
32.5
6.4
35.6
38.8
425
18.2
5.8
(13.9)
(0.6)
374
(9.8)
5.1
(7.5)
(3.5)
359
(10.8)
4.9
(18.2) (11.6)
345
15.7
4.7
33.8
42.2
298
20.9
4.0
33.0
21.5
Source: AIOCD, MOFSL
3M*
3.2
(0.9)
23.5
(10.3)
20.3
33.0
(12.8)
Jul - 20
7.4
3.0
24.7
1.8
13.3
21.5
(15.0)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
197.7
9.2
(71.7)
(35.2)
Source: AIOCD, MOFSL
MAT Jul - 20
Growth (%)
Cardiac (+24.7% YoY),
Derma (+13.3% YoY) and
Anti-neoplatics (+21.5%
YoY) witnessed strong
traction supporting overall
growth.
Exhibit 85: Therapy Mix (%)
Total
Vitamins / Minerals / Nutrients
Cardiac
Gynecological
Derma
Anti-Neoplastics
Anti Diabetic
Share
100.0
43.5
23.6
18.6
5.1
4.0
2.8
MAT Growth (%)
2.6
1.5
17.9
(6.0)
(9.1)
21.0
(8.1)
Robust growth by top-25
brands was offset by
decline in other brands,
dragging down overall
growth.
Prices increased 7.3% YoY in
MAT Jul’20 period, while
volumes dipped 5.2% 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
67.8
24.7
7.1
0.4
MAT
Growth (%)
2.6
8.1
1.0
(20.6)
(68.1)
Exhibit 87: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
5.4
MATVALUE GR Jul 20
16.0
Exhibit 88: Growth Distribution (%)(MAT Jul’20)
7.3
0.5
2.0
(1.6)
-5.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
11 August 2020
20
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ajanta Pharma
Exhibit 89: Top-10 Drugs
Ajanta Pharma’s secondary
sales grew at similar rate to
that of Jun’20 at 9.4% YoY
in Jul’20. Continued growth
in brands like Met XL
(+22.4% YoY), Atorfit CV
(+17% YoY) and Melacare
(+18.5% YoY) aided overall
growth.
Drug
Therapy
MAT Jul - 20
Value
(INR m)
8746
1155
530
505
369
284
282
279
223
153
146
Growth (%)
5.3
9.0
(4.8)
2.0
6.7
22.5
9.7
16.4
3.1
(4.6)
25.5
Mkt Share
Last 3M Jul - 20
(%)
100.0
3.9
9.4
13.2
17.6
22.4
6.1
0.6
17.0
5.8
5.0
18.5
4.2
14.3
21.1
3.2
17.3
20.5
3.2
14.7
23.3
3.2
37.9
58.6
2.6
17.5
29.2
1.7
(16.6) (19.8)
1.7
33.8
33.5
Source: AIOCD, MOFSL
3M*
3.9
18.1
(3.8)
(8.9)
12.4
(24.1)
13.2
Jul - 20
9.4
25.7
(0.9)
(0.2)
17.5
(21.6)
21.6
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
56.2
20.9
33.7
(10.8)
Source: AIOCD, MOFSL
Growth (%)
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
Cilamet
Cardiac
*3M: May 2020- Jul 2020
Exhibit 90: Therapy Mix (%)
Barring Opthal, Derma and
VMN therapies, all other
major therapies witnessed
growth in Jul’20.
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Vitamins / Minerals / Nutrients
Anti-Infectives
Share
100.0
42.6
22.9
15.2
6.0
3.0
2.5
MAT Growth (%)
5.3
7.8
3.9
(0.0)
12.5
(10.9)
33.8
Exhibit 91: Brand-wise growth distribution
Growth was distributed
amongst the top-50 brands.
Volumes declined 3%.
However, price growth was
4.4% on MAT basis in Jul’20.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
44.9
15.5
14.5
25.0
MAT
Growth (%)
5.3
6.7
7.2
13.2
(2.1)
Exhibit 92: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
5.5
Exhibit 93: Growth Distribution (%)(MAT Jul’20)
4.4
-3.0
3.9
5.1
4.2
ACUTE
4.5
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
21
 Motilal Oswal Financial Services
Sector Update| Healthcare
AstraZeneca
Exhibit 94: Top-10 Drugs
AstraZeneca’s sales dipped
to 3.7% YoY in Jul’20 after a
growth of 11.3% YoY in
Jun’20. Sales declined
24.8%/16.2%/0.5%/3.6%
YoY in top brands like
Brilinta/ Forxiga/Crestor/
Kombiglyze, which brought
down overall sales level.
Drug
Total
Therapy
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: May 2020-Jul 2020
Value
(INR m)
6705
1622
1402
536
517
465
401
297
296
238
206
MAT Jul - 20
Growth (%)
7.9
(14.3)
8.9
21.8
30.7
17.1
2.5
15.7
36.2
9.5
5.0
Growth (%)
Mkt Share
(%)
Last 3M Jul - 20
100.0
3.9
(3.7)
24.2
(19.3)
(24.8)
20.9
1.9
(16.2)
8.0
15.4
(0.5)
7.7
18.6
8.7
6.9
16.3
11.6
6.0
1.2
(2.3)
4.4
14.1
7.4
4.4
23.7
55.2
3.6
10.0
(3.6)
3.1
(2.6)
30.1
Source: AIOCD, MOFSL
3M*
3.9
(6.0)
11.8
38.0
(2.9)
57.7
(100.0)
Jul - 20
(3.7)
(12.5)
(3.7)
58.0
29.3
21.8
(100.0)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
58.5
51.9
(10.4)
Source: AIOCD, MOFSL
Exhibit 95: Therapy Mix (%)
Hormones, Anti-Neoplastics
and Respiratory portrayed
strong growth in Jul’20.
Total
Cardiac
Anti Diabetic
Anti-Neoplastics
Hormones
Respiratory
Vitamins / Minerals / Nutrients
Share
100.0
49.5
37.3
8.0
3.1
2.1
0.0
MAT Growth (%)
7.9
(2.9)
17.4
40.1
5.0
69.8
5.4
Sales growth was driven by
top-25 brands.
Volume growth was 14.8%
YoY with price decline of
10.8% during MAT Jul’20.
Exhibit 96: Brand-wise growth distribution
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
100.0
89.2
10.8
0.0
MAT
Growth (%)
7.9
5.1
54.5
(100.0)
Exhibit 97: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
8.9
MATVALUE GR Jul 20
6.1
Exhibit 98: Growth Distribution (%) (MAT Jul’20)
14.8
3.9
7.8
0.6
-10.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 August 2020
22
 Motilal Oswal Financial Services
Sector Update| Healthcare
JB Chemicals
Exhibit 99: Top-10 Drugs
JB Chemicals’ sales grew
12.8% YoY in Jul’20 as
against 18.7% YoY in Jun’20.
High growth in its top
brands like Cilacar/Rantac/
Nicardia/Metrogly/Cilacar T
remained the company’s
growth drivers.
Drug
Total
Therapy
Cardiac therapy (50.8% of
sales share) grew strong at
24.6% YoY. Gastro also grew
11% YoY in Jul’20, while the
decline trend in other major
therapies continued.
Cilacar
Cardiac
Rantac
Gastro Intestinal
Nicardia
Cardiac
Metrogyl
Gastro Intestinal
Cilacar T
Cardiac
Contrapaque
Others
Rantac Dom
Gastro Intestinal
Metrogyl Iv
Gastro Intestinal
Cilacar M
Cardiac
Rantac Mps
Gastro Intestinal
*3M: May 2020- Jul 2020
Value
(INR m)
7524
1833
1565
933
722
588
169
168
149
146
124
MAT Jul - 20
Growth (%)
16.2
27.4
2.9
29.1
16.3
31.7
12.5
(21.7)
10.6
37.2
(8.1)
Mkt Share
Last 3M
Jul - 20
(%)
100.0
10.5
12.8
24.4
23.1
24.7
20.8
8.6
16.7
12.4
19.4
17.8
9.6
24.6
31.3
7.8
27.3
30.3
2.2
(38.4)
(51.6)
2.2
(31.5)
(24.4)
2.0
10.5
23.3
1.9
30.3
29.4
1.7
(12.4)
(12.0)
Source: AIOCD, MOFSL
3M*
10.5
23.8
5.2
(42.1)
(17.3)
(37.6)
(20.7)
Jul - 20
12.8
24.6
11.0
(48.8)
(14.2)
(43.0)
(21.9)
Source: AIOCD, MOFSL
Growth
Contribution (%)
100.0
86.3
11.1
5.4
(2.8)
Source: AIOCD, MOFSL
Growth (%)
Exhibit 100: Therapy Mix (%)
Total
Cardiac
Gastro Intestinal
Others
Gynecological
Anti-Infectives
Pain / Analgesics
Share
100.0
50.8
40.4
2.8
1.5
1.4
1.4
MAT Growth (%)
16.2
30.2
4.7
6.3
(1.3)
(15.8)
3.1
Top-25 brands led most of
the overall growth for the
company in Jul’20.
Volume growth for the
company stood at 4.2% YoY
while price growth came in
at 10% YoY in MAT Jul’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
85.0
10.5
4.0
0.5
MAT
Growth (%)
16.2
16.5
17.2
23.4
(44.3)
Exhibit 102: Acute v/s Chronic (MAT growth)
MATVALUE Jul 20
MATVALUE GR Jul 20
30.6
3.8
Exhibit 103: Growth Distribution (%)(MAT Jul’20)
10.0
4.2
3.7
4.2
ACUTE
2.0
Price GR
NP GR
Source: AIOCD, MOFSL
CHRONIC
Source: AIOCD, MOFSL
Vol GR
11 August 2020
23
 Motilal Oswal Financial Services
Sector Update| Healthcare
ERIS LS
Exhibit 104: Top-10 Drugs
Drug
Total
ERIS’ Jul’20 secondary sales
grew at subdued rate of
5.3% YoY as against 13.4%
YoY growth in Jun’20. All
brands witnessed positive
growth, barring Remylin
D/Cyblex Mv, which pulled
down overall sales to a
certain extent.
Therapy
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
Eritel Ln
Cardiac
*3M: May 2020- Jul 2020
Value
(INR m) Growth (%) Mkt Share (%) Last 3M Jul - 20
13647
6.6
100.0
4.4
5.3
1179
19.7
8.6
19.0
17.7
901
14.0
6.6
7.6
10.3
831
25.4
6.1
17.4
13.3
490
(7.0)
3.6
(17.9) (21.2)
437
23.1
3.2
14.0
11.9
412
15.7
3.0
15.6
13.1
332
8.8
2.4
(0.1)
(0.4)
331
10.1
2.4
2.9
3.6
329
45.2
2.4
(4.2) (13.6)
282
18.8
2.1
18.8
12.0
Source: AIOCD, MOFSL
MAT Growth (%)
6.6
19.8
11.4
3.2
(4.7)
(4.6)
(4.3)
3M*
4.4
19.3
10.8
(0.4)
(9.3)
(3.8)
(15.1)
Jul - 20
5.3
17.2
9.0
3.5
(9.6)
(1.5)
(13.1)
Source: AIOCD, MOFSL
Growth Contribution
(%)
100.0
92.7
16.8
5.6
-15.0
Source: AIOCD, MOFSL
MAT Jul - 20
Growth (%)
Exhibit 105: Therapy Mix (%)
Anti-Diabetic (30.8% of total
therapy mix) grew 17.2%
YoY, along with Cardiac,
which grew 9% YoY, while
Neuro-CNS/Gastro/ Gynaec
sales declined.
Total
Anti Diabetic
Cardiac
Vitamins / Minerals / Nutrients
Neuro / Cns
Gastro Intestinal
Gynecological
Share
100.0
30.8
27.3
18.8
7.1
5.9
4.0
Exhibit 106: Brand-wise growth distribution
Top-10 brands contributed
92.7% of overall growth.
Volumes declined 1.6%,
while price growth came in
at 4.8% YoY in Jul’20.
% of sales
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
100.0
40.5
22.3
16.9
20.3
MAT
Growth (%)
6.6
16.4
4.8
2.1