Sector Update | 11 April 2021
Sector Update| Healthcare
Healthcare
Performance of top companies:
Mar’21
MAT
Mar’21
Company
growth
(%)
(%)
IPM
2.1
10.3
Wockhardt
-9.6
35.9
Emcure
8.5
32.6
Glenmark
15.2
23.2
Biocon
-2.1
20.1
FDC
-1.5
18.5
Merck
19.0
17.1
Ajanta
9.6
16.8
Alkem
1.5
16.8
Zydus
3.7
15.5
Cipla
7.5
14.3
Ipca
11.1
13.8
Intas
4.0
13.4
Dr. Reddy’s
0.1
12.6
Abbott
5.2
11.6
GSK
-5.7
9.1
Pfizer
4.9
7.8
Sun Pharma
2.7
6.9
Indoco
-5.1
5.9
Torrent
4.1
3.9
Lupin
1.9
3.8
Eris Ls
6.3
3.4
Mankind
2.9
3.1
Sanofi India
2.6
2.8
JB Chemicals
12.1
1.5
USV
6.9
0.9
Alembic
-1.5
-4.1
MSD Pharma.
-3.9
-8.9
Astrazeneca
-2.9
-10.0
Natco
-23.5
-37.5
IPM sees a sharp spike in YoY growth in Mar’21 led by COVID-19 drugs
IPM grew 10.3% YoY in Mar’21 v/s 1.1% in Feb’21 and 8.9% in Mar’20.
VMNs/Gastro/Pain therapies exhibited a growth of 22.2%/21.6%/14.6% YoY.
Anti-Infectives Therapy recovered, with 8.5% YoY growth compared to an 11%
decline in Feb’21. Strong growth in these therapies is partly on account of higher
offtake of COVID-19 related medicines on a YoY basis.
Respiratory sales are on a downtrend, with a 15.1% YoY decline in Mar’21 as well.
NLEM/non-NLEM (~17%/~83% of IPM) grew 4.3%/11.6% YoY.
On a MAT basis, IPM growth stood at 2.1% YoY.
For the quarter-ending Mar’21, YoY growth was 5.3%. Price/NP growth of
5%/2.7% was offset to some extent by a YoY dip of 2.4% in volumes.
For the quarter-ending Mar’21, NLEM/non-NLEM (~17%/~83% of IPM) grew
0.7%/6.3% YoY.
In Mar’21, Emcure Pharmaceuticals (+32.6% YoY), Glenmark Pharmaceuticals
(+23.2% YoY), Biocon (+20.1% YoY), and FDC (+18.5% YoY) delivered a robust
performance.
COVID-19 related medicines like VMNs in the case of Emcure/Alkem
Laboratories/Sun Pharmaceutical Industries, Favipiravir in the case of Glenmark,
and Remedesivir in the case of Cadila Healthcare/Cipla have partly aided growth
in respective companies.
Biocon’s growth was driven by Anti-Neoplastic/Anti-Infectives (+91.6%/80.8%
YoY). Ajanta Pharma’s growth was led by Pain/Ophthalmology/Dermatology
therapies (26.2% YoY/22.8% YoY/21.7% YoY). Ipca Laboratories posted good
traction in Pain/Analgesics (+39% YoY) and Gastro (36% YoY) segments.
GlaxoSmithKline Pharmaceuticals, Torrent Pharmaceuticals, Lupin, and Alembic
Pharmaceuticals posted lower than industry growth in Mar’21
(9.1%/3.9%/3.8%/-4.1%) on a YoY basis.
On a MAT basis, JB Chemicals & Pharmaceuticals/Merck India/Torrent reported
the highest price growth (+9.7%/7.6%/6.8% YoY).
Chronic therapies saw strong growth with Cardiac/VMN/Anti-Diabetic grew
11.2%/8.1%/5.5% YoY.
Respiratory/Anti-Infectives/Pain therapy sales declined 8.7%/4.7%/2.7% YoY
impacting overall growth.
Price Growth (%)
New Product Growth (%)
9.8
5.4
2.7
1.7
4.5
1.4
2.9
1
-1.9
-6.5
-2.4
4.6
6.4
4.9
3.4
5.3
5.0
2.7
Total Growth (%)
Price/NP growth offsets volume decline for the quarter-ending Mar’21
Emcure, Glenmark, Biocon, and FDC were the outperformers in Mar’21
Cardiac, VMN, and Anti-Diabetic drive overall sales growth on a MAT basis
Exhibit 1: Prices and NP grow while volumes decline in the quarter-ending Mar’21
Volume Growth (%)
9.5
4.9
3.4
1.2
11.5
8.0
5.2
2.9
-0.1
5.5
3.2
2.8
1.1
9.1
5.3
2.7
-5.9
3M-Mar 19
3M-Jun 19
3M-Sep 19
3M-Dec 19
3M-Mar 20
-11.8
3M-Jun 20
3M-Sep 20
3M-Dec 20
3M-Mar 21
Source: AIOCD, MOFSL
Tushar Manudhane – Research analyst
(Tushar.Manudhane@MotilalOswal.com)
Bharat Hegde, CFA – Research analyst
(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
Indian Pharma market in Mar’21
Exhibit 2: Performance of top companies in Mar’21
Company
IPM
Sun Pharma
Cipla
Zydus
Mankind
Lupin
Alkem
Abbott
Torrent
Dr. Reddy’s
GSK
Glenmark
Pfizer
Sanofi India
Ipca
Alembic
Ajanta
JB Chemicals
Natco
Astrazeneca
Biocon
Merck
MAT Mar’21
Market Growth
value
share (%)
(%)
(INR b)
1,475
120
73
63
63
56
51
50
46
43
38
37
35
33
23
17
10
9
8
6
5
3
100.0
8.2
4.9
4.2
4.2
3.8
3.5
3.4
3.1
2.9
2.6
2.5
2.4
2.3
1.6
1.1
0.7
0.6
0.6
0.4
0.3
0.2
2.1
5.2
7.5
3.7
2.9
1.9
1.5
5.2
4.1
0.1
(5.7)
15.2
4.9
2.6
11.1
(1.5)
9.6
12.1
(23.5)
(2.9)
(2.1)
19.0
YoY growth (%) in the last eight quarters
Jun’19
8.2
5.7
9.0
10.6
15.6
12.3
11.0
(43.9)
7.6
42.3
10.3
6.4
1.8
10.2
8.8
2.3
7.0
28.9
0.9
5.5
11.1
(73.6)
Sep’19
11.8
11.9
8.0
16.3
14.9
15.4
17.5
(41.2)
10.0
19.4
22.1
7.1
7.1
13.9
10.7
2.5
6.7
30.3
(4.0)
12.8
7.9
(71.5)
Dec’19
9.2
8.2
6.5
13.8
13.8
9.7
10.2
(43.5)
8.9
11.2
4.5
14.1
18.7
1.3
7.4
3.2
6.0
21.9
(11.3)
4.9
(1.6)
12.5
Mar’20
10.1
13.8
9.0
10.4
18.7
11.9
10.7
(41.8)
18.6
13.3
2.5
14.2
14.2
6.7
13.2
3.6
12.9
19.1
10.5
12.7
(5.8)
21.3
Jun’20
(5.2)
0.6
(6.1)
(6.2)
2.4
(3.8)
(10.4)
0.5
1.4
(7.9)
(14.6)
(0.9)
5.5
(4.4)
9.9
(8.1)
(4.8)
10.1
(2.6)
7.4
(15.5)
18.5
Sep’20
1.1
(2.1)
11.3
0.9
1.1
0.1
(2.2)
2.2
1.3
(1.8)
(9.6)
32.5
7.8
2.2
10.0
3.4
10.2
12.3
(16.7)
(3.2)
(9.9)
15.2
Dec’20
6.4
6.8
16.5
10.6
4.0
8.1
8.0
8.8
7.8
4.7
2.2
17.1
3.3
11.7
12.3
3.0
16.8
15.8
(30.4)
(3.4)
7.9
21.0
Mar’21
5.3
5.4
6.7
8.7
4.3
3.1
10.2
9.1
5.8
4.5
(0.4)
10.8
3.4
0.8
12.0
(5.2)
15.4
10.1
(40.1)
(11.4)
10.1
20.9
One-
month
Mar’21
10.3
6.9
14.3
15.5
3.1
3.8
16.8
11.6
3.9
12.6
9.1
23.2
7.8
2.8
13.8
(4.1)
16.8
1.5
(37.5)
(10.0)
20.1
17.1
Exhibit 3: Performance of top therapies in Mar’21
MAT Mar’21 Market Growth
value
share (%) (%)
(INR b)
IPM
1,475
100.0
2.1
Anti-Infectives
188
12.8
(4.7)
Cardiac
204
13.8
11.2
Gastrointestinal
167
11.3
4.6
Anti-Diabetic
149
10.1
5.5
VMN
134
9.1
8.1
Respiratory
101
6.9
(8.7)
Pain/Analgesics
95
6.5
(2.7)
Dermatology
100
6.8
3.3
Neuro/CNS
91
6.2
4.8
Gynecological
71
4.8
(1.0)
Anti-Neoplastics
29
2.0
(2.1)
Ophthalmic/Otologicals
24
1.6
(8.0)
Hormones
27
1.8
1.4
Vaccines
22
1.5
(2.7)
Therapy
YoY growth (%) in the last eight quarters
Jun’19
8.2
6.9
10.2
5.5
12.3
7.7
7.3
7.7
7.3
8.7
8.7
6.8
9.7
8.7
(3.2)
Sep’19
11.8
13.3
7.0
9.0
10.0
9.7
8.0
10.3
7.1
7.0
4.9
3.5
5.0
9.6
11.6
Dec’19
9.2
19.9
0.3
7.2
8.2
9.1
14.0
9.4
6.7
8.7
8.0
5.1
6.4
11.5
4.0
Mar’20 Jun’20
10.1
(5.2)
10.7
(17.4)
15.1
9.3
8.2
(7.9)
12.9
6.5
8.8
(6.2)
18.2
0.4
7.6
(12.9)
4.7
(10.2)
10.0
2.3
4.5
(14.5)
(2.9)
(13.7)
2.3
(19.2)
11.0
(3.7)
4.2
(10.0)
One-
month
Sep’20 Dec’20 Mar’21 Mar’21
1.1
6.4
5.3
10.3
(6.2)
4.2
(1.8)
8.5
14.2
14.3
7.4
6.3
0.7
11.1
15.2
21.6
5.0
7.3
3.4
0.3
9.5
14.7
14.3
22.2
(8.2)
(7.2)
(16.6)
(15.1)
(6.6)
1.1
7.2
14.6
0.4
7.7
14.8
26.0
3.1
6.4
7.3
9.6
(3.8)
3.2
11.8
22.5
0.4
3.7
1.4
10.9
(10.1) (4.8)
2.8
13.1
1.3
3.9
3.7
10.8
(1.0)
8.4
(9.1)
(1.5)
Source: AIOCD, MOFSL
11 April 2021
2
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sun Pharma
Exhibit 4: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
120,466
3,161
3,155
3,052
2,409
2,361
1,925
1,869
1,868
1,763
1,560
Growth (%)
Last
Growth Market
three-
Mar’21
(%) share (%)
months
2.7
100.0
5.4
6.9
10.2
7.4
7.7
12.9
20.3
7.4
30.6
42.6
8.9
3.9
(0.7)
(4.8)
(8.3)
3.1
(9.9)
(17.6)
9.7
3.0
2.5
(6.9)
(2.5)
2.5
5.6
9.2
46.8
4.4
49.3
59.1
6.6
2.4
4.5
1.3
9.1
2.3
10.5
8.4
14.8
2.0
(4.1)
(14.6)
Source: AIOCD, MOFSL
Secondary sales growth
improved to 6.9% YoY in
Mar’21 v/s 3.6% YoY growth
in Feb’21. The strong
momentum continued in
Revital H/Volini driving
overall growth. This was
partly offset by a YoY
decline in Istamet/Gemer
Total
Rosuvas
Cardiac
Volini
Pain/Analgesics
Levipil
Neuro/CNS
Istamet
Anti-Diabetic
Gemer
Anti-Diabetic
Susten
Gynecological
Revital H
VMN
Pantocid
Gastrointestinal
Pantocid Dsr
Gastrointestinal
Montek-Lc
Respiratory
*Last three-months: Jan-Mar’21
Exhibit 5: Therapy mix (%)
Pain/Analgesics and
Gastrointestinal were key
drivers, while Cardiac, Anti-
Diabetic, and Anti-Infectives
have been key draggers in
terms of therapies
Share
Total
Cardiac
Neuro/CNS
Gastrointestinal
Anti-Infectives
Anti-Diabetic
Pain/Analgesics
100.0
17.9
17.5
12.0
9.0
9.4
6.9
MAT growth (%)
2.7
5.1
6.9
2.3
(12.3)
2.7
6.1
Last three-
Mar’21
months*
5.4
6.9
0.8
(2.6)
3.8
1.9
9.8
11.1
(8.0)
(1.1)
(2.8)
(10.6)
15.5
24.0
Source: AIOCD, MOFSL
Exhibit 6: Brand-wise growth distribution
% of sales
MAT
growth (%)
2.7
7.1
1.4
4.6
(0.3)
Contribution to
growth (%)
100.0
69.1
8.8
26.0
(3.8)
Source: AIOCD, MOFSL
Top 10 brands contributed
the most to Mar’21 MAT
growth
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
27.9
17.3
15.7
39.1
Price growth (5.7% YoY) and
new launches (1.6% YoY)
led overall growth
Exhibit 7: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
5.5
5.7
1.6
65.2
0.5
-3.8
55.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
Exhibit 8: Growth distribution (%) (MAT Mar’21)
ACUTE
11 April 2021
3
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cipla
Exhibit 9: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Total
Foracort
Respiratory
Duolin
Respiratory
Budecort
Respiratory
Cipremi
Anti-Infectives
Seroflo
Respiratory
Asthalin
Respiratory
Montair Lc
Respiratory
Azee
Anti-Infectives
Dytor
Cardiac
Aerocort
Respiratory
*Last three-months: Jan-Mar’21
72,792
3,229
2,301
2,127
2,121
2,053
2,022
1,949
1,556
1,481
1,478
Growth (%)
Last
Growth Market
three- Mar’21
(%)
share (%)
months
7.5
100.0
6.7
14.3
(3.6)
4.4
(12.7)
(10.8)
(0.6)
3.2
(15.1)
(11.9)
(12.8)
2.9
(16.2)
(12.0)
0.0
2.9
NA
NA
5.5
2.8
(1.0)
(5.2)
9.5
2.8
(2.3)
(4.3)
4.7
2.7
(23.3)
(24.5)
14.4
2.1
(18.5)
(20.2)
10.5
2.0
8.0
17.5
15.8
2.0
10.4
9.4
Source: AIOCD, MOFSL
Despite a YoY decline in the
top eight brands, Cipla
posted a healthy growth
(14.3% YoY) in secondary
sales in Mar’21 v/s 1.7% in
Feb’21
Exhibit 10: Therapy mix (%)
Except Respiratory, all
therapeutic areas posted
robust YoY growth in
Mar’21. Sales for
Respiratory therapy was
down by 6.5% YoY
Share
100.0
33.0
23.4
13.4
5.6
5.4
3.8
MAT growth (%)
7.5
1.5
15.5
12.7
7.3
(3.8)
15.3
Last three-
months*
Mar’21
6.7
14.3
(8.4)
(6.5)
17.0
31.7
6.7
10.3
9.0
11.8
19.6
25.4
19.4
23.1
Source: AIOCD, MOFSL
Total
Respiratory
Anti-Infectives
Cardiac
Urology
Gastrointestinal
Neuro/CNS
Exhibit 11: Brand-wise growth distribution
Top 25 brands contributed
93% to overall growth on a
MAT basis
Prices grew 5.6% while
volumes declined by 2.8%
on a MAT basis in Mar’21
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
27.9
17.1
15.1
39.9
MAT
growth (%)
7.5
14.6
20.9
3.0
0.0
Contribution to
growth (%)
100.0
51.0
42.5
6.3
0.2
Source: AIOCD, MOFSL
Exhibit 12: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
8.0
MATVALUE Mar 21
Exhibit 13: Growth distribution (%) (MAT Mar’21)
5.6
6.9
-2.8
40.0
ACUTE
32.8
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
4.7
NP GR
Source: AIOCD, MOFSL
11 April 2021
4
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cadila Healthcare
Exhibit 14: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Growth
(%)
3.7
0.0
14.4
22.9
(3.1)
(10.9)
(10.1)
12.1
1.1
1.6
(10.7)
Growth (%)
Last
Market
three- Mar’21
share (%)
months
100.0
8.7
15.5
3.1
NA
NA
2.8
5.3
6.8
2.7
0.4
(1.8)
2.6
(1.8)
(4.5)
2.2
6.6
11.8
1.9
(9.0)
(4.5)
1.9
14.2
17.8
1.9
3.4
8.2
1.7
(18.3) (20.9)
1.6
(0.9)
2.8
Source: AIOCD, MOFSL
Secondary sales growth
spiked to 15.5% YoY in
Mar’21 against 2.9% in
Feb’21. Remdac has
become the top performer
brand for Cadila. Skinlite
and Thrombophob posted
strong YoY growth in
Mar’21
Total
Remdac
Anti-Infectives
Atorva
Cardiac
Mifegest Kit
Gynecological
Deriphyllin
Respiratory
Skinlite
Dermatology
Pantodac
Gastrointestinal
Thrombophob
Pain/Analgesics
Deca Durabolin
Hormones
Dexona
Hormones
Zyrop(Biologicals)
Blood Related
*Last three-months: Jan-Mar’21
62,616
1,941
1,767
1,713
1,635
1,377
1,199
1,189
1,178
1,088
981
Exhibit 15: Therapy mix (%)
Anti-Infectives,
Gastrointestinal, and
Pain/Analgesic are the key
therapies driving growth in
Mar’21
Share
100.0
15.9
14.6
10.1
9.4
9.4
7.9
Last three-
MAT growth (%) months*
Mar’21
3.7
8.7
15.5
11.6
20.9
46.7
9.7
7.0
7.4
(2.0)
7.1
13.5
(9.6)
(8.2)
(7.9)
1.9
8.3
14.9
3.6
6.4
9.7
Source: AIOCD, MOFSL
Total
Anti-Infectives
Cardiac
Gastrointestinal
Respiratory
Pain/Analgesics
Gynecological
Exhibit 16: Brand-wise growth distribution
% of sales
Top 50 brands contributed
the most to growth
Price/new launches grew
5%/4.9% YoY on a MAT
basis, while volumes
declined by 6.1% in Mar’21
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
22.5
16.9
16.5
44.1
MAT
growth (%)
3.7
18.2
17.0
8.6
(7.6)
Contribution to
growth (%)
100.0
96.5
68.4
36.5
(101.4)
Source: AIOCD, MOFSL
Exhibit 17: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
3.9
MATVALUE GR Mar 21
Exhibit 18: Growth distribution (%) (MAT Mar’21)
5.0
4.9
3.3
-6.1
43.2
ACUTE
19.4
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
5
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alkem
Exhibit 19: Top 10 drugs
Drug
Therapy
Growth (%)
Value
Last
Growth Market
three- Mar’21
(%) share (%)
(INR m)
months
51,242
1.5
100.0
10.2
16.8
3,516
(7.5)
6.9
(11.0) (13.8)
3,341
9.8
6.5
6.9
8.1
2,940
15.1
5.7
11.5
13.5
2,066
41.9
4.0
27.0
29.0
1,917
(17.0)
3.7
(25.9) (19.2)
1,661
3.6
3.2
13.8
28.9
1,129
56.8
2.2
50.0
56.5
1,106
(6.2)
2.2
17.3
16.8
1,061
(15.2)
2.1
(1.2)
3.6
1,025
(2.0)
2.0
13.2
39.9
Source: AIOCD, MOFSL
MAT growth Last three-
(%)
months* Mar’21
1.5
10.2
16.8
(9.6)
(3.6)
2.9
9.6
16.1
20.7
22.6
31.2
37.8
(1.8)
12.8
20.3
(3.7)
12.2
17.6
11.2
25.2
29.2
Source: AIOCD, MOFSL
MAT Mar’21
Secondary sales grew 16.8%
YoY in Mar’21 v/s 4% in
Feb’21. A to Z NS/Uprise
D3/Pipzo have been strong
performers in Mar’21.
Underperformance by
brands like Taxim and
Clavam offset the growth to
some extent
Total
Clavam
Anti-Infectives
Pan
Gastrointestinal
Pan D
Gastrointestinal
A To Z NS
Vitamins/Minerals/Nutrients
Taxim O
Anti-Infectives
Xone
Anti-Infectives
Uprise D3
Vitamins/Minerals/Nutrients
Ondem
Gastrointestinal
Taxim
Anti-Infectives
Pipzo
Anti-Infectives
*Last three-months: Jan-Mar’21
Therapy mix (%)
Strong growth in VMN/Anti-
Diabetic therapies was
offset by a moderation in
Anti-Infectives on a YoY
basis
Total
Anti-Infectives
Gastrointestinal
Vitamins/Minerals/Nutrients
Pain/Analgesics
Neuro/CNS
Anti-Diabetic
Share
100.0
35.1
18.9
15.0
7.0
5.3
4.6
Exhibit 20: Brand-wise growth distribution
% of sales
The significant contribution
of top 10/26-50 brands to
overall growth in Mar’21
Prices grew 4% YoY, while
volumes declined by 4.6%
on a MAT basis in Mar’21
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
38.6
17.0
12.0
32.5
MAT
growth (%)
1.5
4.2
(2.0)
4.4
(0.7)
Contribution to
growth (%)
100.0
104.4
(22.9)
34.1
(15.6)
Source: AIOCD, MOFSL
Exhibit 21: Acute v/s Chronic (MAT growth)
MATVALUE GR Mar 21
MATVALUE Mar 21
Exhibit 22: Growth distribution (%) (MAT Mar’21)
4.0
2.1
43.5
8.2
0.4
ACUTE
7.7
CHRONIC
Source: AIOCD, MOFSL
-4.6
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
6
 Motilal Oswal Financial Services
Sector Update| Healthcare
Lupin
Exhibit 23: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Total
Gluconorm-G
Anti-Diabetic
Huminsulin
Anti-Diabetic
Budamate
Respiratory
Gibtulio
Anti-Diabetic
Ondero
Anti-Diabetic
Cidmus
Cardiac
Ivabrad
Cardiac
Tonact
Cardiac
Ondero Met
Anti-Diabetic
Ajaduo
Anti-Diabetic
*Last three-months: Jan-Mar’21
55,971
2,794
1,880
1,323
1,298
1,240
1,238
1,018
977
959
868
Growth (%)
1.9
10.6
4.1
(1.9)
2.0
10.4
28.9
8.6
(0.5)
(0.3)
24.2
Growth (%)
Last
Market
three- Mar’21
share (%)
months
100.0
3.1
3.8
5.0
10.5
2.3
3.4
(0.2)
(21.0)
2.4
(14.0)
(9.8)
2.3
(8.6)
(13.9)
2.2
22.2
15.9
2.2
23.0
22.5
1.8
4.7
12.3
1.7
(1.9)
0.4
1.7
5.3
0.7
1.6
7.4
0.2
Source: AIOCD, MOFSL
Secondary sales inched up
to 3.8% in Mar’21 v/s
almost flat YoY in Feb’21.
Cidmus/Ondero led overall
growth, while a decline in
Huminsulin, Budamate, and
Gibtulio affected overall
growth
Exhibit 24: Therapy mix (%)
Share
MAT growth (%)
1.9
8.9
8.3
(4.2)
(12.1)
1.7
9.6
Gastrointestinal, Anti-
Infectives, and Cardiac led
overall YoY growth in terms
of therapy for Mar’21
Total
Cardiac
Anti-Diabetic
Respiratory
Anti-Infectives
Gastrointestinal
Neuro/CNS
100.0
25.4
24.9
11.7
11.7
7.1
5.1
Last three-
Mar’21
months*
3.1
3.8
4.3
5.0
5.2
(3.4)
(9.8)
(6.2)
(5.7)
(2.1)
13.6
21.8
8.5
9.1
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
91.8
6.7
45.6
(44.1)
Source: AIOCD, MOFSL
Exhibit 25: Brand-wise growth distribution
Top 50 brands contributed
maximum YoY growth in
Mar’21
Prices/new launches grew
5.6%/2.1% YoY on a MAT
basis in Mar’21
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
24.3
14.6
16.0
45.1
MAT
growth (%)
1.9
7.7
0.9
5.7
(1.8)
Exhibit 26: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
7.8
Exhibit 27: Growth distribution (%) (MAT Mar’21)
5.6
2.1
-5.7
34.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
(6.0)
21.8
ACUTE
11 April 2021
7
 Motilal Oswal Financial Services
Sector Update| Healthcare
GlaxoSmithKline Pharmaceuticals
Exhibit 28: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Growth
(%)
(5.7)
(9.1)
(8.4)
15.3
21.3
(14.2)
16.7
3.7
(3.7)
27.2
(12.6)
Growth (%)
Market
Last
share three- Mar’21
(%)
months
100.0
(0.4)
9.1
11.0
(16.9)
(1.2)
6.8
(25.6)
(23.2)
6.1
34.9
81.0
6.1
41.3
53.8
5.8
(16.3)
(13.7)
5.8
30.6
56.1
5.6
(0.5)
(1.6)
4.4
4.4
23.1
3.6
10.2
23.1
2.8
(3.6)
8.2
Source: AIOCD, MOFSL
Secondary sales strongly
revived to 9.1% YoY in
Mar’21 v/s 8.3% decline in
Feb’21. Betnovate, T Bact,
Ceftum, and Infranix grew
strongly, while Synflorix and
Calpol continued its YoY
decline in Mar’21 as well
Total
Augmentin
Anti-Infectives
Synflorix
Vaccines
Betnovate C
Dermatology
Betnovate N
Dermatology
Calpol
Pain/Analgesics
T Bact
Dermatology
Eltroxin
Hormones
Ceftum
Anti-Infectives
Infanrix Hexa
Vaccines
Betnesol
Hormones
*Last three-months: Jan-Mar’21
38,336
4,230
2,618
2,343
2,321
2,214
2,208
2,149
1,701
1,382
1,076
Exhibit 29: Therapy mix (%)
Dermatology/VMN grew
47%/16% YoY driving
overall growth in Mar’21
Last
MAT
three-
growth (%) months* Mar’21
(5.7)
(0.4)
9.1
11.5
26.3
46.9
(11.0)
(12.0)
1.7
(11.4)
(14.3)
(2.7)
(6.1)
(7.4)
(7.0)
(2.5)
(1.6)
1.7
9.2
15.5
16.2
Source: AIOCD, MOFSL
Total
Dermatology
Anti-Infectives
Vaccines
Pain/Analgesics
Hormones
Vitamins/Minerals/Nutrients
Share
100.0
27.6
21.7
16.5
9.1
8.4
6.6
Top 50 brands declined YoY
affecting overall growth on
a MAT basis in Mar’21
Volume decline of 12.7%
YoY was offset by 6.7%
price growth on a MAT
basis in Mar’21
Exhibit 30: Brand-wise growth distribution
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
58.0
21.8
13.8
6.4
MAT
growth (%)
(5.7)
0.7
1.9
(20.3)
(34.3)
Contribution to
growth (%)
100.0
(6.9)
(6.7)
58.4
55.3
Source: AIOCD, MOFSL
Exhibit 31: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
0.6
Exhibit 32: Growth distribution (%) (MAT Mar’21)
6.7
0.3
33.3
(6.5)
5.0
-12.7
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
8
 Motilal Oswal Financial Services
Sector Update| Healthcare
Glenmark Pharma
Exhibit 33: Top 10 drugs
Drug
Therapy
Growth (%)
Value
Last
Growth Market
three- Mar’21
(%) share (%)
(INR m)
months
37,329
15.2
100.0
10.8
23.2
4,104
0.0
11.0
NA
NA
3,491
19.8
9.4
16.0
9.7
2,252
(0.0)
6.0
(4.2)
(1.8)
1,487
21.2
4.0
19.4
38.0
1,453
4.4
3.9
(3.7)
(4.1)
1,164
14.2
3.1
14.4
22.9
1,117
(5.2)
3.0
(17.5)
(28.1)
894
(25.9)
2.4
(38.0)
(35.2)
820
(2.2)
2.2
2.9
3.0
605
(4.3)
1.6
(28.2)
(30.0)
Source: AIOCD, MOFSL
MAT Mar’21
Sales grew by 23.2% YoY in
Mar’21 v/s 2.9% in Feb’21.
Brands like Telma and
Candid continued to
support growth YoY, Ascoril
LS declined in Mar’21 as
well
Total
Fabiflu
Anti-Infectives
Telma
Cardiac
Telma H
Cardiac
Candid
Dermatology
Telma Am
Cardiac
Candid-B
Dermatology
Ascoril Plus
Respiratory
Ascoril Ls
Respiratory
Zita-Met Plus
Anti-Diabetic
Ascoril D Plus
Respiratory
*Last three-months: Jan-Mar’21
Exhibit 34: Therapy mix (%)
Strong growth was
witnessed in Anti-Infectives
and Dermatology segments,
while Respiratory, Anti-
Diabetic and
Ophthalmology/Otologicals
segments experienced a
decline in Mar’21
Share
Total
Cardiac
Dermatology
Anti-Infectives
Respiratory
Anti-Diabetic
Ophthalmic/Otologicals
100.0
26.5
25.0
22.1
15.1
8.7
1.1
MAT growth (%)
15.2
8.9
5.0
90.9
(7.9)
9.9
(4.0)
Last
three-
Mar’21
months*
10.8
23.2
4.2
3.4
12.1
26.0
80.1
168.0
(17.8)
(17.7)
2.3
(4.1)
(15.4)
(5.6)
Source: AIOCD, MOFSL
Exhibit 35: Brand-wise growth distribution
Top 10 brands remained
key growth contributors
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
46.6
16.3
12.9
24.2
MAT
growth (%)
15.2
37.3
2.7
3.0
(1.2)
Contribution to
growth (%)
100.0
96.0
3.3
2.9
(2.2)
Source: AIOCD, MOFSL
Prices/NP grew 5.2%/16.1%
YoY in MAT Mar’21
Exhibit 36: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
21.7
19.5
15.6
MATVALUE GR Mar 21
Exhibit 37: Growth distribution (%) (MAT Mar’21)
16.1
5.2
9.7
-6.1
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
9
 Motilal Oswal Financial Services
Sector Update| Healthcare
Dr. Reddy's Laboratories
Exhibit 38: Top 10 drugs
Drug
Therapy
Growth (%)
Value
Last
Growth Market
three- Mar’21
(INR m) (%) share (%)
months
42,695 0.1
100.0
4.5
12.6
1,832 18.0
4.3
14.7
20.9
1,534 16.0
3.6
18.7
24.5
1,119 (0.4)
2.6
(2.4)
3.9
1,118 23.6
2.6
32.7
45.4
1,078 19.8
2.5
35.3
41.2
988
26.2
2.3
29.3
44.2
896
(26.3)
2.1
(2.3)
24.2
846
25.2
2.0
31.6
37.5
838
(24.9)
2.0
(41.0)
(34.8)
824
14.9
1.9
16.7
22.4
Source: AIOCD, MOFSL
MAT Mar’21
Secondary sales grew 12.6%
YoY v/s a decline of 2.8% in
Feb’21. Except Bro Zedex,
all top brands contributed
to overall growth in Mar’21
Total
Omez
Gastrointestinal
Omez D
Gastrointestinal
Atarax
Dermatology
Stamlo
Cardiac
Razo D
Gastrointestinal
Ketorol
Pain/Analgesics
Econorm
Gastrointestinal
Mintop
Dermatology
Bro Zedex
Respiratory
Reclimet
Anti-Diabetic
*Last three-months: Jan-Mar’21
Exhibit 39: Therapy mix (%)
Except Respiratory, all top
six therapies led overall
growth in Mar’21
Top 25 brands
outperformed in Mar’21 on
a YoY basis
Share MAT growth (%)
100.0
0.1
18.9
1.9
11.9
14.2
11.0
1.3
10.4
(20.9)
8.4
4.3
6.9
(3.0)
Last three-
months*
Mar’21
4.5
12.6
14.8
26.1
20.3
24.9
11.9
24.1
(29.9)
(25.6)
(2.6)
2.0
16.6
19.9
Source: AIOCD, MOFSL
Total
Gastrointestinal
Cardiac
Dermatology
Respiratory
Pain/Analgesics
Anti-Infectives
Growth in prices stood at
5.6%, while volumes
declined by 8.3% on a MAT
basis in Mar’21
Exhibit 40: Brand-wise growth distribution
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
25.9
19.9
15.2
38.9
MAT
growth (%)
0.1
7.4
5.3
4.9
(8.0)
Contribution to
growth (%)
100.0
1644.3
921.0
656.7
(3122.0)
Source: AIOCD, MOFSL
6% in Nov’20 MAT basis
Exhibit 41: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
31.0
MATVALUE GR Mar 21
9.0
Exhibit 42: Growth distribution (%) (MAT Mar’21)
5.6
2.8
11.7
(2.9)
ACUTE
CHRONIC
Source: AIOCD, MOFSL
-8.3
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
10
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sanofi India
Exhibit 43: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Total
Lantus
Anti-Diabetic
Combiflam
Pain/Analgesics
Clexane
Cardiac
Allegra
Respiratory
Amaryl M
Anti-Diabetic
Hexaxim
Vaccines
Avil
Respiratory
Fluquadri
Vaccines
Cardace
Cardiac
Enterogermina
Gastrointestinal
*Last three-months: Jan-Mar’21
33,214
5,364
2,040
1,735
1,628
1,470
1,402
1,250
1,192
934
865
Growth (%)
Last
Market
Growth (%)
three- Mar’21
share (%)
months
2.6
100.0
0.8
2.8
6.7
16.2
(4.6)
(6.8)
5.9
6.1
4.6
(2.8)
45.1
5.2
36.5
71.0
(15.4)
4.9
(19.8)
(17.6)
(8.7)
4.4
(12.3)
(13.0)
(6.6)
4.2
(18.5)
(18.6)
28.7
3.8
21.4
10.5
10.6
3.6
(71.9)
(81.0)
(4.7)
2.8
(4.7)
(6.4)
(18.7)
2.6
20.7
21.5
Source: AIOCD, MOFSL
Secondary sales grew 2.8%
YoY in Mar’21 v/s a decline
of 5.7% in Feb’21. Celxane
and Avil posted healthy YoY
growth in Mar’21, while
Fluquadri, Hexaxim, Amaryl
M, and Allegra posted a YoY
decline in Mar’21
Exhibit 44: Therapy mix (%)
Vaccines, Gastrointestinal,
and Neuro/CNS led overall
YoY growth in terms of
therapies for Mar’21
Share
100.0
29.6
16.6
13.0
10.2
8.3
7.2
Last three-
MAT growth (%) months*
Mar’21
2.6
0.8
2.8
2.3
(4.2)
(5.7)
12.1
10.6
16.1
4.6
(11.9)
(9.1)
(0.2)
(6.7)
(8.5)
0.1
3.8
1.7
13.3
57.8
59.5
Source: AIOCD, MOFSL
MAT
growth (%)
2.6
3.5
7.4
0.8
(20.5)
Contribution to
growth (%)
100.0
71.8
72.4
4.5
(48.6)
Source: AIOCD, MOFSL
Total
Cardiac
Vaccines
Respiratory
Pain/Analgesics
Gastrointestinal
Neuro/CNS
Top 25 brands contributed
to overall growth on a MAT
basis in Mar’21
Exhibit 45: Brand-wise growth distribution
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
53.8
26.5
14.9
4.7
Price growth stood at 6.5%,
while volumes declined by
5.1% during Mar’21 on a
MAT basis
basis
Exhibit 46: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
17.5
Exhibit 47: Growth distribution (%) (MAT Mar’21)
6.5
4.3
15.7
-5.1
1.3
0.7
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
11
 Motilal Oswal Financial Services
Sector Update| Healthcare
Torrent Pharma
Exhibit 48: Top 10 drugs
Growth
(%)
Last
Market three-
Growth (%)
Mar’21
share (%) month
s
4.1
100.0
5.8
3.9
18.5
5.7
16.7
12.2
(1.1)
3.4
7.0
11.4
8.4
2.8
2.0
(2.5)
16.2
2.6
14.7
16.2
(2.1)
2.3
(2.4) (9.1)
3.1
2.2
(7.1) (12.7)
8.5
2.1
2.0
(8.5)
12.6
2.1
(2.5) (14.6)
(0.1)
1.9
(6.7) (14.8)
11.0
1.9
13.3
18.3
Source: AIOCD, MOFSL
MAT Mar’21
Drug
Therapy
Value
(INR m)
Secondary sales grew 3.9%
YoY in Mar’21 v/s 5.7%
growth in Feb’21. Shelcal,
Chymoral Forte, and Nexpro
RD grew better than
company-level growth,
while Azulix, Nebicard,
Losar, and Dilzem declined
YoY in Mar’21
Total
Shelcal
VMN
Chymoral Forte
Pain/Analgesics
Nikoran
Cardiac
Nexpro Rd
Gastrointestinal
Azulix-Mf
Anti-Diabetic
Nebicard
Cardiac
Losar H
Cardiac
Losar
Cardiac
Dilzem
Cardiac
Unienzyme
Gastrointestinal
*Last three-months: Jan-Mar’21
46,125
2,616
1,559
1,299
1,214
1,068
1,024
985
956
883
873
Exhibit 49: Therapy mix (%)
Growth was seen in
Gastrointestinal, CNS, VMN,
and Pain segments, while
Cardiac and Anti-Diabetic
declined on a YoY basis in
Mar’21
Share
Total
Cardiac
Gastrointestinal
Neuro/CNS
Vitamins/Minerals/Nutrients
Anti-Diabetic
Pain/Analgesics
100.0
31.6
16.5
14.8
12.9
8.9
6.0
Last
MAT growth (%) three-
months*
4.1
5.8
6.3
(0.3)
5.9
15.0
5.6
6.7
8.5
11.5
8.6
5.1
(1.9)
11.7
Mar’21
3.9
(7.5)
18.3
7.5
10.4
(0.8)
17.6
Source: AIOCD, MOFSL
Top 50 brands contributed
96% of overall growth in
Mar’21
Growth in prices/new
launches was 6.8%/2.4% in
Mar’21 on a MAT basis
Exhibit 50: Brand-wise growth distribution
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
27.1
18.1
15.4
39.4
MAT
Contribution to
growth (%)
growth (%)
4.1
100.0
8.1
51.9
7.4
31.8
3.2
12.2
0.4
4.1
Source: AIOCD, MOFSL
Exhibit 51: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
5.8
Exhibit 52: Growth distribution (%) (MAT Mar’21)
6.8
2.4
2.1
-5.1
21.4
ACUTE
24.8
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
12
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alembic Pharmaceuticals
Exhibit 53: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Total
Azithral
Anti-Infectives
Althrocin
Anti-Infectives
Wikoryl
Respiratory
Ulgel
Gastrointestinal
Roxid
Anti-Infectives
Gestofit
Gynecological
Crina N
Gynecological
Rekool D
Gastrointestinal
Sharkoferrol
VMN
Cetanil-T
Cardiac
*Last three-months: Jan-Mar’21
16,742
1,961
874
538
448
435
422
294
274
263
259
Growth (%)
Last
Growth Market
three- Mar’21
(%)
share (%)
months
(1.5)
100.0
(5.2)
(4.1)
15.9
11.7
(17.1)
(26.6)
0.4
5.2
(7.3)
(2.7)
(27.0)
3.2
(28.5)
(27.4)
22.1
2.7
7.8
5.9
(21.0)
2.6
(31.5)
(28.3)
(3.6)
2.5
14.7
36.6
4.5
1.8
18.3
30.2
(1.2)
1.6
9.9
19.2
25.6
1.6
8.8
14.0
28.5
1.5
17.4
17.8
Source: AIOCD, MOFSL
Secondary sales declined
4.1% YoY in Mar’21 v/s a
7.9% decline in Feb’21.
Brands like Azithral,
Althrocin, and Wikoryl
drove a YoY decline in
overall sales in Mar’21
Exhibit 54: Therapy mix (%)
Decline in Anti-Infectives
and Respiratory was offset
to some extent by YoY
growth in Cardiac,
Gastrointestinal, and
Gynecological segments in
Mar’21
Share
Total
Anti-Infectives
Cardiac
Gastrointestinal
Respiratory
Gynecological
Anti-Diabetic
100.0
22.3
17.4
12.5
10.6
9.8
7.2
MAT growth (%)
(1.5)
(0.9)
9.3
6.0
(23.0)
(9.9)
0.1
Last three-
Mar’21
months*
(5.2)
(4.1)
(19.5)
(23.0)
2.1
1.1
9.1
13.0
(28.1)
(27.6)
(2.9)
9.4
(3.7)
(4.1)
Source: AIOCD, MOFSL
Exhibit 55: Brand-wise growth distribution
% of sales
MAT
growth (%)
(1.5)
2.5
(1.7)
(4.1)
(4.2)
Contribution to
growth (%)
100.0
(56.1)
20.9
52.8
82.4
Source: AIOCD, MOFSL
Underperformance by top
10 brands affected growth
on a MAT basis in Mar’21
Prices grew 5.6% YoY, while
volumes declined 8.4% YoY
on a MAT basis in Mar’21
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
34.5
17.9
18.7
28.9
Exhibit 56: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
6.2
12.5
Exhibit 57: Growth distribution (%) (MAT Mar’21)
5.6
1.3
-8.4
(3.9)
4.3
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
13
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ipca Laboratories
Exhibit 58: Top 10 drugs
Drug
Therapy
Growth (%)
Value
Last
Growth Market
three- Mar’21
(%) share (%)
(INR m)
months
23,200
11.1
100.0
12.0
13.8
2,621
33.3
11.3
38.4
44.5
1,696
32.0
7.3
(14.2)
(29.0)
1,667
29.1
7.2
25.0
41.8
772
14.8
3.3
10.3
17.0
717
32.0
3.1
36.2
53.2
562
10.3
2.4
14.7
4.0
550
19.2
2.4
2.8
(7.7)
536
3.9
2.3
0.5
(4.5)
528
15.4
2.3
10.3
10.2
450
(12.6)
1.9
(22.3)
(37.7)
Source: AIOCD, MOFSL
MAT Mar’21
Secondary sales grew by
13.8% YoY in Mar’21 v/s
9.7% in Feb’21. Growth in
the Zerodol brand franchise
and Folitrax remained key
drivers for Ipca in Mar’21
Total
Zerodol Sp
Pain/Analgesics
Hcqs
Anti-Malarials
Zerodol P
Pain/Analgesics
Folitrax
Anti-Neoplastics
Zerodol Th
Pain/Analgesics
Glycinorm M
Anti-Diabetic
Ctd-T
Cardiac
Ctd
Cardiac
Saaz
Gastrointestinal
Lariago
Anti-Malarials
*Last three-months: Jan-Mar’21
Exhibit 59: Therapy mix (%)
Share
100.0
30.9
16.0
13.5
6.6
6.1
5.4
Last three-
MAT growth (%) months*
Mar’21
11.1
12.0
13.8
22.3
27.6
38.8
12.1
6.7
(0.6)
(3.0)
(21.3)
(31.4)
14.3
29.1
35.9
(6.1)
2.9
31.6
15.7
7.8
8.7
Source: AIOCD, MOFSL
Strong performance in
Pain/Analgesics,
Gastrointestinal, and Anti-
Infectives therapies drove
sales growth in Mar’21
Total
Pain/Analgesics
Cardiac
Anti-Malarials
Gastrointestinal
Anti-Infectives
Anti-Neoplastics
Exhibit 60: Brand-wise growth distribution
Top 10 brands contributed
maximum growth on a MAT
basis in Mar’21
Volume/price growth stood
at 4.6%/ 5% YoY on a MAT
basis in Mar’21
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
43.5
19.9
15.4
21.2
MAT
growth (%)
11.1
22.9
2.5
(1.6)
8.5
Contribution to
growth (%)
100.0
81.1
4.9
(2.5)
16.5
Source: AIOCD, MOFSL
Exhibit 61: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
16.9
14.0
10.1
6.3
MATVALUE GR Mar 21
Exhibit 62: Growth distribution (%) (MAT Mar’21)
4.6
5.0
1.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
14
 Motilal Oswal Financial Services
Sector Update| Healthcare
Biocon
Exhibit 63: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Growth (%)
Last
Growth Market
three- Mar’21
(%)
share (%)
months
(2.1)
100.0
10.1
20.1
4.6
24.9
(1.4)
8.6
(0.7)
17.7
6.9
6.4
106.2
6.5
150.7
292.4
(45.2)
6.3
50.3
202.2
(3.3)
5.1
(7.0)
3.4
8.0
4.8
6.2
14.0
(42.0)
4.4
(53.4)
(77.0)
102.8
3.0
171.8
182.6
38.3
2.2
46.1
66.6
(1.0)
2.1
(10.5)
(15.9)
Source: AIOCD, MOFSL
Secondary sales grew 20%
YoY in Mar’21 v/s 9.9%% in
Feb’21. Growth was driven
by strong performance in
Biomab Egfr, Canmab, and
Biopiper Tz
Total
Insugen
Anti-Diabetic
Basalog
Anti-Diabetic
Biomab Egfr
Anti-Neoplastics
Canmab
Anti-Neoplastics
Insugen R
Anti-Diabetic
Psorid
Anti-Neoplastics
Erypro
Blood-related
Biopiper Tz
Anti-Infectives
Insugen N
Anti-Diabetic
Blisto Mf
Anti-Diabetic
*Last three-months: Jan-Mar’21
4,704
1,171
831
307
296
241
226
208
140
102
99
Exhibit 64: Therapy mix (%)
All major therapies, except
Blood-related, posted
strong YoY growth in
Mar’21
Share
100.0
56.1
23.6
8.2
5.2
3.3
2.0
MAT growth (%)
(2.1)
3.7
(5.0)
46.7
(38.1)
(14.9)
2.8
Last three-
months*
Mar’21
10.1
20.1
2.8
9.1
44.2
91.6
94.9
80.8
(47.7)
(68.8)
23.4
63.7
16.7
18.4
Source: AIOCD, MOFSL
Total
Anti-Diabetic
Anti-Neoplastics
Anti-Infectives
Blood-related
Dermatology
Cardiac
Exhibit 65: Brand-wise growth distribution
% of sales
Top 10 brands contributed
82% of YoY growth in
Mar’21
Volumes declined 6.7% YoY
in Mar’21 on a MAT basis
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
77.0
15.5
6.1
1.4
MAT
growth (%)
(2.1)
(2.3)
26.6
(17.1)
(63.0)
Contribution to
growth (%)
100.0
81.6
(149.8)
57.2
110.9
Source: AIOCD, MOFSL
Exhibit 66: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
Exhibit 67: Growth distribution (%) (MAT Mar’21)
3.3
3.0
1.7
1.2
(1.1)
-6.7
(3.8)
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
15
 Motilal Oswal Financial Services
Sector Update| Healthcare
Abbott India
Exhibit 68: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
49,943
5,463
3,596
3,171
3,099
2,739
2,040
1,857
1,642
1,554
1,510
Growth
(%)
5.2
(2.6)
1.9
3.5
8.3
(28.0)
13.5
8.5
20.9
37.6
(9.3)
Growth (%)
Market Last three-
Mar’21
share (%) months
100.0
9.1
11.6
10.9
(3.0)
(2.6)
7.2
7.9
8.5
6.3
4.8
(0.7)
6.2
16.6
24.5
5.5
(14.7)
(10.2)
4.1
23.4
30.0
3.7
22.3
34.7
3.3
15.5
14.6
3.1
28.1
31.6
3.0
(12.5)
(1.3)
Source: AIOCD, MOFSL
Secondary sales growth
stood at 11.6% YoY in
Mar’21. Growth was driven
by brands like Udiliv, Vertin,
Duphalac, Actrapid, and
Ensure
Total
Mixtard
Anti-Diabetic
Thyronorm
Hormones
Novomix
Anti-Diabetic
Udiliv
Gastrointestinal
Duphaston
Gynecological
Vertin
Neuro/CNS
Duphalac
Gastrointestinal
Actrapid
Anti-Diabetic
Ensure
VMN
Ryzodeg
Anti-Diabetic
*Last three-months: Jan-Mar’21
Exhibit 69: Therapy mix
All major therapies, except
Gynecological, grew in
Mar’21
Share
100.0
31.4
23.9
15.0
8.7
7.6
7.4
MAT growth (%)
5.2
3.5
10.3
19.4
12.1
(19.9)
2.1
Last three-
months*
Mar’21
9.1
11.6
2.5
2.3
18.9
26.8
18.8
15.4
22.4
25.5
(6.8)
(1.4)
8.0
8.1
Source: AIOCD, MOFSL
Total
Anti-Diabetic
Gastrointestinal
Vitamins/Minerals/Nutrients
Neuro/CNS
Gynecological
Hormones
Growth was broad-based
across the top 50 brands
Growth in price stood at
4.8%, while volumes
declined by 0.7% on a MAT
basis in Mar’21
Exhibit 70: Brand-wise growth distribution
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
53.4
27.0
13.1
6.5
MAT
growth (%)
5.2
0.5
11.5
14.5
3.7
Contribution to
growth (%)
100.0
5.6
56.2
33.4
4.7
Source: AIOCD, MOFSL
Exhibit 71: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
Exhibit 72: Growth distribution (%) (MAT Mar’21)
5.7
4.6
4.8
1.1
27.5
ACUTE
22.5
CHRONIC
Source: AIOCD, MOFSL
-0.7
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
16
 Motilal Oswal Financial Services
Sector Update| Healthcare
Mankind Pharma
Exhibit 73: Top 10 drugs
Drug
Therapy
Value
(INR m)
62,615
2,511
2,068
1,893
1,558
1,529
1,410
1,122
1,056
1,040
1,038
MAT Mar’21
Growth (%)
Growth Market Last three-
Mar’21
(%)
share (%) months
2.9
100.0
4.3
3.1
(8.6)
4.0
4.1
11.2
(15.5)
3.3
(20.3)
(25.2)
(5.8)
3.0
(15.2)
(16.4)
9.7
2.5
2.2
2.5
14.6
2.4
13.7
1.4
14.2
2.3
5.4
(0.1)
14.9
1.8
22.5
29.0
431.3
1.7
105.8
80.7
13.8
1.7
9.4
(3.2)
1.4
1.7
7.9
11.8
Source: AIOCD, MOFSL
Last three-
months*
Mar’21
4.3
3.1
(14.6)
(14.8)
16.5
20.8
11.4
2.1
16.3
17.7
16.5
3.3
(26.8)
(28.2)
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
51.4
2.8
11.9
33.9
Source: AIOCD, MOFSL
Secondary sales grew 3.1%
v/s almost flat YoY in
Feb’21. Strong YoY growth
in Gudcef/Nurokind LC was
offset by a YoY decline in
Moxikind and Candiforce in
Mar’21
Total
Manforce
Sex Stimulants/Rejuvenators
Moxikind Cv
Anti-Infectives
Candiforce
Anti-Infectives
Unwanted Kit
Gynecological
Glimestar M
Anti-Diabetic
Amlokind-At
Cardiac
Gudcef
Anti-Infectives
Nurokind Lc
VMN
Telmikind H
Cardiac
Prega News
Others
*Last three-months: Jan-Mar’21
Exhibit 74: Therapy mix (%)
YoY decline in Anti-
Infectives and Anti-Diabetes
impacted overall growth in
terms of therapies in
Mar’21
Total
Anti-Infectives
Vitamins/Minerals/Nutrients
Cardiac
Gastrointestinal
Respiratory
Anti-Diabetic
Share
100.0
19.2
13.7
12.6
9.9
8.0
6.9
MAT growth (%)
2.9
(10.5)
7.1
15.1
2.3
17.9
(10.8)
Exhibit 75: Brand-wise growth distribution
Top 10 brands contributed
51% of overall YoY growth
on a MAT basis in Mar’21.
Growth in price/new
launches was 4.4%/3.6%
YoY on a MAT basis in
Mar’21
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
24.3
16.9
15.8
43.0
MAT
growth (%)
2.9
6.4
0.5
2.2
2.3
Exhibit 76: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
12.0
Exhibit 77: Growth distribution (%) (MAT Mar’21)
4.4
44.7
-5.1
(0.3)
17.9
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
3.6
NP GR
Source: AIOCD, MOFSL
11 April 2021
17
 Motilal Oswal Financial Services
Sector Update| Healthcare
Pfizer
Exhibit 78: Top 10 drugs
Drug
Therapy
Value
(INR m)
Total
Becosules
VMN
Gelusil Mps
Gastrointestinal
Mucaine
Gastrointestinal
Magnex
Anti-Infectives
Minipress Xl
Cardiac
Dolonex
Pain/Analgesics
Wysolone
Hormones
Corex Dx
Respiratory
Prevenar 13
Vaccines
Eliquis
Cardiac
*Last three-months: Jan-Mar’21
35,032
3,941
2,002
1,960
1,689
1,668
1,656
1,495
1,307
1,191
1,144
Growth (%)
Last
Market
Growth (%)
three- Mar’21
share (%)
months
4.9
100.0
3.4
7.8
19.9
11.2
13.6
13.8
14.1
5.7
14.2
2.1
24.4
5.6
22.6
26.4
(23.0)
4.8
(21.9) (17.9)
17.7
4.8
16.5
10.7
1.1
4.7
(0.4)
8.8
16.5
4.3
16.3
20.1
1.8
3.7
(19.9) (22.8)
(14.7)
3.4
(13.2) (22.2)
60.8
3.3
40.1
38.6
Source: AIOCD, MOFSL
MAT Mar’21
Secondary sales grew 7.8%
v/s a marginal YoY decline
in Feb’21. Brands like
Mucaine, Wysolone, and
Eliquis led overall growth in
Mar’21
Exhibit 79: Therapy mix (%)
Except Anti-Infectives, all
other major therapies saw
growth in Mar’21
Last
three-
MAT growth (%) months* Mar’21
4.9
3.4
7.8
(13.6)
(9.8)
0.8
23.6
17.9
18.6
17.0
16.9
13.1
25.6
19.9
18.0
5.9
12.3
25.4
10.5
10.0
22.8
Source: AIOCD, MOFSL
Total
Anti-Infectives
Vitamins/Minerals/Nutrients
Gastrointestinal
Cardiac
Gynecological
Hormones
Share
100.0
14.7
14.4
12.9
10.1
9.2
8.6
Exhibit 80: Brand-wise growth distribution
Top 25 brands contributed
majorly to overall growth
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
% of sales
100.0
51.5
30.3
13.0
5.1
MAT
growth (%)
4.9
9.1
8.7
(2.3)
(25.6)
Contribution to
growth (%)
100.0
92.3
51.7
(6.4)
(37.6)
Source: AIOCD, MOFSL
Price growth stood at 5.1%
YoY on a MAT basis in
Mar’21
Exhibit 81: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
10.8
Exhibit 82: Growth distribution (%) (MAT Mar’21)
5.1
3.6
-1.5
1.3
28.4
ACUTE
6.6
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
18
 Motilal Oswal Financial Services
Sector Update| Healthcare
Merck
Exhibit 83: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Total
Concor
Cardiac
Concor Cor
Cardiac
Concor Am
Cardiac
Erbitux
Anti-Neoplastics
Lodoz
Cardiac
Euthyrox
Hormones
Triolmighty
Cardiac
Carbophage
Anti-Diabetic
Olmighty
Cardiac
Carbophage G
Anti-Diabetic
*Last three-months: Jan-Mar’21
2,614
668
564
389
351
145
65
59
56
53
47
Growth (%)
Last
Growth Market
three- Mar’21
(%) share (%)
months
19.0
100.0
20.9
17.1
15.7
25.6
19.3
12.4
30.2
21.6
25.6
27.2
22.4
14.9
18.1
13.8
29.4
13.4
48.1
58.4
9.8
5.5
8.8
(11.0)
48.1
2.5
25.4
20.8
30.9
2.2
23.7
29.4
(17.2)
2.1
(10.0)
(10.9)
28.0
2.0
16.1
10.3
10.0
1.8
23.5
8.0
Source: AIOCD, MOFSL
Last three-
months*
Mar’21
20.9
17.1
20.0
14.6
48.1
58.4
6.6
(1.6)
(13.9)
(25.2)
125.3
361.0
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
101.6
(1.6)
(0.0)
Source: AIOCD, MOFSL
Secondary sales growth
momentum continued at 17%
YoY in Mar’21 v/s 22.7% in
Feb’21. Double-digit growth
across all major brands, except
Lodoz and Carbophage, drove
strong growth in Mar’21
Exhibit 84: Therapy mix (%)
Cardiac and Anti-
Neoplastics drove overall
growth, enough to offset
the decline in Hormone
drugs
Share
100.0
76.0
13.4
7.8
2.8
0.1
MAT growth (%)
19.0
21.1
29.4
(5.0)
2.7
2.6
Total
Cardiac
Anti-Neoplastics
Anti-Diabetic
Hormones
Gynecological
Exhibit 85: Brand-wise growth distribution
Robust growth in the top 10
brands was seen on a MAT
basis in Mar’21
Volume/prices increased by
11.4%/7.6% YoY in the MAT
Mar’21 period
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
100.0
91.7
8.3
0.0
MAT growth (%)
19.0
21.5
(3.0)
(100.0)
Exhibit 86: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
20.2
MATVALUE GR Mar 21
2.3
Exhibit 87: Growth distribution (%) (MAT Mar’21)
11.4
18.8
0.4
Vol GR
Price GR
0.0
NP GR
Source: AIOCD, MOFSL
7.6
ACUTE
CHRONIC
Source: AIOCD, MOFSL
11 April 2021
19
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ajanta Pharma
Exhibit 88: Top 10 drugs
Drug
Therapy
MAT Mar’21
Value
Growth (%)
(INR m)
9,622
1,293
540
529
423
417
323
319
257
173
163
9.6
17.6
6.8
(0.9)
18.2
52.8
26.6
18.2
19.9
29.4
(0.8)
Growth (%)
Last
Market
three- Mar’21
share (%)
months
100.0
15.4
16.8
13.4
11.0
(1.3)
5.6
(2.7)
(1.0)
5.5
2.9
(0.5)
4.4
19.9
20.0
4.3
80.3
78.3
3.4
23.5
17.1
3.3
3.9
(4.5)
2.7
20.4
15.4
1.8
22.7
14.3
1.7
10.2
14.9
Source: AIOCD, MOFSL
Last three-
months*
Mar’21
15.4
16.8
18.4
11.5
15.6
22.8
13.3
21.7
23.8
26.2
(7.2)
(2.3)
(1.8)
5.3
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
74.9
31.8
(0.4)
(6.3)
Source: AIOCD, MOFSL
Secondary sales grew at
16.8% YoY in Mar’21 against
16% in Feb’21. Near flat
sales in the top three
products were more than
offset by strong growth in
other products
Total
Met Xl
Cardiac
Melacare
Dermatology
Atorfit Cv
Cardiac
Feburic
Pain/Analgesics
Rosutor Gold
Cardiac
Cinod
Cardiac
Met Xl Am
Cardiac
Rosufit Cv
Cardiac
Cilamet
Cardiac
Soft Drops
Ophthalmic
*Last three-months: Jan-Mar’21
Exhibit 89: Therapy mix (%)
Share
100.0
44.5
22.3
15.2
6.3
2.5
2.3
MAT growth (%)
9.6
19.6
3.4
4.4
18.0
(16.3)
0.8
Except VMN/Anti-Infectives,
most other major therapies
recorded positive growth in
Mar’21
Total
Cardiac
Ophthalmic/Otologicals
Dermatology
Pain/Analgesics
Vitamins/Minerals/Nutrients
Anti-Infectives
Exhibit 90: Brand-wise growth distribution
% of sales
Growth was largely
distributed among the top
25 brands
Growth in price was 5.1%
on a MAT basis in Mar’21
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
46.1
16.4
14.0
23.5
MAT
growth (%)
9.6
16.5
20.4
(0.3)
(2.3)
Exhibit 91: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
16.7
Exhibit 92: Growth distribution (%) (MAT Mar’21)
5.4
4.5
2.4
5.2
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
2.2
2.0
11 April 2021
20
 Motilal Oswal Financial Services
Sector Update| Healthcare
AstraZeneca
Exhibit 93: Top 10 drugs
Drug
Therapy
Growth (%)
Value
Last
Growth Market
three-
Mar’21
(%) share (%)
(INR m)
months
6,417
(2.9)
100.0
(11.4)
(10.0)
1,520
(13.2)
23.7
(7.9)
(5.0)
1,185
(13.8)
18.5
(31.9)
(34.5)
520
1.7
8.1
(17.1)
(15.1)
483
(0.6)
7.5
(17.3)
(20.8)
482
9.5
7.5
(2.1)
(3.7)
377
(5.4)
5.9
(13.1)
(15.5)
328
16.8
5.1
(14.5)
(4.4)
287
1.3
4.5
(12.1)
(12.9)
236
12.8
3.7
27.4
80.3
216
(5.6)
3.4
(21.4)
(24.4)
Source: AIOCD, MOFSL
MAT Mar’21
Sales growth declined 10%
in Mar’21 v/s a fall in 15% in
Feb’21. All top brands,
except Zoladex, once again
saw a decline in Mar’21
Total
Brilinta
Cardiac
Forxiga
Anti-Diabetic
Crestor
Cardiac
Xigduo
Anti-Diabetic
Seloken
Cardiac
Betaloc
Cardiac
Tagrisso
Anti-Neoplastics
Imdur
Cardiac
Zoladex
Hormones
Kombiglyze
Anti-Diabetic
*Last three-months: Jan-Mar’21
Decline in Anti-Diabetic and
Cardiac therapies drove
overall decline in Mar’21
Exhibit 94: Therapy mix (%)
Share
Total
Cardiac
Anti-Diabetic
Anti-Neoplastics
Hormones
100.0
49.6
35.3
9.4
3.7
MAT growth (%)
(2.9)
(6.2)
(5.2)
23.0
12.4
Last three-
months*
(11.4)
(9.8)
(23.5)
30.0
27.3
Mar’21
(10.0)
(8.6)
(26.3)
44.9
80.1
Source: AIOCD, MOFSL
Exhibit 95: Brand-wise growth distribution
% of sales
MAT
growth (%)
(2.9)
(5.5)
21.4
(96.7)
Contribution to
growth (%)
100.0
172.3
(72.5)
0.2
Source: AIOCD, MOFSL
Decline in the top 10 brands
drove overall decline on a
MAT basis in Mar’21
Volume was nearly flat,
while prices declined 5.3%
YoY during Feb’21
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
100.0
87.8
12.2
0.0
Exhibit 96: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
10.8
MATVALUE GR Mar 21
5.7
Exhibit 97: Growth distribution (%) (MAT Mar’21)
0.2
2.2
-5.3
0.7
ACUTE
(4.3)
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
21
 Motilal Oswal Financial Services
Sector Update| Healthcare
JB Chemicals
Exhibit 98: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Growth (%)
12.1
15.9
19.7
(0.4)
27.1
22.9
(3.0)
(10.9)
11.3
20.1
7.4
Growth (%)
Last
Market
three- Mar’21
share (%)
months
100.0
10.1
1.5
23.2
6.8
(5.8)
21.9
17.0
13.4
10.3
(18.8)
(27.1)
10.0
29.7
12.6
7.8
6.5
(4.7)
2.3
10.5
(17.4)
2.0
25.6
18.6
1.9
6.4
(17.7)
1.9
3.8
(10.6)
1.8
18.3
33.8
Source: AIOCD, MOFSL
Sales grew at a modest
1.5% YoY in Mar’21 v/s
11.7% in Feb’21. Double-
digit decline in top brands
like Nicardia, Rantac, and
Metrogyl IV led to a sluggish
growth in Mar’21
Total
Cilacar
Cardiac
Rantac
Gastrointestinal
Nicardia
Cardiac
Metrogyl
Gastrointestinal
Cilacar T
Cardiac
Rantac Dom
Gastrointestinal
Contrapaque
Others
Metrogyl Iv
Gastrointestinal
Cilacar M
Cardiac
Metrogyl P
Dermatology
*Last three-months: Jan-Mar’21
8,535
1,977
1,868
876
851
664
200
168
161
160
150
Exhibit 99: Therapy mix (%)
Gastrointestinal and
Dermatology therapies
registered strong YoY
growth in Mar’21, offset by
a decline in Cardiac therapy
Share
100.0
47.5
42.3
2.4
2.2
1.3
1.2
Last three-
MAT growth (%) months*
Mar’21
12.1
10.1
1.5
14.0
1.1
(9.5)
16.7
22.2
11.0
(15.3)
38.8
38.5
10.8
20.7
37.2
(10.9)
0.2
4.3
(9.5)
4.8
12.1
Source: AIOCD, MOFSL
Total
Cardiac
Gastrointestinal
Others
Dermatology
Gynecological
Stomatological
Exhibit 100: Brand-wise growth distribution
% of sales
MAT
growth (%)
12.1
14.7
2.1
11.3
(47.3)
Contribution to
growth (%)
100.0
98.5
2.4
3.8
(4.7)
Source: AIOCD, MOFSL
Top 10 brands led most of
overall growth in Mar’21
Price/volume growth stood
at 9.7%/0.9% YoY on a MAT
basis in Mar’21
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
82.9
12.4
4.1
0.6
Exhibit 101: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
4.5
MATVALUE GR Mar 21
14.5
10.0
4.1
Exhibit 102: Growth distribution (%) (MAT Mar’21)
9.7
0.9
ACUTE
CHRONIC
Source: AIOCD, MOFSL
1.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
11 April 2021
22
 Motilal Oswal Financial Services
Sector Update| Healthcare
Eris Lifesciences
Exhibit 103: Top 10 drugs
MAT Mar’21
Drug
Therapy
Value
(INR m)
Growth
(%)
6.3
17.1
20.8
9.5
(19.8)
(0.6)
2.9
33.0
(6.2)
626.3
31.7
Growth (%)
Last
Market
three- Mar’21
share (%)
months
100.0
2.0
3.4
9.1
13.8
18.8
7.4
11.4
4.2
6.0
(3.0) (4.2)
2.9
(23.6) (27.3)
2.9
(16.4) (27.8)
2.8
(22.0) (27.5)
2.2
43.6
6.7
2.2
(15.8) (12.9)
2.0
174.7 118.1
2.0
42.4
53.3
Source: AIOCD,
Sales grew 3.4% YoY in
Mar’21 against a moderate
decline of 1.1% in Feb’21.
Slow growth was driven by
strong decline in top brands
like Remylin D, Tendia M,
and Eritel CH
Total
Glimisave M
Anti-Diabetic
Renerve Plus
VMN
Glimisave MV
Anti-Diabetic
Remylin D
VMN
Tendia M
Anti-Diabetic
Eritel CH
Cardiac
Rabonik D
Gastrointestinal
Lnbloc
Cardiac
Zomelis Met
Anti-Diabetic
Tayo 60K
VMN
*Last three-months: Jan-Mar’21
MOFSL
14,431
1,312
1,067
864
420
419
404
318
314
295
293
Cardiac therapy dragged
growth in Mar’21
Exhibit 104: Therapy mix (%)
Share
100.0
31.9
26.0
20.6
6.7
6.2
3.6
MAT growth (%)
6.3
15.6
3.4
14.8
(4.0)
6.0
(10.9)
Last three-
months*
Mar’21
2.0
3.4
8.7
8.3
(7.1)
(5.8)
13.2
14.7
0.9
5.1
8.7
0.1
(8.2)
3.1
Source: AIOCD, MOFSL
Total
Anti-Diabetic
Cardiac
VMN
Neuro/CNS
Gastrointestinal
Gynecological
Exhibit 105: Brand-wise growth distribution
Top 10 brands contributed
87% to overall growth
Growth in price stood at
5.5% YoY on a MAT basis in
Mar’21
% of sales
Total
Top 10 brands
11 to 25 brands
26 to 50 brands
Above 50 brands
100.0
39.5
22.7
16.8
21.0
MAT
growth (%)
6.3
14.9
(2.2)
10.4
-1.3
Contribution to
growth (%)
100.0
86.8
(8.7)
26.7
-4.8
Source: AIOCD, MOFSL
Exhibit 106: Acute v/s Chronic (MAT growth)
MATVALUE Mar 21
MATVALUE GR Mar 21
7.9
Exhibit 107: Growth distribution (%) (MAT Mar’21)
5.5
6.3
3.5
-5.6
9.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
5.2
ACUTE
11 April 2021
23
 Motilal Oswal Financial Services
Sector Update| Healthcare
NOTES
11 April 2021
24
 Motilal Oswal Financial Services
Sector Update| Healthcare
Explanation of Investment Rating
Investment Rating
Expected return (over 12-month)
BUY
>=15%
SELL
< - 10%
NEUTRAL
< - 10 % to 15%
UNDER REVIEW
Rating may undergo a change
NOT RATED
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days take appropriate measures to make the recommendation consistent with the investment rating legend.
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********************************************************************************************************************************
11 April 2021
25
 Motilal Oswal Financial Services
Sector Update| Healthcare
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time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as a
separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of
information that is already available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or
may not subscribe to all the views expressed therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on,
directly or indirectly, to any other person or published, copied, in whole or in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or
entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law,
regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in
all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to observe such restriction.
Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information.
The person accessing this information specifically agrees to exempt MOFSL or any of its
affiliates or employees from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such
misuse and further agrees to hold MOFSL or any of its affiliates or employees free and harmless from all losses, costs, damages,
expenses that may be suffered by the person
accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website
www.motilaloswal.com.CIN
no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
Malad(West), Mumbai- 400 064. Tel No: 022 7188 1000.
Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
Ltd. (MOAMC): PMS (Registration No.: INP000000670); PMS and Mutual Funds are offered through MOAMC which is group company of MOFSL. Motilal Oswal Wealth
Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f August 21, 2018 pursuant to order dated July 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
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