Sector Update | 8 January 2021
Sector Update| Healthcare
Healthcare
Performance of top companies:
Dec’20
MAT
Dec’2
Company
growth
0 (%)
(%)
IPM
Merck
JB Chemicals
Ajanta Pharma
Eris Lifesciences
Biocon
Ipca Laboratories
Cipla
Glenmark Pharma
Zydus Wellness
Lupin
Torrent Pharma
Wockhardt
Intas Pharma
Sanofi India
Abbott India
Mankind Pharma
Alkem Laboratories
Sun Pharma
Pfizer India
Dr. Reddy’s Labs
FDC
Indoco Remedies
GlaxoSmithKline Ph.
Alembic Pharma
Astrazeneca Pharma
Natco Pharma
3.1
19.0
14.3
10.0
9.2
-5.9
11.4
8.2
16.1
4.0
4.0
6.9
-21.4
4.4
4.0
4.1
6.0
1.0
4.4
7.4
2.1
0.6
-3.7
-5.4
0.8
3.2
-10.1
8.5
27.3
22.4
18.8
18.3
18.1
16.6
15.3
13.6
11.6
11.4
11.0
11.0
10.7
10.4
10.0
8.8
8.4
7.9
7.5
6.2
5.1
5.0
3.8
1.2
-2.5
-23.4
IPM growth accelerates in Dec’20 after a subdued Nov’20
IPM growth increased to 8.5% YoY in Dec’20 v/s. 1% YoY in Nov’20.
Gastro/Cardiac/VMN therapies exhibited a YoY growth of 16.2%/14.9%/14%.
Anti-Infectives therapy is back on the growth path, with 5.2% YoY growth in
Dec’20 v/s flat sales YoY in Nov’20.
Respiratory sales remained in a downtrend with 8.7% YoY decline in Dec’20.
NLEM (~17% of IPM) grew 6.3%% YoY. Non-NLEM (~83% of IPM) grew at 9%.
On a MAT basis, industry growth came in at 3.1% YoY.
For the quarter-ending Dec’20, YoY growth was 6.4%. Price/new product (NP)
growth of 4.9%/3.4% YoY was offset to some extent by a 1.9% dip in volumes.
NLEM (~17% of IPM) grew 3.6% YoY, while Non-NLEM (~83% of IPM) grew 7%.
In Dec’20, Merck India (+27.3% YoY), JB Chemicals (+22.4% YoY), Ajanta Pharma
(+18.8% YoY), Eris Lifesciences (+18.3% YoY), and Biocon (+18.1% YoY) delivered
robust performances.
Ajanta Pharma grew on strong offtake in Pain/Cardiac therapies (~50% of
therapy mix), which grew 33.3%/28.7% YoY.
Biocon witnessed strong growth in its Anti-Infective (+107% YoY) and Anti-
Neoplastic (+67.3%) segments.
Ipca Laboratories posted good traction in Pain/Analgesics (+32.7% YoY) and
Gastro (27.4%) segments.
Alembic Pharma and Dr. Reddy’s Laboratories posted lower-than-industry
growth in Dec’20 (1.2%/6.2% YoY) v/s -0.8%/0.3% in Nov’20.
On a MAT basis, JB Chemicals/Torrent Pharmaceuticals reported the highest
price growth (+10.1%/7.3% YoY). Glenmark Pharmaceuticals saw the highest
growth in new launches (+14.7% YoY).
Chronic therapies saw strong growth with Cardiac/Anti-diabetic/VMN growing
at 13.4%/7.8%/6.6% YoY for MAT ending Dec’20.
Gynecology/Pain/Anti-infective sales declined 3.5%/2.8%/2% YoY impacting
overall growth to some extent.
Prices aided overall growth for the quarter-ending Dec’20
Merck, JB Chemicals, Ajanta, Eris Lifesciences, and Biocon outperform
Cardiac, Anti-Diabetic and VMN drive overall sales growth on a MAT basis
Tushar Manudhane – Research analyst
(Tushar.Manudhane@MotilalOswal.com)
Bharat Hegde, CFA – Research analyst
(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: Price and NP grow while volumes declines for the quarter-ending Dec’20
Volume Growth (%)
9.7
4.8
3.6
1.3
9.5
4.9
3.4
1.2
8.0
5.2
2.9
-0.1
Price Growth (%)
11.5
5.5
2.8
3.2
9.1
5.3
2.7
New Product Growth (%)
9.8
5.4
2.7
1.7
4.5
1.4
-5.9
-11.8
3M-Jun 20
2.9
1
-6.5
3M-Sep 20
3M-Dec 20
4.6
6.4
4.9
3.4
-1.9
Total Growth (%)
1.1
3M-Dec 18
3M-Mar 19
3M-Jun 19
3M-Sep 19
3M-Dec 19
3M-Mar 20
Source: AIOCD, MOFSL
Exhibit 2: Acute as a percentage of total sales and growth rate on a MAT basis in Dec’20
Acute as % of total sales
Acute MATVALUE GR Dec 20
24.1
85
-0.7
-13.2
45
82
77
70
65
59
57
56
54
54
52
43
42
42
39
38
37
-3.0
0.0
-3.3
11.4
-4.1
2.3
-1.1
6.5
2.8
9.6
0.8
0.7
3.8
-0.9
0.6
Source: MOSL, Company
8 January 2021
2
 Motilal Oswal Financial Services
Sector Update| Healthcare
Indian Pharma market - Dec’20
Exhibit 3: Performance of top companies – Dec’20
MAT Dec’20
Market Growth
value
(%)
share (%)
(INR b)
IPM
1,454
100.0
3.1
Sun Pharma
118
8.2
4.4
Abbott India
92
6.3
4.1
Cipla
72
4.9
8.2
Zydus Cadila
61
4.2
4.0
Mankind Pharma
62
4.3
6.0
Alkem Labs
46
3.1
1.0
Lupin
56
3.8
4.0
Torrent Pharma
45
3.1
6.9
Pfizer
35
2.4
7.4
Glenmark Pharma
36
2.5
16.1
Sanofi India
33
2.3
4.0
Dr. Reddy Labs
42
2.9
2.1
GSK Pharma
38
2.6
(5.4)
Alembic Pharma
17
1.2
0.8
Ipca Labs
23
1.6
11.4
Natco Pharma
9
0.7
(10.1)
Ajanta Pharma
9
0.6
10.0
Merck
2
0.2
19.0
Biocon
5
0.3
(5.9)
AstraZeneca
7
0.5
3.2
Pharma
JB Chemicals
8
0.6
14.3
Company
Mar’19
10.2
4.8
10.7
12.5
10.3
18.2
2.1
14.5
12.7
5.9
6.8
13.6
38.8
7.7
12.9
28.3
25.3
7.3
(68.9)
17.9
9.4
26.9
Jun’19
8.1
5.5
6.4
9.0
10.6
15.6
1.0
12.3
7.6
1.8
6.4
10.2
41.9
10.3
2.3
8.8
0.9
6.8
(73.6)
11.1
5.5
28.9
YoY growth (%) for last eight quarters
Sep’19
11.7
11.8
13.0
7.9
16.3
14.9
7.0
15.4
10.0
7.1
7.1
13.9
19.2
22.1
2.5
10.6
(4.0)
6.5
(71.5)
7.9
12.8
30.3
Dec’19
9.0
8.0
8.4
6.5
13.8
13.8
0.9
9.7
8.9
18.6
14.1
1.3
11.1
4.5
3.2
7.4
(11.3)
5.8
12.5
(1.6)
4.9
21.9
Mar’20
10.0
13.5
8.9
9.2
10.4
18.7
7.3
11.9
18.6
14.1
14.2
6.7
13.3
2.2
3.6
13.2
10.5
12.7
21.3
(5.8)
12.7
19.1
Jun’20
(5.2)
0.5
(2.8)
(5.9)
(6.2)
2.4
(10.0)
(3.8)
1.3
5.4
(0.9)
(4.4)
(7.8)
(15.1)
(8.1)
9.9
(2.6)
(3.4)
18.5
(15.5)
7.4
10.1
Sep’20
1.1
(2.3)
2.9
11.5
0.9
1.0
(1.6)
0.0
1.2
7.7
32.5
2.2
(1.6)
(10.1)
3.4
10.0
(16.7)
12.1
15.2
(9.9)
(3.2)
12.3
Dec’20
6.4
6.6
7.5
16.6
10.6
3.9
7.9
8.0
7.8
3.2
17.0
11.5
4.8
1.6
3.0
12.4
(30.4)
18.3
21.0
7.9
(3.4)
15.8
1M
Dec’20
8.5
7.9
10.0
15.3
11.6
8.8
8.4
11.4
11.0
7.5
13.6
10.4
6.2
3.8
1.2
16.6
(23.4)
18.8
27.3
18.1
(2.5)
22.4
Exhibit 4: Performance of top therapies – Dec’20
Therapy
IPM
Anti-Infectives
Cardiac
Gastrointestinal
Anti-Diabetic
VMN
Respiratory
Pain/Analgesics
Dermatology
Neuro/CNS
Gynecological
Anti-Neoplastic
Opthal/Otologicals
Hormones
Vaccines
MAT Dec’20 Market
YoY growth (%) for last eight quarters
1M
Growth
Value
share
(%)
Mar’19 Jun’19 Sep’19 Dec’19 Mar’20 Jun’20 Sep’20 Dec’20
Dec’20
(INR b)
(%)
1,454
100.0
3.1
10.0
9.1
12.9
9.0
10.0
(5.2)
1.1
6.4
8.5
188
13.0
(2.1)
5.4
5.7
12.2
19.6
10.5
(17.4)
(6.2)
4.0
5.2
201
13.8
13.4
15.3
14.0
7.9
0.6
15.5
9.3
14.3
14.5
14.9
161
11.1
2.7
10.3
10.3
12.0
7.2
8.0
(8.0)
0.7
11.0
16.2
148
10.2
7.8
17.1
16.2
10.3
7.9
12.8
6.5
5.1
7.2
9.9
129
8.9
6.6
8.7
12.1
13.3
8.5
8.3
(6.1)
9.6
14.5
14.0
106
7.3
0.2
1.6
(0.5)
0.9
13.4
17.5
0.3
(8.4)
(7.4) (8.7)
94
6.4
(2.8)
10.4
10.1
12.0
9.4
7.6
(12.9)
(6.6)
1.1
6.0
97
6.7
0.7
9.4
10.3
7.1
6.7
4.8
(10.1)
0.4
7.3
10.8
89
6.1
5.4
10.5
11.4
7.7
8.5
9.9
2.3
3.0
6.4
9.2
67
4.6
(3.5)
13.6
11.0
6.9
6.2
2.8
(14.9)
(4.2)
3.0
6.6
29
2.0
(3.2)
16.6
8.8
5.1
5.0
(3.0)
(13.8)
0.3
3.6
8.1
24
1.6
(8.0)
9.0
11.7
9.3
6.3
2.3
(19.0)
(9.8)
(4.6) (2.3)
27
1.8
3.1
9.7
9.3
9.8
11.7
11.1
(3.5)
1.4
3.8
6.0
23
1.6
1.6
(1.3)
(1.8)
13.5
7.4
7.3
(9.7)
(0.8)
9.0
4.3
Source: AIOCD, MOFSL
8 January 2021
3
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sun Pharmaceutical Industries
Exhibit 5: Top 10 drugs
Drug
Therapy
Cardiac
Neuro/CNS
Pain/Analgesics
Anti-Diabetic
Anti-Diabetic
Gynecological
Gastrointestinal
Gastrointestinal
VMN
Respiratory
MAT Dec’20
Growth (%)
Value Growth Market
Last 3M Dec’20
(INR m)
(%) share (%)
118,465
4.4
100.0
6.6
7.9
3,103
13.0
7.5
13.1
10.4
3,057
14.3
4.0
8.4
9.5
2,970
15.0
7.2
20.6
23.4
2,474
(4.6)
3.2
(9.1)
(5.2)
2,347
14.2
3.0
11.1
10.6
1,896
(1.2)
2.5
(3.4)
0.5
1,847
10.5
2.4
9.5
12.1
1,721
10.7
2.2
16.8
20.0
1,718
35.7
4.1
55.0
52.1
1,576
22.7
2.0
20.0
12.8
Source: AIOCD, MOFSL
MAT growth (%)
4.4
7.7
9.1
2.8
(7.4)
7.1
4.9
3M*
6.6
7.1
9.4
8.3
(7.1)
4.3
10.0
Dec’20
7.9
6.0
10.7
12.0
(7.7)
4.9
11.8
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
60.6
5.4
30.6
3.4
Source: AIOCD, MOFSL
Sun Pharma’s secondary
sales grew by 7.9% YoY in
Dec’20 v/s 1.8% YoY growth
in Nov’20 driven by strong
performance of Revital,
Volini, Rosuvas, and
Pantocid DSR
Total
Rosuvas
Levipil
Volini
Istamet
Gemer
Susten
Pantocid
Pantocid DSR
Revital H
Montek-LC
*3M: Oct-Dec’20
Exhibit 6: Therapy mix (%)
Barring Anti-Infectives (-
7.7% YoY), all other
therapies saw positive
growth
Total
Cardiac
Neuro/CNS
Gastrointestinal
Anti-Infectives
Anti-Diabetic
Pain/Analgesics
Share
100.0
18.0
17.6
11.8
9.2
9.6
6.8
Top 10 brands contributed
the most to Dec’20 MAT
growth
Exhibit 7: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
28.0
17.6
15.5
38.9
Price growth came in at
6.2% YoY, while volume
declined 3.2% YoY on a MAT
basis in Dec’20
MAT
growth (%)
4.4
10.1
1.3
9.1
0.4
Exhibit 8: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
7.9
63.7
1.7
54.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Exhibit 9: Growth distribution (%) (MAT Dec’20)
6.2
1.2
-3.2
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
4
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cipla
Exhibit 10: Top 10 drugs
Drug
Therapy
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Anti-Infectives
Cardiac
Respiratory
Anti-Infectives
MAT Dec’20
Growth (%)
Value
Growth Market
Last 3M Dec’20
(%)
share (%)
(INR m)
71,678
8.2
100.0
16.6
15.3
3,345
2.9
4.7
(1.1)
(1.3)
2,405
9.5
3.4
1.4
(6.8)
2,238
(5.9)
3.1
(16.2)
(12.3)
2,083
23.5
2.9
7.3
(13.8)
2,058
7.9
2.9
12.7
13.0
2,034
16.8
2.8
7.7
6.4
1,627
27.6
2.3
41.7
24.0
1,453
12.3
2.0
8.0
9.4
1,444
16.2
2.0
22.0
28.3
1,431
0.0
2.0
NA
NA
Source: AIOCD, MOFSL
The robust growth trend
(15.3% YoY) in secondary
sales continued in Dec’20
v/s 12.6% YoY in Nov’20.
Growth was driven by
strong performance of
Azee, Aerocort, and Seroflo.
NPs like Cipremi also
contributed to YoY growth
Total
Foracort
Duolin
Budecort
Montair LC
Seroflo
Asthalin
Azee
Dytor
Aerocort
Cipremi
*3M: Oct-Dec’20
All therapeutic areas,
except Respiratory, saw
strong growth YoY in
Dec’20. Sales for
Respiratory therapy was
almost flat YoY
Exhibit 11: Therapy mix (%)
Total
Respiratory
Anti-Infectives
Cardiac
Urology
Gastrointestinal
Neuro/CNS
Share
100.0
33.9
22.8
13.8
5.6
5.2
3.7
MAT growth (%)
8.2
7.8
13.6
14.4
6.8
(8.5)
11.3
3M*
16.6
3.5
39.8
14.9
10.7
6.7
18.5
Dec’20
15.3
(0.2)
39.5
15.9
10.8
14.1
20.4
Source: AIOCD, MOFSL
Exhibit 12: Brand-wise growth distribution
Top 10 brands contributed
58% to overall growth
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
28.1
16.7
15.2
40.0
Prices grew 6% on a MAT
basis in Dec’20
MAT
growth (%)
8.2
18.5
17.5
3.1
0.6
Contribution to
growth (%)
100.0
57.9
32.7
6.0
3.4
Source: AIOCD, MOFSL
Exhibit 13: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
9.9
6.8
38.9
32.8
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Exhibit 14: Growth distribution (%) (MAT Dec’20)
6.0
3.6
-1.4
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
5
 Motilal Oswal Financial Services
Sector Update| Healthcare
Cadila Healthcare
Exhibit 15: Top 10 drugs
Drug
Therapy
Cardiac
Gynecological
Respiratory
Anti-Infectives
Dermatology
Gastrointestinal
Hormones
Pain/Analgesics
Hormones
Blood related
MAT Dec’20
Growth (%)
Value
Growth Market
Last 3M Dec’20
(%) share (%)
(INR m)
61,284
4.0
100.0
10.6
11.6
1,745
19.8
2.8
10.1
7.0
1,711
32.8
2.8
19.0
15.7
1,643
(1.5)
2.7
(1.0)
6.1
1,469
0.0
2.4
NA
NA
1,355
(19.4)
2.2
(4.6)
(2.5)
1,230
(2.9)
2.0
(9.4)
(3.1)
1,168
4.0
1.9
3.6
(0.8)
1,147
17.2
1.9
28.0
27.5
1,140
16.1
1.9
(9.2) (11.7)
983
(10.2)
1.6
(17.9) (8.3)
Source: AIOCD, MOFSL
Share
100.0
15.5
15.4
10.1
9.9
9.4
7.9
MAT growth (%)
4.0
7.5
11.2
(1.1)
(5.9)
3.0
5.2
3M*
Dec’20
10.6
11.6
41.2
41.0
12.5
13.5
3.1
7.0
(9.4)
(8.5)
5.8
8.0
3.2
4.2
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
87.3
56.0
30.9
(74.2)
Source: AIOCD, MOFSL
Cadila’s secondary sales
momentum continued with
11.6% YoY growth in Dec’20
v/s 5.7% YoY in Nov’20. YoY
growth was mainly aided by
Remdac (Remdesivir) and
by other brands like
Thrombophob, Atorva and
Mifegest Kit
Total
Atorva
Mifegest Kit
Deriphyllin
Remdac
Skinlite
Pantodac
Deca Durabolin
Thrombophob
Dexona
Zyrop (Biologicals)
*3M: Oct-Dec’20
Exhibit 16: Therapy mix (%)
Strong growth in Anti-
Infectives/Cardiac therapies
was offset to some extent
by a decline in respiratory
therapy
Total
Anti-Infectives
Cardiac
Gastrointestinal
Respiratory
Pain / Analgesics
Gynecological
Top 10 brands contributed
the most to growth
Prices grew 4.7% YoY on a
MAT Dec’20 basis
Exhibit 17: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
22.2
16.5
16.3
45.0
MAT
growth (%)
4.0
17.8
15.0
7.8
(5.9)
Exhibit 18: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
4.4
Exhibit 19: Growth distribution (%) (MAT Dec’20)
4.7
4.0
3.8
42.2
ACUTE
19.1
CHRONIC
Source: AIOCD, MOFSL
-4.7
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
6
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alkem Laboratories
Exhibit 20: Top 10 drugs
Drug
Therapy
Anti-Infectives
Gastrointestinal
Gastrointestinal
Anti-Infectives
VMN
Anti-Infectives
Anti-Infectives
Gastrointestinal
VMN
Anti-Infectives
Value
(INR m)
45,723
3,622
3,289
2,867
2,067
1,977
1,615
1,064
1,061
1,035
993
MAT Dec’20
Growth (%)
1.0
(4.4)
9.4
10.6
(5.1)
38.1
2.8
(16.1)
(9.9)
45.0
(2.9)
Market
Last 3M Dec’20
share (%)
100.0
7.9
8.4
7.9
3.4
1.0
7.2
9.2
5.6
6.3
27.1
23.6
4.5
(17.2) (18.4)
4.3
50.0
19.4
3.5
17.4
4.5
2.3
(6.0)
(2.7)
2.3
(1.1)
8.6
2.3
65.2
58.6
2.2
13.2
15.1
Source: AIOCD, MOFSL
Growth (%)
Alkem’s secondary sales
growth accelerated with
8.4% YoY in Dec’20 v/s 2.2%
YoY in Nov’20. Strong
performance by brands like
Uprise D, A to Z Ns, and
PAN D dove growth in
Dec’20
Total
Clavam
Pan
Pan D
Taxim-O
A To Z Ns
Xone
Taxim
Ondem
Uprise D3
Pipzo
*3M: Oct-Dec’20
VMN/Gastro therapies grew
at a robust 25%/16% YoY in
Dec’20. Anti-Infectives
declined by a modest 1.1%
Significant contribution of
top 10 brands to overall
growth in Dec’20
Prices grew 4% YoY on a
MAT Dec’20 basis
Exhibit 21: Therapy mix (%)
Total
Anti-Infectives
Gastrointestinal
Vitamins/Minerals/Nutrients
Pain/Analgesics
Neuro/CNS
Anti-Diabetic
Share
100.0
36.3
20.0
13.3
6.6
5.7
4.8
MAT growth (%) 3M*
Dec’20
1.0
7.9
8.4
(7.5)
(1.8)
(1.1)
6.5
16.7
16.2
18.6
35.7
24.9
(3.4)
(0.4)
5.7
(5.3)
(1.1)
2.4
8.7
6.7
13.7
Source: AIOCD, MOFSL
Exhibit 22: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
42.8
17.8
11.6
27.8
MAT
growth (%)
1.0
4.5
(4.3)
(2.1)
0.6
Contribution to
growth (%)
100.0
193.5
(84.6)
(26.7)
17.8
Source: AIOCD, MOFSL
Exhibit 23: Acute v/s Chronic (MAT growth)
MATVALUE GR Dec 20
MATVALUE Dec 20
Exhibit 24: Growth distribution (%) (MAT Dec’20)
4.0
38.5
6.2
7.3
CHRONIC
Vol GR
Price GR
-5.3
2.0
0.0
ACUTE
NP GR
Source: AIOCD, MOFSL
Source: AIOCD, MOFSL
8 January 2021
7
 Motilal Oswal Financial Services
Sector Update| Healthcare
Lupin
Exhibit 25: Top 10 drugs
Drug
Therapy
Anti-Diabetic
Anti-Diabetic
Respiratory
Anti-Diabetic
Anti-Diabetic
Cardiac
Cardiac
Cardiac
Anti-Diabetic
Anti-Diabetic
Value
(INR m)
55,519
2,728
1,881
1,376
1,327
1,175
1,171
1,006
982
947
852
MAT Dec’20
Growth (%)
Market share Last
Growth (%)
Dec’20
(%)
3M
4.0
100.0
8.0
11.4
8.4
4.9
17.7 23.2
4.8
3.4
12.6 25.0
7.7
2.5
(2.1) (2.2)
8.3
2.4
12.7
7.6
8.3
2.1
14.8 19.7
38.1
2.1
34.2 37.0
12.0
1.8
17.5 13.1
3.3
1.8
3.5
4.0
(0.8)
1.7
7.4
12.4
47.9
1.5
22.5 17.1
Source: AIOCD, MOFSL
3M*
8.0
16.0
14.9
(3.9)
(1.5)
7.7
12.1
Dec’20
11.4
16.3
19.0
(3.9)
5.3
12.8
13.3
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
62.3
15.3
27.5
(5.1)
Source: AIOCD, MOFSL
Lupin’s secondary sales
grew 11.4% YoY in Dec’20
v/s 3.1% YoY in Nov’20.
Growth in sales of brands
like Cidmus, Huminsulin,
and Gluconorm G drove
overall growth in Dec’20,
whereas Respiratory
products like Budamate
remained under pressure
Total
Gluconorm-G
Huminsulin
Budamate
Gibtulio
Ondero
Cidmus
Ivabrad
Tonact
Ondero Met
Ajaduo
*3M: Oct-Dec’20
Exhibit 26: Therapy mix (%)
All therapies showed strong
growth in Dec’20, while
Respiratory therapy
declined ~4% YoY in Dec’20
Total
Cardiac
Anti-Diabetic
Respiratory
Anti-Infectives
Gastrointestinal
Neuro /CNS
Share
100.0
25.3
24.8
12.2
11.9
6.9
5.0
MAT growth (%)
4.0
12.2
10.6
3.0
(10.5)
0.7
11.5
Contribution of top 10
brands to growth was 62%
in Dec’20
Prices grew 5.7% YoY in
MAT Dec’20
Exhibit 27: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
24.2
14.8
15.9
45.1
MAT
growth (%)
4.0
10.9
4.1
7.1
(0.4)
Exhibit 28: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
10.8
Exhibit 29: Growth distribution (%) (MAT Dec’20)
5.7
1.8
(5.2)
21.6
ACUTE
33.9
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
-3.5
8 January 2021
8
 Motilal Oswal Financial Services
Sector Update| Healthcare
GlaxoSmithKline Pharmaceuticals
Exhibit 30: Top 10 drugs
Drug
Therapy
Anti-Infectives
Vaccines
Pain/Analgesics
Dermatology
Hormones
Dermatology
Dermatology
Anti-Infectives
Vaccines
Hormones
MAT Dec’20
Growth (%)
Value
Growth Market
Last 3M Dec’20
(%) share (%)
(INR m)
38,201
(5.4)
100.0
1.6
3.8
4,452
0.4
11.7
(3.9)
(0.0)
2,783
(2.9)
7.3
(3.7)
4.3
2,313
(6.0)
6.1
(4.3)
(5.1)
2,159
3.0
5.7
5.9
7.5
2,152
7.5
5.6
7.2
8.6
2,103
13.0
5.5
27.0
49.2
2,074
15.0
5.4
23.8
42.7
1,682
(0.3)
4.4
8.0
4.7
1,352
35.1
3.5
49.0
50.1
1,086
(11.3)
2.8
(12.5) (11.4)
Source: AIOCD, MOFSL
MAT
growth (%) 3M*
Dec’20
(5.4)
1.6
3.8
6.7
14.8
21.9
(4.6)
(5.5)
(5.1)
(9.7)
(0.0)
0.5
(0.0)
3.7
4.6
0.1
(0.5)
1.1
5.3
14.6
10.5
Source: AIOCD, MOFSL
MAT
growth (%)
(5.4)
3.4
1.9
(23.2)
(36.0)
Contribution to
growth (%)
100.0
(32.9)
(6.8)
73.3
66.4
Source: AIOCD, MOFSL
Secondary sales grew by
3.8% YoY in Dec’20 v/s a
3.2% YoY decline in Nov’20.
Brands like Infanrix Hexa/
Betnovate-N/T-Bact saw
strong performance in
Dec’20, but the decline in
top products like Calpol
dragged down growth
Total
Augmentin
Synflorix
Calpol
Betnovate C
Eltroxin
Betnovate N
T-Bact
Ceftum
Infanrix Hexa
Betnesol
*3M: Oct-Dec’20
Exhibit 31: Therapy mix (%)
GSK continued its strong
performance in
Dermatology and VMN
therapies in Dec’20. Anti-
Infectives declined 5% YoY
in Dec’20
Total
Dermatology
Anti-Infectives
Vaccines
Pain/Analgesics
Hormones
Vitamins/Minerals/Nutrients
Share
100.0
26.1
22.6
17.2
9.3
8.5
6.4
Exhibit 32: Brand-wise growth distribution
Volumes decline of 12.6%
YoY offset price growth of
6.9% YoY on a MAT basis in
Dec’20
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
58.0
21.3
13.9
6.8
Exhibit 33: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
Exhibit 34: Growth distribution (%) (MAT Dec’20)
6.9
(2.9)
33.3
(5.8)
4.9
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
-12.6
0.3
ACUTE
NP GR
Source: AIOCD, MOFSL
8 January 2021
9
 Motilal Oswal Financial Services
Sector Update| Healthcare
Glenmark Pharmaceuticals
Exhibit 35: Top 10 drugs
Sales in Dec’20 grew 13.6%
YoY v/s 14.5% YoY in
Nov’20.
FabiFlu (COVID-19 drug)
was the largest contributor
to overall sales. Other
brands like Telma, Candid,
and Candid B continue to
support growth
Drug
Total
FabiFlu
Telma
Telma H
Telma AM
Candid
Ascoril Plus
Candid-B
Ascoril LS
Zita-Met Plus
Ascoril D Plus
*3M: Oct-Dec’20
Therapy
Anti-Infectives
Cardiac
Cardiac
Cardiac
Dermatology
Respiratory
Dermatology
Respiratory
Anti-Diabetic
Respiratory
MAT Dec’20
Growth (%)
Value Growth Market
Last 3M Dec’20
(%) share (%)
(INR m)
36,394
16.1
100.0
17.0
13.6
3,380
0.0
9.3
NA
NA
3,361
23.5
9.2
22.7
31.2
2,278
6.0
6.3
(6.0)
(1.1)
1,468
9.1
4.0
3.3
3.0
1,443
20.1
4.0
15.3
15.1
1,177
4.0
3.2
(2.4)
(4.0)
1,129
14.8
3.1
16.6
13.3
1,037
(8.0)
2.8
(33.2)
(34.4)
814
(3.1)
2.2
0.0
2.8
660
11.6
1.8
7.9
0.4
Source: AIOCD, MOFSL
Share
100.0
26.9
24.8
20.3
16.1
8.9
1.2
MAT growth (%)
16.1
13.2
3.1
75.3
3.0
16.5
3.8
3M*
Dec’20
17.0
13.6
8.6
12.3
7.9
8.1
96.6
72.1
(7.7)
(11.5)
9.7
11.0
(15.1)
(10.2)
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
92.0
5.8
5.8
(3.7)
Source: AIOCD, MOFSL
Growth was witnessed
across most top therapies.
Growth in Anti-Infective
was strong, largely led by
FabiFlu sales
Exhibit 36: Therapy mix (%)
Total
Cardiac
Dermatology
Anti-Infectives
Respiratory
Anti-Diabetic
Ophthalmology/Otologicals
Top 10 brands remained
key growth contributors
Prices/NPs grew 6%/15%
YoY in MAT Dec’20
Exhibit 37: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
46.0
16.8
13.1
24.0
MAT
growth (%)
16.1
38.5
5.0
6.6
(2.1)
Exhibit 38: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
18.0
13.7
MATVALUE GR Dec 20
Exhibit 39: Growth distribution (%) (MAT Dec’20)
14.6
5.8
-4.3
21.1
ACUTE
15.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
10
 Motilal Oswal Financial Services
Sector Update| Healthcare
Dr. Reddy's Laboratories
Exhibit 40: Top 10 drugs
Drug
Therapy
MAT Dec’20
Growth (%)
Value Growth Market
Last 3M Dec’20
(INR m) (%) share (%)
42,169 2.1
100.0
4.8
6.2
1,773 18.9
4.2
14.5
17.1
1,469 16.0
3.5
29.3
34.3
1,126
4.7
2.7
(3.4)
(6.8)
1,041 24.1
2.5
30.8
30.2
999
15.0
2.4
23.3
21.8
975
(2.2)
2.3
(28.5)
(33.2)
926
25.0
2.2
37.7
34.8
903 (26.9)
2.1
(7.4)
(9.5)
792
19.1
1.9
36.8
33.7
791
16.3
1.9
33.6
38.2
Source: AIOCD, MOFSL
Secondary sales grew 6.2%
in Dec’20 v/s flat sales in
Nov’20. Growth in brands
like Mintop, Ketorol,
Stamlo, Omez D, Omez, and
Razo D remained strong in
Dec’20
Total
Omez
Gastrointestinal
Omez D
Gastrointestinal
Atarax
Dermatology
Stamlo
Cardiac
Razo D
Gastrointestinal
Bro Zedex
Respiratory
Ketorol
Pain/Analgesics
Econorm
Gastrointestinal
Mintop
Dermatology
Reclimet
Anti-Diabetic
*3M: Oct-Dec’20
Exhibit 41: Therapy mix (%)
All therapies except
Respiratory registered a
growth in Dec’20.
Respiratory therapy sales
declined steeply YoY
Total
Gastrointestinal
Respiratory
Cardiac
Dermatology
Pain/Analgesics
Anti-Infectives
Share
100.0
18.4
11.7
11.5
10.8
8.6
6.7
MAT growth (%)
2.1
0.3
(7.1)
12.3
(0.0)
11.7
(5.7)
3M*
4.8
9.3
(21.2)
22.0
7.6
5.4
9.5
Dec’20
6.2
10.6
(22.7)
21.6
9.7
6.4
27.4
Source: AIOCD, MOFSL
Top 10 brands (25.5% of
total sales) contributed 88%
to overall growth
Prices grew 6% in Dec’20 on
a MAT basis
Exhibit 42: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
25.6
20.0
15.4
39.0
MAT
growth (%)
2.1
9.5
5.2
8.8
(5.8)
Contribution to
growth (%)
100.0
106.5
47.8
59.9
(114.2)
Source: AIOCD, MOFSL
Exhibit 43: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
31.0
MATVALUE GR Dec 20
6.8
Exhibit 44: Growth distribution (%) (MAT Dec’20)
5.9
2.7
11.2
0.5
ACUTE
CHRONIC
Source: AIOCD, MOFSL
-6.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
11
 Motilal Oswal Financial Services
Sector Update| Healthcare
Sanofi India
Exhibit 45: Top 10 drugs
Drug
Therapy
Value
(INR m)
33,131
5,429
2,019
1,724
1,628
1,507
1,477
1,383
1,196
946
844
MAT Dec’20
Growth (%)
4.0
11.4
6.8
(8.6)
39.0
(5.6)
(4.1)
36.6
29.0
(4.0)
8.9
Market
Last 3M Dec’20
share (%)
100.0
11.5
10.4
16.4
10.6
11.4
6.1
11.6
22.4
5.2
(16.0)
(15.8)
4.9
54.6
34.4
4.5
(4.9)
(9.3)
4.5
2.8
2.4
4.2
66.1
(71.0)
3.6
32.6
38.0
2.9
(4.1)
1.1
2.5
20.5
89.0
Source: AIOCD, MOFSL
3M*
11.5
5.2
17.0
40.5
1.3
5.6
1.1
Dec’20
10.4
6.1
15.6
7.5
2.4
13.7
16.3
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
117.0
17.8
(9.9)
(24.9)
Source: AIOCD, MOFSL
Growth (%)
Secondary sales grew at
10.4% YoY in Dec’20 v/s
9.3% YoY in Nov’20. Aid of
top brands like Clexane,
Combiflam, and Avil led to
overall gain in Dec’20
Total
Lantus
Combiflam
Allegra
Clexane
Amaryl M
Hexaxim
FluQuadri
Avil
Cardace
Frisium
*3M: Oct-Dec’20
Anti-Diabetic
Pain/Analgesics
Respiratory
Cardiac
Anti-Diabetic
Vaccines
Vaccines
Respiratory
Cardiac
Neuro/CNS
Exhibit 46: Therapy mix (%)
All therapeutic areas grew
YoY in Dec’20, with strong
performance in
Cardiac/Neuro/Pain, which
grew 16%/16%/14% in
Dec’20
Total
Anti-Diabetic
Cardiac
Vaccines
Respiratory
Pain/Analgesics
Neuro/CNS
Share
100.0
30.0
16.3
13.4
10.4
8.2
6.6
MAT growth (%)
4.0
6.2
10.5
9.8
4.7
(0.3)
(1.5)
Exhibit 47: Brand-wise growth distribution
% of sales
Top 10 brands showed
maximum contribution
Price growth stood at 6.7%
during Dec’20 on a MAT
basis
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
54.8
25.8
14.5
4.9
MAT
growth (%)
4.0
9.0
2.7
(2.6)
(16.4)
Exhibit 48: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
6.4
Exhibit 49: Growth distribution (%) (MAT Dec’20)
6.7
1.3
1.5
15.6
ACUTE
17.5
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
-4.0
8 January 2021
12
 Motilal Oswal Financial Services
Sector Update| Healthcare
Torrent Pharmaceuticals
Exhibit 50: Top 10 drugs
Drug
Therapy
MAT Dec’20
Value
(INR m)
45,460
2,527
1,531
1,292
1,173
1,074
1,044
981
962
899
857
Growth (%)
Growth
(%)
Secondary sales grew 11%
YoY in Dec’20 v/s 1.9% YoY
in Nov’20. Top brands like
Shelcal and Nexpro RD
continued with their strong
performance in Dec’20
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
Shelcal XT
VMN
*3M: Oct-Dec’20
Market
Last
Dec’20
share (%) 3M
6.9
100.0
7.8
11.0
16.9
5.6
22.6 27.0
2.2
3.4
5.6
15.7
14.8
2.8
8.9
9.6
21.0
2.6
24.0 24.1
2.5
2.4
(0.3)
0.7
12.8
2.3
6.2
2.1
9.7
2.2
9.4
11.2
19.6
2.1
12.3 11.2
5.4
2.0
(3.3) (1.7)
12.2
1.9
6.1
10.4
Source: AIOCD, MOFSL
MAT growth
(%)
6.9
11.8
6.5
7.9
9.2
14.3
(1.2)
Exhibit 51: Therapy mix (%)
Share
Total
Cardiac
Gastrointestinal
Neuro/CNS
Vitamins/Minerals/Nutrients
Anti-Diabetic
Pain/Analgesics
100.0
32.1
16.1
14.8
12.8
9.0
5.9
3M*
7.8
8.0
13.9
5.5
12.4
10.1
5.4
Dec’20
11.0
8.7
18.4
7.8
17.4
11.1
14.9
Healthy growth was
witnessed across all major
therapies; Gastro/VMN saw
strong growth of 18%/17%
in Dec’20
Source: AIOCD, MOFSL
Exhibit 52: Brand-wise growth distribution
Top 10 brands contributed
44.3% to growth in Dec’20
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
27.1
18.1
15.4
39.4
Prices grew 7.3% in Dec’20
on a MAT basis
MAT
growth (%)
6.9
11.7
11.4
6.5
2.0
Contribution to
growth (%)
100.0
44.3
28.8
14.6
12.2
Source: AIOCD, MOFSL
Exhibit 53: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
10.2
Exhibit 54: Growth distribution (%) (MAT Dec’20)
7.3
3.2
20.8
ACUTE
24.6
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
2.2
-2.7
8 January 2021
13
 Motilal Oswal Financial Services
Sector Update| Healthcare
Alembic Pharmaceuticals
Exhibit 55: Top 10 drugs
Drug
Therapy
MAT Dec’20
Growth (%)
Value Growth Market
Last 3M Dec’20
(INR m) (%) share (%)
16,972
0.8
100.0
3.0
1.2
2,040
24.2
12.0
31.6
14.8
889
7.4
5.2
(2.4)
(1.2)
598
(16.7)
3.5
(18.8)
(14.7)
481
(11.8)
2.8
(22.8)
(24.7)
440
25.4
2.6
21.8
19.7
407
(13.8)
2.4
0.9
5.4
282
(0.2)
1.7
14.8
15.5
268
(9.7)
1.6
11.8
10.9
258
32.4
1.5
27.8
15.6
257
7.3
1.5
3.6
1.4
Source: AIOCD, MOFSL
Secondary sales saw
marginal growth of 1% in
Dec’20 v/s a marginal
decline in Nov’20. Brands
like Azithral, Ulgel, Crina N
remained strong, but the
decline in products like
Roxid and Wikoryl dragged
overall performance in
Dec’20
Total
Azithral
Anti-Infectives
Althrocin
Anti-Infectives
Wikoryl
Respiratory
Roxid
Anti-Infectives
Ulgel
Gastrointestinal
Gestofit
Gynecological
Crina N
Gynecological
Rekool D
Gastrointestinal
Sharkoferrol Vitamins/Minerals/Nutrients
Tellzy
Cardiac
*3M: Oct-Dec’20
Exhibit 56: Therapy mix (%)
Total
Anti-Infectives
Cardiac
Gastrointestinal
Respiratory
Gynecological
Anti-Diabetic
Growth in Cardiac and
Gastro in Dec’20 was offset
by a decline in Respiratory
Anti-diabetic and Anti-
Infectives
Share
100.0
23.2
17.0
12.1
11.5
9.7
7.2
MAT growth (%)
0.8
7.1
10.6
3.3
(12.5)
(12.5)
(0.1)
3M*
3.0
5.8
10.5
13.7
(21.5)
(1.8)
(0.3)
Dec’20
1.2
(2.2)
7.0
14.1
(22.0)
0.3
(2.5)
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
272.0
(51.8)
35.8
(156.0)
Source: AIOCD, MOFSL
Exhibit 57: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
34.9
18.4
18.4
28.3
Prices grew 6% YoY in
Dec’20 on a MAT basis
MAT
growth (%)
0.8
6.3
(2.1)
1.5
(4.0)
Exhibit 58: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
7.2
Exhibit 59: Growth distribution (%) (MAT Dec’20)
5.9
1.0
-6.2
12.7
(1.2)
4.3
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
8 January 2021
14
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ipca Laboratories
Exhibit 60: Top 10 drugs
Drug
Therapy
Pain/Analgesics
Anti-Malarials
Pain/Analgesics
Anti-Neoplastics
Pain/Analgesics
Cardiac
Anti-Diabetic
Cardiac
Gastrointestinal
Anti-Malarials
MAT Dec’20
Growth (%)
Value Growth Market
Last 3M Dec’20
(%) share (%)
(INR m)
22,553
11.4
100.0
12.4
16.6
2,423
26.4
10.7
41.5
57.0
1,750
49.7
7.8
12.2
1.7
1,589
27.8
7.0
29.9
30.0
754
16.5
3.3
14.0
10.8
665
28.0
2.9
30.4
40.2
546
26.0
2.4
20.7
16.0
543
7.4
2.4
23.2
28.5
535
6.2
2.4
6.3
7.1
515
18.7
2.3
11.1
7.8
475
(1.6)
2.1
(10.4)
(8.3)
Source: AIOCD, MOFSL
Share
100.0
30.0
16.2
14.6
6.4
6.3
5.5
MAT growth (%)
11.4
18.4
12.6
7.7
7.6
(1.5)
18.7
3M*
Dec’20
12.4
16.6
25.1
32.7
17.6
17.3
(13.3)
(11.5)
23.1
27.4
(1.5)
(0.7)
13.9
8.2
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
84.0
5.7
(0.9)
11.2
Source: AIOCD, MOFSL
Secondary sales grew at a
robust 16.6% YoY in Dec’20
v/s 4.9% YoY in Nov’20.
Growth in Zerodol brand
franchise and Glycinorm-M
continued to drive sales for
Ipca Labs in Dec’20
Total
Zerodol SP
Hydroxychloroquine
Zerodol P
Folitrax
Zerodol Th
CTD-T
Glycinorm-M
CTD
Saaz
Lariago
*3M: Oct-Dec’20
Exhibit 61: Therapy mix (%)
Strong performance in
Pain/Analgesics and Gastro
(+33%/+27% YoY in Dec’20)
partially offset the
continued decline in Anti-
Malarials
Total
Pain/Analgesics
Cardiac
Anti-Malarials
Gastrointestinal
Anti-Infectives
Anti-Neoplastics
Exhibit 62: Brand-wise growth distribution
Top 10 brands contributed
majority of the growth
Volumes/prices grew
5.3%/5% YoY on a MAT
basis in Dec’20
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
43.4
20.4
15.7
20.5
MAT
growth (%)
11.4
24.7
3.0
(0.6)
5.9
Exhibit 63: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
12.5
Exhibit 64: Growth distribution (%) (MAT Dec’20)
11.0
16.5
ACUTE
6.1
CHRONIC
Source: AIOCD, MOFSL
5.3
5.0
1.2
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
15
 Motilal Oswal Financial Services
Sector Update| Healthcare
Biocon
Exhibit 65: Top 10 drugs
Drug
Therapy
Anti-Diabetic
Anti-Diabetic
Blood related
Anti-Neoplastics
Anti-Neoplastics
Anti-Diabetic
Anti-Neoplastics
Anti-Infectives
Anti-Diabetic
Anti-Diabetic
MAT Dec’20
Growth (%)
Value
Growth Market
Last 3M Dec’20
(%)
share (%)
(INR m)
4,588
(5.9)
100.0
7.9
18.1
1,175
4.9
25.6
11.6
19.6
817
(4.9)
17.8
2.6
9.3
273
(6.4)
5.9
(55.0)
(65.1)
269
(61.0)
5.9
(8.0)
59.8
250
75.4
5.5
100.2
119.0
245
(1.3)
5.3
(5.0)
(9.1)
222
21.1
4.8
14.5
22.7
109
68.1
2.4
140.5
167.0
102
(6.3)
2.2
5.9
7.1
93
27.3
2.0
58.0
45.7
Source: AIOCD, MOFSL
Share
100.0
57.1
22.1
7.0
6.7
3.2
2.0
MAT growth (%)
(5.9)
2.0
(22.0)
26.8
(5.3)
(14.6)
(4.6)
3M*
Dec’20
7.9
18.1
8.6
13.0
27.4
67.3
70.2
106.9
(52.4)
(61.6)
(13.0)
(11.8)
(3.5)
5.1
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
78.2
(39.6)
31.3
30.2
Source: AIOCD, MOFSL
Secondary sales grew a
strong 18% YoY in Dec’20
v/s a 6.6% YoY growth in
Nov’20. Revival in sales of
BIOMAb EGFR, Biopiper TZ,
Canmab, and Insugen-N led
to a sturdy month
Total
Insugen
Basalog
Erypro
Canmab
BIOMAb EGFR
Insugen R
Psorid
Biopiper TZ
Blisto MF
Insugen-N
*3M: Oct-Dec’20
Exhibit 66: Therapy mix (%)
Robust performance in
Anti-Infective and Anti-
Neoplastic drugs led to a
strong growth in Dec’20.
Blood-related drugs
declined steeply
Total
Anti-Diabetic
Anti-Neoplastics
Anti-Infectives
Blood-related
Dermatology
Cardiac
Exhibit 67: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
77.5
14.6
6.2
1.7
Volumes declined sharply
by 10% YoY in Dec’20 on a
MAT basis
MAT
growth (%)
(5.9)
(6.0)
20.6
(24.0)
(53.4)
Exhibit 68: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
1.3
Exhibit 69: Growth distribution (%) (MAT Dec’20)
3.1
1.1
-10.1
(17.2)
1.6
3.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
8 January 2021
16
 Motilal Oswal Financial Services
Sector Update| Healthcare
Abbott India
Exhibit 70: Top 10 drugs
Drug
Therapy
Anti-Diabetic
Hormones
Anti-Diabetic
Gastrointestinal
Gynecological
Respiratory
Neuro / CNS
Gastrointestinal
Anti-Diabetic
Anti-Diabetic
Value
(INR m)
92,042
5,507
3,527
3,135
2,984
2,871
2,607
1,933
1,766
1,586
1,566
MAT Dec’20
Growth (%)
4.1
0.8
0.2
3.1
7.5
(26.4)
(10.1)
9.9
5.2
21.2
(0.5)
Market
share (%)
100.0
35.4
10.6
20.1
9.0
8.6
6.0
5.8
5.3
10.2
10.1
Growth (%)
Last
Dec’20
3M
7.5
10.0
(1.0)
2.0
5.6
10.8
6.8
13.8
14.8 25.0
(27.5) (26.2)
(2.9)
1.1
17.9 33.0
2.8
15.0
34.3 35.3
(15.4) (14.5)
Secondary sales growth was
strong at 10% YoY in Dec’20
v/s 1.9% YoY in Nov’20. The
35%/33% YoY growth in
Vertin/Actrapid more than
offset the decline in few
products like Duphaston in
Dec’20
Total
Mixtard
Thyronorm
Novomix
Udiliv
Duphaston
Phensedyl Linctus
Vertin
Duphalac
Actrapid
Ryzodeg
*3M: Oct-Dec’20
Source: AIOCD, MOFSL
Share
100.0
19.3
18.0
12.0
8.5
8.3
8.1
MAT growth (%) 3M*
Dec’20
4.1
7.5
10.0
(23.2)
3.1
6.5
23.1
17.4
25.8
44.7
31.0
25.2
35.0
25.6
29.6
6.9
7.9
15.0
8.1
(6.3)
(11.7)
Source: AIOCD, MOFSL
MAT
growth (%)
4.1
(1.6)
21.5
9.1
(0.0)
Contribution to
growth (%)
100.0
(11.9)
81.7
30.2
(0.1)
Source: AIOCD, MOFSL
Exhibit 71: Therapy mix
All top therapies posted
strong double-digit growth,
except Anti-Infectives which
declined 12% YoY in Dec’20
Total
Anti-Diabetic
Gastrointestinal
Vitamins/Minerals/Nutrients
Cardiac
Neuro/CNS
Anti-Infectives
Exhibit 72: Brand-wise growth distribution
Decline in the top 10 brands
more than compensated by
growth in other brands
Prices grew at 6% in Dec’20
on a MAT basis
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
29.9
18.4
14.3
37.4
Exhibit 73: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
Exhibit 74: Growth distribution (%) (MAT Dec’20)
5.5
6.0
1.0
-2.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
3.3
55.5
ACUTE
36.5
CHRONIC
Source: AIOCD, MOFSL
8 January 2021
17
 Motilal Oswal Financial Services
Sector Update| Healthcare
Mankind Pharma
Exhibit 75: Top 10 drugs
Drug
Therapy
Sex Stimulants/Rejuvenators
Anti-Infectives
Anti-Infectives
Gynecological
Anti-Diabetic
Cardiac
Anti-Infectives
VMN
Cardiac
Others
Value
(INR m)
61,922
2,485
2,200
1,962
1,548
1,484
1,392
1,066
1,019
1,018
1,009
MAT Dec’20
Growth (%)
Growth
Market
Last 3M Dec’20
(%)
share (%)
6.0
100.0
3.9
8.8
(6.4)
4.0
2.3
5.3
(5.3)
3.6
(16.8)
(8.5)
(1.4)
3.2
(18.9)
(16.3)
12.3
2.5
11.3
15.2
13.5
2.4
13.4
20.8
19.7
2.2
2.0
8.8
17.3
1.7
10.6
18.3
3.6
1.6
(0.6)
4.0
16.5
1.6
12.3
17.5
(10.8)
1.6
(20.6)
(23.7)
Source: AIOCD, MOFSL
MAT growth (%)
6.0
(3.8)
5.3
18.4
1.0
18.3
6.5
3M*
Dec’20
3.9
8.8
(10.9)
(7.5)
9.0
13.2
11.3
17.5
7.0
14.8
20.3
30.0
(12.1)
(14.4)
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
13.4
40.7
20.0
25.9
Source: AIOCD, MOFSL
Secondary sales grew 8.8%
YoY in Dec’20 v/s a decline
of 5.4% YoY in Nov’20. Key
brands like Glimestar-
M/Gudcef/Telmikind/Unwa
nted Kit saw a
21%/18%/18%/15% YoY
growth in Dec’20
Total
Manforce
Moxikind-CV
Candiforce
Unwanted Kit
Glimestar-M
Amlokind-AT
Gudcef
Nurokind LC
Telmikind H
Prega News
*3M: Oct-Dec’20
Exhibit 76: Therapy mix (%)
Except Anti-Diabetic and
Anti-Infectives all other
therapies recorded a strong
double-digit growth in
Dec’20
Total
Anti-Infectives
Vitamins/Minerals/Nutrients
Cardiac
Gastrointestinal
Respiratory
Anti-Diabetic
Share
100.0
20.1
13.4
12.4
9.7
7.8
7.6
Exhibit 77: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
24.5
17.0
16.0
42.5
Growth was broad-based
across brands on a MAT
basis
Prices grew at 5% YoY in
Dec’20 on a MAT basis
MAT
growth (%)
6.0
3.2
15.6
7.6
3.5
Exhibit 78: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
14.0
Exhibit 79: Growth distribution (%) (MAT Dec’20)
5.0
3.5
3.1
44.6
ACUTE
17.3
CHRONIC
Source: AIOCD, MOFSL
-2.5
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
18
 Motilal Oswal Financial Services
Sector Update| Healthcare
Pfizer
Exhibit 80: Top 10 drugs
Drug
Therapy
VMN
Gastrointestinal
Gastrointestinal
Anti-Infectives
Pain/Analgesics
Cardiac
Hormones
Respiratory
Vaccines
Anti-Infectives
Value
(INR m)
34,730
3,836
1,940
1,872
1,816
1,658
1,604
1,441
1,384
1,235
1,118
MAT Dec’20
Growth (%)
7.4
20.6
15.4
24.4
(13.7)
4.9
21.1
17.2
11.8
(14.1)
(14.4)
Market
Last 3M
share (%)
100.0
3.2
11.0
21.2
5.6
6.2
5.4
22.3
5.2
(13.6)
4.8
(8.3)
4.6
3.3
4.1
14.7
4.0
3.0
3.6
(14.5)
3.2
(31.5)
Source: AIOCD, MOFSL
Growth (%)
Dec’20
7.5
28.2
18.9
32.7
(9.2)
(3.1)
10.6
17.1
3.6
(13.1)
(36.0)
Secondary sales grew 7.5%
YoY in Dec’20 v/s a decline
of 3.1% YoY in Nov’20.
Brands like Becosules,
Mucaine, and Wysolone
aided growth in Dec’20
Total
Becosules
Gelusil MPS
Mucaine
Magnex
Dolonex
Minipress Xl
Wysolone
Corex Dx
Prevenar 13
Meropenem
*3M: Oct-Dec’20
Exhibit 81: Therapy mix (%)
Double-digit growth across
all top therapies more than
offset a 9% decline in Anti-
Infectives in Dec’20
Total
Anti-Infectives
Vitamins/Minerals/Nutrients
Gastrointestinal
Cardiac
Gynecological
Hormones
Share
100.0
15.3
14.0
12.5
9.8
9.0
8.5
MAT growth (%)
7.4
(6.6)
23.2
17.0
26.8
6.4
12.3
3M*
Dec’20
3.2
7.5
(10.0)
(8.6)
24.8
35.1
11.7
22.5
28.0
26.8
1.2
10.4
12.0
14.9
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
55.0
72.5
(0.1)
(27.4)
Source: AIOCD, MOFSL
Exhibit 82: Brand-wise growth distribution
Top 25 brands contributed
majorly to overall growth
Price/volume growth stood
at 5.5%/0.5% YoY on a MAT
basis in Dec’20
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
51.5
29.8
13.2
5.4
MAT
growth (%)
7.4
7.9
20.1
(0.1)
(25.8)
Exhibit 83: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
13.5
Exhibit 84: Growth distribution (%) (MAT Dec’20)
6.1
5.5
28.3
ACUTE
6.5
CHRONIC
Source: AIOCD, MOFSL
0.5
Vol GR
Price GR
1.4
NP GR
Source: AIOCD, MOFSL
8 January 2021
19
 Motilal Oswal Financial Services
Sector Update| Healthcare
Merck
Exhibit 85: Top 10 drugs
Drug
Therapy
MAT Dec’20
Growth (%)
Value
Growth Market
Last 3M Dec’20
(%) share (%)
(INR m)
2,487
19.0
100.0
21.0
27.3
638
15.0
25.6
22.3
17.0
532
32.5
21.4
32.5
32.5
373
23.1
15.0
30.1
32.4
318
23.0
12.8
16.1
55.5
142
11.1
5.7
11.3
22.0
61
70.7
2.4
52.7
67.0
58
(15.9)
2.3
(15.3)
(2.4)
56
33.2
2.2
29.1
11.4
51
30.7
2.0
30.6
31.5
45
2.2
1.8
29.2
61.6
Source: AIOCD, MOFSL
MAT growth (%)
19.0
21.7
23.0
(8.7)
36.8
(21.1)
3M*
21.0
25.8
16.1
(2.5)
6.6
(54.6)
Dec’20
27.3
24.7
55.5
14.2
37.1
(73.5)
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
100.2
(0.1)
(0.1)
Source: AIOCD, MOFSL
Merck’s secondary sales grew at
a steep 27% YoY in Dec’20 v/s
18% YoY in Nov’20. Ongoing
traction in brands like Erbitux,
Euthyrox, Concor, Concor Cor,
Concor AM, and Olmighty on a
smaller base led to better
overall growth
Total
Concor
Concor Cor
Concor AM
Erbitux
Lodoz
Euthyrox
Carbophage
Triolmighty
Olmighty
Carbophage G
*3M: Oct-Dec’20
Cardiac
Cardiac
Cardiac
Anti-Neoplastics
Cardiac
Hormones
Anti-Diabetic
Cardiac
Cardiac
Anti-Diabetic
Exhibit 86: Therapy mix (%)
Cardiac (76.1% of therapy
mix) grew 25% YoY in
Dec’20, driving overall
growth enough to offset a
decline in Gynecology drugs
Total
Cardiac
Anti-Neoplastics
Anti-Diabetic
Hormones
Gynecological
Share
100.0
76.1
12.8
8.0
3.0
0.1
Exhibit 87: Brand-wise growth distribution
Robust growth in the top 10
brands was witnessed in
Dec’20 on a MAT basis
Volumes/prices increased
by 11.6%/7.5% YoY in
Dec’20 on a MAT basis
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
100.0
91.4
8.6
0.0
MAT growth (%)
19.0
21.3
(0.2)
(100.0)
Exhibit 88: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
19.2
MATVALUE GR Dec 20
2.2
Exhibit 89: Growth distribution (%) (MAT Dec’20)
19.0
0.3
ACUTE
CHRONIC
Source: AIOCD, MOFSL
11.6
7.5
0.0
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
20
 Motilal Oswal Financial Services
Sector Update| Healthcare
Ajanta Pharma
Exhibit 90: Top 10 drugs
Drug
Therapy
Cardiac
Dermatology
Cardiac
Pain/Analgesics
Cardiac
Cardiac
Cardiac
Cardiac
Cardiac
Ophthalmology
MAT Dec’20
Value
Growth (%)
(INR m)
9,360
10.0
1,264
18.5
551
11.1
543
0.5
408
16.1
362
40.6
316
23.2
309
25.2
248
16.4
166
32.6
160
(2.5)
Market
Last 3M
share (%)
100.0
18.3
13.5
28.3
5.9
20.1
5.8
3.2
4.4
30.5
3.9
62.6
3.4
32.6
3.3
14.1
2.7
23.1
1.8
32.8
1.7
19.1
Source: AIOCD, MOFSL
Growth (%)
Dec’20
18.8
33.4
10.6
8.3
41.8
62.6
39.4
12.9
18.7
30.9
24.5
Secondary sales continued
its strong run with 18.8%
YoY growth in Dec’20 v/s
13.3% YoY in Nov’20.
Almost all top brands
recorded double-digit YoY
growth in Dec’20
Total
Met Xl
Melacare
Atorfit CV
Feburic
Rosutor Gold
Met XL AM
Cinod
Rosufit CV
Cilamet
Softdrops
*3M: Oct-Dec’20
Exhibit 91: Therapy mix (%)
Except VMN/Anti-Infectives,
most other major therapies
recorded double-digit
growth in Dec’20
Total
Cardiac
Ophthalmology/Otologicals
Dermatology
Pain/Analgesics
Vitamins/Minerals/Nutrients
Anti-Infectives
Share
100.0
44.0
22.4
15.0
6.1
2.7
2.4
MAT growth (%)
10.0
19.0
4.4
3.5
16.8
(14.1)
13.8
3M*
Dec’20
18.3
18.8
26.0
28.7
13.1
10.8
16.8
10.9
25.9
33.3
(5.8)
(8.3)
(1.6)
(1.1)
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
71.6
25.4
10.6
(7.6)
Source: AIOCD, MOFSL
Exhibit 92: Brand-wise growth distribution
Growth was largely
distributed among the top
50 brands
Prices grew 4.7% in Dec’20
on a MAT basis
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
46.2
15.9
14.1
23.7
MAT
growth (%)
10.0
16.4
17.0
7.3
(2.8)
Exhibit 93: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
16.4
Exhibit 94: Growth distribution (%) (MAT Dec’20)
4.7
3.5
4.4
ACUTE
5.0
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
2.5
2.8
8 January 2021
21
 Motilal Oswal Financial Services
Sector Update| Healthcare
AstraZeneca Pharma India
Exhibit 95: Top 10 drugs
Drug
Total
Brilinta
Forxiga
Crestor
Xigduo
Seloken
Betaloc
Tagrisso
Imdur
Kombiglyze
Zoladex
*3M: Oct-Dec’20
Therapy
Cardiac
Anti-Diabetic
Cardiac
Anti-Diabetic
Cardiac
Cardiac
Anti-Neoplastics
Cardiac
Anti-Diabetic
Hormones
Value
(INR m)
6,616
1,551
1,303
547
506
484
390
340
297
230
222
MAT Dec’20
Growth (%)
3.2
(15.3)
(0.8)
16.8
12.5
17.0
(0.1)
32.5
10.3
5.6
11.4
Market
Last 3M Dec’20
share (%)
100.0
(3.4)
(2.5)
23.4
0.2
5.6
19.7
(16.4) (12.0)
8.3
2.3
4.0
7.7
(6.9)
(7.0)
7.3
9.7
22.1
5.9
(7.7)
(5.4)
5.1
23.5
(11.0)
4.5
(3.6)
(0.1)
3.5
(11.8)
(4.2)
3.4
10.3
27.4
Source: AIOCD, MOFSL
3M*
(3.4)
0.5
(9.0)
(4.6)
9.8
Dec’20
(2.5)
5.6
(5.0)
(33.1)
27.2
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
29.6
85.6
(15.1)
Source: AIOCD, MOFSL
Growth (%)
Sales declined 2.5% YoY in
Dec’20 v/s a fall of 8.6% YoY
in Nov’20. Continued YoY
sales decline of Forxiga,
Xigduo, Betaloc, and
Kombiglyze led to an overall
decline in Dec’20
The YoY decrease in Dec’20
sales was majorly led by a
steep decline (33% YoY) in
Anti-Neoplastic drug sales
Exhibit 96: Therapy mix (%)
Total
Cardiac
Anti-Diabetic
Anti-Neoplastics
Hormones
Share
100.0
49.4
36.6
8.5
3.4
MAT growth (%)
3.2
(4.0)
7.7
22.5
11.0
Sales growth was driven by
the top 25 brands on a MAT
basis
Volume growth was 10.8%
YoY during Dec’20 on a MAT
basis
Exhibit 97: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
100.0
88.7
11.3
0.0
MAT
growth (%)
3.2
1.0
30.4
(99.9)
Exhibit 98: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
13.1
MATVALUE GR Dec 20
5.9
Exhibit 99: Growth distribution (%) (MAT Dec’20)
10.8
1.8
-9.4
0.7
ACUTE
2.1
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
NP GR
Source: AIOCD, MOFSL
8 January 2021
22
 Motilal Oswal Financial Services
Sector Update| Healthcare
JB Chemicals
Exhibit 100: Top 10 drugs
Drug
Therapy
Cardiac
Gastrointestinal
Cardiac
Gastrointestinal
Cardiac
Gastrointestinal
Gastrointestinal
Cardiac
Others
Dermatology
Value
(INR m)
8,332
1,946
1,802
925
798
654
195
159
159
158
144
MAT Dec’20
Growth (%)
Market share
Growth (%)
Last 3M Dec’20
(%)
14.3
100.0
15.8
22.4
21.1
23.4
16.2
23.9
16.2
21.6
26.0
29.8
15.1
11.1
(4.7)
(4.4)
23.7
9.6
39.6
55.5
31.7
7.8
30.5
29.1
(9.9)
2.3
7.7
25.5
16.1
1.9
22.9
25.1
28.6
1.9
20.4
27.2
(11.9)
1.9
(17.3)
14.7
5.4
1.7
11.7
23.8
Source: AIOCD, MOFSL
MAT growth (%)
14.3
22.6
12.7
(19.2)
11.5
(11.0)
(10.9)
3M*
Dec’20
15.8
22.4
14.1
17.8
26.3
34.4
(11.8)
21.6
14.7
24.6
(5.2)
(8.7)
(7.8)
0.9
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
100.3
1.0
2.3
(3.6)
Source: AIOCD, MOFSL
Sales grew strongly at
22.4% YoY in Dec’20 v/s
10.3% YoY in Nov’20. All top
brands except Nicardia saw
YoY sales growth of over
20% in Dec’20
Total
Cilacar
Rantac
Nicardia
Metrogyl
Cilacar T
Rantac Dom
Metrogyl IV
Cilacar M
Contrapaque
Metrogyl P
*3M: Oct-Dec’20
Exhibit 101: Therapy mix (%)
Except Gynecology, all top
therapies registered YoY
growth in Dec’20
Total
Cardiac
Gastrointestinal
Others
Dermatology
Gynecological
Stomatological
Share
100.0
48.5
41.3
2.3
2.1
1.3
1.2
Top 10 brands led most of
the overall growth for the
company in Dec’20
Growth in prices/volumes
stood at 3%/10% YoY in
Dec’20 on a MAT basis
Exhibit 102: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
83.3
12.2
4.0
0.5
MAT
growth (%)
14.3
17.7
1.1
7.7
(46.9)
Exhibit 103: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
4.3
MATVALUE GR Dec 20
23.3
Exhibit 104: Growth distribution (%) (MAT Dec’20)
6.8
4.1
2.9
10.1
1.3
Price GR
NP GR
Source: AIOCD, MOFSL
ACUTE
CHRONIC
Source: AIOCD, MOFSL
Vol GR
8 January 2021
23
 Motilal Oswal Financial Services
Sector Update| Healthcare
Eris Lifesciences
Exhibit 105: Top 10 drugs
Drug
Therapy
Anti-Diabetic
VMN
Anti-Diabetic
VMN
Anti-Diabetic
Cardiac
Cardiac
Anti-Diabetic
Anti-Diabetic
Cardiac
Value
(INR m)
14,358
1,271
1,041
870
450
437
428
328
317
305
292
MAT Dec’20
Growth (%)
Growth
Market
Last
Dec’20
(%)
share (%) 3M
9.2
100.0
15.7 18.3
19.6
8.9
19.9 18.8
24.1
7.3
49.8 65.0
17.7
6.1
15.6 27.5
(13.6)
3.1
(14.8) (5.2)
10.2
3.0
(1.6)
3.4
15.6
3.0
7.4
2.6
(0.1)
2.3
(4.9) (6.2)
0.2
2.2
(14.6) (15.6)
4.6
2.1
(15.3) (7.6)
19.3
2.0
7.8
1.6
Source: AIOCD, MOFSL
3M*
Dec’20
15.7
18.3
20.4
24.3
6.5
6.1
39.3
44.1
5.3
6.8
21.3
26.6
(3.4)
(2.8)
Source: AIOCD, MOFSL
Contribution to
growth (%)
100.0
51.9
37.1
6.2
4.8
Source: AIOCD, MOFSL
Sales in Dec’20 grew at a
robust 18.3% YoY v/s 8.5%
YoY in Nov’20. Renerve
Plus, Glimisave M, and
Glimisave MV performed
strongly in Dec’20, aiding
overall growth
Total
Glimisave M
Renerve Plus
Glimisave MV
Remylin D
Tendia M
Eritel CH
Lnbloc
Tendia
Cyblex MV
Eritel LN
*3M: Oct-Dec’20
Exhibit 106: Therapy mix (%)
Anti-Diabetic (~31% of the
total therapy mix) grew
24.3% YoY. VMN/Gastro
grew 44%/27% YoY
supporting overall growth
in Dec’20
Total
Anti-Diabetic
Cardiac
Vitamins/Minerals/Nutrients
Neuro/CNS
Gastrointestinal
Gynecological
Share
100.0
31.4
26.6
20.1
6.8
6.1
3.7
MAT growth (%)
9.2
20.2
10.0
14.5
(3.9)
3.3
(6.3)
Exhibit 107: Brand-wise growth distribution
% of sales
Total
Top 10 brands
Top 11 to 25 brands
Top 26 to 50 brands
Above 50 brands
100.0
40.0
22.7
16.6
20.7
Top 10 brands contributed
52% to overall growth
Prices grew 5.8% YoY in
Dec’20 on a MAT basis
MAT
growth (%)
9.2
12.3
16.0
3.3
2.0
Exhibit 108: Acute v/s Chronic (MAT growth)
MATVALUE Dec 20
MATVALUE GR Dec 20
12.8
Exhibit 109: Growth distribution (%) (MAT Dec’20)
5.8
3.5
5.2
ACUTE
9.2
CHRONIC
Source: AIOCD, MOFSL
Vol GR
Price GR
5.3
-1.9
NP GR
Source: AIOCD, MOFSL
8 January 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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9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
8 January 2021
25
 Motilal Oswal Financial Services
Sector Update| Healthcare
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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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