Healthcare
Monthly
Performance of top companies in Feb’24
Company
MAT
growth
(%)
Feb’24
(%)
12 March 2024
Industry growth at high single digit for 2
nd
straight month
The India pharma market (IPM) grew 7.7% YoY in Feb’24 (vs. 8.0% in Jan’24 and
24.3% in Feb’23).
Major therapies driving growth were Cardiac/Derma/Neuro (up 13.1%/10.1%/
9.7% YoY) in Feb’24.
Respiratory/Anti-infective therapies declined 1.9%/1.0% YoY, dragging down the
overall performance of IPM.
For the 12 months ending in Feb’24, IPM grew 9.0% YoY. Prices/volume/new
launches witnessed 4.0%/2.0%/3.0% YoY growth.
Out of top 10 brands, Udiliv and Foracort (INR490m/INR790m) grew at 31%/20%
YoY in Feb’24. Rybelsus (INR300m) also registered the highest YoY growth of
88% in Feb’24 in top 40 brands.
Top anti-infective drugs such as DOLO/Calpol/Azithral/Clavam
(INR320m/INR360m/INR370m/INR520m) saw a decline of 20%/17%/17%/9%
YoY, resulting in an overall decline in anti-infective therapy.
IPM
Abbott*
Ajanta
Alembic
Alkem*
Cipla
Dr Reddys
Emcure*
Eris
Glaxo
Glenmark
Intas
Ipca
Jb Chemical*
Lupin
Macleods
Mankind
Sun*
Torrent
Zydus*
9.0
9.5
10.0
6.8
9.0
9.7
7.3
6.7
8.0
2.9
9.7
12.9
13.2
11.9
6.5
11.3
10.2
8.9
8.8
7.2
7.7
8.4
8.0
-0.5
4.0
8.8
9.5
5.8
11.7
3.5
10.7
13.0
15.6
10.8
7.1
8.0
9.7
8.2
8.6
4.8
IPCA/Intas/Eris outperform in Feb’24
In Feb’24, among the top-20 pharma companies, IPCA (up 15.6% YoY), Intas (up
13% YoY) and Eris (up 11.7% YoY) recorded notably higher growth than IPM.
IPCA outperformed IPM, led by strong performance of all the therapies and top
drugs.
Intas outperformed IPM, with Gynae/Anti-diabetic/Neuro posting growth of
20.3%/10.4%/12.3% YoY in Feb’24.
Alembic saw a decline of 0.5% YoY due to a double-digit decline in Anti-
infective/Respiratory and deterioration across all key brands.
JB Chemicals reported industry-leading volume growth of 7.1% YoY on the MAT
basis. Macleods Pharma registered the highest price hike of 7.3% YoY on the
MAT basis. Eris posted the highest growth in new launches (up 10.6% YoY).
Cardiac/Pain/Neuro lead YoY growth on MAT basis
On the MAT basis, the industry reported 9.0% growth YoY.
Urology/Cardiac/Pain grew 14.2%/10.3%/9.6% YoY.
Derma/Anti-Diabetic/Respiratory sales underperformed IPM by
370bp/360bp/230bp, hurting overall growth.
For the fourth consecutive month, Chronic therapy has outperformed acute
therapy. The Acute segment’s share in overall IPM was 62% for MAT Feb’24,
with YoY growth of 8.1%. The chronic segment (38% of IPM) grew 10.5% YoY.
MNCs outperform Indian firms after long time
As of Feb’24, Indian pharma companies hold a major share of 83% in IPM, while
the remaining is held by multinational pharma companies.
In Feb’24, multinational pharma companies have, for the first time in the last 12
months, posted better performance than Indian pharma companies.
Tushar Manudhane - Research Analyst
(Tushar.Manudhane@MotilalOswal.com)
Akash Manish Dobhada - Research Analyst
(Akash.Dobhada@motilaloswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
12 March 2024
Investors are
1
advised to refer through important disclosures made at the last page of the Research Report.
 Motilal Oswal Financial Services
Exhibit 1: IPM continues to grow at high-single digit in Feb’24
24
19
11
10
4
9
4
IPM
17
6
6
5
8
8
Source: MOFSL, IQVIA
Exhibit 2: Chronic therapy is growing at higher rate than acute therapy in Feb’24
27
22
18
20
15
11
13
9
12
8
3
10
9
4
5
9
9
15
7
2
3
8
11
6
12
5
Acute
Chronic
Source: MOFSL, IQVIA
Exhibit 3: MNCs have outperformed Indian companies in Feb’24
26
20
12
14
8
India
MNC
17
10
5
7
2
9
8
3
8.1
7.6
3
4
17
7
5
6
14
4
5
7.5
8.4
Source: MOFSL, IQVIA
12 March 2024
2
 Motilal Oswal Financial Services
Indian Pharma Market – Feb’24
Exhibit 4: Performance of top companies in Feb’24 (INR b)
es
Company
IPM
Sun Pharma
Abbott
Cipla
Mankind
Alkem
Lupin
Intas Pharma
Torrent
Macleods Pharma
Dr. Reddys
Zydus
GSK
Glenmark
Ipca
Alembic
Eris Lifesciences
Jb Chemicals
Ajanta
MAT
Feb'24
value
2,158
167
134
117
95
87
431
76
73
72
62
61
52
44
42
32
23
24
16
Market
share
(%)
100
7.7
6.2
5.4
4.4
4.0
2.0
3.5
3.4
3.3
2.9
2.8
2.4
2.0
2.0
1.5
1.1
1.1
0.8
Growth
(%)
9.0
8.9
9.5
9.7
10.2
9.0
6.7
12.9
8.8
11.3
7.3
7.2
2.9
9.7
13.2
6.8
8.0
11.9
10.0
YoY growth (%) in the last eight quarters
May'22 Aug'22
-4.1
10.9
8.6
15.6
-2.7
14.0
-14.3
11.8
-6.2
11.1
-3.3
16.7
-10.1
6.0
13.1
17.6
11.6
17.1
-3.5
16.4
-7.3
5.6
-4.5
10.4
-3.5
7.3
-40.1
7.8
9.7
23.0
-5.9
10.6
9.6
9.5
25.6
27.8
18.7
14.4
Nov'22
8.1
10.0
7.6
9.1
10.3
12.7
4.1
15.1
10.5
10.1
5.0
8.3
6.5
9.9
8.9
8.6
6.0
37.3
15.2
Feb'23
13.3
13.7
12.8
14.6
22.2
19.1
12.4
16.9
15.9
20.2
5.9
11.1
10.9
15.5
13.5
13.6
10.3
39.2
19.0
May'23 Aug'23
13.8
6.0
10.6
7.0
13.6
6.3
17.6
5.0
21.1
3.9
17.0
3.7
10.5
4.8
14.7
11.1
10.6
7.3
18.5
7.8
10.1
4.9
12.7
5.0
12.1
-2.2
14.2
5.3
17.5
7.8
18.3
1.5
8.0
7.2
18.4
9.9
14.6
11.5
Nov'23
9.5
10.8
10.6
8.2
8.5
10.8
6.6
13.0
9.8
13.0
7.5
6.4
2.5
10.0
15.9
8.1
7.6
9.6
6.3
Feb'24
6.9
7.5
7.9
9.0
9.1
5.3
5.1
12.7
7.5
6.7
7.0
5.0
0.1
9.6
12.3
1.0
9.4
10.3
8.0
One
month
Feb'24
7.7
8.2
8.4
8.8
9.7
4.0
5.8
13.0
8.6
8.0
9.5
4.8
3.5
10.7
15.6
-0.5
11.7
10.8
8.0
Source: IQVIA, MOFSL
Exhibit 5: Performance of top therapies in Feb’24 - (INR b)
es
MAT
Company
Feb'24
value
IPM
2,158
Cardiac
268
Anti-Infectives
245
Gastro Intestinal
228
Anti-Diabetic
191
Respiratory
179
Pain / Analgesics
172
Vitamins/Minerals/Nutrients
169
Derma
148
Neuro / Cns
129
Gynaec.
109
Antineoplast/Immunomodulator
53
Ophthal / Otologicals
43
Urology
46
Hormones
34
Market
share
(%)
100.0
12.4
11.3
10.6
8.8
8.3
8.0
7.8
6.9
6.0
5.0
2.5
2.0
2.1
1.6
Growth
(%)
9.0
10.3
8.6
8.2
6.4
6.7
9.6
8.0
6.3
8.9
7.1
24.4
9.2
14.2
9.2
One
month
May'22 Aug'22 Nov'22 Feb'23 May'23 Aug'23 Nov'23 Feb'24 Feb'24
-3.1 12.6
11.6
0.6
13.8
6.0
9.5
6.9
7.7
6.5
7.4
5.6
6.2
11.4
10.0
9.0
10.9
13.1
-24.3 21.1
38.0
-0.5
27.3
-2.7
12.9
0.7
-1.0
12.4 24.1
-3.4
-8.5
8.7
6.3
11.1
7.1
6.7
3.7
9.0
1.5
-1.3
7.4
5.3
5.3
7.7
9.4
-30.3 -12.7 47.5
35.3
30.1
-5.1
9.2
-1.0
-1.9
-3.7 20.1
14.3
-5.4
15.9
6.0
9.8
7.2
8.0
3.0
21.2
5.5
-8.8
9.0
6.5
9.2
7.2
9.2
-5.0 13.0
14.4
-2.4
8.1
7.3
2.7
7.4
10.1
4.4
10.9
4.6
1.8
10.5
7.7
9.3
8.1
9.7
15.0 21.1
-1.3
-6.5
7.1
7.5
6.9
7.0
8.5
18.3 20.6
5.9
3.4
23.5
23.0
27.3
23.8
25.1
9.1
15.8
4.6
1.3
10.0
22.7
1.6
2.9
5.2
7.4
14.7
7.8
3.0
15.6
14.6
12.4
14.3
16.7
-4.3 12.3
16.2
7.5
16.9
7.3
8.9
4.7
6.2
YoY growth (%) in the last eight quarters
Source: IQVIA, MOFSL
12 March 2024
3
 Motilal Oswal Financial Services
Exhibit 6: Among therapies, Ophthal/Cardiac outperform in Feb’24
Therapies
IPM
Cardiac
Anti-Infective
Gastro
Anti-Diabetic
Pain
VMN
Respiratory
Derma
Neuro
Gynae
Urology
Feb'24
Value
Feb'23 Mar'23 Apr'23 May'23 Jun'23
(INR b)
180
24
19
11
10
4
23
17
13
9
12
8
20
51
50
25
8
-2
19
23
15
6
5
3
16
13
8
5
10
6
14
27
22
14
10
5
13
16
11
5
7
4
17
55
49
29
9
-6
12
12
6
6
11
8
11
16
11
8
11
6
9
17
10
4
8
4
4
19
16
13
19
13
Jul'23
6
11
-5
7
6
6
7
-7
8
9
10
16
Aug'23 Sep'23 Oct'23 Nov'23 Dec'23 Jan'24 Feb'24
6
9
-3
8
5
5
7
-4
6
7
7
15
9
8
12
11
4
10
7
9
3
8
5
1
17
13
23
18
10
17
19
16
8
15
14
18
4
5
3
5
2
3
2
3
-2
6
0
8
5
8
1
6
5
5
5
-2
5
6
5
11
8
12
2
9
9
9
8
1
7
8
7
16
8
13
-1
7
9
8
9
-2
10
10
8
17
Note: VMN: Vitamin/Minerals/Nutrients; Source: IQVIA, MOFSL
Exhibit 7: Acute as a percentage of total sales and growth rate on MAT basis in Feb’24
Acute as % of total sales
12.9
9.0
8.9
9.5
9.7
10.2
9.0
6.5
8.8
11.3
7.3
7.2
2.9
61.8
48.0
55.2
39.4
64.7
82.7
37.8
35.1
46.0
63.4
69.9
58.9
94.5
55.7
72.5
67.4
69.6
43.6
56.1
59.4
MATVALUE GR Feb 24
13.2
9.7
6.7
8.3
6.8
11.9
8.0
Source: MOFSL, IQVIA
12 March 2024
4
 Motilal Oswal Financial Services
Sun Pharma
Exhibit 8: Top 10 drugs
Secondary sales grew 8.2%
YoY in Feb’24 vs. 8.9% in
Jan’24. Rosuvas/Sompraz-D
delivered robust YoY
growth, driving overall
performance for Feb’24.
Montek-LC/Moxclav
declined YoY in Feb’24.
Drug
Total
Rosuvas
Levipil
Volini
Gemer
Susten
Pantocid
Pantocid-D
Montek-Lc
Sompraz-D
Moxclav
Therapy
Value
(INR m)
1,66,666
4,240
4,012
3,479
3,316
2,910
2,858
2,629
2,455
2,256
2,222
MAT Feb'24
Growth
(%)
8.9
22.2
11.3
-1.0
6.4
5.1
9.8
7.8
10.3
19.7
-2.0
Growth (%)
Market
Last 3M
share (%)
100.0
7.5
30.5
20.0
37.5
9.7
34.5
3.3
9.9
-0.1
32.7
4.1
20.7
9.1
16.2
9.2
19.1
-1.0
29.6
25.6
0.0
-8.3
Feb'24
8.2
23.3
7.0
2.0
-2.1
3.2
7.5
8.3
-11.8
27.9
-9.9
Cardiac
Nuro/CNS
Pain / Analgesics
Anti-Diabetic
Gynae
Gastro Intestinal
Gastro Intestinal
Respiratory
Gastro Intestinal
Anti-Infectives
*Three-months: Dec-Feb’24
Source: IQVIA, MOFSL
All the therapies, except
Anti-infective, witnessed
superior growth in Feb’24.
Exhibit 9: Therapy mix (%)
Total
Neuro / Cns
Cardiac
Gastro Intestinal
Anti-Infectives
Pain / Analgesics
Anti-Diabetic
Overall growth was mainly
driven by better volume off-
take.
Share
100.0
17.4
17.0
13.1
8.7
7.7
7.4
MAT growth (%)
8.9
10.2
10.0
10.8
4.2
9.5
9.4
3M*
7.5
8.9
6.8
10.1
-3.0
15.4
16.2
Feb'24
8.2
10.2
7.9
9.2
-3.6
18.9
16.1
Source: IQVIA, MOFSL
Exhibit 10: Acute vs. Chronic (MAT growth)
MATVALUE Feb'24
SALESVALUE GR Feb' 24
11.3
Exhibit 11: Growth distribution (%) (MAT Feb’24)
6.4
80.1
ACUTE
86.6
CHRONIC
Source: IQVIA, MOFSL
4.3
Vol GR
2.7
Price GR
2.0
NP GR
Source: IQVIA, MOFSL
12 March 2024
5
 Motilal Oswal Financial Services
Cipla
Exhibit 12: Top 10 drugs
Drug
Therapy
Value
(INR m)
1,16,790
8,616
4,965
4,699
3,000
2,870
2,843
2,686
2,352
2,305
2,187
MAT Feb'24
Growth
(%)
9.7
22.7
12.1
19.6
3.7
3.7
2.9
18.4
-0.2
17.5
7.1
Growth (%)
Market
share (%)
100.0
60.6
84.2
82.3
72.7
99.3
17.7
83.2
17.4
66.3
95.0
Last 3M
Feb'24
Secondary sales grew 8.8%
YoY in Feb’24 vs. 9.6% YoY
in Jan’24. Except Montair-
LC/Azee, all the brands
witnessed double-digit
growth in Feb’24.
Total
Foracort
Respiratory
Duolin
Respiratory
Budecort
Respiratory
Seroflo
Respiratory
Asthalin
Respiratory
Montair-Lc
Anti-Infectives
Dytor
Cardiac
Azee
Anti-Infectives
Ibugesic Plus
Pain / Analgesics
Aerocort
Respiratory
*Three-months: Dec-Feb’24
9.0
8.8
20.8
19.8
10.6
13.9
17.6
19.1
10.8
12.1
5.1
10.1
1.5
-1.9
23.1
25.4
-4.4
-4.1
13.4
15.7
12.1
9.2
Source: IQVIA, MOFSL
Exhibit 13: Therapy mix (%)
Urology/Cardiac
/Respiratory therapies led
overall growth in Feb’24
Total
Respiratory
Anti-Infectives
Cardiac
Anti-Diabetic
Gastro Intestinal
Urology
Overall growth was driven
by volume growth,
supported by price hikes.
Share
100.0
37.4
14.1
11.4
5.6
5.4
4.7
MAT growth (%)
9.7
12.8
5.8
12.1
-0.3
-2.1
12.9
3M*
9.0
11.8
2.0
14.8
9.4
-0.6
14.6
Feb'24
8.8
11.7
1.4
14.5
7.8
1.0
17.4
Source: IQVIA, MOFSL
Exhibit 14: Acute vs. Chronic (MAT growth)
MATVALUE Feb'24
SALESVALUE GR Feb'24
11.6
6.8
Exhibit 15: Growth distribution (%) (MAT Feb’24)
46.0
ACUTE
70.8
CHRONIC
Source: IQVIA, MOFSL
4.3
Vol GR
3.6
Price GR
1.8
NP GR
Source: IQVIA, MOFSL
12 March 2024
6
 Motilal Oswal Financial Services
Zydus Lifesciences
Exhibit 16: Top 10 drugs
Drug
Therapy
Value
(INR m)
61,448
2,170
1,673
1,605
1,397
1,346
1,186
1,127
1,080
1012
910
MAT Feb'24
Growth (%)
Growth
Market
Last 3M
Feb'24
(%)
share (%)
7.2
100.0
5.0
4.8
7.0
99.6
-2.2
-2.4
-4.9
19.0
-11.6
-21.2
18.2
93.4
14.9
11.0
14.6
17.0
2.2
2.6
31.9
70.4
26.3
32.1
6.8
8.3
-2.6
-2.2
-13.4
34.4
-7.7
-4.3
6.7
68.9
-2.7
-4.5
29.9
6.2
18.7
8.9
-1.7
63.8
-7.0
-13.4
Source: IQVIA, MOFSL
Secondary sales grew 4.8%
YoY in Feb’24 vs. 5.7% in
Jan’24. Healthy traction in
Lipaglyn/ Thrombophob
was offset by a decline in
Atrova/Deca
Durabolin/Dexona.
Total
Deriphyllin
Respiratory
Atorva
Cardiac
Thrombophob
Cardiac
Amicin
Anti-Infectives
Lipaglyn
Cardiac
Formonide
Respiratory
Skinlite
Derma
Dexona
Antineoplast
Monotax
Anti-Infectives
Deca Durabolin Antineoplast
*Three-months: Dec-Feb’24
Cardiac/Anti-Diabetic/CMN
led the growth in Feb’24,
offset by low growth in
respiratory/Derma/Pain
Overall growth was driven
by price hikes on MAT basis
in Feb’24
Exhibit 17: Therapy mix (%)
Total
Respiratory
Pain / Analgesics
Cardiac
Derma
Anti-Diabetic
Vitamins/Minerals/Nutrients
Share
100
14.3
13.3
12.8
10.0
7.9
7.2
MAT growth (%)
7.2
8.3
4.0
10.5
-1.0
10.5
1.1
3M*
5.0
0.1
3.7
7.6
0.3
7.3
2.0
Feb'24
4.8
-0.1
0.2
5.9
-0.2
8.2
5.1
Source: IQVIA, MOFSL
Exhibit 18: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
SALESVALUE GR Feb 24
10.0
5.3
Exhibit 19: Growth distribution (%) (MAT Feb’24)
36.2
ACUTE
25.3
CHRONIC
Source: IQVIA, MOFSL
0.7
Vol GR
4.2
Price GR
2.3
NP GR
Source: IQVIA, MOFSL
12 March 2024
7
 Motilal Oswal Financial Services
Alkem
Exhibit 20: Top 10 drugs
Secondary sales grew 4%
YoY in Feb’24 vs. 6.1% in
Jan’24.
Taxmin/Clavam/Xone
declined, offset by strong
growth in AtoZNs,
Pipzo/Uprise-D3 in Feb’24.
Drug
Therapy
Value
(INR m)
87,226
6,096
5,927
5,248
3,175
2,836
2,746
1,975
1,809
1,806
1,748
MAT Feb'24
Growth
Market
(%)
share (%)
9.0
100
11.5
44.0
1.2
13.8
14.2
32.3
2.6
18.2
2.6
12.1
10.5
16.7
31.3
22.8
-2.2
18.8
-0.1
80.9
33.8
16.7
Growth (%)
Last 3M
Feb'24
Total
Pan
Gastro Intestinal
Clavam
Anti-Infectives
Pan-D
Gastro Intestinal
Taxim-O
Anti-Infectives
A To Z Ns
VMN
Xone
Anti-Infectives
Pipzo
Anti-Infectives
Gemcal
VMN
Taxim
VMN
Uprise-D3
VMN
*Three-months: Dec-Feb’24
5.3
4.0
7.4
5.2
-8.2
-8.6
14.1
11.8
9.5
-3.2
24.1
28.8
0.3
-6.6
32.1
23.5
1.2
5.9
-5.5
-12.7
35.0
29.9
Source: IQVIA, MOFSL
Anti-Diabetic/VMN led the
overall outperformance in
Feb’24, offset by decline in
Anti-Infective therapy.
Exhibit 21: Therapy mix (%)
Share
Total
Anti-Infectives
Gastro Intestinal
Pain / Analgesics
Vitamins/Minerals/Nutrients
Anti Diabetic
Gynaec.
100.0
36.4
19.0
10.8
10.6
4.5
3.9
MAT growth (%)
9.0
6.5
11.1
7.7
9.5
23.3
7.2
3M*
5.3
-0.3
8.0
2.8
15.7
19.2
3.8
Feb'24
4.0
-4.3
5.3
3.3
16.6
23.3
2.0
Source: IQVIA, MOFSL
Overall growth was broad-
based, led by Price/NP on
MAT basis
Exhibit 22: Acute vs. Chronic (MAT growth)
MATVALUE Feb' 24
SALESVALUE GR Feb' 24
13.7
8.0
Exhibit 23: Growth distribution (%) (MAT Feb’24)
72.1
ACUTE
15.1
CHRONIC
Source: IQVIA, MOFSL
1.0
Vol GR
4.2
Price GR
3.8
NP GR
Source: IQVIA, MOFSL
12 March 2024
8
 Motilal Oswal Financial Services
Lupin
Exhibit 24: Top 10 drugs
Drug
Therapy
Value
(INR m)
73,588
3,251
2,542
1,968
1,428
1,172
1,064
1,042
951
927
870
MAT Feb'24
Growth (%)
Growth
Market
Last 3M
Feb'24
(%)
share (%)
6.5
100.0
6.5
7.1
7.0
9.7
13.7
15.7
21.3
17.9
12.5
8.5
-6.3
8.2
-6.7
1.4
10.4
56.7
11.9
20.5
9.9
9.5
4.0
6.7
-7.2
37.1
-5.5
0.6
-6.6
11.8
-6.4
-9.1
-4.7
6.8
-9.8
-11.9
5.0
19.5
8.7
-0.9
-11.0
26.3
-0.3
9.4
Source: IQVIA, MOFSL
Lupin’s secondary sales
grew 7.1% YoY in Feb’24 vs.
7% in Jan’24. Healthy
traction in Ivabrad/Gibtulio/
Gluconorm-G in Feb’24 was
offset by a decline in Tonact
/Telekast-L.
Total
Gluconorm-G
Budamate
Huminsulin
Ivabrad
Rablet-D
Ajaduo
Tonact
Telekast-L
Beplex Forte
Gibtulio
Anti Diabetic
Respiratory
Anti Diabetic
Cardiac
Anti Diabetic
Cardiac
Cardiac
Anti-Infectives
Anti Diabetic
Anti Diabetic
*Three-months: Dec-Feb’24
Cardiac/Gastro
outperformance in Feb’24
was offset by a decline in
Gynae to some extent
Exhibit 25: Therapy mix (%)
Share
Total
Cardiac
Anti Diabetic
Respiratory
Gastro Intestinal
Anti-Infectives
Gynaec.
100.0
22.1
20.2
14.8
8.8
6.9
5.6
MAT growth (%)
6.5
9.3
0.2
10.1
8.8
8.3
9.3
3M*
6.5
11.9
4.6
5.8
7.8
3.4
1.6
Feb'24
7.1
12.6
7.3
6.6
8.4
2.5
-0.9
Source: IQVIA, MOFSL
New product launches
supported by price hikes led
to growth on MAT basis
Exhibit 26: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
7.5
SALESVALUE GR Feb' 24
6.0
Exhibit 27: Growth distribution (%) (MAT Feb’24)
27.8
ACUTE
45.8
CHRONIC
Source: IQVIA, MOFSL
0.6
Vol GR
2.5
Price GR
3.4
NP GR
Source: IQVIA, MOFSL
12 March 2024
9
 Motilal Oswal Financial Services
GlaxoSmithKline Pharmaceuticals
Exhibit 28: Top 10 drugs
GSK’s secondary sales grew
3.5% YoY in Feb’24 vs. 0.7%
YoY in Jan’24. This is due to
strong growth in Betnovate-
N, Neosporin, Infanrix Hexa,
offset by a decline in
ceftum/calpol.
Drug
Therapy
Value
(INR m)
51,889
8,136
4,772
3,684
2,742
2,589
2,407
2,367
2,023
1,848
1,706
MAT Feb'24
Growth (%)
Growth
Market
Last 3M
Feb'24
(%)
share (%)
2.9
100.0
0.1
3.5
5.4
23.0
-3.1
5.8
5.9
30.7
-13.1
-16.8
1.0
77.8
-6.2
0.5
2.5
99.8
-9.5
37.9
5.0
23.0
-3.9
-4.6
-2.7
99.8
18.2
-0.9
-26.2
28.2
-28.6
-22.6
21.4
51.0
12.5
14.3
18.1
92.9
17.7
23.2
5.7
86.8
-4.4
-4.3
Source: IQVIA, MOFSL
Total
Augmentin
Anti-Infectives
Calpol
Pain / Analgesics
T-Bact
Derma
Betnovate-N
Derma
Eltroxin
Hormones
Betnovate-C
Derma
Ceftum
Anti-Infectives
Infanrix Hexa
Vaccines
Neosporin
Derma
Betnesol
Anti-Infectives
*Three-months: Dec-Feb’24
Exhibit 29: Therapy mix (%)
Except Vaccines/VMN/Derma
all other therapies registered
a decline in Feb’24.
Share
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Vitamins/Minerals/Nutrients
100.0
28.2
23.8
12.1
12.0
8.3
6.0
MAT growth (%)
2.9
3.4
-4.0
15.9
3.1
5.2
6.4
3M*
0.1
1.7
-8.8
30.9
-10.4
-4.0
7.6
Feb'24
3.5
10.8
-1.3
35.5
-14.8
-4.2
13.3
Source: IQVIA, MOFSL
Volume growth supported by
price hikes led to growth on
MAT basis.
Exhibit 30: Acute vs. Chronic (MAT growth)
MATVALUE Feb' 24
SALESVALUE GR Feb' 24
7.3
Exhibit 31: Growth distribution (%) (MAT Feb’24)
2.6
49.0
ACUTE
2.9
CHRONIC
Source: IQVIA, MOFSL
1.9
Vol GR
0.5
Price GR
0.5
NP GR
Source: IQVIA, MOFSL
12 March 2024
10
 Motilal Oswal Financial Services
Glenmark Pharma
Exhibit 32: Top 10 drugs
Glenmark’s secondary sales
grew 10.7% YoY in Feb’24
vs. 9.6% in Jan’24. Strong
traction in
Telma/CandidB/Milibact
was witnessed in Feb’24.
Drug
Total
Telma
Telma-H
Telma-Am
Ascoril-Ls
Candid
Candid-B
Alex
Ascoril +
Ascoril D Plus
Milibact
Therapy
Value
(INR m)
Cardiac
Cardiac
Cardiac
Respiratory
Derma
Derma
Respiratory
Respiratory
Respiratory
Anti-Infectives
44,101
4,529
3,430
3,070
2,481
1,696
1,504
1,419
1,342
1,204
1015
MAT Feb'24
Growth
(%)
9.7
9.9
22.0
24.6
9.6
3.7
6.2
14.7
1.2
18.6
28.1
Growth (%)
Market
share (%)
100.0
38.5
38.9
28.5
24.2
60.3
82.9
5.4
5.3
4.7
9.9
Last 3M
9.6
19.6
29.4
27.1
-4.0
5.3
18.5
-3.7
-14.5
-5.1
28.0
Feb'24
10.7
25.7
28.4
28.3
-11.3
8.2
28.0
-1.3
-22.3
-15.6
27.2
*Three-months: Dec-Feb’24
Source: IQVIA, MOFSL
Healthy growth in all the
top therapies in Feb’24,
except diabetic/respiratory
therapy.
Overall performance was
led by volume growth,
supported price hikes on
MAT basis.
Exhibit 33: Therapy mix (%)
Share
Total
Cardiac
Derma
Respiratory
Anti-Infectives
Anti Diabetic
Stomatologicals
100.0
31.9
24.4
23.0
9.2
5.9
1.4
MAT growth (%)
9.7
19.4
8.1
11.9
9.0
-16.2
0.8
3M*
9.6
25.3
9.1
-1.9
16.8
-10.8
0.9
Feb'24
10.7
27.8
10.9
-6.4
15.4
-0.9
14.8
Source: IQVIA, MOFSL
Exhibit 34: Acute vs. Chronic (MAT growth)
MATVALUE Feb' 24
SALESVALUE GR Feb' 24
11.8
8.1
24.6
19.5
Exhibit 35: Growth distribution (%) (MAT Feb’24)
3.9
ACUTE
CHRONIC
Source: IQVIA, MOFSL
Vol GR
3.2
Price GR
2.6
NP GR
Source: IQVIA, MOFSL
12 March 2024
11
 Motilal Oswal Financial Services
Dr. Reddy's Laboratories
Exhibit 36: Top 10 drugs
Drug
Therapy
Value
(INR m)
61,955
2,133
2,072
2,025
1,893
1,669
1,399
1,322
1,309
1,298
1,128
MAT Feb'24
Growth (%)
Growth
Market
Last 3M
Feb'24
(%)
share (%)
7.3
7.4
1.2
6.7
11.5
19.1
-0.5
3.1
25.5
4.9
-0.6
100.0
74.9
87.7
73.4
92.2
87.7
11.4
17.9
7.7
5.1
38.7
7.0
12.4
20.6
11.8
-2.6
22.2
-1.9
-15.9
23.7
-13.9
-3.1
9.5
23.0
39.4
18.6
-6.1
30.7
-3.6
-25.1
29.0
-17.0
-1.0
Secondary sales grew 9.5%
YoY in Feb’24 vs. 8.3% in
Jan’24. Strong growth in
Omez/Voveran/Venusia
was offset by decline
Zedex/Bro-Zedex in Feb’24.
Total
Omez
Voveran
Atarax
Econorm
Ketorol
Razo-D
Zedex
Venusia
Bro-Zedex
Mintop
Pain / Analgesics
Pain / Analgesics
Cardiac
Gastro Intestinal
Pain / Analgesics
Gastro Intestinal
Respiratory
Derma
Respiratory
Derma
*Three-months: Dec-Oct’24
Source: IQVIA, MOFSL
Except Respiratory/cardiac,
all other therapies
registered double-digit
growth driving the overall
performance.
Exhibit 37: Therapy mix (%)
Share
Total
Gastro Intestinal
Respiratory
Pain / Analgesics
Cardiac
Derma
Anti Diabetic
100
17.4
15.0
11.4
10.6
7.6
6.0
MAT growth (%)
7.3
10.6
10.6
10.3
-12.2
13.3
10.5
3M*
7.0
7.3
1.7
18.5
-11.0
15.1
14.2
Feb'24
9.5
12.0
-2.2
28.3
-7.3
19.7
12.4
Source: IQVIA, MOFSL
Growth on MAT basis was
due to price hikes in Feb’24.
Exhibit 38: Acute vs. Chronic (MAT growth)
MATVALUE Feb' 24
11.3
SALESVALUE GR Feb' 24
Exhibit 39: Growth distribution (%) (MAT Feb’24)
43.3
ACUTE
(0.8)
18.7
CHRONIC
Source: IQVIA, MOFSL
1.7
Vol GR
4.0
Price GR
1.7
NP GR
Source: IQVIA, MOFSL
12 March 2024
12
 Motilal Oswal Financial Services
Torrent Pharma
Exhibit 40: Top 10 drugs
Drug
Total
Shelcal
Chymoral
Shelcal Xt
Nexpro-Rd
Nikoran
Unienzyme
Nebicard
Losar
Veloz-D
Losar-H
Therapy
Value
(INR m)
VMN
Pain / Analgesics
VMN
Gastro Intestinal
Cardiac
Gastro Intestinal
Cardiac
Cardiac
Gastro Intestinal
Cardiac
73,392
4,408
3,027
2,167
2,059
1,940
1,545
1,398
1,280
1,219
1,188
MAT Feb'24
Growth
(%)
8.8
4.8
15.6
24.9
12.2
13.9
7.8
6.8
6.2
5.1
0.7
Growth (%)
Market
share (%)
100.0
34.2
89.4
17.1
27.0
52.4
40.8
54.5
58.5
9.9
55.6
Last 3M
7.5
9.6
12.3
25.0
9.8
17.5
13.7
8.0
4.2
-2.9
2.0
Feb'24
8.6
17.5
15.2
18.8
10.3
26.6
0.4
4.7
4.6
-2.1
5.8
Secondary sales grew 8.6%
YoY in Feb’24 vs. 8.7% in
Jan’24. Strong traction in
Shelcal Xt/Chymoral/
Nikoran was witnessed in
Feb’24.
*Three-months: Dec-Oct’24
Source: IQVIA, MOFSL
Exhibit 41: Therapy mix (%)
All therapies except GI and
Pain registered double-digit
growth in Feb’24
Share
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins/Minerals/Nutrients
Anti Diabetic
Pain / Analgesics
100.0
26.6
17.4
14.7
10.2
8.6
8.4
MAT growth (%)
8.8
7.5
8.3
10.4
9.0
14.6
8.5
3M*
7.5
8.0
5.7
9.3
12.2
10.4
7.1
Feb'24
8.6
10.2
4.3
10.7
15.9
11.0
8.6
Source: IQVIA, MOFSL
Prices were major growth
drivers on MAT basis in
Feb’24
Exhibit 42: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
SALESVALUE GR Feb 24
9.1
Exhibit 43: Growth distribution (%) (MAT Feb’24)
8.4
-1.8
33.7
ACUTE
39.6
CHRONIC
Source: IQVIA, MOFSL
Vol GR
6.8
3.8
Price GR
NP GR
Source: IQVIA, MOFSL
12 March 2024
13
 Motilal Oswal Financial Services
Alembic Pharmaceuticals
Exhibit 44: Top 10 drugs
MAT Feb’24
Drug
Therapy
Value
(INR m)
Total
Azithral
Althrocin
Wikoryl
Gestofit
Crina-Ncr
Brozeet-Ls
Richar Cr
Roxid
Tellzy-Am
Anti-Infectives
Respiratory
Anti-Infectives
Gynae
Gynae
Respiratory
VMN
Anti-Infectives
Cardiac
31949
4600
1293
1241
1027
757
753
669
665
613
583
Growth
(%)
6.8
5.0
1.6
-0.7
8.8
14.5
12.5
5.1
3.1
16.8
6.7
Market
share (%)
100.0
31.1
87.5
8.8
11.5
26.4
7.3
4.4
93.4
5.7
4.7
Growth (%)
Last 3M
1.0
-7.3
0.6
-8.6
4.2
14.0
-5.8
4.0
-7.2
11.9
Feb'24
-0.5
-16.9
0.0
-8.9
0.4
16.9
-8.6
7.7
-12.4
17.6
Alembic’s secondary sales
declined 0.5% YoY in Feb’24
vs. 2.1% growth in Jan’24.
The decline in key brands
like Azithral/Wikoryl/
Brozeet-LS/Roxid dragged
down the overall
performance in Feb’24.
Rekool-D
Gastro Intestinal
* Three-months: Dec-Feb’24
7.8
10.8
Source: IQVIA, MOFSL
Anti-infective/Respiratory
hurt overall growth. Gynaec
register strong growth in
Feb’24
Exhibit 45: Therapy mix (%)
Share
Total
Anti-Infectives
Cardiac
Gynaec.
Respiratory
Gastro Intestinal
Anti Diabetic
100.0
21.8
15.2
14.6
13.4
10.3
7.6
MAT growth (%)
6.8
3.8
5.9
16.7
5.2
6.5
4.7
3M*
1.0
-7.0
4.0
13.4
-7.2
8.5
7.4
Feb'24
-0.5
-14.7
8.8
14.5
-11.6
9.4
10.6
Source: IQVIA, MOFSL
Price /New Launches led to
overall growth on MAT basis
Exhibit 46: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
6.9
SALESVALUE GR Feb 24
Exhibit 47: Growth distribution (%) (MAT Feb’24)
6.6
4.7
22.2
ACUTE
9.7
CHRONIC
Source: IQVIA, MOFSL
-0.7
Vol GR
Price GR
NP GR
Source: IQVIA, MOFSL
2.8
12 March 2024
14
 Motilal Oswal Financial Services
Ipca Laboratories
Exhibit 48: Top 10 drugs
Drug
Therapy
Value
(INR m)
Total
Zerodol-Sp
Zerodol-P
Hcqs
Folitrax
Zerodol-Th
Ctd-T
Solvin Cold
Ctd
Pacimol
Tfct-Nib
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti-Neoplastics
Pain / Analgesics
Cardiac
Anti-Infectives
Cardiac
Pain / Analgesics
Gastro Intestinal
42293
5369
2806
1811
1264
1183
972
915
733
665
662
MAT Feb'24
Growth
(%)
13.2
21.9
9.5
-0.2
14.7
9.5
22.9
2.7
4.2
15.8
29.4
Growth (%)
Market
share (%)
100.0
60.9
49.5
82.9
85.0
57.4
18.6
6.5
97.7
3.2
23.1
Last 3M
12.3
15.6
10.1
2.3
14.5
7.2
33.8
3.3
4.2
2.6
22.9
Feb'24
15.6
14.0
4.7
2.4
16.5
11.3
45.3
7.8
17.6
1.0
27.9
Ipca’s secondary sales grew
15.6% YoY in Feb’24 vs.
14.3% in Jan’24. Almost all
the key brands registered
strong growth in Feb’24.
*Three-months: Dec-Feb’24
Source: IQVIA, MOFSL
Except Anti-infective/GI, all
the therapies registered
double digit growth driving
the overall performance in
Feb’24.
Exhibit 49: Therapy mix (%)
Share
Total
Pain / Analgesics
Cardiac
Anti-Infectives
Derma
Antineoplast/Immunomodulator
Gastro Intestinal
100.0
39.5
12.6
7.7
5.5
5.3
5.0
MAT growth (%)
13.2
15.2
12.1
4.8
21.3
18.8
2.7
3M*
12.3
11.3
15.3
0.3
23.6
14.7
4.1
Feb'24
15.6
11.8
22.8
4.1
33.5
15.0
8.5
Source: IQVIA, MOFSL
Price and Volume were
growth drivers on MAT basis
Exhibit 50: Acute vs. Chronic (MAT growth)
MATVALUE Feb' 24
SALESVALUE GR Feb'24
16.2
11.9
Exhibit 51: Growth distribution (%) (MAT Feb’24)
28.5
ACUTE
13.8
CHRONIC
Source: IQVIA, MOFSL
4.7
Vol GR
6.7
Price GR
1.8
NP GR
Source: IQVIA, MOFSL
12 March 2024
15
 Motilal Oswal Financial Services
Eris Lifesciences
Exhibit 52: Top 10 drugs
MAT Feb'24
Growth (%)
Market
share (%)
100.0
11.3
10.0
3.1
5.4
9.8
9.3
7.4
49.4
69.4
6.0
Last 3M
9.4
-1.3
14.9
1.4
-2.4
-0.4
13.6
2.4
17.5
20.3
-16.3
Feb'24
11.7
1.1
16.3
-7.8
3.3
-4.4
12.3
2.4
18.5
22.6
-17.0
Eris’s secondary sales grew
11.7% YoY in Feb’24 vs.
9.3% in Jan’24. Healthy
growth in Ln Beta/Cyblex
Mv/Glimisave Mv was
offset by decline Tendia
M/Glimisave-M in Feb’24.
Drug
Total
Renerve Plus
Glimisave Mv
Glimisave-M
Zomelis-Met
Remylin D
Eritel Ln
Eritel Ch
Cyblex Mv
Ln Beta
Tendia M
Therapy
Value
(INR m)
22738
1393
1274
1036
492
456
439
389
376
318
310
Growth
(%)
8.0
5.6
16.4
3.5
5.9
10.5
17.8
6.4
14.3
26.4
-17.2
Gynaec / VMN/ Anti-
diabetic/led overall growth.
Growth was driven by new
launches on MAT basis,
which was offset by decline
in volumes.
Neuro
Anti Diabetic
Anti Diabetic
Anti Diabetic
VMN
Cardiac
Cardiac
Anti Diabetic
Cardiac
Anti Diabetic
*Three-months: Dec-Feb’24
Source: IQVIA, MOFSL
Exhibit 53: Therapy mix (%)
Share
Total
Anti Diabetic
Cardiac
Vitamins/Minerals/Nutrients
Derma
Gynaec.
Neuro / Cns
100.0
28.9
18.7
15.6
13.5
6.7
6.4
MAT growth (%)
8.0
14.5
8.4
11.0
-9.7
20.0
8.8
3M*
9.4
12.0
8.4
15.0
-0.7
15.1
7.0
Feb'24
11.7
12.2
7.8
19.3
4.3
21.8
9.8
Source: IQVIA, MOFSL
Exhibit 54: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
SALESVALUE GR Feb 24
11.6
Exhibit 55: Growth distribution (%) (MAT Feb’24)
3.8
3.8
9.9
12.8
ACUTE
CHRONIC
Source: IQVIA, MOFSL
Vol GR
Price GR
-6.4
10.6
NP GR
Source: IQVIA, MOFSL
12 March 2024
16
 Motilal Oswal Financial Services
Abbott India
Exhibit 56: Top 10 drugs
MAT Feb'24
Growth (%)
Market
share (%)
100.0
35.8
54.6
50.7
22.1
33.5
16.2
51.6
47.9
66.8
90.2
Last 3M
Feb'24
Drug
Therapy
Value
(INR m)
Total
Mixtard
Anti Diabetic
Thyronorm
Hormones
Udiliv
Gastro Intestinal
Ryzodeg
Anti Diabetic
Duphaston
Gynae
Novomix
Anti Diabetic
Duphalac
Gastro Intestinal
Cremaffin Plus Neuro / Cns
Vertin
Anti Diabetic
Rybelsus
Gastro Intestinal
*Three-months: Dec-Feb’24
133787
8616
6158
5517
5311
3943
3905
3065
2998
2989
2813
Growth
(%)
9.5
-1.2
10.7
22.1
23.5
5.7
-13.2
6.9
30.7
9.0
147.4
Abbott’s secondary sales
increased 8.4% YoY in
Feb’24 vs. 10.5% in Jan’24.
Strong growth in Cremaffin
Plus/Udiliv/Ryzodeg was
offset by decline in
Mixtard/novomix in Feb’24
7.9
8.4
-3.5
-0.3
3.2
1.7
29.4
30.9
16.4
15.8
8.9
5.5
-15.2
-12.6
4.7
9.4
43.0
26.4
-0.4
4.1
104.2
88.2
Source: IQVIA, MOFSL
GI/ Hormones/VMN grew at
a superior rate than other
therapies
Exhibit 57: Therapy mix (%)
Share
Total
Anti Diabetic
Gastro Intestinal
Vitamins/Minerals/Nutrients
Anti-Infectives
Neuro / Cns
Hormones
100.0
24.0
14.7
8.8
8.8
7.2
6.7
MAT growth (%)
9.5
9.8
9.8
11.9
8.8
2.5
14.2
3M*
7.9
7.5
13.5
9.5
-1.1
-0.5
12.5
Feb'24
8.4
9.7
13.8
11.0
-5.3
0.2
11.5
Source: IQVIA, MOFSL
Growth on MAT basis was
driven by price increases
and supported by volumes
and new launches
Exhibit 58: Acute vs. Chronic (MAT growth)
MATVALUE Feb' 24
SALESVALUE GR Feb'24
10.0
Exhibit 59: Growth distribution (%) (MAT Feb’24)
9.1
73.9
ACUTE
59.9
CHRONIC
Source: IQVIA, MOFSL
3.4
Vol GR
5.2
Price GR
1.0
NP GR
Source: IQVIA, MOFSL
12 March 2024
17
 Motilal Oswal Financial Services
Mankind Pharma
Exhibit 60: Top 10 drugs
Drug
Therapy
Value
(INR m)
Total
Manforce
Moxikind-Cv
Unwanted-Kit
Amlokind-At
Prega News
Dydroboon
Gudcef
Candiforce
Glimestar-M
Nurokind-Gold
Sex Stimulants /
Rejuvenators
Anti-Infectives
Gynae
Cardiac
Gynae
Gynae
Anti-Infectives
Anti-Infectives
Anti Diabetic
VMN
95,369
4,877
3,817
2,458
2,363
2,254
2,067
2,015
1,937
1,886
1,549
MAT Feb'24
Growth
(%)
10.2
17.4
14.8
14.7
24.4
13.4
-0.8
15.6
9.1
14.5
15.1
Market
share (%)
100.0
72.8
12.3
50.6
34.3
83.9
17.5
16.7
20.5
5.6
8.1
Growth (%)
Last 3M
9.1
14.6
5.4
12.3
27.6
1.8
19.0
4.8
15.1
14.4
6.7
Feb'24
9.7
16.3
5.4
13.3
29.4
2.5
24.3
4.9
19.3
13.7
5.8
Mankind’s secondary sales
grew 9.7% YoY in Feb’24 vs.
9.2% in Jan’24. Almost all
the drugs registered
double-digit growth in
Feb’24.
*Three-months: Dec-Feb’24
Source: IQVIA, MOFSL
Cardiac/Anti-diabetic grew
at a robust rate. This was
offset to some extent by a
YoY decline in respiratory
therapies
Exhibit 61: Therapy mix (%)
Share
Total
Anti-Infectives
Cardiac
Gastro Intestinal
Respiratory
Anti Diabetic
Vitamins/Minerals/Nutrients
100.0
15.4
13.8
10.5
8.7
8.6
8.4
MAT growth (%)
10.2
15.5
18.6
7.8
2.9
15.0
5.7
3M*
9.1
4.7
20.2
8.8
-6.6
17.8
6.7
Feb'24
9.7
3.6
20.3
7.4
-6.9
19.4
7.0
Source: IQVIA, MOFSL
Price/volume/new launches
led growth for 12M ending
Feb’24
Exhibit 62: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
SALESVALUE GR Feb 24
14.5
8.0
Exhibit 63: Growth distribution (%) (MAT Feb’24)
61.7
ACUTE
33.7
CHRONIC
Source: IQVIA, MOFSL
1.1
Vol GR
5.7
Price GR
3.4
NP GR
Source: IQVIA, MOFSL
12 March 2024
18
 Motilal Oswal Financial Services
Macleods Pharma
Exhibit 64: Top 10 drugs
Drug
Value
(INR m)
72,240
Hormones
2,178
Anti-Infectives
2,107
Derma
1,927
Anti-Infectives
1,901
Respiratory
1,430
Anti-Infectives
1,377
Sex Stimulants / Rejuvenators 1,306
Anti-Infectives
1,293
Anti Diabetic
1,257
Anti-Infectives
1131
Therapy
MAT Feb'24
Growth (%)
Growth Market
Last 3M
Feb'24
(%)
share (%)
11.3
100.0
6.7
8.0
2.1
19.3
2.6
7.2
34.6
14.5
41.1
36.2
-3.3
51.5
-9.1
-4.4
19.9
58.9
12.4
18.7
12.3
53.8
4.6
8.5
-2.7
14.6
-0.5
-0.3
21.5
59.6
24.3
25.3
11.0
3.0
-3.0
-6.1
6.7
3.8
10.2
15.8
19.2
13.0
11.1
12.0
Source: IQVIA, MOFSL
Secondary sales grew 8%
YoY in Feb’24 vs. 8.5% in
Jan’24. Megalis and
Meromac witnessed strong
show, which was offset by a
decline in IT-MAC,
Panderm++, Sensiclav in
Feb’24.
Total
Thyrox
Meromac
Panderm ++
Omnacortil
Defcort
It-Mac
Megalis
Sensiclav
Geminor-M
Tazomac
*Three-months: Dec-Feb’24
Exhibit 65: Therapy mix (%)
All therapies, excluding
Anti-infective/Respiratory,
Total
showed healthy
Anti-Infectives
performance.
Cardiac
Respiratory
Hormones
Pain / Analgesics
Anti Diabetic
Share
100.0
29.3
12.3
9.4
8.7
8.1
5.9
MAT growth (%)
11.3
16.4
12.0
17.3
10.9
8.2
11.2
3M*
6.7
5.4
13.9
4.4
6.0
9.7
12.3
Feb'24
8.0
3.9
17.8
5.7
10.3
12.5
15.5
Source: IQVIA, MOFSL
Price/Volume were the key
drivers on MAT basis for
12M ending Feb’24
Exhibit 66: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
SALESVALUE GR Feb 24
11.4
Exhibit 67: Growth distribution (%) (MAT Feb’24)
11.2
45.8
ACUTE
26.4
CHRONIC
Source: IQVIA, MOFSL
1.7
Vol GR
7.3
Price GR
2.3
NP GR
Source: IQVIA, MOFSL
12 March 2024
19
 Motilal Oswal Financial Services
Ajanta Pharma
Exhibit 68: Top 10 drugs
Drug
Therapy
Value
(INR m)
16265
1554
789
779
723
440
389
387
353
280
276
MAT Feb'24
Growth (%)
Growth
Market
Last 3M
Feb'24
(%)
share (%)
10.0
100.0
8.0
8.0
-8.9
23.0
-12.4
-18.3
3.8
24.1
-0.1
0.7
11.3
19.4
4.8
4.1
8.1
19.9
4.3
9.9
16.3
6.1
13.6
20.6
4.8
13.0
6.2
12.4
16.0
29.5
26.4
28.5
7.4
11.9
7.8
11.3
5.2
5.3
-3.5
-5.4
12.2
38.5
0.1
-1.1
Source: IQVIA, MOFSL
Ajanta’s secondary sales
grew by 8% YoY in Feb’24
vs. 10.7% in Jan’24. Strong
growth in Met XI Trio/Cinod
offset by decline in MetXI in
Feb’24.
Total
Met Xl
Cardiac
Melacare
Derma
Feburic
Pain / Analgesics
Atorfit-Cv
Cardiac
Cinod
Cardiac
Met Xl Am
Cardiac
Met Xl Trio
Cardiac
Rosufit-Cv
Cardiac
Rosutor-Gold
Cardiac
Olopat
Anti-Infectives
*Three-months: Dec-Feb’24
Except Derma, all other
therapies grew at mid-
single digit for Feb’24.
Volumes and prices were
the major growth drivers on
MAT basis
Exhibit 69: Therapy mix (%)
Share
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Anti Diabetic
Respiratory
100.0
MAT growth (%)
10.0
3M*
8.0
Feb'24
8.0
34.9
28.7
20.5
7.9
2.5
1.7
4.6
12.7
16.6
13.9
7.6
11.8
3.1
7.2
18.2
8.3
3.6
10.1
2.8
6.6
20.2
5.8
2.7
8.8
Source: IQVIA, MOFSL
Exhibit 70: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
13.7
SALESVALUE GR Feb 24
Exhibit 71: Growth distribution (%) (MAT Feb’24)
5.0
6.6
CHRONIC
Source: IQVIA, MOFSL
2.3
Vol GR
3.7
Price GR
4.0
NP GR
Source: IQVIA, MOFSL
9.7
ACUTE
12 March 2024
20
 Motilal Oswal Financial Services
JB Chemicals and Pharmaceuticals
Exhibit 72: Top 10 drugs
Drug
Therapy
Value
(INR m)
Total
Cilacar
Rantac
Metrogyl
Nicardia
Cilacar-T
Sporlac
Azmarda
Vigamox
Cilacar-M
Nevanac
Cardiac
Gastro Intestinal
Anti-Parasitic
Cardiac
Cardiac
Gastro Intestinal
Cardiac
Anti-Parasitic
Cardiac
Ophthalmic
24470
3830
3712
2060
1717
1691
973
793
609
366
331
x
MAT Feb'24
Growth
(%)
11.9
21.4
7.3
9.7
22.3
25.3
6.9
-29.4
5.4
18.1
-7.4
Market
share (%)
100.0
53.5
39.9
80.1
91.4
35.7
60.5
13.2
22.8
38.8
20.3
Growth (%)
Last 3M
10.3
21.2
10.0
7.6
16.8
32.5
-1.1
-48.5
-6.3
17.9
-2.5
Feb'24
10.8
17.2
12.1
-3.5
15.5
33.8
-11.4
-15.3
-4.0
11.6
40.9
Secondary sales grew 10.8%
YoY in Feb’24 vs. 10.6% in
Jan’24. All the top drugs,
except azmarda and
sporlac, posted superior
growth, driving overall
performance in Feb’24
*Three-months: Oct-Dec’23
Source: IQVIA, MOFSL
Share
MAT growth (%)
11.9
15.9
12.2
-2.4
9.7
21.5
8.4
3M*
10.3
13.4
14.9
-12.2
7.7
17.2
13.6
Feb'24
10.8
17.6
12.8
0.4
-3.7
5.4
15.0
Source: IQVIA, MOFSL
Exhibit 73: Therapy mix (%)
Almost all therapies grew at
double-digit growth in
Feb’24, offset partly by a
decline in Ophthal/Anti-
Parasitic.
Error! Not a valid li nk.
Volume was key driver for
growth on MAT basis
Total
Cardiac
Gastro Intestinal
Ophthal / Otologicals
Anti-Parasitic
Gynaec.
Derma
100.0
41.4
26.9
8.2
8.1
4.3
2.4
Exhibit 74: Acute vs. Chronic (MAT growth)
MATVALUE Feb 24
SALESVALUE GR Feb 24
16.3
8.6
Exhibit 75: Growth distribution (%) (MAT Feb’24)
13.7
ACUTE
10.7
CHRONIC
Source: IQVIA, MOFSL
7.1
Vol GR
2.2
Price GR
2.6
NP GR
Source: IQVIA, MOFSL
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
12 March 2024
21
 Motilal Oswal Financial Services
NOTES
12 March 2024
22
 Motilal Oswal Financial Services
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
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.
Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com.
MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock
Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for its stock
broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of Association of
Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of associate entities of
Motilal Oswal Financial Services Ltd. are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
MOFSL, it’s associates, Research Analyst or their relatives may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst or their relatives may have actual
beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance.
MOFSL
and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential conflict of interests at the time of publication of the research report or at the time of public
appearance, however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the
views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
In the past 12 months, MOFSL or any of its associates may have:
a)
received any compensation/other benefits from the subject company of this report
b) managed or co-managed public offering of securities from subject company of this research report,
c) received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
d) received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
•
MOFSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
•
Subject Company may have been a client of MOFSL or its associates during twelve months preceding the date of distribution of the research report.
•
Research Analyst may have served as director/officer/employee in the subject company.
•
MOFSL and research analyst may engage in market making activity for the subject company.
MOFSL and its associate company(ies), and Research Analyst and their relatives from time to time may have:
a) a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein.
(b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act
as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the same
shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of
MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
To enhance transparency, MOFSL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOFSL
and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL may have a
potential conflict of interest that may affect the objectivity of this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All such
information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or
subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not treat
recipients as customers by virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is, or
will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
Disclosure of Interest Statement
Analyst ownership of the stock
No
A graph of daily closing prices of securities is available at
www.nseindia.com, www.bseindia.com.
Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can have
an independent view with regards to subject company for which Research Team have expressed their views.
Regional Disclosures (outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary to
law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Financial Services
Limited (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for
distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be
engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from
registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
12 March 2024
23
 Motilal Oswal Financial Services
For U.S.
MOTILAL Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under applicable state laws in the
United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act" and together with the 1934 Act, the "Acts), and under
applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any brokerage and investment services provided by MOFSL, including the products and services
described herein are not available to or intended for U.S. persons. This report is intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and
interpretations thereof by SEC (henceforth referred to as "major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment
or investment activity to which this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange Commission ("SEC") in order to
conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities International Private Limited.
("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets services license and an
exempt financial adviser in Singapore,
as per the approved agreement under Paragraph 9 of Third Schedule of Securities and Futures Act (CAP 289) and Paragraph 11 of First Schedule of Financial Advisors Act (CAP 110) provided to
MOCMSPL by Monetary Authority of Singapore. Persons in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report
is distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act,
Chapter 289 of Singapore (“the SFA”). Accordingly, if a Singapore person is not or ceases to be such an institutional investor, such Singapore Person must immediately discontinue any use of this Report and
inform MOCMSPL.
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any
other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an offer
document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation that
any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their
own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment by any
recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in this
document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not be
suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not suitable for
all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures of Interest
Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject to change
without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their
directors and the employees may from 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.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal, Email
Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person
Ms. Hemangi Date
Ms. Kumud Upadhyay
Mr. Ajay Menon
Contact No.
022 40548000 / 022 67490600
022 40548082
022 40548083
Email ID
query@motilaloswal.com
servicehead@motilaloswal.com
am@motilaloswal.com
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
12 March 2024
24