Healthcare
Monthly
Performance of top companies in Jun’24
MAT
Jun’24
Company
growth
(%)
(%)
11 July 2024
YoY growth softens after two months of healthy growth
The India pharma market (IPM) grew 6.7% YoY in Jun’24 (vs. 9.8% in May’24 and
5.3% in Jun’23). Despite a low base of Jun’23, YoY growth was weak in Jun’24. In
fact, YoY growth trend has moderated after healthy growth in Apr-May’24.
Respiratory/Ophthal/Gynae underperformed IPM by 500bp/440bp/420bp.
Gastro-intestinal/anti-infective therapies registered healthy YoY growth of
10%/9% in Jun’24.
For the 12 months ending in Jun’24, IPM grew 7.6% YoY. This growth was led by
pricing/new launches, which contributed +4.2% YoY/2.9% YoY to the overall
growth.
Among the top 10 brands, ZERODOL-SP/PAN-D/LIV-52 registered 17%/16%/16%
YoY growth to INR520m/INR500m/INR510m in Jun’24.
Although anti-diabetic segments registered growth in Jun’24, key brands, like
Mixtrad (INR660m)/Glycomet-GP (INR660m)/Novomix (INR300m) declined
11%/5%/12% YoY in Jun’24.
In Jun’24, among the top-20 pharma companies, IPCA (up 12% YoY), Glenmark
(up 10.3% YoY), and Macleods(up 9.9% YoY) recorded notably higher growth
rates than IPM.
IPCA outperformed IPM, led by strong performance in Pain/Gastro/Antineoplast
therapies.
Glenmark outperformed IPM, led by strong performance in cardiac/Derma
therapies (16.6%/15.6% YoY).
Macleods outperformed IPM, led by double-digit growth in anti-infective/anti-
diabetic therapies.
Sanofi reported industry-leading volume growth of 5.7% YoY on the MAT basis.
Macleods Pharma registered the highest price hike of 7.4% YoY on the MAT
basis. Eris posted the highest growth in new launches (up 9.8% YoY).
On the MAT basis, the industry reported 7.6% growth YoY.
Cardiac/ Gastro /Neuro/ grew 10.5%/8.7%/8.3% YoY.
Respiratory/Gynae/Derma sales underperformed IPM by 660bp/130bp/100bp,
hurting overall growth.
For eight consecutive months, Chronic therapy has outperformed acute therapy.
The Acute segment’s share in overall IPM stood at 62% for MAT Jun’24, with YoY
growth of 6.2%. The chronic segment (38% of IPM) grew 9.8% YoY.
As of Jun’24, Indian pharma companies hold a majority share of 83% in IPM,
while the remaining is held by multi-national pharma companies (MNCs).
Both MNCs and Indian companies clocked mid-single digit growth for the
quarter.
Among MNCs, Sanofi registered the highest growth rate of 9.1% YoY, while
GLAXO posted the lowest growth rate of 2.8% in Jun’24.
IPM
Abbott*
Ajanta
Alembic
Alkem*
Cipla
Dr Reddys
Emcure*
Eris
Glaxo
Glenmark
Intas
Ipca
Jb Chemical*
Lupin
Macleods
Mankind
PGHL
Sun*
Torrent
Zydus*
7.6
8.3
8.9
3.2
6.0
7.1
8.5
7.0
9.1
0.5
10.5
11.7
12.9
9.9
6.7
9.6
8.1
0.0
8.8
8.0
6.1
6.7
6.9
9.1
5.0
5.9
3.7
6.0
5.4
7.9
2.8
10.3
8.4
12.0
7.2
6.3
9.9
8.4
9.1
8.3
4.2
8.7
IPCA/Glenmark/Macleods outperform in Jun’24
Cardiac/Gastro/Neuro lead YoY growth on MAT basis
India firms and MNCs both clock mid-single digit growth for the quarter
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
12 July 2024
1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Tushar Manudhane - Research Analyst
(Tushar.Manudhane@MotilalOswal.com)
Akash Manish Dobhada - Research Analyst
(Akash.Dobhada@MotilalOswal.com
 Motilal Oswal Financial Services
Exhibit 1: IPM exhibited 7% YoY growth in Jun’24
17.0
9.0
5.0
6.0
6.0
4.0
5.0
1.0
IPM
9.0
10.0
7.0
8.0
8.0
Source: MOFSL, IQVIA
Exhibit 2: Acute and chronic therapy registered a YoY growth of 6%/7% in Jun’24
18
9
9
3
5
4
2
-1
Acute
Chronic
11
7
8
3
6
5
12
6
13
6
11
7
9
6
8
10
9
15
Source: MOFSL, IQVIA
Exhibit 3: Both Indian as well as MNCs witnessed mid-single digit YoY growth in Jun’24
17.0
9.0
8.0
India
MNC
8.1
7.6
8.9
1.7
-0.4
8.3
10
6.7
8.5
6.5
5.0
2.0
7.0
5.0
6.0
3.0
14.0
3.0
4.0
5.0
4.0
7.5
8.4
Source: MOFSL, IQVIA
12 July 2024
2
 Motilal Oswal Financial Services
Indian Pharma Market – Jun’24
Exhibit 4: Performance of top companies in Jun’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
Jun'24
value
2,207
171
137
121
98
88
75
79
75
74
68
63
52
46
44
32
24
25
17
Market
share
(%)
100
7.8
6.2
5.5
4.5
4.0
3.4
3.6
3.4
3.4
3.1
2.9
2.4
2.1
2.0
1.5
1.1
1.1
0.8
Growth
(%)
7.6
8.8
8.3
7.1
8.1
6.0
6.7
11.7
8.0
9.6
8.5
6.1
0.5
10.5
12.9
3.2
9.1
9.9
8.9
YoY growth (%) in the last eight quarters
Sep'22 Dec'22
8.4
10.4
12.8
10.8
10.1
9.2
11.3
14.2
9.4
16.2
13.3
16.8
6.1
7.4
15.5
14.9
13.6
12.0
12.9
14.0
9.9
11.0
9.5
8.9
5.4
10.2
9.2
11.9
15.1
9.9
6.3
14.8
8.3
5.8
30.3
36.8
12.4
16.3
Mar'23
15.3
12.7
14.9
19.7
24.8
22.5
11.2
17.1
14.7
23.5
13.4
13.6
13.4
17.9
14.6
15.9
11.5
36.3
17.7
Jun'23
9.2
9.3
9.3
12.5
12.7
8.2
5.8
13.0
8.4
11.5
17.2
8.6
5.2
8.5
16.0
10.7
6.4
12.5
13.5
Sep'23
7.2
8.1
7.7
5.4
5.0
6.7
6.5
11.5
7.9
10.1
7.7
5.1
-0.6
5.5
8.5
2.8
6.9
8.1
9.7
Dec'23
8.4
9.5
9.3
9.0
9.1
8.6
5.8
12.9
9.0
9.7
7.3
6.2
0.0
10.6
13.9
6.2
8.5
10.9
6.3
One
month
Mar'24 Jun'24
Jun'24
5.9
8.7
6.7
8.3
9.2
8.3
7.2
9.0
6.9
6.6
7.3
3.7
7.9
10.5
8.4
1.4
7.1
5.9
5.5
9.1
6.3
11.5
10.9
8.4
7.1
8.1
4.2
6.6
11.9
9.9
10.8
8.4
6.0
2.9
10.4
8.7
-0.5
3.4
2.8
10.3
16.0
10.3
15.0
14.6
12.0
-1.1
5.0
5.0
9.4
11.5
7.9
8.3
12.0
7.2
8.2
11.3
9.1
Source: IQVIA, MOFSL
Exhibit 5: Performance of top therapies in Jun’24 - (INR b)
es
MAT
Company
Jun'24
value
IPM
2,207
Cardiac
278
Anti-Infectives
247
Gastro Intestinal
235
Anti Diabetic
195
Respiratory
179
Pain / Analgesics
176
Vitamins/Minerals/Nutrients
173
Derma
152
Neuro / Cns
132
Gynaec.
110
Antineoplast/Immunomodulator
57
Ophthal / Otologicals
44
Urology
48
Hormones
34
Market
share
(%)
100.0
12.6
11.2
10.7
8.8
8.1
8.0
7.8
6.9
6.0
5.0
2.6
2.0
2.2
1.5
Growth
(%)
7.6
10.5
3.9
8.7
6.2
1.0
7.5
7.8
6.6
8.3
6.3
23.8
7.4
13.3
6.2
Sep'22
19.0
10.6
40.0
22.6
10.8
6.8
27.1
23.7
20.9
13.6
19.0
21.1
18.3
18.6
19.1
One
month
Dec'22 Mar'23 Jun'23 Sep'23 Dec'23 Mar'24 Jun'24 Jun'24
7.3
3.5
9.2
7.2
8.4
5.9
8.7
6.7
5.3
6.9
10.3
9.6
8.9
11.2
12.2
8.3
24.6
6.1
11.0
1.8
9.6
-1.8
6.4
8.6
-10.2
-2.0
5.4
8.5
9.4
5.5
11.2
9.7
-0.2
0.5
6.6
4.8
5.7
7.0
7.4
3.9
56.7
30.5
11.7
-0.2
5.3
-2.7
1.6
1.6
6.7
-1.5
11.0
7.3
8.3
5.9
8.2
6.3
-2.6
-4.4
6.7
7.3
8.6
6.7
8.4
5.4
10.2
-3.0
8.5
5.6
3.5
8.1
9.5
5.7
3.0
2.8
9.1
8.1
8.8
8.1
8.3
6.5
-6.8
-1.9
5.4
7.8
6.9
5.2
5.4
2.5
3.9
9.4
20.3
24.9
27.1
21.3
22.1
22.1
2.8
2.1
9.9
19.9
0.9
3.9
5.1
2.3
4.5
5.2
14.6
14.1
12.3
14.0
12.7
8.8
14.0
9.7
11.3
8.1
6.4
3.6
6.9
3.7
Source: IQVIA, MOFSL
YoY growth (%) in the last eight quarters
12 July 2024
3
 Motilal Oswal Financial Services
Exhibit 6: Among therapies, Cardiac/Gastro/Anti-infective registered healthy growth in Jun’24
Therapies
IPM
Cardiac
Anti-Infective
Gastro
Anti Diabetic
Pain
VMN
Respiratory
Derma
Neuro
Gynae
Urology
Jun'24
Value
Jun'23
(INR b)
177
4
23
8
17
-2
21
3
16
6
14
5
15
4
10
-6
13
8
11
6
9
4
4
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 Mar'24 Apr'24 May'24 Jun'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
8
1
9
10
7
8
12
13
8
15
12
8
1
2
-1
-7
1
9
9
6
9
7
1
11
12
10
5
9
9
2
10
8
4
5
9
8
1
6
9
6
5
8
9
2
9
10
5
-2
1
-2
-8
-1
5
2
5
7
10
6
12
10
6
6
8
10
5.8
11
7
7
5
7
8
-0.3
7
7
2
11
16
17
9
16
12
9
Note: VMN: Vitamin/Minerals/Nutrients; Source: IQVIA, MOFSL
Exhibit 7: Acute as a percentage of total sales and growth rate on MAT basis in Jun’24
Acute as % of total sales
MATVALUE GR May 24
12.9
11.7
10.5
9.6
69.3
8.5
8.0
7.0
6.7
6.1
72.1
61.5
47.8 55.5 38.5 64.1 82.5 37.6 34.9 46.0 63.1
0.5
58.7 94.5 65.3 54.8 66.7
3.2
44.0 55.1 59.3
9.9
7.6
8.8
8.3
7.1
8.1
9.1
8.9
6.0
Source: MOFSL, IQVIA
12 July 2024
4
 Motilal Oswal Financial Services
Sun Pharma
Exhibit 8: Top 10 drugs
Secondary sales grew 8.3%
YoY in Jun’24 vs .7.5% in
May’24. Rosuvas, Sompraz-
D, Moxclav are
outperforming brands in
top-10 category for Jun’24.
Drug
Total
Rosuvas
Levipil
Volini
Gemer
Susten
Pantocid
Pantocid-D
Montek-Lc
Sompraz-D
Moxclav
Therapy
Value
(INR m)
1,71,394
4,558
4,124
3,395
3,316
2,954
2,944
2,710
2,410
2,398
2,333
MAT Jun'24
Growth
(%)
8.8
22.3
11.7
-1.0
2.2
5.5
9.6
8.6
1.2
19.6
2.0
Market
share (%)
100.0
31.4
37.6
33.4
9.8
32.7
20.9
16.4
18.8
28.5
5.1
Growth (%)
Last 3M
9.2
23.8
8.9
-5.7
-3.1
4.2
10.4
9.5
-4.9
19.8
18.1
Jun'24
8.3
21.9
6.7
-13.7
-6.6
3.2
11.7
12.7
2.9
20.8
12.6
Pain/Anti-diabetic
registered double-digit
growth, while other
therapies registered healthy
growth
Cardiac
Nuro/CNS
Pain / Analgesics
Anti Diabetic
Gynae
Gastro Intestinal
Gastro Intestinal
Respiratory
Gastro Intestinal
Anti-Infectives
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Exhibit 9: Therapy mix (%)
Total
Neuro / Cns
Cardiac
Gastro Intestinal
Anti-Infectives
Pain / Analgesics
Anti Diabetic
Growth spread across
volume, new launches, and
price hikes for MAT’Jun’24.
Share
100.0
17.5
17.0
13.1
8.6
7.8
7.5
MAT growth (%)
8.8
10.0
8.7
10.5
3.0
12.5
13.8
3M*
9.2
9.9
8.6
10.9
5.1
13.5
13.9
Jun'24
8.3
8.0
7.3
12.8
7.2
9.4
10.7
Source: IQVIA, MOFSL
Exhibit 10: Acute vs. Chronic (MAT growth)
MATVALUE Jun'24
SALESVALUE GR Jun' 24
10.7
6.7
Exhibit 11: Growth distribution (%) (MAT Jun’24)
82.0
ACUTE
89.4
CHRONIC
Source: IQVIA, MOFSL
3.0
Vol GR
4.0
Price GR
1.8
NP GR
Source: IQVIA, MOFSL
12 July 2024
5
 Motilal Oswal Financial Services
Cipla
Exhibit 12: Top 10 drugs
Secondary sales grew 3.7%
YoY in Jun’24 vs. 10.2% YoY
in May’24. Muted
performance in
Foracort/Azee/Asthalin
dragged down overall
growth in Jun’24.
Drug
Therapy
Value
(INR m)
Total
Foracort
Respiratory
Duolin
Respiratory
Budecort
Respiratory
Seroflo
Respiratory
Asthalin
Respiratory
Montair-Lc
Anti-Infectives
Dytor
Cardiac
Ibugesic Plus
Anti-Infectives
Azee
Pain / Analgesics
Aerocort
Respiratory
*Three-months: Apr-Jun’24
1,20,919
8,815
5,172
4,799
3,061
2,908
2,895
2,852
2,380
2,311
2,228
MAT Jun'24
Growth
(%)
7.1
15.9
10.8
11.9
5.9
3.5
0.6
19.3
13.2
-6.7
5.5
Growth (%)
Market
share (%)
100.0
60.8
84.9
82.8
73.0
99.3
18.4
84.1
66.1
17.7
95.1
Last 3M
Jun'24
Anti-infective/Anti-
diabetic/Neuro hurt overall
growth in Jun’24. Gastro
saw double-digit growth
7.3
3.7
6.7
2.1
19.6
10.7
13.2
6.5
7.9
14.0
5.0
-1.7
9.9
12.9
22.1
19.5
12.0
14.8
-2.9
-1.7
8.0
6.3
Source: IQVIA, MOFSL
Exhibit 13: Therapy mix (%)
Total
Respiratory
Anti-Infectives
Cardiac
Anti Diabetic
Gastro Intestinal
Neuro / Cns
Price/Volume/New
launches led overall growth
for MAT Jun’24 basis.
Share
100.0
36.9
13.7
11.4
5.5
5.4
4.8
MAT growth (%)
7.1
9.2
2.6
11.3
1.9
2.1
3.9
3M*
7.3
8.9
5.7
11.7
6.7
12.8
-1.0
Jun'24
3.7
4.9
0.6
7.9
0.8
14.2
-2.6
Source: IQVIA, MOFSL
Exhibit 14: Acute vs. Chronic (MAT growth)
MATVALUE Jun'24
SALESVALUE GR Jun'24
9.0
Exhibit 15: Growth distribution (%) (MAT Jun’24)
4.2
46.5
ACUTE
74.4
CHRONIC
Source: IQVIA, MOFSL
1.5
Vol GR
3.9
Price GR
1.6
NP GR
Source: IQVIA, MOFSL
12 July 2024
6
 Motilal Oswal Financial Services
Zydus Lifesciences
Exhibit 16: Top 10 drugs
Drug
Therapy
Value
(INR m)
62,931
2,133
1,634
1,620
1,545
1,410
1,176
1,123
1,096
1058
1053
MAT Jun'24
Growth (%)
Growth
Market
Last 3M
Jun'24
(%)
share (%)
6.1
100.0
10.4
8.7
-0.4
99.6
-3.0
-5.0
-9.0
18.7
-0.3
-0.9
12.1
93.2
3.3
-3.1
35.7
64.8
53.5
77.2
9.7
17.3
8.1
6.1
0.3
8.1
-1.6
-5.1
-8.7
33.7
-0.8
-6.7
24.0
6.6
40.7
56.9
39.5
24.8
54.0
73.8
-2.9
67.8
-1.3
4.6
Source: IQVIA, MOFSL
Zydus’s secondary sales
grew 8.7% YoY in Jun’24 vs.
11.8% in May’24.
Lipaglyn/Vivitra/Monotax
outperformed in the top 10
brands for Jun’24.
Total
Deriphyllin
Respiratory
Atorva
Cardiac
Thrombophob Cardiac
Lipaglyn
Anti-Diabetic
Amicin
Cardiac
Formonide
Respiratory
Skinlite
Derma
Monotax
Antineoplast
Vivitra
Anti-Infectives
Dexona
Others
*Three-months: Apr-Jun’24
Exhibit 17: Therapy mix (%)
Anti-infectives/Cardiac
outperformed with
25.3%/17.8% YoY growth in
Jun’24.
Overall growth was driven
by price/new launches on
MAT basis in Jun’24
Total
Respiratory
Cardiac
Anti-Infectives
Gastro Intestinal
Pain / Analgesics
Antineoplast/Immunomodulator
Share
100
14.0
13.4
13.1
9.9
7.8
7.2
MAT growth (%)
6.1
2.8
5.0
10.2
-0.5
8.1
29.9
3M*
10.4
3.0
14.0
20.8
7.4
5.0
30.4
Jun'24
8.7
-1.0
17.8
25.3
6.9
0.0
31.1
Source: IQVIA, MOFSL
Exhibit 18: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
SALESVALUE GR Jun 24
8.1
4.8
Exhibit 19: Growth distribution (%) (MAT Jun’24)
4.5
36.9
ACUTE
26.0
CHRONIC
Source: IQVIA, MOFSL
-0.4
Vol GR
Price GR
2.1
NP GR
Source: IQVIA, MOFSL
12 July 2024
7
 Motilal Oswal Financial Services
Alkem
Exhibit 20: Top 10 drugs
Secondary sales grew 5.9%
YoY in Jun’24 vs. 8.8% in
May’24. Muted
performance in
Gemcal/Xone dragged
down overall growth, offset
by robust growth in
Pan/Taximo /Pan-D/Pipzo in
Jun’24.
Drug
Therapy
Value
(INR m)
88,306
6,329
6,051
5,528
3,217
2,947
2,696
2,079
1,862
1,814
1,758
MAT Jun'24
Growth
Market
(%)
share (%)
6.0
100
13.0
44.4
-1.2
14.0
16.5
33.5
2.2
18.4
9.5
11.8
4.9
16.3
25.8
23.2
30.6
17.4
-0.8
18.7
-5.0
80.3
Growth (%)
Last 3M
Jun'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
Uprise-D3
VMN
Gemcal
VMN
Taxim
VMN
*Three-months: Apr-Jun’24
7.1
5.9
16.9
8.3
10.3
6.5
23.1
15.8
14.2
18.1
16.2
15.0
8.3
5.3
27.6
27.4
21.2
28.6
1.1
-1.8
-1.9
9.8
Source: IQVIA, MOFSL
Muted show in Anti-
infective/Pain offset by
strong performance in
Gastro/VMN/Gynae in
Jun’24.
Exhibit 21: Therapy mix (%)
Share
Total
Anti-Infectives
Gastro Intestinal
Vitamins/Minerals/Nutrients
Pain / Analgesics
Anti Diabetic
Gynaec.
100.0
35.6
19.4
10.8
10.7
4.6
3.9
MAT growth (%)
6.0
0.9
11.5
11.3
3.7
16.1
5.4
3M*
7.1
1.8
14.2
12.1
3.8
8.1
9.9
Jun'24
5.9
2.2
9.9
11.1
2.4
4.4
8.2
Source: IQVIA, MOFSL
Pricing/new launches
contributed to overall YoY
growth on MAT basis.
Exhibit 22: Acute vs. Chronic (MAT growth)
MATVALUE Jun' 24
SALESVALUE GR Jun' 24
10.4
Exhibit 23: Growth distribution (%) (MAT Jun’24)
5.1
72.8
ACUTE
-1.0
15.5
CHRONIC
Source: IQVIA, MOFSL
Vol GR
3.5
3.6
Price GR
NP GR
Source: IQVIA, MOFSL
12 July 2024
8
 Motilal Oswal Financial Services
Lupin
Exhibit 24: Top 10 drugs
MAT Jun'24
Drug
Therapy
Value
(INR m)
Total
Gluconorm-G
Budamate
Huminsulin
Ivabrad
Rablet-D
Tonact
Ajaduo
Beplex Forte
Telekast-L
Signoflam
Anti Diabetic
Respiratory
Anti Diabetic
Cardiac
Anti Diabetic
Cardiac
Cardiac
Anti-Infectives
Anti Diabetic
Pain / Analgesics
75,359
3,386
2,542
1,962
1,484
1,190
1,071
1,069
927
921
885
Growth
(%)
6.7
10.0
11.5
-5.8
9.7
7.0
-0.6
-5.2
2.8
-9.7
9.5
Market
share (%)
100.0
10.0
17.5
8.2
56.8
9.6
12.3
37.5
19.5
6.7
9.7
Growth (%)
Last 3M
9.1
14.1
-1.3
1.3
10.8
4.5
15.7
1.4
3.7
-5.5
6.9
Jun'24
6.3
12.4
-8.9
-11.6
5.5
0.9
0.7
-3.6
-5.8
-8.4
5.6
Lupin’s secondary sales
grew 6.3% YoY in Jun’24 vs.
9.9% YoY in May’24. Except
Gluconom-G, all other
brands underperformed in
Jun’24
Better show in
Cardiac/Gastro was partly
offset by muted show in
anti-infectives/Gynae.
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Exhibit 25: Therapy mix (%)
Share
Total
Cardiac
Anti Diabetic
Respiratory
Gastro Intestinal
Anti-Infectives
Gynaec.
100.0
22.6
20.2
14.7
8.8
6.8
5.4
MAT growth (%)
6.7
11.6
2.7
7.1
9.7
3.5
3.7
3M*
9.1
16.6
7.3
7.4
12.4
-1.2
-1.1
Jun'24
6.3
12.4
4.0
3.7
10.7
-0.2
-1.9
Source: IQVIA, MOFSL
Price/New launches
remained key drivers of
growth on MAT Jun’24 basis
Exhibit 26: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
SALESVALUE GR Jun' 24
6.9
Exhibit 27: Growth distribution (%) (MAT Jun’24)
6.5
28.3
ACUTE
3.6
47.0
CHRONIC
Source: IQVIA, MOFSL
-0.2
Vol GR
Price GR
3.3
NP GR
Source: IQVIA, MOFSL
12 July 2024
9
 Motilal Oswal Financial Services
GlaxoSmithKline Pharmaceuticals
Exhibit 28: Top 10 drugs
GSK’s secondary sales grew
2.8% YoY in Jun’24 vs. of
3.8% YoY in May’24. Decline
in Betnovate/T-Bact was
offset by strong show in
Augmentin/Ceftum/Betnovat
e-c.
Drug
Total
Augmentin
Calpol
T-Bact
Betnovate-N
Eltroxin
Betnovate-C
Ceftum
Infanrix Hexa
Neosporin
Betnesol
Therapy
Value
(INR m)
52,053
8,225
4,603
3,613
2,726
2,584
2,534
2,245
1,986
1,930
1,669
MAT Jun'24
Growth
Market
(%)
share (%)
0.5
100.0
1.7
22.9
-6.0
30.5
-7.0
77.7
-1.1
99.8
-0.9
22.6
6.1
99.8
-27.8
27.1
10.3
49.9
19.1
92.8
-2.6
86.8
Growth (%)
Last 3M
3.4
11.8
-5.5
-3.5
-3.2
1.7
12.7
-11.4
-6.0
14.6
-3.2
Jun'24
2.8
11.2
2.6
-4.6
-15.9
1.9
14.6
38.7
-12.5
2.5
-13.1
Anti-Infectives
Pain / Analgesics
Derma
Derma
Hormones
Derma
Anti-Infectives
Vaccines
Derma
Anti-Infectives
Vaccines/Anti-infective drive
the overall growth in Jun’24
offset by decline in
Derma/Hormones.
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Exhibit 29: Therapy mix (%)
Share
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Vitamins/Minerals/Nutrients
100.0
28.4
23.6
12.6
11.6
8.2
6.1
MAT growth (%)
0.5
1.8
-6.2
21.3
-6.0
-1.5
7.2
3M*
3.4
3.1
3.9
12.5
-4.9
0.1
11.2
Jun'24
2.8
-2.7
11.3
9.7
2.7
-3.0
1.4
Source: IQVIA, MOFSL
GSK managed growth
through new
launches/volumes for MAT
’
Exhibit 30: Acute vs. Chronic (MAT growth)
MATVALUE Jun' 24
SALESVALUE GR Jun' 24
1.7
Exhibit 31: Growth distribution (%) (MAT Jun’24)
0.3
0.4
49.2
ACUTE
2.9
CHRONIC
Source: IQVIA, MOFSL
Vol GR
Price GR
-0.3
0.5
NP GR
Source: IQVIA, MOFSL
12 July 2024
10
 Motilal Oswal Financial Services
Glenmark Pharma
Exhibit 32: Top 10 drugs
Glenmark’s secondary sales
grew 10.3% YoY in Jun’24
vs. 18.9% YoY in May’24.
Telma/Candid family
exhibited strong growth in
Jun’24, offset by decline in
Ascoril family.
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
46,028
4,865
3,716
3,370
2,480
1,932
1,577
1,396
1,274
1,162
1060
MAT Jun'24
Growth
(%)
10.5
17.3
26.6
27.3
2.0
16.7
11.4
1.5
-10.4
1.6
20.3
Growth (%)
Market
share (%)
100.0
39.3
40.4
29.7
24.5
61.2
82.8
5.6
5.3
4.8
10.1
Last 3M
16.0
23.6
27.5
31.5
4.3
40.5
15.2
-5.7
-16.6
-12.1
22.3
Jun'24
10.3
11.5
14.0
25.2
-6.3
41.4
5.0
-5.8
-26.8
-16.8
17.7
Top 2 therapies led the
growth, offset by decline in
other key therapies in
Jun’24.
Overall performance was
spread across price
hike/volume and new
launches on MAT basis.
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Exhibit 33: Therapy mix (%)
Share
Total
Cardiac
Derma
Respiratory
Anti-Infectives
Anti Diabetic
Stomatologicals
100.0
33.1
24.6
22.0
9.2
5.6
1.4
MAT growth (%)
10.5
23.8
9.8
3.1
13.1
-14.2
0.9
3M*
16.0
26.8
16.7
1.8
17.1
-1.0
8.5
Jun'24
10.3
16.6
15.6
-1.7
7.6
-8.3
-10.0
Source: IQVIA, MOFSL
Exhibit 34: Acute vs. Chronic (MAT growth)
MATVALUE Jun' 24
SALESVALUE GR Jun' 24
15.7
25.2
6.6
20.8
Exhibit 35: Growth distribution (%) (MAT Jun’24)
3.9
ACUTE
CHRONIC
Source: IQVIA, MOFSL
Vol GR
3.8
Price GR
2.8
NP GR
Source: IQVIA, MOFSL
12 July 2024
11
 Motilal Oswal Financial Services
Dr. Reddy's Laboratories
Exhibit 36: Top 10 drugs
Drug
Therapy
Value
(INR m)
68,082
2,501
2,200
2,105
1,937
1,857
1,528
1,421
1,348
1,288
1,265
MAT Jun'24
Growth
Market
(%)
share (%)
8.5
4.0
7.5
6.4
3.3
22.0
23.4
26.7
-6.9
-7.9
39.5
100.0
87.2
77.6
73.2
92.3
88.5
38.4
7.9
10.9
17.8
76.9
Growth (%)
Last 3M
8.4
-14.1
4.1
13.7
11.0
36.5
2.4
32.3
-11.9
-6.8
10.9
Jun'24
6.0
-19.2
-0.8
11.4
13.6
37.7
-12.7
30.9
-19.7
-3.9
10.1
Secondary sales grew 6%
YoY in Jun’24 vs. 9.2% YoY
in May’24. Ketorol/Venusia
exhibited 37.7%/30.9% YoY
growth in Jun’24 while
Voveran/Hexaxim/Razo-D
registered a double-digit
decline.
Total
Voveran
Omez
Atarax
Econorm
Ketorol
Hexaxim
Venusia
Razo-D
Zedex
Menactra
Pain / Analgesics
Pain / Analgesics
Cardiac
Gastro Intestinal
Pain / Analgesics
Gastro Intestinal
Derma
Respiratory
Respiratory
Pain / Analgesics
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Exhibit 37: Therapy mix (%)
Derma drives the overall
growth in Jun’24, offset by
decline in Cardiac.
Share
Total
Gastro Intestinal
Respiratory
Pain / Analgesics
Cardiac
Derma
Vaccines
100
16.2
13.7
10.7
9.6
7.4
7.3
MAT growth (%)
8.5
7.5
5.7
11.7
-11.8
16.3
30.6
3M*
8.4
5.5
3.7
8.8
-0.1
20.0
10.5
Jun'24
6.0
4.1
5.2
7.0
-3.1
20.8
1.2
Source: IQVIA, MOFSL
Growth spread across
volume/price/new launches
on MAT basis.
Exhibit 38: Acute vs. Chronic (MAT growth)
MATVALUE Jun' 24
12.2
SALESVALUE GR Jun' 24
Exhibit 39: Growth distribution (%) (MAT Jun’24)
0.1
49.1
ACUTE
19.0
CHRONIC
Source: IQVIA, MOFSL
3.3
Vol GR
2.8
Price GR
2.4
NP GR
Source: IQVIA, MOFSL
12 July 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
75,091
4,488
3,114
2,244
2,123
2,010
1,626
1,391
1,306
1,229
1,177
MAT Jun'24
Growth
(%)
8.0
4.3
12.6
20.2
10.5
13.0
12.2
3.7
4.1
3.7
-1.0
Growth (%)
Market
share (%)
100.0
34.1
89.3
17.4
25.2
52.5
41.7
54.0
59.3
9.9
55.8
Last 3M
8.1
4.7
8.2
8.7
12.0
10.2
18.3
-0.8
6.5
5.1
-1.1
Jun'24
4.2
-0.5
3.2
0.6
10.6
2.7
18.4
-4.4
-1.6
-2.4
-6.7
Secondary sales grew 4.2%
YoY in Jun’24 vs. 9.3% in
May’24. Decline in
Nebicard/Losar-H offset by
strong traction in Nexpro-
Rd/Unienzyme in Jun’24.
Neuro/Gastro/Anti-diabetic
driving the overall growth in
Jun’24, offset by decline in
VMN/Pain.
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Exhibit 41: Therapy mix (%)
Share
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins/Minerals/Nutrients
Anti Diabetic
Pain / Analgesics
100.0
26.7
17.5
14.6
10.1
8.8
8.3
MAT growth (%)
8.0
7.8
8.6
9.1
7.7
12.6
7.1
3M*
8.1
9.6
11.5
7.7
5.2
12.8
5.2
Jun'24
4.2
4.9
9.3
6.3
-0.9
7.6
-0.3
Source: IQVIA, MOFSL
Price/New launches growth
was offset by a decline in
Volumes on MAT Jun’24
basis.
Exhibit 42: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
SALESVALUE GR Jun 24
8.2
Exhibit 43: Growth distribution (%) (MAT Jun’24)
7.8
-3.0
34.6
ACUTE
40.5
CHRONIC
Source: IQVIA, MOFSL
Vol GR
7.1
3.9
Price GR
NP GR
Source: IQVIA, MOFSL
12 July 2024
13
 Motilal Oswal Financial Services
Alembic Pharmaceuticals
Exhibit 44: Top 10 drugs
MAT Jun’24
Drug
Therapy
Value
(INR m)
Total
Azithral
Althrocin
Wikoryl
Gestofit
Crina-Ncr
Brozeet-Ls
Richar Cr
Isofit
Anti-Infectives
Respiratory
Anti-Infectives
Gynae
Gynae
Respiratory
VMN
Anti-Infectives
Cardiac
32187
4541
1322
1227
1044
796
743
666
652
651
639
Growth
(%)
3.2
-4.6
3.4
-5.0
6.3
15.3
2.2
1.4
57.2
-3.9
14.5
Market
share (%)
100.0
31.3
87.6
8.8
11.6
27.1
7.3
4.3
5.3
93.7
5.6
Growth (%)
Last 3M
5.0
2.8
10.2
-1.3
6.2
18.6
-1.6
-1.6
38.7
-4.0
Jun'24
5.0
11.5
11.5
-3.3
6.1
18.3
-6.1
-5.2
40.7
1.2
Alembic’s secondary sales
grew 5% YoY Jun’24 vs. 3.2%
YoY in May’24.
Wikorly/Brozeet-Ls/Richar
Cr dragged down growth,
offset by strong show in
Isofit/Azithral/Althrocin/Cri
na-NCR.
Strong show in Anti-
infective/Gynae/Anti-
diabetic was offset by
underperformance in
Respiratory at the therapy
level in Jun’24.
Roxid
Tellzy-Am
Gynae
* Three-months: Apr-Jun’24
13.4
12.4
Source: IQVIA, MOFSL
Exhibit 45: Therapy mix (%)
Share
Total
Anti-Infectives
Cardiac
Gynaec.
Respiratory
Gastro Intestinal
Anti Diabetic
100.0
21.4
15.4
15.0
13.0
10.4
7.8
MAT growth (%)
3.2
-3.7
5.7
14.1
-2.9
7.8
6.6
3M*
5.0
2.7
7.2
12.3
-4.0
8.1
12.7
Jun'24
5.0
10.2
6.7
9.5
-4.2
3.7
12.7
Source: IQVIA, MOFSL
Price growth was supported
by new launches on MAT
Jun’24 basis, offset by a
decline in volume
Exhibit 46: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
SALESVALUE GR Jun 24
5.1
Exhibit 47: Growth distribution (%) (MAT Jun’24)
5.0
2.4
22.3
ACUTE
-4.8
3.0
9.9
CHRONIC
Source: IQVIA, MOFSL
Vol GR
Price GR
NP GR
Source: IQVIA, MOFSL
12 July 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
Tfct-Nib
Pacimol
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti-Neoplastics
Pain / Analgesics
Cardiac
Anti-Infectives
Cardiac
Gastro Intestinal
Pain / Analgesics
44281
5611
2856
1895
1335
1222
1075
908
764
718
681
MAT Jun'24
Growth
(%)
12.9
18.8
5.7
4.9
15.1
8.9
31.2
-1.4
6.6
23.0
9.8
Growth (%)
Market
share (%)
100.0
61.2
49.3
82.8
85.3
57.7
19.6
6.6
97.8
22.9
3.4
Last 3M
14.6
15.9
6.5
16.2
17.0
11.7
32.7
-4.2
11.0
25.9
9.5
Jun'24
12.0
17.1
12.6
6.6
11.6
9.1
18.7
5.7
-3.2
28.0
21.6
Ipca’s secondary sales grew
12% YoY in Jun’24 vs. 5.7%
in May’24. Strong show in
all the top brands was
offset by decline in CTD in
Jun’24.
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
PAIN/Gastro led the growth
in Jun’24.
Exhibit 49: Therapy mix (%)
Share
Total
Pain / Analgesics
Cardiac
Anti-Infectives
Derma
Antineoplast/Immunomodulator
Gastro Intestinal
100.0
39.2
12.8
7.5
5.6
5.4
5.0
MAT growth (%)
12.9
12.8
15.4
5.3
20.2
17.4
7.9
3M*
14.6
12.9
18.1
8.5
18.4
18.2
15.4
Jun'24
12.0
12.8
7.3
6.7
6.3
11.0
13.1
Source: IQVIA, MOFSL
Price and volume were key
growth drivers on MAT basis
Exhibit 50: Acute vs. Chronic (MAT growth)
MATVALUE Jun' 24
SALESVALUE GR Jun'24
17.3
10.8
Exhibit 51: Growth distribution (%) (MAT Jun’24)
29.5
ACUTE
14.8
CHRONIC
Source: IQVIA, MOFSL
4.3
Vol GR
7.2
Price GR
1.4
NP GR
Source: IQVIA, MOFSL
12 July 2024
15
 Motilal Oswal Financial Services
Eris Lifesciences
Exhibit 52: Top 10 drugs
MAT Jun'24
Growth (%)
Market
share (%)
100.0
11.0
10.3
3.0
5.4
10.1
8.8
50.0
7.1
69.2
4.1
Last 3M
11.5
1.5
13.5
-0.7
0.5
6.0
11.9
33.9
-2.3
13.4
3.9
Jun'24
7.9
-2.0
10.2
-4.1
-2.4
6.8
8.0
29.5
-12.5
17.6
9.2
Eris’s secondary sales grew
7.9% YoY in Jun’24 vs. a
growth of 10.6% YoY in
May’24. Cyblex Ln Beta
were outperforming brands
in Jun’24.
Drug
Total
Renerve Plus
Glimisave Mv
Glimisave-M
Zomelis-Met
Remylin D
Eritel Ln
Cyblex Mv
Eritel Ch
Ln Beta
Lnbloc
Therapy
Value
(INR m)
23508
1400
1325
1025
491
461
454
405
388
332
312
Growth
(%)
9.1
1.5
14.0
-0.7
2.2
8.0
12.6
19.7
2.2
20.6
7.1
Derma/VMN outperformed
for Jun’24.
Growth was driven by new
launches and price hikes on
MAT basis, which was offset
by a decline in volumes.
Neuro
Anti Diabetic
Anti Diabetic
Anti Diabetic
VMN
Cardiac
Cardiac
Anti Diabetic
Cardiac
Cardiac
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Exhibit 53: Therapy mix (%)
Share
Total
Anti Diabetic
Cardiac
Vitamins/Minerals/Nutrients
Derma
Gynaec.
Neuro / Cns
100.0
28.9
18.4
16.0
13.7
6.5
6.3
MAT growth (%)
9.1
11.8
7.9
16.6
-1.8
11.1
6.0
3M*
11.5
12.5
4.4
21.8
19.3
0.2
3.9
Jun'24
7.9
9.6
0.8
17.7
17.8
-6.4
-3.7
Source: IQVIA, MOFSL
Exhibit 54: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
SALESVALUE GR Jun 24
9.9
8.1
Exhibit 55: Growth distribution (%) (MAT Jun’24)
4.4
10.4
13.2
ACUTE
CHRONIC
Source: IQVIA, MOFSL
Vol GR
Price GR
-5.1
9.8
NP GR
Source: IQVIA, MOFSL
12 July 2024
16
 Motilal Oswal Financial Services
Abbott India
Exhibit 56: Top 10 drugs
MAT Jun'24
Growth (%)
Market
share (%)
100.0
35.0
54.5
51.2
23.2
32.1
15.6
49.8
92.8
51.6
65.8
Last 3M
Jun'24
Drug
Therapy
Value
(INR m)
Total
Mixtard
Anti Diabetic
Thyronorm
Hormones
Udiliv
Gastro Intestinal
Ryzodeg
Anti Diabetic
Duphaston
Gynae
Novomix
Anti Diabetic
Cremaffin Plus Gastro Intestinal
Rybelsus
Neuro / Cns
Duphalac
Anti Diabetic
Vertin
Gastro Intestinal
*Three-months: Apr-Jun’24
136995
8404
6237
5892
5565
3907
3743
3300
3124
3122
2941
Growth
(%)
8.3
-4.2
6.4
23.9
17.2
5.5
-13.7
34.6
85.1
5.3
2.5
Abbott’s secondary sales
increased 6.9% YoY in
Jun’24 vs. 9.2% in May’24.
Udiliv/Cremaffin/Rybelsus
outperformed in top 10
brands category for Jun’24,
offset by decline in
Mixtard/Novomix.
9.0
6.9
-5.8
-11.0
4.0
-1.0
22.9
17.3
17.8
14.6
-1.7
-6.9
-10.1
-12.4
36.3
31.3
36.7
25.3
4.9
-1.4
-4.0
-7.0
Source: IQVIA, MOFSL
Anti-
infective/Cardiac/Gastro
drive the growth in Jun’24.
Exhibit 57: Therapy mix (%)
Share
Total
Anti Diabetic
Gastro Intestinal
Vitamins/Minerals/Nutrients
Anti-Infectives
Neuro / Cns
Cardiac
100.0
23.6
14.8
8.9
8.7
6.9
6.8
MAT growth (%)
8.3
6.1
10.4
11.4
5.1
-0.3
16.1
3M*
9.0
3.9
11.6
11.4
14.1
-1.9
17.2
Jun'24
6.9
-0.8
10.2
5.9
28.1
-3.6
12.9
Source: IQVIA, MOFSL
Price/New launches led
growth on MAT Jun’24 basis
Exhibit 58: Acute vs. Chronic (MAT growth)
MATVALUE Jun' 24
8.7
SALESVALUE GR Jun'24
Exhibit 59: Growth distribution (%) (MAT Jun’24)
7.8
76.1
ACUTE
60.9
CHRONIC
Source: IQVIA, MOFSL
1.5
Vol GR
5.7
Price GR
1.1
NP GR
Source: IQVIA, MOFSL
12 July 2024
17
 Motilal Oswal Financial Services
Mankind Pharma
Exhibit 60: Top 10 drugs
Drug
Therapy
Value
(INR m)
Total
Manforce
Moxikind-Cv
Amlokind-At
Unwanted-Kit
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
98,302
5,043
3,888
2,529
2,507
2,249
2,178
2,036
1,970
1,940
1,617
MAT Jun'24
Growth
(%)
8.1
10.2
7.0
23.1
8.8
2.6
6.1
6.0
6.3
10.7
13.4
Market
share (%)
100.0
73.2
12.1
36.2
53.5
83.6
17.9
17.1
20.7
5.7
8.2
Growth (%)
Last 3M
10.5
10.9
9.2
22.5
6.6
1.8
15.6
6.3
3.1
7.6
15.9
Jun'24
8.4
3.7
9.5
19.9
-1.7
-1.1
13.7
9.2
1.6
-0.6
18.3
Mankind’s secondary sales
grew 8.4% YoY in Jun’24 vs.
11.1% YoY in May’24.
Amlokind/Dydroboon/Neur
okind gold led overall YoY
growth in Jun’24.
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
GI/Cardiac grew better than
respiratory for Jun’24
Exhibit 61: Therapy mix (%)
Share
MAT growth (%)
8.1
6.5
18.4
11.7
14.0
6.9
-6.4
3M*
10.5
6.5
20.6
19.6
14.6
10.3
-9.7
Jun'24
8.4
9.3
15.2
18.8
8.4
6.9
-2.6
Source: IQVIA, MOFSL
Total
Anti-Infectives
Cardiac
Gastro Intestinal
Anti Diabetic
Vitamins/Minerals/Nutrients
Respiratory
100.0
15.1
14.2
10.7
8.7
8.4
8.3
Price/New launches led
overall YoY growth for MAT
Jun’24
Exhibit 62: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
SALESVALUE GR Jun 24
12.8
Exhibit 63: Growth distribution (%) (MAT Jun’24)
5.6
63.0
ACUTE
6.1
35.3
CHRONIC
Source: IQVIA, MOFSL
-0.1
Vol GR
Price GR
NP GR
Source: IQVIA, MOFSL
2.1
12 July 2024
18
 Motilal Oswal Financial Services
Macleods Pharma
Exhibit 64: Top 10 drugs
MAT Jun'24
Drug
Therapy
Value
(INR m)
Total
Meromac
Thyrox
Omnacortil
Panderm ++
Defcort
Megalis
It-Mac
Geminor-M
Sensiclav
Tazomac
74,403
Hormones
2,354
Anti-Infectives
2,266
Derma
1,967
Anti-Infectives
1,872
Respiratory
1,467
Anti-Infectives
1,399
Sex Stimulants / Rejuvenators 1,345
Anti-Infectives
1,329
Anti Diabetic
1,322
Anti-Infectives
1160
Growth
(%)
9.6
37.4
4.2
16.6
-7.3
8.9
24.3
-5.9
11.5
4.8
14.0
Market
share (%)
100.0
15.5
19.8
60.8
50.9
54.5
60.0
14.2
3.9
3.0
13.0
Growth (%)
Last 3M
11.9
44.8
13.7
14.9
-9.5
8.4
23.0
-7.6
19.8
14.3
10.8
Jun'24
9.9
33.5
12.2
14.8
-20.3
3.9
22.0
-15.3
16.9
14.9
9.3
Macleods’s secondary sales
grew 9.9% YoY in Jun’24 vs.
15.9% YoY in May’24.
Meromac/Megalis/Geminor
grew 33%/22%/17% YoY in
Jun’24, offset by decline in
Pandem++/IT-Mac.
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Anti-infective drive overall
growth in Jun’24.
Exhibit 65: Therapy mix (%)
Share
Total
Anti-Infectives
Cardiac
Respiratory
Hormones
Pain / Analgesics
Anti Diabetic
100.0
29.6
12.4
9.2
8.7
8.2
6.0
MAT growth (%)
9.6
11.8
12.1
8.5
9.5
10.1
12.2
3M*
11.9
17.4
12.4
5.4
11.7
12.9
13.2
Jun'24
9.9
17.9
9.1
2.9
9.7
9.2
10.0
Source: IQVIA, MOFSL
Price/New launches led
growth for MAT Jun’24
basis
Exhibit 66: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
SALESVALUE GR Jun 24
11.9
8.3
Exhibit 67: Growth distribution (%) (MAT Jun’24)
47.0
ACUTE
27.4
CHRONIC
Source: IQVIA, MOFSL
0.2
Vol GR
7.4
Price GR
2.0
NP GR
Source: IQVIA, MOFSL
12 July 2024
19
 Motilal Oswal Financial Services
Ajanta Pharma
Exhibit 68: Top 10 drugs
Drug
Therapy
Value
(INR m)
16800
1604
819
791
749
476
423
399
365
280
279
MAT Jun'24
Growth
Market
(%)
share (%)
8.9
100.0
-6.0
23.1
6.5
24.6
5.5
18.8
6.6
19.8
18.6
6.3
22.3
28.6
3.5
13.2
8.2
11.7
13.1
28.1
6.6
38.6
Growth (%)
Last 3M
Jun'24
Ajanta’s secondary sales
grew 9.1% YoY in Jun’24 vs.
12.3% YoY in May’24. All
the top 10 brands grew in
double digits, except
Melacare.
Total
Met Xl
Cardiac
Melacare
Derma
Feburic
Pain / Analgesics
Atorfit-Cv
Cardiac
Cinod
Cardiac
Met Xl Trio
Cardiac
Met Xl Am
Cardiac
Rosufit-Cv
Cardiac
Cilamet-Xl
Cardiac
Olopat
Anti-Infectives
*Three-months: Apr-Jun’24
11.3
9.1
13.8
15.4
8.1
-7.8
6.4
18.6
12.8
9.3
26.0
30.2
31.1
30.3
11.7
14.5
11.7
12.7
12.9
11.3
3.8
3.5
Source: IQVIA, MOFSL
Cardiac/Derma/Pain did
better than Ophthal for
Jun’24.
Price/New product launches
led growth on MAT Jun’24
basis
Exhibit 69: Therapy mix (%)
Share
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Anti Diabetic
Respiratory
100.0
MAT growth (%)
8.9
3M*
11.3
Jun'24
9.1
35.1
28.2
21.0
7.8
2.5
1.7
5.4
8.8
16.7
8.5
3.5
10.6
14.8
4.5
18.5
6.5
4.7
10.4
15.0
1.9
9.5
11.5
0.0
4.5
Source: IQVIA, MOFSL
Exhibit 70: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
11.5
SALESVALUE GR Jun 24
Exhibit 71: Growth distribution (%) (MAT Jun’24)
5.3
10.0
ACUTE
6.8
CHRONIC
Source: IQVIA, MOFSL
0.4
Vol GR
4.8
Price GR
3.8
NP GR
Source: IQVIA, MOFSL
12 July 2024
20
 Motilal Oswal Financial Services
JB Chemicals and Pharmaceuticals
Exhibit 72: Top 10 drugs
Drug
Therapy
Value
(INR m)
Total
Cilacar
Rantac
Metrogyl
Cilacar-T
Nicardia
Sporlac
Azmarda
Vigamox
Cilacar-M
Lobun
Cardiac
Gastro Intestinal
Anti-Parasitic
Cardiac
Cardiac
Gastro Intestinal
Cardiac
Anti-Parasitic
Cardiac
Ophthalmic
25268
4097
3639
2121
1869
1802
1007
688
597
392
322
x
MAT Jun'24
Growth
(%)
9.9
19.6
2.0
8.5
27.3
15.6
7.6
-40.3
0.5
20.1
74.1
Market
share (%)
100.0
54.1
40.5
80.0
36.4
91.9
59.5
11.0
22.9
39.4
3.8
Growth (%)
Last 3M
12.0
23.6
-3.7
8.9
36.2
19.5
11.4
-27.2
-5.5
24.4
18.3
Jun'24
7.2
11.5
-6.8
1.3
23.2
10.5
16.9
-19.0
-9.7
14.5
20.6
Secondary sales grew 7.2%
YoY in Jun’24 vs. 13.1% YoY
in May’24. Cilacar/lobun
grew strongly in Jun’24,
offset by a decline in
Azmarda and Rantac.
Cardiac/Gynaec/derma
therapies were strong for
Jun’24 offset by double-
digit decline in Ophthal
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Share
MAT growth (%)
9.9
13.6
10.7
8.6
-9.0
19.8
9.5
3M*
12.0
20.4
8.6
9.0
-15.6
22.5
20.3
Jun'24
7.2
11.1
7.8
1.0
-20.0
17.0
24.3
Source: IQVIA, MOFSL
Exhibit 73: Therapy mix (%)
Error! Not a valid li nk.
Price and volume were key
drivers for growth on MAT
basis
Total
Cardiac
Gastro Intestinal
Anti-Parasitic
Ophthal / Otologicals
Gynaec.
Derma
100.0
42.4
26.5
8.1
7.6
4.3
2.5
Exhibit 74: Acute vs. Chronic (MAT growth)
MATVALUE Jun 24
SALESVALUE GR Jun 24
13.9
Exhibit 75: Growth distribution (%) (MAT Jun’24)
6.7
13.9
ACUTE
11.4
CHRONIC
Source: IQVIA, MOFSL
2.5
Vol GR
4.6
Price GR
2.7
NP GR
Source: IQVIA, MOFSL
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
12 July 2024
21
 Motilal Oswal Financial Services
NOTES
12 July 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 be 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 Limited are available on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
MOFSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have 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.
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. Compensation of Research Analysts is not based on any specific merchant banking, investment banking or brokerage
service
transactions.
Details
of
pending
Enquiry
Proceedings
of
Motilal
Oswal
Financial
Services
Limited
are
available
on
the
website
at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
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 Securities (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.
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”) (UEN 201129401Z), which is a holder of a capital markets services license and an exempt
financial adviser in Singapore.This report is distributed solely to persons who (a) qualify as “institutional investors” as defined in section 4A(1)(c) of the Securities and Futures Act of Singapore (“SFA”) or (b)
are considered "accredited investors" as defined in section 2(1) of the Financial Advisers Regulations of Singapore read with section 4A(1)(a) of the SFA. Accordingly, if a recipient is neither an “institutional
investor” nor an “accredited investor”, they must immediately discontinue any use of this Report and inform MOCMSPL .
In respect of any matter arising from or in connection with the research you could contact the following representatives of MOCMSPL. In case of grievances for any of the services rendered by MOCMSPL
write to grievances@motilaloswal.com.
Nainesh Rajani
Email: nainesh.rajani@motilaloswal.com
Contact: (+65) 8328 0276
.
Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
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
********************************************************************************************************************************
The associates of MOFSL may have:
financial interest in the subject company
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.
received compensation/other benefits from the subject company in the past 12 months
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.
acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
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)
received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
12 July 2024
23
 Motilal Oswal Financial Services
-
Served subject company as its clients during twelve months preceding the date of distribution of the research report.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with 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.
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.
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.
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:
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.
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
12 July 2024
24