Healthcare
Monthly
Performance of top companies in Jul’24
MAT
Jul’24
Company
growth
(%)
(%)
IPM
8.0
11.2
Abbott*
8.8
12.9
Ajanta
9.3
16.2
Alembic
3.7
6.5
Alkem*
6.5
8.0
Cipla
7.1
7.4
Dr Reddys
9.1
12.2
Emcure*
6.8
6.1
Eris
9.1
10.0
Glaxo
0.9
4.5
Glenmark
11.3
14.6
Intas
12.3
18.4
Ipca
14.7
23.8
Jb Chemical*
9.9
11.8
Lupin
7.3
13.5
Macleods
9.3
6.2
Mankind
8.9
13.8
PGHL
0.0
10.5
Sun*
9.3
13.8
Torrent
8.6
14.9
Zydus*
6.8
13.5
23 August 2024
Pick-up in acute therapies supporting IPM growth
Chronic therapies on a robust growth path
The India pharma market (IPM) grew 11.2% YoY in Jul’24 (vs. 6.9% in Jun’24 and
6.8% in Jul’23). The growth in Jul’24 was driven by strong seasonality.
The acute
therapies registered 11% YoY growth in Jul’24 vs. 5% growth in Jul’23.
Expect Respiratory/Gynaec, all other therapies registered double-digit growth
during Jul’24. Interestingly, Ophthal recorded a decline of 7.7% YoY in Jul’24.
For the 12-month ending in Jul’24, IPM grew 8% YoY. This growth was led by
price/new launches, which contributed +4.3% YoY/2.7% YoY to the overall
growth over the same period.
Of the top 10 brands, LIV-52 /ZERODOL-SP/PAN-D registered a high double-digit
growth of 28%/26%/24% YoY to INR610m/INR540m/INR550m in Jul’24.
Of the top 40 brands, Mixtard/Dexorange posted a decline of 5%/2% YoY in Jul’24.
IPCA, Intas, and Ajanta outperform in Jul’24
In Jul’24, among the top-20 pharma companies, IPCA (up 23.8% YoY), Intas (up
18.4% YoY), and Ajanta (up 16.2% YoY) recorded notably higher growth rates
than IPM.
IPCA outperformed IPM, led by strong performance across almost all the
therapies in Jul’24.
Intas outperformed IPM, led by strong performance across anti-diabetic and
anti-neoplast therapies, which registered a 13.9%/2.4x YoY surge in Jul’24.
Ajanta outperformed IPM, led by double-digit growth in cardiac, derma, pain,
and anti-diabetic therapies.
Sanofi reported industry-leading volume growth of 6.4% YoY on the MAT basis.
IPCA clocked the highest price hike of 7.3% YoY on a MAT basis. Eris posted the
highest growth in new launches (up 6.6% YoY).
Cardiac, Gastro, and Neuro lead YoY growth on a MAT basis
On a MAT basis, the industry reported 8% growth YoY.
Gastro/Anti-infective/Cardiac/Neuro grew 14.7%/13.7%/13.6%/12.3% YoY.
Ophthal/Gynae/Respiratory sales underperformed IPM by 1,890bp/700bp/
390bp, hurting overall growth.
After eight consecutive quarters, acute therapies posted double-digit growth
for the month.
The acute segment’s share in overall IPM stood at 62% for MAT
Jul’24, with 6.7% YoY growth. The chronic segment (38% of IPM) grew 10% YoY.
Indian and MNC pharma players report double-digit growth for the month
As of Jul’24, Indian pharma companies held a majority share of 84% in IPM,
while the remaining was held by MNC pharma companies.
Both Indian and MNC players registered double-digit YoY growth for the month.
Within MNC, Abbott registered the highest growth of 12.9% YoY, while GLAXO
recorded the lowest growth of 4.9% in Jul’24.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
23 August 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)
Research Analyst - Akash Manish Dobhada
(Akash.Dobhada@MotilalOswal.com |
Viraj Shah
(Viraj.Shah@MotilalOswal.com)
 Motilal Oswal Financial Services
Exhibit 1: IPM exhibited 11% YoY growth in Jul’24
17
IPM
10
7
11
9
6
6
4
5
8
8
1
9
Source: MOFSL, IQVIA
Exhibit 2: Acute/chronic therapies registered a YoY growth of 11%/12% in Jul’24
18
10
9
5
Acute
11
6
Chronic
12
5
-1
6
13
6
9
6
11
7
12
11
9
9
4
15
7
2
8
3
Source: MOFSL, IQVIA
Exhibit 3: Both Indian as well as MNCs witnessed double-digit YoY growth in Jul’24
17.0
9.0
6.0
8.0
5.0
3.0
India
MNC
10
6.7
8.5
6.5
11.4
10.2
7.0
14.0
4.0
3.0
8.1
5.0
7.6
4.0
7.5
8.4
1.7
8.9
8.3
-0.4
Source: MOFSL, IQVIA
23 August 2024
2
 Motilal Oswal Financial Services
Indian Pharma Market – Jul’24
Exhibit 4: Performance of the top companies in Jul’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
Jul'24
value
2,229
173
138
122
99
89
76
80
76
75
69
64
52
47
45
32
24
26
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
2.3
2.1
2.0
1.5
1.1
1.1
0.8
Growth
(%)
8.0
9.3
8.8
7.1
8.9
6.5
7.3
12.3
8.6
9.3
9.1
6.8
0.9
11.3
14.7
3.7
9.1
9.9
9.3
YoY growth (%) in the last eight quarters
Oct'22 Jan'23
6.7
10.1
7.2
9.4
8.0
11.5
4.7
13.7
10.3
9.4
7.5
7.5
6.3
8.5
8.1
5.3
6.6
33.1
10.9
10.7
11.1
10.7
12.9
17.6
16.1
8.7
17.7
14.7
15.7
9.2
9.6
6.3
10.5
11.3
9.4
8.0
38.3
18.8
Apr'23
18.4
14.3
16.3
26.3
28.4
25.0
11.2
15.2
12.8
26.7
20.7
15.3
18.4
22.3
18.1
26.8
10.5
29.9
17.0
Jul'23
7.4
8.2
7.6
8.4
7.0
4.4
6.4
13.1
8.6
9.1
12.7
7.3
1.9
6.5
11.3
4.4
8.1
11.1
12.8
Oct'23
10.4
10.9
11.2
6.4
9.5
11.1
7.9
14.5
10.5
14.0
10.8
7.2
2.1
9.5
14.9
7.3
7.9
9.6
10.2
Jan'24
5.6
7.1
7.1
8.9
6.4
5.0
4.4
10.7
6.6
5.5
5.7
3.9
-2.4
8.2
10.7
2.5
7.4
9.1
5.5
Apr'24
6.3
9.2
7.1
6.1
8.7
1.7
6.9
11.7
7.8
7.1
10.7
4.7
0.4
13.2
15.9
-0.7
11.7
10.0
8.9
Jul'24
9.5
10.0
9.9
7.1
11.2
7.6
10.0
12.2
9.5
10.5
9.4
11.4
3.7
14.6
17.0
6.1
9.5
10.8
12.6
One
month
Jul'24
11.2
13.8
12.9
7.4
13.8
8.0
13.5
18.4
14.9
6.2
12.2
13.5
4.5
14.6
23.8
6.5
10.0
11.8
16.2
Source: IQVIA, MOFSL
Exhibit 5: Performance of the top therapies in Jul’24 - (INR b)
es
Company
IPM
Cardiac
Anti-Infectives
Gastro Intestinal
Anti-Diabetic
Respiratory
Pain / Analgesics
Vitamins/Minerals/Nutrients
Derma
Neuro / CNS
Gynaec.
Antineoplast/Immunomodulator
Ophthal / Otologicals
Urology
Hormones
MAT
Jul'24
value
2,229
281
249
238
197
180
177
174
154
134
111
57
43
48
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
1.9
2.2
1.5
Growth
(%)
8.0
10.7
5.3
9.5
6.8
2.1
7.9
8.3
6.9
8.6
5.9
21.5
4.1
13.5
6.0
YoY growth (%) in the last eight quarters
Oct'22 Jan'23 Apr'23
17.9
8.3
52.6
9.6
5.7
37.0
24.5
15.1
16.9
9.1
7.2
17.8
8.5
12.5
19.8
6.4
8.7
14.0
-8.5
1.4
52.7
2.3
-4.1
7.1
5.2
-4.6
3.5
4.5
6.5
15.4
7.9
7.9
15.6
3.9
2.7
29.8
6.6
1.6
0.3
5.2
2.0
18.5
5.9
8.8
12.1
Jul'23
7.4
11.3
0.1
5.5
6.9
-1.1
8.1
6.7
9.0
9.3
7.6
21.9
17.2
15.8
10.5
Oct'23
10.4
10.4
9.7
12.2
6.3
7.4
10.7
11.2
5.5
10.0
9.4
24.6
12.7
15.2
9.7
Jan'24
5.6
8.6
2.0
6.5
5.4
0.8
5.5
5.1
3.3
6.8
4.4
23.8
0.1
11.6
2.9
Apr'24
6.3
12.4
-1.8
6.5
7.6
-3.6
5.7
7.3
9.8
8.9
5.2
21.2
4.7
14.3
4.9
Jul'24
9.5
11.6
11.8
12.5
7.7
4.8
9.3
9.3
9.2
8.7
4.7
17.4
-0.2
13.2
6.7
Source: IQVIA, MOFSL
23 August 2024
3
 Motilal Oswal Financial Services
Exhibit 6: All the therapies, except Respiratory/Gynae/Urology, registered double-digit growth in Jul’24
Therapies
IPM
Cardiac
Anti-Infective
Gastro
Anti-Diabetic
Pain
VMN
Respiratory
Derma
Neuro
Gynae
Ophthal
Urology
Jul'24
Value
(INR b)
199
25
21
23
18
16
16
13
14
12
10
4
4
Jul'23
6
11
-5
7
6
6
7
-7
8
9
10
16
30
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
29
9
8
12
11
4
10
7
9
3
8
5
1
11
17
13
23
18
10
17
19
16
8
15
14
18
8
4
5
3
5
2
3
2
3
-2
6
0
8
-4
5
8
1
6
5
5
5
-2
5
6
5
11
-1
Jul'24
8
8
1
9
10
7
11
12
13
8
15
12
8
14
2
-1
-7
1
9
9
14
9
7
1
11
12
10
15
9
9
2
10
8
4
11
9
8
1
6
9
6
11
8
9
2
9
10
5
12
1
-2
-8
-1
5
2
7
7
10
6
12
10
6
11
8
10
5.8
11
7
7
12
7
8
-0.3
7
7
2
4
16
17
9
16
12
9
15
5
6
1
7
6
2
-8
Note: VMN: Vitamin/Minerals/Nutrients; Source: IQVIA, MOFSL
Exhibit 7: Acute as a percentage of total sales and growth rate on a MAT basis in Jul’24
Acute as % of total sales
12.3
8.0
9.3
8.8
7.1
8.9
6.5
7.3
8.6
9.3
9.1
6.8
6.8
MATVALUE GR July 24
11.3
14.7
9.1
9.9
9.3
3.7
0.9
61.4
47.8 55.7 38.5 64.0 82.5 37.5 35.0 46.1 63.2 72.1 58.6 94.5 65.2 54.8 66.7 69.3 44.1 54.9 59.2
Source: MOFSL, IQVIA
23 August 2024
4
 Motilal Oswal Financial Services
Sun Pharma
Exhibit 8: Top 10 drugs
Secondary sales grew 13.8%
YoY in Jul’24 vs. 8.3% in
Jun’24. Rosuvas, Sompraz-D,
Moxclav/Pantocid are
outperforming brands in the
Top 10 category for Jul’24.
Drug
Total
Rosuvas
Levipil
Volini
Gemer
Pantocid
Susten
Pantocid-D
Sompraz-D
Montek-Lc
Moxclav
Therapy
Value
(INR m)
1,73,328
4,659
4,136
3,379
3,317
2,977
2,973
2,744
2,443
2,433
2,356
MAT Jul'24
Growth
(%)
9.3
22.6
10.6
-1.6
1.3
10.0
5.8
9.5
20.2
2.3
3.9
Growth (%)
Market
Last 3M
share (%)
100.0
10.0
31.4
25.2
37.4
6.3
33.1
-7.4
9.8
-3.0
20.7
12.4
32.9
4.6
16.5
11.2
28.2
19.9
18.9
3.3
5.1
13.5
Jul'24
13.8
29.0
3.4
-5.1
0.7
13.7
8.0
15.2
24.4
13.0
12.7
Cardiac
Nuro/CNS
Pain / Analgesics
Anti-Diabetic
Gynae
Gastro Intestinal
Gastro Intestinal
Respiratory
Gastro Intestinal
Anti-Infectives
*Three-months: May-Jul’24
Source: IQVIA, MOFSL
All the therapies registered
double-digit growth during
Jul’24
Exhibit 9: Therapy mix (%)
Total
Neuro / Cns
Cardiac
Gastro Intestinal
Anti-Infectives
Pain / Analgesics
Anti-Diabetic
Growth spread across
volumes and price hikes on
a MAT Jul’24 basis.
Share
100.0
17.4
17.0
13.2
8.6
7.8
7.5
MAT growth (%)
9.3
10.1
8.8
11.2
4.3
13.0
15.1
3M*
10.0
9.6
9.1
12.9
8.5
12.7
13.4
Jul'24
13.8
12.5
12.3
17.5
12.6
15.6
17.1
Source: IQVIA, MOFSL
Exhibit 10: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
11.0
7.4
Exhibit 11: Growth distribution (%) (MAT Jul’24)
82.8
ACUTE
90.5
CHRONIC
Source: IQVIA, MOFSL
3.2
Vol GR
4.3
Price GR
1.9
NP GR
Source: IQVIA, MOFSL
23 August 2024
5
 Motilal Oswal Financial Services
Cipla
Exhibit 12: Top 10 drugs
Secondary sales grew 7.4%
YoY in Jul’24 vs. 3.7% YoY in
Jun’24. Strong show in
Dytor/Montair-Lc was
offset by the decline in
Asthalin/Azee in Jul’24.
Drug
Therapy
Value
(INR m)
Total
Foracort
Respiratory
Duolin
Respiratory
Budecort
Respiratory
Seroflo
Respiratory
Montair-Lc
Respiratory
Asthalin
Anti-Infectives
Dytor
Cardiac
Ibugesic Plus
Anti-Infectives
Azee
Pain / Analgesics
Aerocort
Respiratory
*Three-months: May-Jul’24
1,21,612
8,841
5,209
4,807
3,085
2,926
2,904
2,899
2,391
2,305
2,231
MAT Jul'24
Growth
(%)
7.1
14.7
11.1
12.6
7.0
2.7
3.2
19.3
12.3
-5.0
5.0
Growth (%)
Market
share (%)
100.0
60.8
85.0
82.7
73.2
18.5
99.3
84.1
66.2
17.5
95.1
Last 3M
Jul'24
7.1
7.4
5.1
4.1
14.5
11.1
9.3
3.0
9.5
10.7
13.8
17.6
2.6
-1.9
21.4
20.9
11.7
5.3
-1.2
-3.4
7.1
1.9
Source: IQVIA, MOFSL
Exhibit 13: Therapy mix (%)
Except Respiratory/Neuro
all other therapies posted
double-digit growth in
Jul’24
Total
Respiratory
Anti-Infectives
Cardiac
Anti-Diabetic
Gastro Intestinal
Neuro / Cns
Price/volume/new
launches led overall growth
on a MAT Jul’24 basis.
Exhibit 14: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
Share
100.0
36.9
13.8
11.4
5.5
5.4
4.8
MAT growth (%)
7.1
9.3
3.8
11.2
3.3
3.6
3.5
3M*
7.1
7.6
7.7
10.9
6.7
15.2
-0.6
Jul'24
7.4
6.1
10.6
12.6
11.7
14.4
0.9
Source: IQVIA, MOFSL
Exhibit 15: Growth distribution (%) (MAT Jul’24)
CIPLA
9.0
SALESVALUE GR Jul' 24
4.3
46.8
ACUTE
74.8
CHRONIC
Source: IQVIA, MOFSL
1.5
Vol GR
4.1
Price GR
1.5
NP GR
Source: IQVIA, MOFSL
23 August 2024
6
 Motilal Oswal Financial Services
Zydus Lifesciences
Exhibit 16: Top 10 drugs
Drug
Therapy
Value
(INR m)
63,609
2,136
1,644
1,643
1,627
1,411
1,181
1,141
1,127
1082
1057
MAT Jul'24
Growth (%)
Growth
Market
Last 3M
Jul'24
(%)
share (%)
6.8
100.0
11.4
13.5
-0.2
99.6
0.0
2.1
40.8
64.0
76.5
85.5
-8.3
18.7
0.6
6.0
10.8
93.2
1.9
4.9
7.7
17.2
7.5
0.7
0.1
8.1
0.3
5.6
29.3
6.8
60.2
76.9
-6.4
33.9
-1.6
5.6
40.1
24.9
38.3
30.2
-2.2
67.7
2.8
5.1
Source: IQVIA, MOFSL
Zydus’ secondary sales grew
13.5% YoY in Jul’24 vs. 8.7%
in Jun’24. Lipaglyn, Vivitra,
and Monotax are strong
outperformers in the top 10
brands for Jul’24.
Total
Deriphyllin
Respiratory
Lipaglyn
Cardiac
Atorva
Cardiac
Thrombophob Anti-Diabetic
Amicin
Cardiac
Formonide
Respiratory
Monotax
Derma
Skinlite
Antineoplast
Vivitra
Anti-Infectives
Dexona
Others
*Three-months: May-Jul’24
Exhibit 17: Therapy mix (%)
Cardiac/anti-infectives
witnessed strong 25%+ YoY
growth in Jul’24.
Total
Respiratory
Cardiac
Anti-Infectives
Gastro Intestinal
Pain / Analgesics
Antineoplast/Immunomodulator
Share
100
13.9
13.5
13.2
10.0
7.8
7.3
MAT growth (%)
6.8
2.7
6.8
12.5
1.8
6.7
28.4
3M*
11.4
4.0
19.6
26.1
10.4
2.9
26.4
Jul'24
13.5
6.2
24.7
27.1
17.6
2.4
22.7
Source: IQVIA, MOFSL
Overall growth was driven
by price/new launches on a
MAT basis in Jul’24
Exhibit 18: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
8.4
5.6
Exhibit 19: Growth distribution (%) (MAT Jul’24)
ZYDUS
37.3
ACUTE
26.3
CHRONIC
Source: IQVIA, MOFSL
0.5
Vol GR
4.4
Price GR
1.9
NP GR
Source: IQVIA, MOFSL
23 August 2024
7
 Motilal Oswal Financial Services
Alkem
Exhibit 20: Top 10 drugs
Secondary sales grew 8%
YoY in Jul’24 vs. 5.9% in
Jun’24. Robust growth was
visible in Taximo /Pan-
D/Pipzo/Uprise D-3 in
Jul’24.
Drug
Therapy
Value
(INR m)
88,896
6,379
6,069
5,633
3,268
2,993
2,696
2,123
1,929
1,807
1,783
MAT Jul'24
Growth
Market
(%)
share (%)
6.5
100
12.3
44.0
-0.9
13.9
17.8
33.9
5.4
18.3
12.4
11.8
5.3
16.1
26.8
23.4
31.7
17.8
-0.4
18.6
-2.2
80.3
Growth (%)
Last 3M
Jul'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: May-Jul’24
7.6
8.0
13.4
9.1
5.5
3.5
25.5
23.6
18.1
18.6
18.6
18.6
7.5
-0.2
30.1
30.5
26.8
43.0
-2.6
-4.6
9.9
18.0
Source: IQVIA, MOFSL
Strong performance in
Gastro/VMN/Anti-diabetic
led the growth in Jul’24.
Exhibit 21: Therapy mix (%)
Share
Total
Anti-Infectives
Gastro Intestinal
Vitamins/Minerals/Nutrients
Pain / Analgesics
Anti-Diabetic
Gynaec.
100.0
35.5
19.5
10.9
10.6
4.6
3.9
MAT growth (%)
6.5
1.8
11.5
12.4
3.6
15.4
4.8
3M*
7.6
3.7
14.1
13.4
2.5
7.7
6.9
Jul'24
8.0
4.4
12.0
16.7
1.6
13.5
3.4
Source: IQVIA, MOFSL
Price/new launches
contributed to overall YoY
growth on a MAT basis.
Exhibit 22: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
9.9
5.8
Exhibit 23: Growth distribution (%) (MAT Jul’24)
ALKEM
73.3
ACUTE
15.6
CHRONIC
Source: IQVIA, MOFSL
-0.1
Vol GR
3.1
Price GR
3.4
NP GR
Source: IQVIA, MOFSL
23 August 2024
8
 Motilal Oswal Financial Services
Lupin
Exhibit 24: Top 10 drugs
Drug
Therapy
Value
(INR m)
76,189
3,432
2,533
2,016
1,510
1,201
1,075
1,072
929
924
890
MAT Jul'24
Growth
(%)
7.3
10.6
9.2
-2.4
11.1
6.4
-4.1
-0.4
2.8
-9.1
8.3
Market
Last 3M
share (%)
100.0
10.0
10.1
14.6
17.4
-6.8
8.3
9.6
57.0
13.4
9.6
6.1
37.5
1.0
12.2
6.5
20.4
3.5
6.6
-3.5
9.6
7.0
Growth (%)
Jul'24
13.5
17.0
-5.0
34.0
23.4
10.6
7.0
1.4
3.6
4.2
6.5
Lupin’s secondary sales
grew 13.5% YoY in Jul’24 vs.
6.3% YoY in Jun’24. Strong
show in Gluconorm-G,
Huminsulin, and Ivabrad
was offset by a decline in
Budamet in Jul’24
Total
Gluconorm-G
Budamate
Huminsulin
Ivabrad
Rablet-D
Ajaduo
Tonact
Beplex Forte
Telekast-L
Signoflam
Anti-Diabetic
Respiratory
Anti-Diabetic
Cardiac
Anti-Diabetic
Cardiac
Cardiac
Anti-Infectives
Anti-Diabetic
Pain / Analgesics
*Three-months: Apr-Jun’24
Source: IQVIA, MOFSL
Exhibit 25: Therapy mix (%)
Except Gynaec all other
therapies drove the growth
in Jul’24.
Share
Total
Cardiac
Anti-Diabetic
Respiratory
Gastro Intestinal
Anti-Infectives
Gynaec.
100.0
22.7
20.2
14.6
8.9
6.8
5.3
MAT growth (%)
7.3
12.2
4.4
7.1
10.3
4.5
2.7
3M*
10.0
15.7
9.2
7.1
14.0
5.2
0.7
Jul'24
13.5
18.1
15.8
10.6
16.8
15.7
2.0
Source: IQVIA, MOFSL
Price/new launches
remained key drivers of
growth on MAT Jul’24 basis
Exhibit 26: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
7.6
Exhibit 27: Growth distribution (%) (MAT Jul’24)
LUPIN
6.9
28.6
ACUTE
47.6
CHRONIC
Source: IQVIA, MOFSL
0.3
Vol GR
3.8
Price GR
3.1
NP GR
Source: IQVIA, MOFSL
23 August 2024
9
 Motilal Oswal Financial Services
GlaxoSmithKline Pharmaceuticals
Exhibit 28: Top 10 drugs
GSK’s secondary sales grew
4.5% YoY in Jul’24 vs. +2.8%
YoY in Jun’24. Strong show in
T-Bact/Betnovet-C, Ceftum
was offset by the decline in
Betnesol/infanrix Hexa in
Jul’24.
Drug
Therapy
Value
(INR m)
52,247
8,253
4,613
3,685
2,736
2,587
2,579
2,296
1,962
1,932
1,635
MAT Jul'24
Growth
(%)
0.9
1.7
-4.6
-5.1
-1.5
-1.6
10.6
-22.5
6.4
15.3
-5.9
Market
Last 3M
Jul'24
share (%)
100.0
3.7
4.5
22.8
9.2
3.9
30.3
1.8
2.6
77.9
3.6
20.0
99.8
4.4
4.8
22.5
1.1
1.3
99.8
10.1
24.4
27.4
2.9
34.7
49.6
-9.8
-14.3
92.7
6.8
1.4
86.5
-14.4
-25.8
Source: IQVIA, MOFSL
Growth (%)
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: May-Jul’24
Hormones/Pain dragged
overall growth for Jul’24.
Exhibit 29: Therapy mix (%)
Share
Total
Derma
Anti-Infectives
Vaccines
Pain / Analgesics
Hormones
Vitamins/Minerals/Nutrients
100.0
28.6
23.7
12.6
11.6
8.1
6.2
MAT growth (%)
0.9
2.3
-4.9
20.0
-4.7
-3.2
8.0
3M*
3.7
3.8
5.6
10.0
1.0
-4.0
9.4
Jul'24
4.5
9.7
6.4
4.9
2.1
-8.5
10.5
Source: IQVIA, MOFSL
GSK managed growth
through new launches/
volumes on a MAT Jul’24
basis
Exhibit 30: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
1.0
Exhibit 31: Growth distribution (%) (MAT Jul’24)
GSK
0.9
49.4
ACUTE
2.9
CHRONIC
Source: IQVIA, MOFSL
0.1
Vol GR
0.2
Price GR
0.6
NP GR
Source: IQVIA, MOFSL
23 August 2024
10
 Motilal Oswal Financial Services
Glenmark Pharma
Exhibit 32: Top 10 drugs
Glenmark’s secondary sales
grew 14.6% YoY in Jul’24 vs.
+10.3% YoY in Jun’24.
Almost all drugs registered
double- digit growth in
Jul’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
46,538
4,905
3,753
3,437
2,494
1,996
1,592
1,402
1,275
1,170
1074
MAT Jul'24
Growth
(%)
11.3
18.2
25.9
27.4
3.7
21.2
11.7
2.6
-9.0
3.1
19.8
Growth (%)
Market
share (%)
100.0
39.3
40.5
29.9
24.5
61.5
82.9
5.6
5.3
4.8
10.1
Last 3M
14.6
15.3
19.3
28.6
2.0
47.3
10.7
0.2
-12.4
-3.6
27.3
Jul'24
14.6
11.2
13.7
27.9
10.1
38.4
11.0
7.2
1.0
12.3
19.1
*Three-months: May-Jul’24
Source: IQVIA, MOFSL
Anti-infectives/
Cardiac/Derma exhibited
robust YoY growth in Jul’24.
Overall performance was
spread across price
hikes/volumes and new
launches on a MAT basis.
Exhibit 33: Therapy mix (%)
Share
Total
Cardiac
Derma
Respiratory
Anti-Infectives
Anti-Diabetic
Stomatologicals
100.0
33.1
24.7
21.9
9.2
5.5
1.4
MAT growth (%)
11.3
23.7
10.4
4.4
14.4
-12.9
0.2
3M*
14.6
20.1
17.5
5.2
19.3
-3.8
1.8
Jul'24
14.6
17.0
17.1
11.7
21.4
-3.6
-0.5
Source: IQVIA, MOFSL
Exhibit 34: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
16.1
25.5
7.6
Exhibit 35: Growth distribution (%) (MAT Jul’24)
GLENMARK PHARMA
21.0
4.5
4.4
Price GR
2.4
NP GR
Source: IQVIA, MOFSL
ACUTE
CHRONIC
Source: IQVIA, MOFSL
Vol GR
23 August 2024
11
 Motilal Oswal Financial Services
Dr. Reddy's Laboratories
Exhibit 36: Top 10 drugs
Drug
Therapy
Value
(INR m)
68,801
2,461
2,201
2,162
2,019
1,936
1,531
1,446
1,356
1,331
1,286
MAT Jul'24
Growth
(%)
9.1
1.6
6.9
9.7
7.2
26.7
19.8
26.6
-5.9
-2.4
-1.6
Growth (%)
Market
Last 3M
share (%)
100.0
87.0
77.0
73.4
92.5
88.9
38.7
7.9
10.8
18.7
5.3
9.4
-14.4
1.4
20.3
23.6
48.1
-2.0
30.1
-8.0
18.0
8.4
Jul'24
12.2
-17.0
0.3
33.6
48.8
67.2
2.3
26.5
6.7
73.7
34.1
Secondary sales grew 12.2%
YoY in Jul’24 vs. +6.0% YoY
in Jun’24. Strong growth in
Zedex/Bro-zedex/Ketorol
drove the growth in Jul’24.
Total
Voveran
Omez
Atarax
Econorm
Ketorol
Hexaxim
Venusia
Razo-D
Zedex
Bro-Zedex
Pain / Analgesics
Pain / Analgesics
Cardiac
Gastro Intestinal
Pain / Analgesics
Gastro Intestinal
Derma
Respiratory
Respiratory
Pain / Analgesics
*Three-months: May-Jul’24
Source: IQVIA, MOFSL
Exhibit 37: Therapy mix (%)
Respiratory therapy saw a
strong 16.5% YoY growth vs.
a moderate 7% YoY growth
at the IPM level.
Share
Total
Gastro Intestinal
Respiratory
Pain / Analgesics
Cardiac
Derma
Vaccines
100
16.2
13.8
10.7
9.6
7.5
7.3
MAT growth (%)
9.1
7.9
7.5
11.7
-9.9
17.0
25.6
3M*
9.4
7.9
8.3
10.4
3.5
19.9
5.1
Jul'24
12.2
14.0
16.5
10.2
10.6
22.8
0.9
Source: IQVIA, MOFSL
Growth spread across
volume/price/new launches
on a MAT basis.
Exhibit 38: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
12.7
SALESVALUE GR Jul' 24
Exhibit 39: Growth distribution (%) (MAT Jul’24)
DR. REDDY'S LABS
49.6
ACUTE
0.9
19.2
3.2
Vol GR
3.3
Price GR
2.7
NP GR
Source: IQVIA, MOFSL
CHRONIC
Source: IQVIA, MOFSL
23 August 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
76,004
4,566
3,166
2,272
2,175
2,035
1,670
1,400
1,326
1,241
1,186
MAT Jul'24
Growth
(%)
8.6
6.7
13.4
19.6
12.8
13.6
15.2
4.3
5.4
4.3
0.0
Growth (%)
Market
share (%)
100.0
34.3
89.3
17.4
25.1
52.7
42.2
54.0
59.8
9.9
56.0
Last 3M
9.5
9.1
11.5
8.6
18.5
10.5
22.5
0.0
10.3
6.4
1.4
Jul'24
14.9
22.5
21.4
14.9
32.3
16.1
36.7
7.7
19.5
11.3
9.2
Secondary sales grew 14.9%
YoY in Jul’24 vs. +4.2% in
Jun’24. All the brands
registered strong double-
digit growth in Jul’24.
All the therapies registered
double-digit growth in
Jul’24.
*Three-months: May-Jul’24
Source: IQVIA, MOFSL
Exhibit 41: Therapy mix (%)
Share
MAT growth (%)
8.6
8.7
9.7
8.7
9.2
12.9
7.7
3M*
9.5
10.9
14.5
7.7
7.6
13.9
6.8
Jul'24
14.9
16.6
20.3
10.1
17.7
19.5
12.8
Source: IQVIA, MOFSL
Total
Cardiac
Gastro Intestinal
Neuro / Cns
Vitamins/Minerals/Nutrients
Anti-Diabetic
Pain / Analgesics
100.0
26.7
17.6
14.6
10.1
8.8
8.3
Price/new launches growth
was offset by a decline in
volumes on MAT Jul’24
basis.
Exhibit 42: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
8.8
SALESVALUE GR Jul' 24
Exhibit 43: Growth distribution (%) (MAT Jul’24)
TORRENT
8.4
-1.8
35.0
ACUTE
41.0
CHRONIC
Source: IQVIA, MOFSL
Vol GR
7.3
3.2
Price GR
NP GR
Source: IQVIA, MOFSL
23 August 2024
13
 Motilal Oswal Financial Services
Alembic Pharmaceuticals
Exhibit 44: Top 10 drugs
MAT Jul’24
Drug
Therapy
Value
(INR m)
Total
Azithral
Althrocin
Wikoryl
Gestofit
Crina-Ncr
Brozeet-Ls
Isofit
Richar Cr
Roxid
Anti-Infectives
Respiratory
Anti-Infectives
Gynae
Gynae
Respiratory
Gynae
VMN
Anti-Infectives
32352
4575
1326
1230
1048
807
742
666
664
654
642
Growth
(%)
3.7
-2.1
4.0
-3.3
5.1
15.5
3.0
50.0
1.2
-2.4
13.2
Market
share (%)
100.0
31.3
87.5
8.7
11.6
27.3
7.3
5.4
4.2
93.7
5.6
Growth (%)
Last 3M
6.1
12.4
8.6
2.6
5.3
18.0
-2.5
33.8
-3.1
4.9
Jul'24
6.5
11.4
3.1
3.3
4.1
16.6
-1.9
26.6
-2.2
6.5
Alembic’s secondary sales
grew 6.5% YoY Jul’24 vs.
+5% YoY in Jun’24.
Azithral/crina-cnr/isofit
propelled growth in Jul’24
offset by the decline in
Brozeet-Ls/Richar Cr.
Tellzy-Am
Cardiac
* Three-months: May-Jul’24
9.9
5.1
Source: IQVIA, MOFSL
Respiratory dragged overall
YoY growth for Alembic at
therapy level.
Exhibit 45: Therapy mix (%)
Share
Total
Anti-Infectives
Cardiac
Gynaec.
Respiratory
Gastro Intestinal
Anti-Diabetic
100.0
21.4
15.4
15.1
13.0
10.5
7.8
MAT growth (%)
3.7
-1.5
6.0
13.0
-1.5
8.1
7.8
3M*
6.1
10.3
7.3
10.1
-0.7
7.3
13.2
Jul'24
6.5
9.4
9.6
7.8
2.1
9.8
14.9
Source: IQVIA, MOFSL
Price growth was supported
by new launches on MAT
Jul’24 basis, offset by a
decline in volume
Exhibit 46: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
5.4
Exhibit 47: Growth distribution (%) (MAT Jul’24)
Alembic Pharma
3.0
-4.2
22.4
ACUTE
9.9
CHRONIC
Source: IQVIA, MOFSL
Vol GR
5.1
2.8
Price GR
NP GR
Source: IQVIA, MOFSL
23 August 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
45129
5709
2894
1921
1357
1241
1101
927
780
745
699
MAT Jul'24
Growth
(%)
14.7
19.0
7.3
6.9
15.9
9.5
32.3
2.8
9.6
25.3
14.0
Growth (%)
Market
share (%)
100.0
61.5
49.3
82.9
85.3
57.9
19.9
6.7
97.9
22.6
3.4
Last 3M
17.0
17.2
11.1
13.8
15.1
13.1
28.2
12.2
13.9
32.8
24.6
Jul'24
23.8
20.9
20.1
16.8
20.6
17.4
31.2
33.0
27.7
47.8
37.6
Ipca’s secondary sales grew
23.8% YoY in Jul’24 vs.
+12% YoY in Jun’24. All the
drugs registered double-
digit growth during Jul’24.
*Three-months: May-Jul’24
Source: IQVIA, MOFSL
All the therapies reported
double-digit growth in
Jul’24.
Exhibit 49: Therapy mix (%)
Share
Total
Pain / Analgesics
Cardiac
Anti-Infectives
Derma
Antineoplast/Immunomodulator
Gastro Intestinal
100.0
39.1
12.8
7.6
5.6
5.4
5.0
MAT growth (%)
14.7
13.8
17.0
9.2
20.6
17.3
10.2
3M*
17.0
15.4
16.9
16.3
16.5
15.8
16.4
Jul'24
23.8
21.2
23.8
25.7
24.0
19.2
21.0
Source: IQVIA, MOFSL
Price and volumes were the
key growth drivers on a MAT
basis
Exhibit 50: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
18.5
Exhibit 51: Growth distribution (%) (MAT Jul’24)
IPCA
12.9
30.1
ACUTE
15.0
CHRONIC
Source: IQVIA, MOFSL
6.0
Vol GR
7.3
Price GR
1.4
NP GR
Source: IQVIA, MOFSL
23 August 2024
15
 Motilal Oswal Financial Services
Eris Lifesciences
Exhibit 52: Top 10 drugs
MAT Jul'24
Growth (%)
Market
share (%)
100.0
11.0
10.4
3.0
5.3
10.1
8.8
50.2
7.0
69.4
4.1
Last 3M
9.5
0.4
13.4
-0.2
-1.3
6.4
9.1
30.1
-3.1
18.4
8.0
Jul'24
10.0
8.1
15.2
3.4
-2.1
3.6
12.3
26.1
2.6
24.4
15.6
Eris’s secondary sales grew
10% YoY in Jul’24 vs. a
growth of 7.9% YoY in
Jun’24. Cyblex
My/Lnbloc/glimisave
registered double-digit
growth in Jul-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)
23699
1409
1341
1028
490
462
458
413
389
338
315
Growth
(%)
9.1
1.7
13.6
-1.2
1.2
6.6
11.8
20.6
1.3
20.8
7.7
Neuro
Anti-Diabetic
Anti-Diabetic
Anti-Diabetic
VMN
Cardiac
Cardiac
Anti-Diabetic
Cardiac
Cardiac
*Three-months: May-Jul’24
Source: IQVIA, MOFSL
Anti-diabetic/VMN/Derma
registered strong growth
offset by the decline in
Gynae/Neuro in Jul’24.
Growth was driven by new
launches and price hikes on
MAT basis, which was offset
by a decline in volumes.
Exhibit 53: Therapy mix (%)
Share
Total
Anti-Diabetic
Cardiac
Vitamins/Minerals/Nutrients
Derma
Gynaec.
Neuro / Cns
100.0
29.0
18.3
16.1
13.8
6.4
6.2
MAT growth (%)
9.1
11.6
7.3
16.9
0.5
8.8
5.2
3M*
9.5
11.5
4.4
17.5
18.0
-4.1
-0.7
Jul'24
10.0
13.4
7.7
13.6
19.7
-4.8
-4.0
Source: IQVIA, MOFSL
Exhibit 54: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
9.4
Exhibit 55: Growth distribution (%) (MAT Jul’24)
Eris
8.8
10.5
13.2
ACUTE
CHRONIC
Source: IQVIA, MOFSL
4.5
-2.0
6.6
Vol GR
Price GR
NP GR
Source: IQVIA, MOFSL
23 August 2024
16
 Motilal Oswal Financial Services
Abbott India
Exhibit 56: Top 10 drugs
MAT Jul'24
Growth (%)
Market
share (%)
100.0
34.7
54.5
51.3
23.5
31.9
15.4
50.4
93.2
52.1
65.5
Last 3M
Jul'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: May-Jul’24
138416
8368
6279
6004
5671
3925
3724
3380
3200
3177
2941
Growth
(%)
8.8
-4.8
6.2
25.0
17.3
6.8
-13.5
36.5
71.9
6.1
1.4
Abbott’s secondary sales
increased 12.9% YoY in
Jul’24 vs. 6.9% in Jun’24.
Udiliv/Cremaffin/Rybelsus
outperformed in top 10
brands category for Jul’24
offset by the decline in
Mixtard/Novomix.
9.9
12.9
-6.7
-5.0
3.6
8.2
22.1
26.0
18.9
25.3
-0.6
5.8
-10.0
-5.8
35.0
36.6
29.6
31.5
7.6
20.8
-4.2
0.1
Source: IQVIA, MOFSL
Anti-infective/
Cardiac/Gastro/VMN drove
the growth in Jul’24.
Exhibit 57: Therapy mix (%)
Share
Total
Anti-Diabetic
Gastro Intestinal
Vitamins/Minerals/Nutrients
Anti-Infectives
Neuro / Cns
Cardiac
100.0
23.5
14.8
8.9
8.7
6.9
6.8
MAT growth (%)
8.8
5.6
11.6
11.3
6.6
-0.3
17.1
3M*
9.9
3.6
12.7
9.3
19.7
-1.9
15.5
Jul'24
12.9
7.7
18.0
12.0
13.5
1.4
18.7
Source: IQVIA, MOFSL
Price/new launches led
growth on a MAT Jul’24
basis
Exhibit 58: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
9.7
7.7
SALESVALUE GR Jul' 24
Exhibit 59: Growth distribution (%) (MAT Jul’24)
ABBOTT
77.1
ACUTE
61.4
CHRONIC
Source: IQVIA, MOFSL
1.7
Vol GR
5.9
Price GR
1.1
NP GR
Source: IQVIA, MOFSL
23 August 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
99,356
5,093
3,921
2,575
2,482
2,262
2,221
2,065
1,976
1,948
1,640
MAT Jul'24
Growth
(%)
8.9
10.2
7.8
24.0
5.5
2.2
8.8
8.5
5.7
10.1
14.5
Market
share (%)
100.0
73.3
12.1
36.6
54.1
83.7
18.0
17.2
20.7
5.7
8.2
Growth (%)
Last 3M
11.2
9.5
10.6
21.3
-0.1
4.4
19.3
13.4
0.1
4.4
17.3
Jul'24
13.8
13.0
12.0
26.8
-11.8
6.9
25.8
23.2
3.8
5.5
18.9
Mankind’s secondary sales
grew 13.8% YoY in Jul’24 vs.
8.4% YoY in Jun’24.
Amlokind/Dydroboon/Manf
orce led overall YoY growth
in Jul’24. Unwanted kit
declined in double digits in
Jul’24.
*Three-months: May-Jul’24
Source: IQVIA, MOFSL
Cardiac/gastro-intestinal
witnessed 24%+ YoY growth
in Jul’24.
Exhibit 61: Therapy mix (%)
Share
Total
Anti-Infectives
Cardiac
Gastro Intestinal
Anti-Diabetic
Vitamins/Minerals/Nutrients
Respiratory
100.0
15.1
14.3
10.8
8.7
8.4
8.2
MAT growth (%)
8.9
8.2
19.1
13.7
14.4
7.7
-5.2
3M*
11.2
12.2
19.3
21.8
12.8
9.4
-4.1
Jul'24
13.8
18.4
23.6
24.2
15.7
9.1
2.2
Source: IQVIA, MOFSL
Prices/new launches led
overall YoY growth on a
MAT Jul’24 basis
Exhibit 62: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
13.4
Exhibit 63: Growth distribution (%) (MAT Jul’24)
MANKIND
6.6
63.6
ACUTE
35.8
CHRONIC
Source: IQVIA, MOFSL
0.9
Vol GR
6.0
Price GR
2.1
NP GR
Source: IQVIA, MOFSL
23 August 2024
18
 Motilal Oswal Financial Services
Macleods Pharma
Exhibit 64: Top 10 drugs
Drug
MAT Jul'24
Growth (%)
Therapy
Value
Growth
Market
Last 3M
Jul'24
(INR m)
(%)
share (%)
74,773
9.3
100.0
10.5
6.2
Hormones
2,408
37.7
15.7
37.6
34.2
Anti-Infectives
2,280
4.7
19.8
11.1
7.7
Derma
1,967
15.0
62.2
11.8
-0.1
Anti-Infectives
1,858
-8.9
50.9
-10.1
-8.4
Respiratory
1,467
8.3
54.4
5.5
0.0
Anti-Infectives
1,408
22.5
59.9
15.9
7.3
Sex Stimulants / Rejuvenators 1,340
11.7
3.9
15.8
9.8
Anti-Infectives
1,333
-8.0
14.0
-8.8
-7.7
Anti-Diabetic
1,329
5.6
2.9
14.4
6.5
Anti-Infectives
1158
11.9
12.7
7.5
-1.8
Source: IQVIA, MOFSL
Macleods’ secondary sales
grew 6.2% YoY in Jul’24 vs.
9.9% YoY in Jun’24. Decline
in Pandem++/Itmac/taxmoc
dragged overall growth in
Jul’24. However, Meromac
registered a strong double-
digit growth.
Total
Meromac
Thyrox
Omnacortil
Panderm ++
Defcort
Megalis
Geminor-M
It-Mac
Sensiclav
Tazomac
*Three-months: May-Jul’24
Exhibit 65: Therapy mix (%)
Anti-infectives propelled
the overall growth in Jul’24.
Total
Anti-Infectives
Cardiac
Respiratory
Hormones
Pain / Analgesics
Anti-Diabetic
Share
100.0
29.8
12.4
9.2
8.7
8.1
6.0
MAT growth (%)
9.3
12.8
11.0
8.8
9.0
8.6
11.2
3M*
10.5
19.4
8.5
6.9
9.3
7.9
9.3
Jul'24
6.2
16.3
4.4
5.2
3.2
-0.2
4.4
Source: IQVIA, MOFSL
Price/new launches led
growth on MAT Jul’24 basis
Exhibit 66: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
8.5
SALESVALUE GR Jul' 24
10.8
Exhibit 67: Growth distribution (%) (MAT Jul’24)
MACLEODS PHARMA
47.2
ACUTE
27.5
CHRONIC
Source: IQVIA, MOFSL
0.5
Vol GR
7.0
Price GR
1.8
NP GR
Source: IQVIA, MOFSL
23 August 2024
19
 Motilal Oswal Financial Services
Ajanta Pharma
Exhibit 68: Top 10 drugs
Drug
Therapy
Value
(INR m)
17021
1631
824
809
759
487
433
404
371
284
284
MAT Jul'24
Growth
(%)
9.3
-3.6
5.9
6.4
7.8
19.7
24.1
5.7
9.8
13.4
30.1
Market
Last 3M
Jul'24
share (%)
100.0
12.6
16.2
23.0
17.6
20.3
24.8
3.3
8.3
19.0
14.4
26.0
19.8
13.8
18.3
6.4
27.6
31.1
28.5
31.8
31.7
13.3
13.9
17.9
11.7
12.7
20.1
28.1
12.9
19.0
60.6
44.6
61.8
Source: IQVIA, MOFSL
Growth (%)
Ajanta’s secondary sales
grew 16.2% YoY in Jul’24
vs. +9.1% YoY in Jun’24. All
the top 10 brands grew in
double digits, expect
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
Ivrea
Anti-Infectives
*Three-months: May-Jul’24
Cardiac/Derma/Pain/Anti-
diabetic did better than
Ophthal for Jul’24.
Price/new product launches
led growth on a MAT Jul’24
basis
Exhibit 69: Therapy mix (%)
Share
Total
Cardiac
Ophthal / Otologicals
Derma
Pain / Analgesics
Anti-Diabetic
Respiratory
100.0
MAT growth (%)
9.3
3M*
12.6
Jul'24
16.2
35.3
28.0
21.0
7.8
2.5
1.7
7.1
7.0
17.2
9.2
4.6
10.6
17.3
4.1
17.3
13.0
9.1
8.2
21.6
3.1
23.3
25.1
17.8
6.5
Source: IQVIA, MOFSL
Exhibit 70: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
11.0
6.9
SALESVALUE GR Jul' 24
Exhibit 71: Growth distribution (%) (MAT Jul’24)
Ajanta Pharma
10.1
ACUTE
6.9
CHRONIC
Source: IQVIA, MOFSL
0.9
Vol GR
5.0
Price GR
3.4
NP GR
Source: IQVIA, MOFSL
23 August 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
25518
4151
3623
2133
1902
1831
1026
683
584
399
326
x
MAT Jul'24
Growth
(%)
9.9
18.7
2.0
7.7
26.5
16.1
9.6
-39.7
-4.9
19.5
65.6
Market
share (%)
100.0
54.1
40.3
79.8
36.4
91.9
59.3
10.7
23.5
39.4
3.8
Growth (%)
Last 3M
10.8
18.9
-7.0
5.3
28.9
16.2
20.1
-20.0
-12.4
21.7
15.1
Jul'24
11.8
16.0
-5.2
6.5
23.3
21.9
22.5
-9.0
-20.8
20.3
17.3
Secondary sales grew 11.8%
YoY in Jul’24 vs. 7.2% YoY in
Jun’24. All the brands
expect Rantac/Azmarda/
Vigamox drove overall
growth.
Except Anti-
parasitic/ophthal, all other
therapies registered a
double-digit growth.
*Three-months: May-Jul’24
Source: IQVIA, MOFSL
Share
MAT growth (%)
9.9
13.5
11.3
7.7
-10.8
19.3
12.2
3M*
10.8
17.4
8.5
5.0
-15.5
19.1
29.1
Jul'24
11.8
17.3
10.1
5.7
-8.6
13.7
33.8
Source: IQVIA, MOFSL
Exhibit 73: Therapy mix (%)
Error! Not a valid li nk.
Price and volumes were the
key drivers for growth on a
MAT basis
Total
Cardiac
Gastro Intestinal
Anti-Parasitic
Ophthal / Otologicals
Gynaec.
Derma
100.0
42.5
26.5
8.1
7.4
4.4
2.5
Exhibit 74: Acute vs. Chronic (MAT growth)
MATVALUE Jul'24
SALESVALUE GR Jul' 24
13.7
Exhibit 75: Growth distribution (%) (MAT Jul’24)
JB Chemical & Pharma
7.0
14.0
ACUTE
11.5
CHRONIC
Source: IQVIA, MOFSL
2.7
Vol GR
5.2
Price GR
2.0
NP GR
Source: IQVIA, MOFSL
Investment in securities market are subject to market risks. Read all the related documents carefully before investing
23 August 2024
21
 Motilal Oswal Financial Services
NOTES
23 August 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
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Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products.
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http://onlinereports.motilaloswal.com/Dormant/documents/List%20of%20Associate%20companies.pdf
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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
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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
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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.
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3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
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5 Research Analyst has not served as director/officer/employee in the subject company
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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
********************************************************************************************************************************
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financial interest in the subject company
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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
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received compensation/other benefits from the subject company in the past 12 months
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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
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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
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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
23 August 2024
23
 Motilal Oswal Financial Services
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