Healthcare
Monthly
Performance of top companies in Sep’24
MAT
Sep’24
Company
growth
(%)
(%)
IPM
7.7
5.1
Abbott*
Ajanta
Alembic
Alkem*
Cipla
Dr Reddy’s
Emcure*
Eris
Glaxo
Glenmark
Intas
Ipca
JB Chemical*
Lupin
Macleods
Mankind
8.4
9.6
2.8
4.8
7.4
9.0
6.4
7.3
0.8
12.3
12.2
14.2
11.3
7.7
7.7
9.0
6.3
10.8
-5.1
1.3
5.6
7.9
3.8
1.5
-2.8
9.6
10.2
7.7
15.5
5.4
-1.5
5.1
13 October 2024
Acute therapies drag overall IPM growth for Sep’24
The Indian Pharma Market (IPM) grew 5.1% YoY in Sep’24 (vs. 7.6% in Aug’24
and 8.9% in Sep’23).
Cardiac/Derma/Anti-diabetic therapies grew at 9.7%/8.3%/7.7%, while slower
growth was experienced by Respiratory/AI, which declined 1.1%/0.3% YoY.
For the 12 months ending in Sep’24, IPM grew 7.7% YoY, led by price
growth/new launches, which contributed 4.2%/2.7% YoY to the overall
growth. However, volume growth was moderate at 0.8% YoY in Sep’24.
IPM’s top brand, Augmentin, experienced a decline of 2% YoY to INR730m with
a market share of 0.4% in Sep’24.
Out of the top 10 brands, Udiliv/Thyronorm clocked 16.5%/10.2% YoY growth of
INR569/INR572m in Sep’24.
JB Chemical/Ajanta/Intas outperform in Sep’24
Sanofi
Sun*
Torrent
Zydus*
5.7
9.4
8.6
6.9
0.5
7.5
7.0
6.8
In Sep’24, JB Chemical (up 15.5% YoY), Ajanta Pharma (up 10.8% YoY), and Intas
(up 10.2% YoY) recorded notably higher growth rates than IPM.
JB Chemical
outperformed IPM, led by a low base and strong performance
across the top four therapies in Sep’24.
Glenmark
outperformed IPM, led by a strong performance across the top four
therapies, offset by a decline in respiratory therapies in Sep’24.
Intas
outperformed IPM, led by double-digit growth in Neuro/Anti-
diabetic/Pain.
IPCA
reported industry-leading volume/price growth of 7.4%/5.8% YoY on MAT
basis. Eris posted the highest growth in new launches (up 5% YoY).
Sun Pharma,
with a market share of 7.7%, grew 7.5% YoY (+250bp vs. IPM),
driven by double-digit growth of 14.7%/14.5%/10.5% in Pain/Anti-
diabetic/VMN.
Alkem continued to underperform in the IPM owing to high acute share (~82%),
growing at 1.3% YoY in Sep’24. The slow growth can be attributed to 6.3%
decline experienced by Anti-infectives (36% of the total Alkem revenue).
Acute therapies grew at a modest rate of 3% YoY, while chronic therapies grew
at 8% YoY for Sep’24. The share of acute therapies segment in the overall IPM
stood at 61.3% for MAT in Sep’24, with YoY growth of 3%. The chronic therapies
segment (38.7% of IPM) grew 8% YoY.
Cardiac/Derma /Anti-diabetic grew 9.7%/8.3%/7.7%% YoY.
Gynaec/Pain/VMN underperformed in the IPM by 390bp/50bp/10bp, while
Respiratory/AI declined 1.1%/0.3% in Sep’24.
As of Sep’24, Indian pharma companies held a majority share of 84% in IPM,
while the remaining was held by multinational pharma companies.
Both MNCs and Indian companies registered single-digit growth QoQ in Sep’24.
In MNCs, Abbott registered the highest growth of 6.3% YoY, while Sanofi
registered a flat growth of 0.5% in Sep’24.
Cardiac/Gastro/Neuro lead YoY growth on MAT basis
India and MNC pharma experience growth moderation in Aug’24
Tushar Manudhane - Research Analyst
(Tushar.Manudhane@MotilalOswal.com)
Research Analyst: Akash Dobhada
(Akash.Dobhada@MotilalOswal.com) |
Viraj Shah
(Viraj.Shah@MotilalOswal.com)
13 October 2024
1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.
 Motilal Oswal Financial Services
Exhibit 1: IPM exhibited 5% YoY growth in Sep’24
17
IPM
11
7
1
8
5
9
4
5
8
8
9
10
Source: MOFSL, IQVIA
Exhibit 2: Acute and chronic therapies registered YoY growth of 3%/8% in Sep’24
18
11
9
9
6
2
3
5
15
7
8
12
6
-1
6
9
6
Acute
Chronic
13
11
7
11
7
12
9
8
3
Source: MOFSL, IQVIA
Exhibit 3: Both Indian firms as well as MNCs witnessed single-digit YoY growth in Sep’24
17.0
India
MNC
10
6.7
1.7
8.3
11.4
7.7
10.2
6.5
7.3
4.7
5.1
9.0
8.0
14.0
4.0
3.0
5.0
8.1
7.6
4.0
7.5
8.4
8.9
8.5
-0.4
Source: MOFSL, IQVIA
13 October 2024
2
 Motilal Oswal Financial Services
Indian Pharma Market – Sep’24
Exhibit 4: Performance of top companies in Sep’24 - (INR b)
es
Company
IPM
Sun Pharma
Abbott
Cipla
Mankind
Alkem
Lupin
Intas Pharma
Torrent
Macleods Pharma
Dr. Reddy’s
Zydus
GSK
Glenmark
Ipca
Alembic
Eris Lifesciences
JB Chemicals
Ajanta
MAT
Sep’24
value
2,253
176
140
123
100
89
77
81
77
75
70
64
52
47
46
32
30
26
17
Market
share
(%)
100
7.8
6.2
5.5
4.5
3.9
3.4
3.6
3.4
3.3
3.1
2.8
2.3
2.1
2.0
1.4
1.3
1.2
0.8
Growth
(%)
7.7
9.4
8.4
7.4
9.0
4.8
7.7
12.2
8.6
7.7
9.0
6.9
0.8
12.3
14.2
2.8
7.3
11.3
9.6
YoY growth (%) in the last eight quarters
Dec'22 Mar'23
10.5
15.4
10.8
12.7
9.2
14.9
14.2
19.7
16.2
24.8
16.8
22.5
7.4
11.2
14.9
17.1
12.0
14.7
14.0
23.5
11.1
13.4
8.9
13.6
10.2
13.4
11.9
17.9
9.9
14.6
14.8
15.9
34.7
41.7
36.8
36.3
16.3
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
35.7
12.5
13.5
Sep'23
7.2
8.1
7.7
5.4
5.0
6.5
6.5
11.5
7.9
10.1
7.8
5.0
-0.6
5.5
8.5
2.8
36.3
8.1
9.7
Dec'23
8.3
9.5
9.3
9.0
9.1
8.4
5.8
12.9
9.0
9.7
7.2
6.1
0.0
10.6
13.9
6.2
8.9
10.9
6.3
Mar'24
5.7
8.3
6.4
6.6
7.9
0.2
6.1
11.5
7.1
6.6
10.8
2.1
-0.5
10.3
15.1
-1.1
8.2
8.3
8.3
Jun'24
8.9
9.2
8.1
7.3
10.6
5.9
9.8
10.9
8.2
11.9
8.6
9.3
3.4
16.0
14.6
5.0
8.1
12.0
11.4
Sep'24
8.0
10.4
9.5
6.7
8.6
4.8
9.0
13.4
10.1
3.2
9.5
10.0
0.6
12.5
13.4
1.3
4.0
13.7
12.2
One
month
Sep'24
5.1
7.5
6.3
5.6
5.1
1.3
5.4
10.2
7.0
-1.5
7.9
6.8
-2.8
9.6
7.7
-5.1
1.5
15.5
10.8
Source: IQVIA, MOFSL
Exhibit 5: Performance of top therapies in Sep’24 - (INR b)
es
MAT
Company
Sep'24
value
IPM
2,253
Cardiac
286
Anti-Infectives
250
Gastro Intestinal
241
Anti-Diabetic
199
Respiratory
180
Pain/Analgesics
179
Vitamins/Minerals/Nutrients
176
Derma
156
Neuro/Cns
135
Gynaec
111
Antineoplast/Immunomodulator
59
Ophthal/Otologicals
43
Urology
49
Hormones
35
Market
share
(%)
100.0
12.7
11.1
10.7
8.9
8.0
8.0
7.8
6.9
6.0
4.9
2.6
1.9
2.2
1.5
Growth
(%)
7.7
11.1
4.9
9.1
7.4
1.8
7.6
8.0
7.7
8.6
5.0
19.1
1.4
13.3
5.7
One
month
Dec'22 Mar'23 Jun'23 Sep'23 Dec'23 Mar'24 Jun'24 Sep'24 Sep'24
7.4
3.6
9.2
7.2
8.3
5.7
8.9
8.0
5.1
5.3
7.1
10.6
9.9
9.0
11.3
12.4
11.6
9.7
25.3
6.2
10.6
1.1
8.8
-2.9
6.5
7.0
-0.3
-10.1 -1.9
5.5
8.6
9.4
5.5
11.4
9.8
5.6
-0.2
0.5
6.6
4.8
5.7
7.1
7.6
9.1
7.7
56.5 30.2
11.6
0.0
5.4
-2.7
1.7
2.7
-1.1
6.7
-1.5
11.1
7.4
8.3
5.9
8.4
7.6
4.6
-2.7
-4.5
6.5
7.4
8.6
6.6
8.8
7.9
4.9
10.3 -3.0
8.5
5.5
3.5
8.1
9.6
9.5
8.3
3.1
2.9
9.3
8.2
8.8
8.0
8.3
9.2
7.4
-6.4
-1.6
5.5
8.3
6.7
5.1
5.8
2.4
1.2
5.0
11.0
21.7
25.6
24.3
21.6
20.9
11.0
10.1
2.8
2.1
9.9
19.9
0.9
4.0
5.2
-3.8
8.0
4.7
5.4
14.8
14.3
12.4
14.0
13.7
13.1
11.5
14.8 10.2
11.7
8.0
6.1
3.2
8.5
4.9
2.7
YoY growth (%) in the last eight quarters
Source: IQVIA, MOFSL
13 October 2024
3
 Motilal Oswal Financial Services
Exhibit 6: Anti-infective/Respiratory/Gynae witnessed subdued performance in Sep’24
Therapies
IPM
Cardiac
Anti-Infectives
Gastro
Anti-Diabetic
Pain
VMN
Respiratory
Derma
Neuro
Gynae
Urology
Sep'24
Value
(INR b)
202
26
25
21
17
16
16
16
14
12
10
4
Sep'23 Oct'23 Nov'23 Dec'23 Jan'24 Feb'24 Mar'24 Apr'24 May'24 Jun'24
9
8
12
11
4
10
7
9
3
8
5
1
17
13
23
18
10
17
19
16
8
15
14
18
4
5
3
5
2
3
2
3
-2
6
0
8
5
8
1
6
5
5
5
-2
5
6
5
11
8
12
2
9
9
9
8
1
7
8
7
16
8
13
-1
7
9
8
9
-2
10
10
8
17
1
8
-7
1
2
1
2
-8
6
5.8
-0.3
9
9
15
1
11
10
6
9
-1
12
11
7
16
10
12
9
12
8
9
10
5
10
7
7
12
7
8
9
10
4
6
5
2
6
7
2
9
Jul'24 Aug'24 Sep'24
11
14
14
15
11
11
12
7
11
12
4
15
8
11
9
9
8
7
7
3
9
8
2
12
5
10
0
6
8
5
5
-1
8
7
1
12
Note: VMN - Vitamin/Minerals/Nutrients; Source: IQVIA, MOFSL
Exhibit 7: Acute as a percentage of total sales and growth rate on MAT basis in Sep’24
Acute as % of total sales
MATVALUE GR Sept'24
12.3
14.2
11.3
7.3
2.8
69.0
9.6
12.2
7.7
9.4
8.4
7.4
9.0
4.8
7.7
8.6
7.7
9.0
6.9
0.8
94.4
6.4
61.3
47.7
55.7
38.5
63.8
82.3
37.5
35.0
45.9
63.1
72.3
58.2
65.3
54.8
66.5
45.4
60.1
59.1
Source: MOFSL, IQVIA
13 October 2024
4
 Motilal Oswal Financial Services
Sun Pharma
Exhibit 8: Top 10 drugs
MAT Sep'24
Growth (%)
Market
share (%)
100.0
31.7
37.2
33.0
9.7
20.8
33.0
16.7
27.6
19.0
5.2
Last 3M
10.4
23.5
1.7
-2.1
0.6
10.9
8.0
11.0
17.8
7.4
7.3
Sep'24
7.5
19.3
-1.0
-2.7
0.0
11.4
5.7
7.9
14.4
2.4
1.7
Source: IQVIA,
Drug
Total
Rosuvas
Levipil
Volini
Gemer
Pantocid
Susten
Pantocid-D
Sompraz-D
Montek-Lc
Moxclav
Therapy
Value
(INR m)
1,75,853
4,806
4,142
3,377
3,320
3,023
3,011
2,785
2,500
2,453
2,375
Growth
(%)
9.4
22.5
8.2
-1.1
0.2
10.7
6.1
10.1
20.0
2.8
4.7
Secondary sales grew 7.5%
YoY in Sep’24 vs. 9.8% in
Aug’24. Rosuvas,
Moxclav/Pantocid were
brands that outperformed in
Sep’24. Volini registered a
decline of 2.7% in Aug’24.
Cardiac
Neuro/Cns
Pain/Analgesics
Anti-Diabetic
Gastro Intestinal
Gynaec
Gastro Intestinal
Gastro Intestinal
Respiratory
Anti-Infectives
Pain/Anti-diabetic/VMN
registered a double-digit
growth in Sep’24.
*Three months: Jul’24-Sep’24
MOFSL
Exhibit 9: Therapy mix (%)
Total
Neuro/Cns
Cardiac
Gastro Intestinal
Anti-Infectives
Pain/Analgesics
Anti-Diabetic
Share
100.0
17.4
16.9
13.2
8.5
7.9
7.6
MAT growth (%)
9.4
9.8
8.4
11.2
3.7
14.7
16.0
3M*
10.4
9.5
9.0
12.2
4.2
15.9
16.1
Sep'24
7.5
6.9
6.0
8.6
-3.8
14.7
14.5
Source: IQVIA, MOFSL
Growth spread across
volume, new launches, and
price hikes for Sep’24.
Exhibit 10: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
11.0
Exhibit 11: Growth distribution (%) (MAT Sep’24)
7.7
83.9
ACUTE
92.0
CHRONIC
Source: IQVIA, MOFSL
3.4
Vol GR
4.5
Price GR
1.5
NP GR
Source: IQVIA, MOFSL
13 October 2024
5
 Motilal Oswal Financial Services
Cipla
Exhibit 12: Top 10 drugs
Drug
Therapy
Value
(INR m)
1,22,884
8,882
5,291
4,785
3,127
2,990
2,966
2,892
2,456
2,285
2,216
MAT Sep'24
Growth
(%)
7.4
12.1
11.7
10.3
8.4
19.7
4.8
2.3
12.3
-4.0
3.8
Growth (%)
Market
share (%)
100.0
60.9
85.2
82.7
73.3
84.4
18.7
99.3
67.7
17.5
95.1
Last 3M
Sep'24
Secondary sales grew 5.6%
YoY in Sep’24 vs. 7.1% YoY
in Aug’24. Strong show in
Dytor/Ibugesic Plus/Urimax
offset by a decline in
Asthalin/Azee in Sep’24.
Total
Foracort
Respiratory
Duolin
Respiratory
Budecort
Respiratory
Seroflo
Respiratory
Dytor
Cardiac
Montair-Lc
Respiratory
Asthalin
Respiratory
Ibugesic Plus
Pain/Analgesics
Azee
Anti-Infectives
Aerocort
Respiratory
*Three months: Jul’24-Sep’24
6.7
5.6
3.3
-0.7
10.7
7.2
-1.3
-5.2
9.6
5.0
21.0
21.8
11.4
10.9
-2.5
-2.8
12.0
13.3
-4.3
-6.0
-2.4
-8.5
Source: IQVIA, MOFSL
Respiratory/Anti-
infectives/Cardiac formed
~61% of the revenue and
grew 1.3%/7.4%/11% in
Sep’24.
Exhibit 13: Therapy mix (%)
Total
Respiratory
Anti-Infectives
Cardiac
Anti-Diabetic
Gastro Intestinal
Urology
Share
100.0
36.6
13.8
11.5
5.5
5.5
4.8
MAT growth (%)
7.4
8.5
5.2
11.5
6.6
7.0
15.5
3M*
6.7
4.0
8.1
11.8
11.0
13.3
16.7
Sep'24
5.6
1.3
7.4
11.0
6.9
11.6
17.6
Source: IQVIA, MOFSL
Price/volume/new
launches led to the overall
growth for MAT in Sep’24.
Exhibit 14: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
8.8
5.3
Exhibit 15: Growth distribution (%) (MAT Sep’24)
47.3
ACUTE
75.6
CHRONIC
Source: IQVIA, MOFSL
1.6
Vol GR
4.5
Price GR
1.4
NP GR
Source: IQVIA, MOFSL
13 October 2024
6
 Motilal Oswal Financial Services
Zydus Lifesciences
Exhibit 16: Top 10 drugs
MAT Sep'24
Growth (%)
Drug
Therapy
Value Growth Market
Last 3M Sep'24
(INR m)
(%)
share (%)
Total
64,187
6.9
100.0
10.0
6.8
Deriphyllin
Respiratory
2,119
-1.5
99.5
-3.0
-7.4
Lipaglyn
Cardiac
1,827
49.9
62.8
80.5
73.7
Atorva
Cardiac
1,681
-4.1
19.0
11.3
12.8
Thrombophob Others
1,634
8.5
93.1
3.3
-1.7
Amicin
Anti-Infectives
1,398
3.1
17.0
-2.8
-17.6
Monotax
Anti-Infectives
1,246
39.9
7.4
63.0
56.0
Formonide
Respiratory
1,185
-0.5
8.1
3.2
-2.1
Skinlite
Derma
1,103
-5.8
33.8
-7.3
-13.7
Vivitra
Antineoplast/Immunomodulator 1101
34.1
24.3
17.5
13.5
Dexona
Hormones
1045
-3.4
67.2
-2.7
-9.0
*Three months: Jul’24-Sep’24
Source: IQVIA, MOFSL
Zydus’s secondary sales
grew 6.8% YoY in Sep’24 vs.
9.9% in Aug’24.
Lipaglyn/Atrova/Monotax
were strong outperformers
among the top 10 brands
for Sep’24.
Exhibit 17: Therapy mix (%)
Cardiac/Anti-infectives
boosted the overall growth
in Sep’24.
Overall growth was driven
by price/new launches on
MAT basis in Sep’24.
Total
Cardiac
Respiratory
Anti-Infectives
Gastro Intestinal
Pain/Analgesics
Antineoplast/Immunomodulator
Share
100
13.9
13.9
13.0
10.0
7.8
7.3
MAT growth (%)
6.9
10.7
2.8
11.3
3.5
5.0
23.6
3M*
10.0
23.5
5.6
21.8
9.8
2.9
14.3
Sep'24
6.8
21.3
3.6
12.9
4.7
3.7
11.7
Source: IQVIA, MOFSL
Exhibit 18: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
9.2
Exhibit 19: Growth distribution (%) (MAT Sep’24)
5.3
37.4
ACUTE
26.8
CHRONIC
Source: IQVIA, MOFSL
1.4
Vol GR
3.5
Price GR
2.0
NP GR
Source: IQVIA, MOFSL
13 October 2024
7
 Motilal Oswal Financial Services
Alkem
Exhibit 20: Top 10 drugs
Secondary sales grew 1.3%
YoY in Sep’24 vs. 5.2% in
Aug’24. Decline in
Clavam/Xone was offset by
growth in Pan-D/Uprise in
Sep’24.
MAT Sep'24
Growth (%)
Drug
Therapy
Value
Growth
Market
Last 3M
Sep'24
(INR m)
(%)
share (%)
Total
88,863
4.8
100
4.8
1.3
Pan
Gastro Intestinal
6,467
10.6
44.2
8.2
6.8
Clavam
Anti-Infectives
6,064
-0.7
13.9
0.8
-3.0
Pan-D
Gastro Intestinal
5,731
15.7
34.3
14.4
12.2
Taxim-O
Anti-Infectives
3,299
6.7
18.2
9.1
3.4
A To Z Ns
Vitamins/Minerals/Nutrients 3,046
13.5
11.5
12.4
9.9
Xone
Anti-Infectives
2,665
0.9
15.9
-3.8
-9.3
Pipzo
Anti-Infectives
2,207
26.0
23.8
24.0
11.8
Uprise-D3
Vitamins/Minerals/Nutrients 2,040
31.4
18.5
36.8
39.9
Taxim
Anti-Infectives
1,826
0.9
80.3
13.6
7.1
Gemcal
Pain/Analgesics
1,793
-0.6
18.5
-4.3
2.7
*Three months: Jul’24-Sep’24
Source:
IQVIA, MOFSL
Weakness in anti-
infectives/Gynaec segments
affected the overall growth
for Sep’24.
Price/new launches
contributed to the overall
YoY growth on MAT basis.
Exhibit 21: Therapy mix (%)
Total
Anti-Infectives
Gastro Intestinal
Vitamins/Minerals/Nutrients
Pain/Analgesics
Anti-Diabetic
Neuro/Cns
Share
100.0
34.8
19.7
11.1
10.7
4.7
3.9
MAT growth (%)
4.8
-1.2
9.7
12.5
2.7
13.0
8.1
3M*
4.8
-0.1
8.0
12.6
2.0
10.9
12.4
Sep'24
1.3
-6.3
5.0
10.4
2.8
11.6
17.3
Source: IQVIA, MOFSL
Exhibit 22: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
9.0
Exhibit 23: Growth distribution (%) (MAT Sep’24)
4.0
73.1
ACUTE
15.7
CHRONIC
Source: IQVIA, MOFSL
-0.2
Vol GR
2.0
Price GR
3.1
NP GR
Source: IQVIA, MOFSL
13 October 2024
8
 Motilal Oswal Financial Services
Lupin
Exhibit 24: Top 10 drugs
Drug
Therapy
Value
(INR m)
77,259
Anti-Diabetic
3,500
Respiratory
2,509
Anti-Diabetic
2,057
Cardiac
1,539
Gastro Intestinal
1,217
Cardiac
1,078
Anti-Diabetic
1,071
Vitamins/Minerals/Nutrients
933
Respiratory
924
Pain/Analgesics
892
MAT Sep'24
Growth (%)
Growth Market
Last 3M
Sep'24
(%)
share (%)
7.7
100.0
9.0
5.4
12.1
10.2
14.1
11.1
4.9
17.2
-5.7
-7.1
1.0
8.4
20.0
37.5
12.0
57.5
16.1
13.1
6.4
9.7
8.7
2.7
0.9
12.2
2.7
0.9
-3.2
37.7
1.0
-10.4
2.0
20.8
2.7
5.2
-7.7
6.6
1.6
3.5
6.4
9.5
3.2
-0.7
Source: IQVIA,
Lupin’s secondary sales
grew 5.4% YoY in Sep’24 vs.
8.4% YoY in Aug’24. Strong
show in Gluconorm-G,
Ivabrad/Huminsulin was
offset by a decline in
Budamate in Sep’24
Total
Gluconorm-G
Budamate
Huminsulin
Ivabrad
Rablet-D
Tonact
Ajaduo
Beplex Forte
Telekast-L
Signoflam
*Three months: Jul’24-Sep’24
MOFSL
Improvement in cardiac/anti-
diabetic was negated to
some extent by muted show
in respiratory/anti-
infectives/gynaec in Sep’24.
Exhibit 25: Therapy mix (%)
Share
Total
Cardiac
Anti-Diabetic
Respiratory
Gastro Intestinal
Anti-Infectives
Gynaec
100.0
22.7
20.3
14.5
8.9
7.0
5.2
MAT growth (%)
7.7
12.6
6.1
6.4
10.2
8.9
-0.3
3M*
9.0
13.8
12.5
6.0
11.2
9.1
-2.3
Sep'24
5.4
10.1
13.4
1.6
6.5
0.0
-5.7
Source: IQVIA, MOFSL
Price/new launches
remained the key growth
drivers on MAT basis in
Sep’24.
Exhibit 26: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
Exhibit 27: Growth distribution (%) (MAT Sep’24)
8.2
6.9
4.5
29.0
ACUTE
48.3
CHRONIC
Source: IQVIA, MOFSL
-0.1
Vol GR
Price GR
NP GR
Source: IQVIA, MOFSL
3.3
13 October 2024
9
 Motilal Oswal Financial Services
GlaxoSmithKline Pharmaceuticals
Exhibit 28: Top 10 drugs
GSK’s secondary sales
declined 2.8% YoY in Sep’24
vs. 0.3% YoY growth in
Aug’24. The decline in
Calpol/Augmentin/Betnovate
-N impacted Sep’24
performance.
Drug
Therapy
Value
(INR m)
52,139
8,243
4,469
3,749
2,757
2,589
2,577
2,342
1,959
1,914
1,557
MAT Sep'24
Growth (%)
Growth
Market
Last 3M
Sep'24
(%)
share (%)
0.8
100.0
0.6
-2.8
1.7
22.7
0.8
-2.4
-7.8
29.5
-9.7
-18.9
-1.9
78.0
13.8
10.6
-2.1
99.8
4.8
-8.6
-1.2
22.3
0.8
-0.3
8.4
99.8
7.2
1.0
-14.0
27.7
18.2
4.6
11.7
92.8
5.2
19.3
-0.4
48.8
-14.7
-17.9
-9.0
85.7
-26.2
-29.5
Source: IQVIA, MOFSL
Total
Augmentin
Anti-Infectives
Calpol
Pain/Analgesics
T-Bact
Derma
Betnovate-N
Derma
Eltroxin
Hormones
Betnovate-C
Derma
Ceftum
Anti-Infectives
Neosporin
Derma
Infanrix Hexa
Vaccines
Betnesol
Hormones
*Three months: Jul’24-Sep’24
Exhibit 29: Therapy mix (%)
Decline in Anti-
infectives/Pain/Hormones
dragged the company’s
growth for Sep’24.
Share
Total
Derma
Anti-Infectives
Vaccines
Pain/Analgesics
Hormones
Vitamins/Minerals/Nutrients
100.0
28.8
23.7
12.7
11.3
8.0
6.3
MAT growth (%)
0.8
2.0
-2.7
16.3
-6.9
-4.2
10.0
3M*
0.6
5.4
2.0
3.2
-8.2
-9.7
13.3
Sep'24
-2.8
2.3
-2.5
1.3
-16.0
-12.8
12.8
Source: IQVIA, MOFSL
Volume declined 0.9% for
MAT in Sep’24.
Exhibit 30: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
1.4
Exhibit 31: Growth distribution (%) (MAT Sep’24)
0.8
-0.9
49.2
ACUTE
2.9
CHRONIC
Source: IQVIA, MOFSL
Vol GR
1.1
0.6
Price GR
NP GR
Source: IQVIA, MOFSL
13 October 2024
10
 Motilal Oswal Financial Services
Glenmark Pharma
Exhibit 32: Top 10 drugs
Glenmark’s secondary sales
grew 9.6% YoY in Sep’24 vs.
13.5% YoY in Aug’24.
Candid /Telma-Am
registered double-digit
growth in Sep’24.
Drug
Total
Telma
Telma-H
Telma-Am
Ascoril-Ls
Candid
Candid-B
Alex
Ascoril +
Ascoril D Plus
Milibact
Therapy
Value
(INR m)
47,409
4,949
3,810
3,553
2,495
2,121
1,631
1,365
1,259
1,162
1088
MAT Sep'24
Growth
(%)
12.3
16.9
23.5
26.7
3.8
26.8
12.9
-0.8
-8.6
1.2
17.1
Growth (%)
Market
share (%)
100.0
39.4
40.6
30.3
24.8
62.4
83.2
5.6
5.3
4.9
10.0
Last 3M
12.5
7.4
11.2
25.0
2.7
38.9
12.8
-10.0
-5.0
0.0
9.4
Sep'24
9.6
4.4
9.0
22.0
-1.0
37.1
12.6
-19.9
-7.7
-10.2
0.2
Cardiac
Cardiac
Cardiac
Respiratory
Derma
Derma
Respiratory
Respiratory
Respiratory
Anti-Infectives
*Three months: Jul’24-Sep’24
MOFSL
Source: IQVIA,
Cardiac/Derma/Gynaec
registered double-digit
growth in Sep’24.
Overall performance was
spread across price
hikes/volume and new
launches on MAT basis.
Exhibit 33: Therapy mix (%)
Total
Cardiac
Derma
Respiratory
Anti-Infectives
Anti-Diabetic
Stomatologicals
Share
100.0
33.2
25.0
21.6
9.3
5.4
1.4
MAT growth (%)
12.3
22.4
12.5
4.4
16.7
-8.3
5.8
3M*
12.5
15.1
18.3
5.2
15.4
-0.2
11.7
Sep'24
9.6
13.4
17.7
-0.2
6.8
4.3
12.5
Source: IQVIA, MOFSL
Exhibit 34: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
16.5
Exhibit 35: Growth distribution (%) (MAT Sep’24)
9.0
26.0
21.4
5.1
ACUTE
CHRONIC
Source: IQVIA, MOFSL
Vol GR
5.0
Price GR
2.1
NP GR
Source: IQVIA, MOFSL
13 October 2024
11
 Motilal Oswal Financial Services
Dr. Reddy's Laboratories
Exhibit 36: Top 10 drugs
Drug
Therapy
Value
(INR m)
69,767
2,390
2,240
2,181
2,097
2,027
1,553
1,485
1,408
1,359
1,316
MAT Sep'24
Growth (%)
Growth
Market
Last 3M
Sep'24
(%)
share (%)
9.0
100.0
9.5
7.9
-2.1
86.8
-16.0
-10.9
13.2
73.4
24.6
16.2
4.0
76.6
-3.7
-5.5
10.2
92.7
33.6
20.8
29.3
89.3
44.3
23.7
14.3
39.6
6.9
4.9
24.3
8.0
21.5
24.3
3.8
19.7
44.9
31.0
-5.0
10.8
3.0
0.7
28.6
77.0
16.4
21.8
Source: IQVIA,
Secondary sales grew 7.9%
YoY in Sep’24 vs. 8.2% YoY
in Aug’24. Strong growth in
Atarax/ketorol/Econorm
boosted growth in Sep’24,
offset by a double-digit
decline in Voveran.
Total
Voveran
Atarax
Omez
Econorm
Ketorol
Hexaxim
Venusia
Zedex
Razo-D
Menactra
Pain/Analgesics
Respiratory
Gastro Intestinal
Gastro Intestinal
Pain/Analgesics
Vaccines
Derma
Respiratory
Gastro Intestinal
Vaccines
*Three months: Jul’24-Sep’24
MOFSL
Exhibit 37: Therapy mix (%)
Derma/Vaccines/Respirator
y registered double-digit
growth in Sep’24.
Total
Gastro Intestinal
Respiratory
Pain/Analgesics
Cardiac
Derma
Vaccines
Share
100
16.1
13.8
10.6
9.6
7.6
7.3
MAT growth (%)
9.0
6.5
7.9
10.3
-6.4
17.7
21.5
3M*
9.5
7.9
12.8
6.2
7.9
19.3
10.5
Sep'24
7.9
5.9
10.3
4.3
5.8
18.7
12.9
Source: IQVIA, MOFSL
Growth spread across
volume/price/new launches
on MAT basis.
Exhibit 38: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
11.8
SALESVALUE GR Sept'24
Exhibit 39: Growth distribution (%) (MAT Sep’24)
2.4
50.4
ACUTE
19.3
CHRONIC
Source: IQVIA, MOFSL
2.4
Vol GR
3.4
Price GR
3.2
NP GR
Source: IQVIA, MOFSL
13 October 2024
12
 Motilal Oswal Financial Services
Torrent Pharma
Exhibit 40: Top 10 drugs
Drug
Therapy
Value
MAT Sep'24
Growth
Market
(%)
8.6
7.3
12.0
15.6
14.6
12.8
14.7
3.8
7.9
1.8
1.8
share (%)
100.0
34.3
89.4
17.5
24.8
52.9
42.6
53.8
60.4
9.8
56.0
Growth (%)
Last 3M
Sep'24
Secondary sales grew 7%
YoY in Sep’24 vs. 8.3% in
Aug’24. Nexpro-Rd /Losar
registered double-digit
growth in Sep’24, while
Veloz-D registered a
decline.
Cardiac/Anti-diabetic
registered double-digit
growth, while Derma
experienced a decline in
Sep’24.
(INR m)
Total
76,999
Shelcal
Vitamins/Minerals/Nutrients 4,591
Chymoral
Pain/Analgesics
3,215
Shelcal Xt
Vitamins/Minerals/Nutrients 2,295
Nexpro-Rd
Gastro Intestinal
2,245
Nikoran
Cardiac
2,063
Unienzyme
Gastro Intestinal
1,688
Nebicard
Cardiac
1,402
Losar
Cardiac
1,354
Veloz-D
Gastro Intestinal
1,238
Losar-H
Cardiac
1,195
*Three months: Jul’24-Sep’24
10.1
7.0
9.6
2.7
13.0
7.6
8.9
7.6
23.9
16.6
11.1
9.5
16.7
6.0
3.3
0.7
15.7
11.8
2.5
-0.5
6.2
0.7
Source: IQVIA, MOFSL
Exhibit 41: Therapy mix (%)
Total
Cardiac
Gastro Intestinal
Neuro/Cns
Vitamins/Minerals/Nutrients
Anti-Diabetic
Pain/Analgesics
Share
100.0
26.9
17.7
14.6
10.1
8.9
8.3
MAT growth (%)
8.6
9.7
9.7
8.9
8.7
13.2
6.7
3M*
10.1
13.1
13.3
9.4
8.3
16.4
6.6
Sep'24
7.0
11.0
8.9
6.8
3.8
14.2
3.1
Source: IQVIA, MOFSL
Price/new launches growth
was offset by a decline in
volumes on MAT basis in
Sep’24.
Exhibit 42: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
8.8
Exhibit 43: Growth distribution (%) (MAT Sep’24)
8.4
-1.9
35.4
ACUTE
41.6
CHRONIC
Source: IQVIA, MOFSL
Vol GR
7.3
3.2
Price GR
NP GR
Source: IQVIA, MOFSL
13 October 2024
13
 Motilal Oswal Financial Services
Alembic Pharmaceuticals
Exhibit 44: Top 10 drugs
MAT Sep’24
Drug
Therapy
Value
(INR m)
Total
Azithral
Althrocin
Wikoryl
Gestofit
Crina-Ncr
Brozeet-Ls
Isofit
Richar Cr
Roxid
Anti-Infectives
Anti-Infectives
Respiratory
Gynaec
Gynaec
Respiratory
Gynaec
Gynaec
Anti-Infectives
32293
4464
1334
1223
1046
826
727
687
655
645
644
Growth
(%)
2.8
-3.6
4.6
-3.0
3.5
15.4
-1.3
40.8
-0.6
-3.7
10.6
Market
share (%)
100.0
30.7
87.2
8.7
11.4
27.8
7.2
5.5
4.1
93.7
5.5
Growth (%)
Last 3M
1.3
-6.7
3.2
-1.2
0.7
15.2
-9.0
23.6
-6.2
-3.9
Sep'24
-5.1
-22.3
-3.3
-4.6
-4.9
13.8
-13.5
24.6
-9.2
-15.3
Alembic’s secondary sales
declined 5.1% YoY in Sep’24
vs. 3.2% YoY growth in
Aug’24. Multiple top brands
witnessed a decline,
dragging the overall
performance for Sep’24.
Tellzy-Am
Cardiac
* Three months: Jul’24-Sep’24
3.3
-0.5
Source: IQVIA, MOFSL
Anti-infectives/Respiratory
dragged the overall
performance.
Exhibit 45: Therapy mix (%)
Total
Anti-Infectives
Cardiac
Gynaec
Respiratory
Gastro Intestinal
Anti-Diabetic
Share
100.0
21.1
15.6
15.2
12.8
10.6
8.0
MAT growth (%)
2.8
-2.4
6.1
10.7
-3.4
7.6
9.6
3M*
1.3
-3.8
7.8
4.4
-5.8
6.5
13.3
Sep'24
-5.1
-17.4
3.1
0.7
-11.9
3.6
9.0
Source: IQVIA, MOFSL
Price growth was supported
by new launches on MAT
basis in Sep’24, offset by a
decline in volume.
Exhibit 46: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
5.3
Exhibit 47: Growth distribution (%) (MAT Sep’24)
5.2
1.7
22.3
ACUTE
10.0
CHRONIC
Source: IQVIA, MOFSL
Vol GR
Price GR
-5.1
2.7
NP GR
Source: IQVIA, MOFSL
13 October 2024
14
 Motilal Oswal Financial Services
Ipca Laboratories
Exhibit 48: Top 10 drugs
Drug
Therapy
MAT Sep'24
Value
Growth Market
(%)
14.2
16.0
8.1
7.5
13.9
9.7
29.1
2.8
9.9
25.5
13.7
share (%)
100.0
61.5
49.6
82.6
85.3
58.0
19.9
6.7
97.9
22.5
3.5
Growth (%)
Last 3M
Sep'24
Ipca’s secondary sales were
7.7% YoY in Sep’24 vs. 9.8%
YoY in Aug’24. Zerodol-
P/Ctd-T/Tfct-nib registered
double-digit growth in
Sep’24.
(INR m)
Total
45819
Zerodol-Sp
Pain / Analgesics
5792
Zerodol-P
Pain / Analgesics
2943
Hcqs
Pain / Analgesics
1929
Folitrax
Antineoplast/Immunomodulator 1368
Zerodol-Th
Pain / Analgesics
1259
Ctd-T
Cardiac
1122
Solvin Cold
Respiratory
920
Ctd
Cardiac
789
Tfct-Nib
Pain / Analgesics
771
Pacimol
Pain / Analgesics
713
*Three months: Jul’24-Sep’24
MOFSL
13.4
7.7
12.7
5.3
11.0
14.5
7.0
1.4
10.1
9.4
11.7
11.2
18.4
9.5
6.0
-9.0
13.9
8.0
32.0
24.5
16.9
1.2
Source: IQVIA,
Exhibit 49: Therapy mix (%)
Cardiac/Derma registered
double-digit growth in
Sep’24.
Total
Pain / Analgesics
Cardiac
Anti-Infectives
Derma
Antineoplast/Immunomodulator
Gastro Intestinal
Share
100.0
39.1
12.8
7.5
5.6
5.3
4.9
MAT growth (%)
14.2
12.7
17.0
8.5
20.6
15.1
10.1
3M*
13.4
12.2
15.5
7.9
19.2
10.6
11.1
Sep'24
7.7
7.8
10.7
-2.5
17.6
8.3
6.7
Source: IQVIA, MOFSL
Price and volume growth
were the key growth drivers
on MAT basis.
Exhibit 50: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
18.3
12.2
Exhibit 51: Growth distribution (%) (MAT Sep’24)
30.5
ACUTE
15.4
CHRONIC
Source: IQVIA, MOFSL
5.8
Vol GR
7.4
Price GR
1.0
NP GR
Source: IQVIA, MOFSL
13 October 2024
15
 Motilal Oswal Financial Services
Eris Lifesciences
Exhibit 52: Top 10 drugs
MAT Sep'24
Growth (%)
Market
share (%)
100.0
10.6
10.4
3.0
8.5
3.8
11.0
5.2
8.6
10.2
50.8
Last 3M
4.0
2.5
10.9
-0.5
16.8
12.7
-10.0
-11.3
12.5
-0.9
23.2
Sep'24
1.5
-2.1
8.8
-7.0
11.4
11.6
-11.9
-23.6
7.2
-4.4
20.6
Eris’s secondary sales grew
1.5% YoY in Sep’24 vs. 2.5%
YoY growth in Aug’24. YoY
decline was witnessed in
Renerve Plus, Glimisave-M,
and Canmab in Sep’24.
Drug
Total
Renerve Plus
Glimisave Mv
Glimisave-M
Basalog
Insugen
Canmab
Zomelis-Met
Eritel Ln
Remylin D
Cyblex Mv
Therapy
Value
Growth
(%)
7.3
1.0
12.8
-1.1
5.9
3.0
18.2
-2.8
12.2
3.0
22.3
(INR m)
29947
Vitamins/Minerals/Nutrients
1409
Anti-Diabetic
1360
Anti-Diabetic
1024
Anti-Diabetic
965
Anti-Diabetic
920
Antineoplast/Immunomodulator 497
Anti-Diabetic
476
Cardiac
467
Vitamins/Minerals/Nutrients
460
Anti-Diabetic
427
*Three months: Jul’24-Sep’24
Source: IQVIA, MOFSL
Antineoplast/Neuro
exhibited/VMN YoY decline,
while Anti-diabetic/Cardiac
grew in low single-digits in
Sep’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 (%)
Total
Anti-Diabetic
Cardiac
Vitamins/Minerals/Nutrients
Derma
Antineoplast/Immunomodulator
Gynaec
Share
100.0
31.4
15.1
12.7
12.0
7.0
5.0
MAT growth (%)
7.3
8.5
5.9
14.4
3.5
7.6
3.4
3M*
4.0
8.2
5.1
4.8
15.1
-13.0
-9.3
Sep'24
1.5
3.8
2.5
-3.3
20.5
-14.4
-8.4
Source: IQVIA, MOFSL
Exhibit 54: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
7.5
SALESVALUE GR Sept'24
Exhibit 55: Growth distribution (%) (MAT Sep’24)
7.1
11.9
ACUTE
-1.4
Vol GR
3.6
5.0
18.0
CHRONIC
Source: IQVIA, MOFSL
Price GR
NP GR
Source: IQVIA, MOFSL
13 October 2024
16
 Motilal Oswal Financial Services
Abbott India
Exhibit 56: Top 10 drugs
MAT Sep'24
Drug
Therapy
Value
(INR m)
139760
8283
6356
6164
5892
3837
3691
3426
3413
3287
2913
Growth
(%)
8.4
-5.8
5.8
24.7
18.6
2.0
-12.5
60.7
30.5
8.2
-1.0
Market
share (%)
100.0
33.9
54.7
51.5
24.1
30.9
15.1
93.8
50.5
52.8
65.0
Growth (%)
Last 3M
Sep'24
Abbott’s secondary sales
increased 6.3% YoY in
Sep’24 vs. 9.4% YoY in
Aug’24.
Thyronorm/Udiliv/Ryzodeg
outperformed in Sep’24,
offset by a decline in
Duphaston/Novomix.
Total
Mixtard
Anti-Diabetic
Thyronorm
Hormones
Udiliv
Hepatoprotectives
Ryzodeg
Anti-Diabetic
Duphaston
Gynaec
Novomix
Anti-Diabetic
Rybelsus
Anti-Diabetic
Cremaffin Plus Gastro Intestinal
Duphalac
Gastro Intestinal
Vertin
Neuro/Cns
*Three months: Jul’24-Sep’24
MOFSL
9.5
6.3
-5.6
-2.6
7.7
10.2
19.7
16.5
25.6
24.6
-7.0
-9.6
-5.3
-4.6
45.0
57.8
14.6
-3.7
20.2
21.6
-3.5
-5.5
Source: IQVIA,
Anti-diabetic/Gastro
boosted growth in Sep’24,
offset by a decline in Anti-
infectives.
Exhibit 57: Therapy mix (%)
Total
Anti-Diabetic
Gastro Intestinal
Vitamins/Minerals/Nutrients
Anti-Infectives
Cardiac
Neuro/Cns
Share
100.0
23.6
15.0
8.9
8.3
6.9
6.8
MAT growth (%)
8.4
5.6
12.2
10.1
2.7
16.4
-1.4
3M*
9.5
8.1
13.7
7.8
5.1
13.0
-2.6
Sep'24
6.3
8.7
7.9
3.6
-4.0
9.7
-5.9
Source: IQVIA, MOFSL
Volume/
price/new launches led
growth on MAT basis in
Sep’24.
Exhibit 58: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
9.4
SALESVALUE GR Sept'24
Exhibit 59: Growth distribution (%) (MAT Sep’24)
7.1
77.8
ACUTE
61.9
CHRONIC
Source: IQVIA, MOFSL
1.6
Vol GR
5.6
Price GR
1.2
NP GR
Source: IQVIA, MOFSL
13 October 2024
17
 Motilal Oswal Financial Services
Mankind Pharma
Exhibit 60: Top 10 drugs
MAT Sep'24
Drug
Therapy
Value
(INR m)
Total
Sex Stimulants /
Rejuvenators
Moxikind-Cv
Anti-Infectives
Amlokind-At
Cardiac
Unwanted-Kit Gynaec
Dydroboon
Gynaec
Prega News
Gynaec
Gudcef
Anti-Infectives
Candiforce
Derma
Glimestar-M
Anti-Diabetic
Nurokind-Gold Vitamins/Minerals/Nutrients
Manforce
*Three months: Jul’24-Sep’24
1,00,451
5,171
3,940
2,604
2,456
2,280
2,255
2,086
2,000
1,960
1,649
Growth
(%)
9.0
10.1
6.8
20.8
2.7
14.0
0.0
8.7
7.0
9.1
12.2
Market
share (%)
100.0
73.5
12.1
36.9
55.1
18.3
83.1
17.4
20.6
5.7
8.9
Growth (%)
Last 3M
8.6
10.5
5.2
13.1
-9.2
21.2
1.0
9.2
5.6
4.4
7.5
Sep'24
5.1
9.5
0.0
6.3
-8.3
17.7
4.1
-4.5
2.7
2.2
-0.6
Mankind’s secondary sales
grew 5.1% YoY in Sep’24 vs.
7.1% YoY in AugJul’24.
Dydroboon/Telmikind-
AM/Manforce led to the
overall YoY growth in
Sep’24. Unwanted
kit/Gudcef declined in
Sep’24.
Source: IQVIA, MOFSL
Cardiac/Anti-diabetic
registered double-digit
growth, while Anti-
infectives grew at 1.7% and
respiratory declined 3%.
Exhibit 61: Therapy mix (%)
Share
Total
Anti-Infectives
Cardiac
Gastro Intestinal
Anti-Diabetic
Vitamins/Minerals/Nutrients
Respiratory
100.0
15.2
14.5
10.9
8.8
8.3
8.1
MAT growth (%)
9.0
8.2
19.1
14.4
14.6
7.8
-4.5
3M*
8.6
9.7
18.1
15.2
12.6
5.4
-0.4
Sep'24
5.1
1.7
15.9
8.5
10.8
1.8
-3.0
Source: IQVIA, MOFSL
Price/new launches led to
the overall YoY growth for
MAT in Sep’24.
Exhibit 62: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
13.4
Exhibit 63: Growth distribution (%) (MAT Sep’24)
6.7
64.1
ACUTE
36.4
CHRONIC
Source: IQVIA, MOFSL
S
1.0
Vol GR
5.6
Price GR
2.4
NP GR
Source: IQVIA, MOFSL
13 October 2024
18
 Motilal Oswal Financial Services
Macleods Pharma
Exhibit 64: Top 10 drugs
Drug
Therapy
MAT Sep'24
Growth (%)
Value
Growth
Market
Last 3M
Sep'24
(INR m)
(%)
share (%)
75,025
7.7
100.0
3.2
-1.5
2,520
37.2
17.9
30.4
24.7
2,297
5.7
19.8
5.7
4.3
1,955
9.3
62.1
-2.6
-8.9
1,868
-6.9
51.2
-1.0
8.1
1,466
5.7
54.3
-0.2
-1.1
1,422
19.3
59.7
6.8
5.9
1,352
11.2
4.0
7.1
3.7
1,350
-4.9
13.9
1.2
2.6
1,307
2.2
2.9
-4.3
-11.5
1152
9.0
12.4
-2.4
-7.7
Source: IQVIA,
Macleods’s secondary sales
declined 1.5% YoY in Sep’24
vs. 5.6% YoY in Aug’24. The
decline in
Omnacortil/Sensiclav
dragged down growth in
Sep’24. Meromac
registered a strong double-
digit growth.
Total
Meromac
Thyrox
Omnacortil
Panderm ++
Defcort
Megalis
Geminor-M
It-Mac
Sensiclav
Tazomac
Anti-Infectives
Hormones
Hormones
Derma
Hormones
Urology
Anti-Diabetic
Derma
Anti-Infectives
Anti-Infectives
*Three months: Jul’24-Sep’24
MOFSL
Decline in Anti-
Exhibit 65: Therapy mix (%)
infectives/Respiratory/Hor
mones/Pain led to the
Total
overall decline in Sep’24.
Anti-Infectives
Cardiac
Respiratory
Hormones
Pain/Analgesics
Anti-Diabetic
Share
100.0
29.9
12.5
9.0
8.6
8.1
6.0
MAT growth (%)
7.7
10.8
10.5
5.1
6.6
6.5
10.3
3M*
3.2
7.3
5.7
-4.0
1.1
-1.5
5.5
Sep'24
-1.5
-1.8
5.2
-12.4
-2.3
-2.7
5.5
Source: IQVIA, MOFSL
Price/new launches led to
growth on MAT basis in
Sep’24.
Exhibit 66: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
9.5
Exhibit 67: Growth distribution (%) (MAT Sep’24)
6.7
47.3
ACUTE
27.7
CHRONIC
Source: IQVIA, MOFSL
0.1
Vol GR
6.0
Price GR
1.6
NP GR
Source: IQVIA, MOFSL
13 October 2024
19
 Motilal Oswal Financial Services
Ajanta Pharma
Exhibit 68: Top 10 drugs
Drug
Therapy
Value
(INR m)
17300
1665
835
815
774
510
449
406
370
295
285
MAT Sep'24
Growth (%)
Growth
Market
Last 3M
Sep'24
(%)
share (%)
9.6
100.0
12.2
10.8
1.0
23.3
16.0
13.2
8.9
19.2
22.2
18.8
3.8
25.0
-2.3
-12.6
10.0
19.7
14.3
10.3
23.7
6.4
31.9
27.7
26.0
28.3
27.8
22.7
6.5
13.2
7.7
-6.8
7.6
11.5
5.4
-4.7
33.2
61.3
39.1
18.4
11.1
27.6
8.2
2.8
Source: IQVIA,
Ajanta’s secondary sales
grew 10.8% YoY in Sep’24
vs. 9.5% YoY in Aug’24. Met
XL/Feburic/Atorfit-CV/Cinod
grew in strong double
digits.
Total
Met Xl
Cardiac
Feburic
Pain / Analgesics
Melacare
Derma
Atorfit-Cv
Cardiac
Cinod
Cardiac
Met Xl Trio
Cardiac
Met Xl Am
Cardiac
Rosufit-Cv
Cardiac
Ivrea
Derma
Cilamet-Xl
Cardiac
*Three months: Jul’24-Sep’24
MOFSL
Top four therapies grew in
double digits for Sep’24.
Exhibit 69: Therapy mix (%)
Share
Total
Cardiac
Ophthal/Otologicals
Derma
Pain/Analgesics
Anti-Diabetic
Respiratory
100.0
35.4
27.7
21.1
7.9
2.5
1.7
MAT growth (%)
9.6
9.3
5.1
17.0
9.5
5.3
8.5
3M*
12.2
15.9
4.2
16.2
17.5
9.9
3.1
Sep'24
10.8
11.5
12.1
10.1
10.6
5.4
-0.1
Source: IQVIA, MOFSL
Volume/price/new product
launches led growth on
MAT basis in Sep’24.
Exhibit 70: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
Exhibit 71: Growth distribution (%) (MAT Sep’24)
10.2
10.2
8.8
7.1
1.2
Vol GR
5.3
Price GR
3.1
NP GR
Source: IQVIA, MOFSL
ACUTE
CHRONIC
Source: IQVIA, MOFSL
13 October 2024
20
 Motilal Oswal Financial Services
JB Chemicals and Pharmaceuticals
Exhibit 72: Top 10 drugs
Drug
Therapy
Value
(INR m)
26125
4313
3586
2176
1991
1888
1052
671
598
411
339
x
MAT Sep'24
Growth
(%)
11.3
20.4
1.1
8.3
31.0
16.4
10.3
-37.5
-4.0
21.0
11.0
Market
share (%)
100.0
54.5
40.1
79.9
36.7
92.2
59.0
10.3
25.5
39.7
14.6
Growth (%)
Last 3M
13.7
22.0
-5.5
10.0
29.3
20.7
17.4
-9.0
0.4
20.4
27.6
Sep'24
15.5
30.1
-2.7
4.7
24.3
23.2
11.4
-9.5
41.1
21.6
27.7
Secondary sales grew 15.5%
YoY in Sep’24 vs. 13.7% YoY
in Aug’24.
Cilacar/Nicardia/Sporlac/Vig
amox grew in strong double
digits.
Total
Cilacar
Rantac
Metrogyl
Cilacar-T
Nicardia
Sporlac
Azmarda
Vigamox
Cilacar-M
Metrogyl-P
Cardiac
Gastro Intestinal
Anti-Parasitic
Cardiac
Cardiac
Gastro Intestinal
Cardiac
Ophthal / Otologicals
Cardiac
Derma
*Three months: Jul’24-Sep’24
MOFSL
Source: IQVIA,
Cardiac/Ophthal/Derma
registered double-digit
growth.
Exhibit 73: Therapy mix (%)
Error! Not a valid li nk.
Share
Total
Cardiac
Gastro Intestinal
Anti-Parasitic
Ophthal/Otologicals
Gynaec
Derma
100.0
42.9
26.2
8.0
7.6
4.3
2.6
MAT growth (%)
11.3
15.5
11.0
8.2
-4.9
16.5
16.4
3M*
13.7
20.1
7.6
9.6
12.2
7.3
29.7
Sep'24
15.5
22.0
8.3
4.4
35.8
7.0
26.9
Source: IQVIA, MOFSL
Price and volume growth
were key drivers for growth
on MAT basis.
Exhibit 74: Acute vs. Chronic (MAT growth)
MATVALUE Sept'24
SALESVALUE GR Sept'24
15.3
8.1
Exhibit 75: Growth distribution (%) (MAT Sep’24)
14.3
ACUTE
11.9
CHRONIC
Source: IQVIA, MOFSL
3.7
Vol GR
6.0
Price GR
1.6
NP GR
Source: IQVIA, MOFSL
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
13 October 2024
21
 Motilal Oswal Financial Services
NOTES
13 October 2024
22
 Motilal Oswal Financial Services
Explanation of Investment Rating
Investment Rating
BUY
SELL
NEUTRAL
UNDER REVIEW
NOT RATED
Expected return (over 12-month)
>=15%
< - 10%
> - 10 % to 15%
Rating may undergo a change
We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within following 30 days take
appropriate measures to
make
the recommendation consistent with the investment rating legend.
Disclosures:
The following Disclosures are being made in compliance with the SEBI
Research
Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, the Research Entity (RE) as defined in the Regulations, is engaged in
the business of providing Stock broking services, Depository participant services & distribution of various financial products. MOFSL is a listed public company, the details in respect of which are available on
www.motilaloswal.com.
MOFSL (erstwhile Motilal Oswal Securities Limited - MOSL) is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National
Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited (BSE), Multi Commodity Exchange of India Limited (MCX) and National Commodity & Derivatives Exchange Limited (NCDEX) for
its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) National Securities Depository Limited (NSDL),NERL, COMRIS and CCRL and is member of
Association of Mutual Funds of India (AMFI) for distribution of financial products and Insurance Regulatory & Development Authority of India (IRDA) as Corporate Agent for insurance products. Details of
associate entities of Motilal Oswal Financial Services Ltd. are
available
on the website at
http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Details of pending Enquiry Proceedings of Motilal Oswal Financial Services Limited are available on the website at
https://galaxy.motilaloswal.com/ResearchAnalyst/PublishViewLitigation.aspx
MOFSL, it’s associates, Research Analyst or their relatives may have any financial interest in the subject company. MOFSL and/or its associates and/or Research Analyst or their relatives may have actual
beneficial ownership of 1% or more securities in the subject company at the end of the month immediately preceding the date of publication of the Research Report or date of the public appearance.
MOFSL
and its associate company(ies), their directors and Research Analyst and their relatives may have any other potential conflict of interests at the time of publication of the research report or at the time of
public appearance, however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely
independent of the views of the associates of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
In the past 12 months, MOFSL or any of its associates may have:
received any compensation/other benefits from the subject
company
of this report
managed or co-managed public offering of securities from subject company of this research report,
received compensation for investment banking or merchant banking or brokerage services from subject company of this research report,
received compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company of this research report.
MOFSL and it’s associates have not received any compensation or other benefits from the subject company or third party in connection with the research report.
Subject Company may have been a client of MOFSL or its associates during twelve months preceding the date of distribution of the research report.
Research Analyst may have served as director/officer/employee in the subject company.
MOFSL and research analyst may engage in market making activity for the subject company.
MOFSL and its associate company(ies), and Research Analyst and their relatives from time to time may have:
a) a long or short position in, act as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein.
(b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) discussed herein or act
as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.; however the
same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates
of MOFSL even though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not consider demat accounts
which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from clients which are not considered in above disclosures.
To enhance transparency, MOFSL has incorporated a Disclosure of Interest Statement in this document. This should, however, not be treated as endorsement of the views expressed in the report. MOFSL
and / or its affiliates do and seek to do business including investment banking with companies covered in its research reports. As a result, the recipients of this report should be aware that MOFSL may have
a potential conflict of interest that may affect the objectivity of this report.
Terms & Conditions:
This report has been prepared by MOFSL and is meant for sole use by the recipient and not for circulation. The report and information contained herein is strictly confidential and may not be altered in any
way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form, without prior written consent of MOFSL. The report is based on the facts, figures
and information that are considered true, correct, reliable and accurate. The intent of this report is not recommendatory in nature. The information is obtained from publicly available media or other sources
believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or correctness. All
such information and opinions are subject to change without notice. The report is prepared solely for informational purpose and does not constitute an offer document or solicitation of offer to buy or sell or
subscribe for securities or other financial instruments for the clients. Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. MOFSL will not
treat recipients as customers by virtue of their receiving this report.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the research analyst(s) was, is,
or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
A graph of daily closing prices of securities is available at www.nseindia.com, www.bseindia.com. Research Analyst views on Subject Company may vary based on Fundamental research and Technical
Research. Proprietary trading desk of MOFSL or its associates maintains arm’s length distance with Research Team as all the activities are segregated from MOFSL research activity and therefore it can
have an independent view with regards to subject company for which Research Team have expressed their views.
Regional Disclosures
(outside India)
This report is not directed or intended for distribution to or use by any person or entity resident in a state, country or any jurisdiction, where such distribution, publication, availability or use would be contrary
to law, regulation or which would subject MOFSL & its group companies to registration or licensing requirements within such jurisdictions.
For Hong Kong:
This report is distributed in Hong Kong by Motilal Oswal capital Markets (Hong Kong) Private Limited, a licensed corporation (CE AYY-301) licensed and regulated by the Hong Kong Securities and Futures
Commission (SFC) pursuant to the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “SFO”. As per SEBI (Research Analyst Regulations) 2014 Motilal Oswal Financial Services
Limited (SEBI Reg No. INH000000412) has an agreement with Motilal Oswal capital Markets (Hong Kong) Private Limited for distribution of research report in Hong Kong. This report is intended for
distribution only to “Professional Investors” as defined in Part I of Schedule 1 to SFO. Any investment or investment activity to which this document relates is only available to professional investor and will be
engaged only with professional investors.” Nothing here is an offer or solicitation of these securities, products and services in any jurisdiction where their offer or sale is not qualified or exempt from
registration. The Indian Analyst(s) who compile this report is/are not located in Hong Kong & are not conducting Research Analysis in Hong Kong.
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
13 October 2024
23
 Motilal Oswal Financial Services
("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-dealer, Motilal Oswal Securities
International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S. registered broker-dealer,
MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public appearances and trading securities held by a research
analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co. Reg. NO. 201129401Z) which is a holder of a capital markets services license and an
exempt financial adviser in Singapore. Persons in Singapore should contact MOCMSPL in respect of any matter arising from, or in connection with this report/publication/communication. This report is
distributed solely to persons who qualify as “Institutional Investors”, of which some of whom may consist of "accredited" institutional investors as defined in section 4A(1) of the Securities and Futures Act of
Singapore .Accordingly, if a Singapore person is not, or ceases to be, such an investor, they must immediately discontinue any use of this Report and inform MOCMSPL .
Disclaimer:
The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to
any other person or to the media or reproduced in any form, without prior written consent. This report and information herein is solely for informational purpose and may not be used or considered as an
offer document or solicitation of offer to buy or sell or subscribe for securities or other financial instruments. Nothing in this report constitutes investment, legal, accounting and tax advice or a representation
that any investment or strategy is suitable or appropriate to your specific circumstances. The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make
their own investment decisions, based on their own investment objectives, financial positions and needs of specific recipient. This may not be taken in substitution for the exercise of independent judgment
by any recipient. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companies referred to in
this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks of such an investment. The investment discussed or views expressed may not
be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade securities - involve substantial risk and are not
suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information and opinions contained in this document. The Disclosures
of Interest Statement incorporated in this document is provided solely to enhance the transparency and should not be treated as endorsement of the views expressed in the report. This information is subject
to change without any prior notice. The Company reserves the right to make modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its
associates, their directors and the employees may from time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document.
They may perform or seek to perform investment banking or other services for, or solicit investment banking or other business from, any company referred to in this report. Each of these entities functions as
a separate, distinct and independent of each other. The recipient should take this into account before interpreting the document. This report has been prepared on the basis of information that is already
available in publicly accessible media or developed through analysis of MOFSL. The views expressed are those of the analyst, and the Company may or may not subscribe to all the views expressed
therein. This document is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published, copied, in whole or
in part, for any purpose. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction,
where such distribution, publication, availability or use would be contrary to law, regulation or which would subject MOFSL to any registration or licensing requirement within such jurisdiction. The securities
described herein may or may not be eligible for sale in all jurisdictions or to certain category of investors. Persons in whose possession this document may come are required to inform themselves of and to
observe such restriction. Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
revenue or lost profits that may arise from or in connection with the use of the information. The person accessing this information specifically agrees to exempt MOFSL or any of its affiliates or employees
from, any and all responsibility/liability arising from such misuse and agrees not to hold MOFSL or any of its affiliates or employees responsible for any such misuse and further agrees to hold MOFSL or any
of its affiliates or employees free and harmless from all losses, costs, damages, expenses that may be suffered by the person accessing this information due to any errors and delays.
This report is meant for the clients of Motilal Oswal only.
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 - 71934200 / 71934263; www.motilaloswal.com.
Correspondence Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road, Malad (West), Mumbai- 400 064. Tel No: 022 71881000. Details of Compliance Officer: Neeraj Agarwal,
Email Id: na@motilaloswal.com, Contact No.:022-40548085.
Grievance Redressal Cell:
Contact Person
Ms. Hemangi Date
Ms. Kumud Upadhyay
Mr. Ajay Menon
Contact No.
022 40548000 / 022 67490600
022 40548082
022 40548083
Email ID
query@motilaloswal.com
servicehead@motilaloswal.com
am@motilaloswal.com
Registration details of group entities.: Motilal Oswal Financial Services Ltd. (MOFSL): INZ000158836 (BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst: INH000000412 . AMFI:
ARN .: 146822. IRDA Corporate Agent – CA0579. Motilal Oswal Financial Services Ltd. is a distributor of Mutual Funds, PMS, Fixed Deposit, Insurance, Bond, NCDs and IPO products.
Customer having any query/feedback/ clarification may write to query@motilaloswal.com. In case of grievances for any of the services rendered by Motilal Oswal Financial Services Limited (MOFSL) write to
grievances@motilaloswal.com, for DP to dpgrievances@motilaloswal.com.
13 October 2024
24