sector update healthcare - motilal oswal · 15/01/2015 · 15 january 2015 2. sector update|...

15 January 2015 1

Sector Update| Healthcare 15 January 2015

Sector Update

Healthcare

Arvind Bothra ([email protected]); +91 22 3982 5584

Amey Chalke ([email protected]); +91 22 3982 5423

Indian pharma market – Monthly performance tracker Sustained growth recovery, expect momentum to pick up IPM Dec 2014 growth was at 13.6%, 3QFY15 growth at 10.3% IPM grew 13.6% YoY to INR74b for December, higher than the 11% YoY and 6%

YoY growth registered in November and October respectively. 3QFY15 growth was in double digit for the second consecutive quarter at 10.3%

YoY (12.8% YoY in 2QFY15), reflecting the continued recovery in India pharma market, aided by price hikes undertaken on NLEM drugs and a favorable base effect (6.8% YoY in 3QFY14).

Overall on MAT (Moving Annual Total) basis, IPM growth was at 10.2% YoY (INR830b).

3QFY15: Company-wise performance Ranbaxy posted the highest growth at 21.2% YoY in our coverage, attributed to

the price hikes taken in NLEM brands. Sun Pharma (15.3% YoY) and Glenmark (14.8% YoY) also grew in double digits,

supported by a high volume growth (9% YoY) during the quarter. Torrent Pharma (19.7% YoY) also grew in excess of 15%, with a price hike taken

in key Elder brands – Shelcal and Chymoral (10% price hike).

Anti-diabetic and Respiratory led in therapies In 3QFY15, Anti-Diabetic therapy grew 19.7% YoY, with good growth seen in

drugs like Glargines, Sitagliptins, Vildagliptins and Glimepride+Metformin products.

Respiratory, 8% of IPM, grew at 15% YoY, with big brands like Allegra, Foracort and Duolin growing in excess of 15% for the quarter.

Anti-infectives, 16% of IPM, reported double digit growth for this quarter at 12.2% YoY (11.1% YoY in 2QFY15). The resurgence seen in Anti-infectives for the last two quarters is a combination of – 1) lower base of last year (-2.1% YoY growth for 3QFY14), 2) price hike taken in NLEM affected brands and 3) seasonality.

DPCO v/s non DPCO market (Dec 2014) DPCO listed products grew at 8% YoY, while non DPCO products registered

14.8% YoY growth in December. DPCO and non DPCO category showed unit growth at 0.7% and 3.2%

respectively. The DPCO 2013 portfolio for Pfizer grew at 13.9% YoY, GSK 1.7% and Ranbaxy

41.9% for December. MAT performance analysis IPM has grown at 10.2% for MAT Dec 2014. Growth is primarily driven by a

volume growth of 4.6% and new products growth of 2.9%. From therapy perspective, Acute drugs grew 9% YoY for MAT Dec 2014, while chronic growth was at 13% YoY.

Investors are advised to refer through disclosures made at the end of the Research Report.

CompanyMAT gr

(%)3QFY15 gr (%)

Abbott India 6.9 9.2

Sun Pharma 15.3 15.3

Cipla 11.4 10.4

Zydus Cadila 8.7 8.4

Ranbaxy 10.7 21.2

Mankind 12.5 13.8

Alkem 11.1 4.8

GSK Pharma -4.0 6.2

Lupin 12.2 8.7

Sanofi 5.8 15.1

Torrent Pharma

10.5 19.7

Glenmark Pharma

15.2 14.8

Dr Reddy Labs 9.0 8.0

Ipca Labs 18.6 2.9

Alembic Pharma

11.5 8.6

Biocon 24.9 0.9

Performance of top companies: December 2014

15 January 2015 2

Sector Update| Healthcare

Indian pharma market - Dec 2014

Exhibit 1: Performance of top companies - Dec 2014

Company MAT DEC-14 Last 8 quarters in growth (%) Dec-14

MonthlyGr

Value (INR m)

Market Sh. (%)

Gr. (%)

Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

IPM 830,093 100 10.2 8.4 8.5 4.6 6.8 7.8 9.8 12.8 10.3 13.6

Abbott India 51,360 6.2 6.9 3.9 7.8 1.1 4.3 4.6 3.6 10.0 9.2 17.7

Sun Pharma 45,240 5.5 15.3 18.4 19.5 15.3 16.2 18.4 14.6 13.2 15.3 21.5

Cipla 41,416 5.0 11.4 3.7 7.4 5.2 6.3 4.2 9.2 21.4 10.4 12.7

Zydus Cadila 36,038 4.3 8.7 20.6 18.3 6.2 8.1 7.4 9.2 9.8 8.4 12.6

Ranbaxy 30,592 3.7 10.7 12.2 9.7 1.4 -1.3 3.1 6.1 11.5 21.2 28.7

Mankind 29,906 3.6 12.5 12.1 9.3 -0.1 4.2 3.5 13.3 18.3 13.8 19.2

Alkem 29,124 3.5 11.1 6.0 15.5 9.7 14.8 15.0 12.8 12.9 4.8 3.6

GSK Pharma 27,796 3.3 -4.0 1.9 -6.8 -16.5 -22.4 -13.5 -8.4 1.1 6.2 2.2

Lupin 27,665 3.3 12.2 13.2 13.4 13.2 11.0 12.3 14.0 13.9 8.7 12.5

Sanofi 20,655 2.5 5.8 21.4 4.8 -0.8 -4.6 -5.8 3.5 10.0 15.1 21.8

Torrent Pharma 18,628 2.2 10.5 14.5 13.2 2.2 -0.4 3.3 5.9 12.5 19.7 31.1

Glenmark Pharma 18,198 2.2 15.2 13.5 12.6 15.6 20.7 15.7 14.6 15.5 14.8 21.2

Dr Reddy Labs 17,554 2.1 9.0 9.2 6.6 7.0 6.4 4.2 9.9 13.7 8.0 12.8

Ipca Labs 14,784 1.8 18.6 -7.5 -2.9 6.9 13.6 26.5 25.4 23.5 2.9 3.9

Alembic Pharma 11,265 1.4 11.5 7.7 11.6 5.1 13.4 10.7 11.2 15.3 8.6 11.3

Biocon 3,094 0.4 24.9 -7.3 2.9 37.1 58.9 47.1 42.6 22.4 0.9 5.9

Source: AIOCD, MOSL

Exhibit 2: Performance of top therapies - Dec 2014

Therapy MAT DEC-14 Last 8 quarters in growth (%) Dec-14

Monthly Gr

Value (INR m)

Market Sh (%)

Gr. (%)

Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

IPM 830,093 100.0 10.2 8.4 8.5 4.6 6.8 7.8 9.8 12.8 10.3 13.6

Anti-Infectives 132,724 16.0 6.0 3.1 6.0 -2.0 -2.1 2.3 4.9 11.1 12.2 5.2

Cardiac 103,634 12.5 10.7 11.7 10.9 8.7 9.8 8.9 10.4 11.8 8.8 18.2

Gastro Intestinal 95,344 11.5 11.4 7.4 7.0 3.3 9.6 9.0 10.8 14.1 13.4 13.5

Vitamins/Minerals/Nutrients 75,374 9.1 11.1 10.9 8.6 6.7 9.3 9.4 10.3 13.5 11.9 12.6

Respiratory 64,810 7.8 10.4 8.1 13.9 10.2 10.7 9.8 12.6 13.1 15.0 10.0

Anti Diabetic 62,776 7.6 21.3 16.1 15.4 14.0 17.5 17.1 19.1 24.8 19.7 33.1

Pain / Analgesics 59,122 7.1 9.3 7.2 8.3 1.7 4.7 6.2 8.9 13.1 11.8 11.3

Neuro / Cns 50,642 6.1 8.2 11.5 11.7 6.9 6.3 8.2 6.6 8.6 6.3 15.4

Derma 47,723 5.7 16.1 12.5 10.0 12.2 15.6 16.0 17.2 14.5 13.8 19.6

Gynaecological 42,089 5.1 5.1 4.6 0.5 -0.5 0.7 0.1 5.9 8.0 6.3 8.1

Ophthal / Otologicals 15,358 1.9 13.0 12.7 6.5 8.4 12.0 10.2 10.1 14.5 16.9 12.9

Hormones 14,015 1.7 4.8 20.8 19.0 6.9 6.2 3.0 1.9 7.6 8.4 6.2

Anti-Neoplastics 13,547 1.6 25.5 15.4 20.0 10.8 17.4 24.3 30.7 33.9 25.8 12.7

Source: AIOCD, MOSL

15 January 2015 3


Sun Pharma Exhibit 3: Top 10 drugs

Drug Therapy MAT Dec 14 Growth (%)

Value (INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total

45,240 15.3 100.0 15.3 21.5

Gemer Anti Diabetic 1,274 18.8 2.8 8.8 12.7 Pantocid Gastro Intestinal 1,204 11.5 2.7 15.9 26.4 Susten Gynaecological 1,138 31.3 2.5 26.2 35.2 Levipil Neuro / Cns 1,079 33.6 2.4 34.6 41.4 Istamet Anti Diabetic 1,041 53.1 2.3 56.7 67.6 Aztor Cardiac 920 6.6 2.0 19.3 27.8 Pantocid Dsr Gastro Intestinal 890 22.3 2.0 33.5 38.0 Glucored Anti Diabetic 679 5.2 1.5 (2.8) 6.2 Montek-Lc Respiratory 637 16.4 1.4 18.1 27.0 Oxetol Neuro / Cns 605 14.0 1.3 16.3 23.8

Source: AIOCD, MOSL

Exhibit 4: Therapy mix (%)

Share MAT Gr. 3QFY15 Gr. Dec-14 Gr.

Total 100.0 15.3 15.3 21.5 Neuro / Cns 26.6 16.4 19.4 27.8 Cardiac 18.5 8.5 10.7 17.0 Gastro Intestinal 14.5 21.2 27.0 34.1 Anti Diabetic 11.7 19.0 19.6 26.0 Gynaecological 7.2 9.5 (9.0) (6.2) Ophthal / Otologicals 4.6 13.4 16.5 18.5

Source: Source: AIOCD, MOSL

Exhibit 5: Brand wise growth distribution

% to sales MAT growth (%)

Total 100.0 15.3

Top 10 Brands 20.9 21.0

11 to 25 Brands 15.0 17.6

26 to 50 Brands 14.8 8.5

Above 50 Brands 49.2 14.5

Source: AIOCD, MOSL

Exhibit 6: Acute v/s Chronic

Source: AIOCD, MOSL

Exhibit 7: Growth distribution (%) (MAT Dec 2014)

Source: AIOCD, MOSL

20 25

18.0

13.3

ACUTE CHRONIC

MAT Value Dec 14 (INR b) Growth (%)

10.4

3.0 1.9

Vol GR (%) Price GR (%) New product GR (%)

Apart from Gemer and Glucored, all the top 10

brands grew in excess of 15% YoY for 3QFY15

CNS, Gastro intestinal and Anti-diabetic show good

growth for 3QFY15

On MAT basis, 70% of company’s overall growth is

volume driven

15 January 2015 4


Cipla Exhibit 8: Top 10 drugs


Value(INR m) Gr. (%) Mkt Sh (%) 3QFY15 Dec-14 Total

41,416 11.4 100.0 10.4 12.7 Foracort Respiratory 1,585 15.1 3.8 16.5 24.4 Asthalin Respiratory 1,359 (3.2) 3.3 (7.0) (0.8) Seroflo Respiratory 1,251 3.6 3.0 5.6 11.2 Budecort Respiratory 1,216 16.9 2.9 3.1 14.1 Duolin Respiratory 1,034 16.6 2.5 11.2 15.6 Aerocort Respiratory 974 6.4 2.4 0.1 5.4 Novamox Anti-Infectives 792 (11.4) 1.9 (12.4) (6.6) Azee Anti-Infectives 764 26.7 1.8 16.2 16.3 Montair Lc Respiratory 619 22.0 1.5 12.0 19.7 Ciplox Anti-Infectives 604 (3.7) 1.5 (11.8) (22.5)

Source: AIOCD, MOSL



Total 100.0 11.4 10.4 12.7 Respiratory 30.6 10.2 4.8 10.7 Anti-Infectives 26.5 15.9 11.9 10.3 Cardiac 12.6 15.5 15.3 17.8 Gastro Intestinal 7.4 2.6 7.7 8.4 Urology 4.3 21.3 27.5 33.3 Ophthal / Otologicals 3.5 18.6 13.6 11.5


Exhibit 10: Brand-wise growth distribution


Total 100.0 11.4

Top 10 Brands 24.6 7.8

11 to 25 Brands 16.9 16.5

26 to 50 Brands 16.0 15.9


Source: AIOCD, MOSL


Source: AIOCD, MOSL

Exhibit 12: Growth distribution (%)(MAT Dec 2014)

Source: AIOCD, MOSL

24 17

10.0

13.5

ACUTE CHRONIC


9.0

0.8 1.6


3QFY15 growth at 10.4% YoY for Cipla, in line with market growth of 10.2%

YoY

CVS (15.3% YoY) and Anti-infectives (11.9% YoY)

support overall company growth as respiratory

portfolio grew 4.8% YoY for 3QFY15

On MAT basis, 80% of company’s growth is

coming from volumes

15 January 2015 5


Cadila Healthcare Exhibit 13: Top 10 drugs


Value(INR m)

Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total

36,038 8.7 100.0 8.4 12.6 Skinlite Derma 1,726 27.0 4.8 34.8 41.6 Mifegest Kit Gynaecological 1,206 21.8 3.3 (33.1) (31.6) Atorva Cardiac 1,094 19.2 3.0 24.8 30.5 Deriphyllin Respiratory 975 10.6 2.7 4.6 4.7 Pantodac Gastro Intestinal 903 (6.1) 2.5 (2.3) (0.6) Amlodac Cardiac 695 2.9 1.9 (7.9) (2.7) Aten Cardiac 653 (19.6) 1.8 (24.7) (19.6) Dexona Hormones 579 (19.3) 1.6 (35.9) (33.0) Ampilox Anti-Infectives 545 2.9 1.5 21.3 18.2 Falcigo Anti Malarials 524 4.1 1.5 (0.9) 23.5

Source: AIOCD, MOSL



Total 100.0 8.7 8.4 12.6 Cardiac 16.4 10.1 7.6 12.6 Anti-Infectives 13.9 14.8 24.3 23.6 Gastro Intestinal 12.9 (5.3) 0.7 9.5 Gynaecological 10.9 8.4 3.7 8.9 Respiratory 9.4 11.3 10.3 16.4 Derma 7.4 26.6 36.3 44.1




Total 100.0 8.7


11 to 25 Brands 16.9 5.3

26 to 50 Brands 14.9 24.8


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

26 10

7.5

11.7

ACUTE CHRONIC


1.7 1.8

5.2


3QFY15 growth at 8.4% for Cadila, much below the

market growth of 10.3%

Apart from Anti-infectives and Derma, all other top 6 therapies are growing at a

slow pace

New products introduction has been the major growth

driver for Cadila

15 January 2015 6


Ranbaxy Exhibit 18: Top 10 drugs


Value(INR m)

Gr. (%) Mkt She (%) 3QFY15 Dec-14 Total

30,592 10.7 100.0 21.2 28.7 Volini Pain / Analgesics 2,206 (1.8) 7.2 2.7 25.1 Revital Vitamins 2,203 (18.6) 7.2 (35.8) (51.5) Rosuvas Cardiac 1,235 40.0 4.0 55.9 73.0 Mox Anti-Infectives 1,062 9.5 3.5 24.9 26.6 Storvas Cardiac 1,019 7.5 3.3 31.1 45.2 Cifran Anti-Infectives 749 5.2 2.4 6.0 9.9 Sporidex Anti-Infectives 612 4.5 2.0 21.4 30.9 Cepodem Anti-Infectives 609 13.8 2.0 25.8 43.4 Moxclav Anti-Infectives 537 32.3 1.8 38.6 54.4 Zanocin Anti-Infectives 512 1.2 1.7 37.5 52.7

Source: AIOCD, MOSL



Total 100.0 10.7 21.2 28.7 Anti-Infectives 29.4 16.8 30.0 33.1 Cardiac 14.2 21.4 42.1 58.2 Pain / Analgesics 12.2 1.3 6.2 25.5 Derma 10.3 19.8 25.8 28.9 Vitamins / Minerals / Nutrients 9.4 (13.6) (25.5) (39.3) Gastro Intestinal 6.2 17.1 32.3 48.0




Total 100.0 10.7


11 to 25 Brands 15.0 19.9

26 to 50 Brands 14.0 29.5


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

24 7

9.3

15.4

ACUTE CHRONIC


5.6

1.7

3.5


Anti Infective, Cardiac and Derma portfolios led 21.2%

growth this quarter

In 3QFY15, all top 10 drugs have grown in double digits,

except Revital, Volini and Cifran

New products introduction and volume growth have

been the major growth drivers for Ranbaxy

15 January 2015 7


GSK Pharma Exhibit 23: Top 10 drugs


Val (INR m)

Growth(%)

Mkt Share (%) 3QFY15 Dec-14 Total

27,796 (4.0) 100.0 6.2 2.2 Augmentin Anti-Infectives 2,851 (1.4) 10.3 14.4 16.2 Calpol Pain / Analgesics 1,504 (10.5) 5.4 2.3 2.2 Zinetac Gastro Intestinal 1,466 (5.2) 5.3 6.5 8.3 Ceftum Anti-Infectives 1,225 20.2 4.4 26.9 19.1 Eltroxin Hormones 1,178 (4.4) 4.2 2.2 (10.1) Betnovate N Derma 1,150 20.8 4.1 20.6 21.8 Betnovate C Derma 1,061 6.3 3.8 15.4 14.9 T Bact Derma 909 20.8 3.3 29.3 18.5 Betnesol Hormones 747 0.7 2.7 36.3 31.6 Phexin Anti-Infectives 620 (10.4) 2.2 16.0 (2.3)

Source: AIOCD, MOSL



Total 100.0 (4.0) 6.2 2.2 Anti-Infectives 27.6 (3.7) 2.8 (2.3) Derma 20.7 10.7 20.7 16.7 Pain / Analgesics 9.3 (14.1) (5.0) 2.3 Vitamins 7.8 (7.0) 7.4 5.1 Hormones 7.2 (4.8) 11.9 2.9 Gastro Intestinal 6.6 (9.0) 1.0 0.6



% to sales MAT gr (%)

Total 100.0 (4.0)


11 to 25 Brands 20.9 (4.5)

26 to 50 Brands 16.1 (3.2)

Above 50 Brands 17.2 (16.2)

Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

24 4

-4.4

-1.1

ACUTE CHRONIC


-0.8

-3.3

0.2


In 3QFY15, Augmentin (NLEM brand) grew 14%

YoY led by a price hike and volume growth

Derma portfolio grew at a healthy rate – 20.7% YoY for

3QFY15, 16.7% YoY for December and 10.7% for

MAT Dec 2014

On MAT basis, GSK saw negative price growth at

3.3% YoY

15 January 2015 8


Lupin Exhibit 28: Top 10 drugs

Drug Therapy MAT Dec 14 Gr. (%)

Value (INR


27,665 12.2 100.0 8.7 12.5 Gluconorm-G Anti Diabetic 1,163 22.4 4.2 1.7 5.5 Tonact Cardiac 855 1.9 3.1 12.5 19.8 Budamate Respiratory 642 19.5 2.3 20.9 42.1 Ramistar Cardiac 482 4.9 1.7 0.6 4.2 R-Cinex Anti-Infectives 481 9.1 1.7 2.2 7.0 Rablet-D Gastro Intestinal 433 7.9 1.6 19.7 31.1 Rablet Gastro Intestinal 425 1.6 1.5 8.3 18.8 Merotrol Anti-Infectives 422 (1.9) 1.5 (5.6) (27.3) Esiflo Respiratory 397 9.4 1.4 12.8 23.3 Tazar Anti-Infectives 381 (2.8) 1.4 (19.1) (26.9)

Source: AIOCD, MOSL



Total 100.0 12.2 8.7 12.5 Cardiac 24.4 13.7 13.6 20.2 Anti-Infectives 24.1 4.2 (5.1) (7.8) Respiratory 11.5 14.6 11.6 21.1 Anti Diabetic 10.3 23.0 14.7 20.2 Gastro Intestinal 7.7 6.5 10.5 15.8 Vitamins / Minerals / Nutrients 6.0 9.5 6.0 7.4




Total 100.0 12.2


11 to 25 Brands 16.8 5.6

26 to 50 Brands 17.6 9.5


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

15 13

9.0

16.0

ACUTE CHRONIC


5.8

2.63.8


In 3QFY15, Lupin grew at 8.7% YoY against market

growth of 10.3% YoY

On MAT basis, Chronic growth is at 16% YoY v/s acute growth of 9% YoY

15 January 2015 9


Sanofi India Exhibit 33: Top 10 drugs

Drug Therapy MAT Dec 14 Gr (%)

Value (INR

Gr (%) Mkt Share

3QFY15 Dec-14 Total

20,655 5.8 100.0 15.1 21.8 Lantus Anti Diabetic 2,077 29.0 10.1 35.1 36.7 Combiflam Pain / Analgesics 1,529 20.2 7.4 4.2 19.1 Pentaxim Vaccines 1,169 (48.2) 5.7 (20.4) (7.5) Cardace Cardiac 1,100 (5.0) 5.3 (26.0) (19.8) Allegra Respiratory 1,052 24.8 5.1 26.6 23.5 Clexane Cardiac 973 13.0 4.7 94.3 110.3 Amaryl Anti Diabetic 814 (0.4) 3.9 (41.4) (33.7) Amaryl M Anti Diabetic 789 37.3 3.8 30.2 41.9 Frisium Neuro / Cns 787 28.7 3.8 26.1 22.9 Enterogermina Gastro Intestinal 695 23.9 3.4 22.9 14.8

Source: AIOCD, MOSL



Total 100.0 5.8 15.1 21.8 Anti Diabetic 22.2 26.2 20.5 28.6 Cardiac 19.1 11.0 21.7 29.7 Vaccines 13.2 (31.1) 5.5 15.1 Pain / Analgesics 10.5 11.1 7.2 20.4 Neuro / Cns 9.8 22.4 18.1 18.2 Respiratory 8.7 15.4 11.7 10.4




Total 100.0 5.8


11 to 25 Brands 25.7 18.1

26 to 50 Brands 12.6 21.7


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

10 11

-5.3

19.3

ACUTE CHRONIC


2.32.1

1.4


In 3QFY15, Sanofi grew at 15.1% YoY, much higher

than the market growth of 10.3% YoY

However, MAT growth

remains in single digit at 5.8% YoY

Cardace and Amaryl

suffered 20-30% price cut in July 2014; registered a

decline during the quarter

Overall company growth is driven by its Anti-diabetic

and Cardiac portfolio

15 January 2015 10


Torrent Pharma Exhibit 38: Top 10 drugs


Value(INR m)


18,628 10.5 100.0 19.7 31.1 Shelcal Vitamins 1,277 11.6 6.9 69.0 85.2 Nikoran Cardiac 722 24.3 3.9 18.6 30.2 Chymoral Forte Pain / Analgesics 698 21.9 3.7 72.0 85.3 Dilzem Cardiac 609 4.8 3.3 1.5 11.7 Nebicard Cardiac 487 20.8 2.6 13.3 15.5 Nexpro Rd Gastro Intestinal 451 31.7 2.4 27.7 34.9 Azulix-Mf Anti Diabetic 438 38.2 2.4 34.7 60.9 Nexpro Gastro Intestinal 418 16.2 2.2 13.0 32.1 Alprax Neuro / Cns 357 (17.0) 1.9 (11.1) 10.4 Domstal Gastro Intestinal 339 4.3 1.8 11.1 29.7

Source: AIOCD, MOSL



Total 100.0 10.5 19.7 31.1 Cardiac 30.2 10.5 11.6 23.3 Neuro / Cns 16.6 15.4 17.3 29.0 Gastro Intestinal 15.5 18.0 22.2 31.7 Vitamins / Minerals / Nutrients 12.8 (3.5) 31.2 50.4 Anti-Infectives 7.6 4.5 (4.6) (1.2) Pain / Analgesics 5.9 6.5 58.9 71.9




Total 100.0 10.5

Top 10 Brands 31.1 14.6

11 to 25 Brands 19.4 16.1

26 to 50 Brands 16.2 12.2


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

9 10

6.6

14.3

ACUTE CHRONIC


6.1

3.9

0.6


In 3QFY15, all the top 10 drugs grew in double digit for Torrent, except Alprax

and Dilzem

Shelcal and Chymoral reported high growth at

69% and 72% YoY for this quarter

Torrent has taken a 10% price hike on both these

Elder brands during the last quarter

Volume and price growth are the key growth drivers

for Torrent

15 January 2015 11


Glenmark Pharma Exhibit 43: Top 10 drugs


Value(INR m)


18,198 15.2 100.0 14.8 21.2 Telma Cardiac 1,376 11.9 7.6 2.1 6.5 Telma H Cardiac 1,112 11.1 6.1 5.8 6.4 Ascoril Plus Respiratory 911 (0.2) 5.0 (8.0) 0.2 Candid-B Derma 765 10.8 4.2 12.7 26.5 Candid Derma 588 22.7 3.2 27.8 38.9 Telma Am Cardiac 518 22.6 2.8 15.0 19.4 Zitamet Anti Diabetic 474 327.2 2.6 178.9 178.0 Zita(Glenmark) Anti Diabetic 335 294.0 1.8 184.0 200.8 Ascoril Ls Respiratory 306 36.7 1.7 57.5 40.4 Candid Mouth Derma 285 5.8 1.6 10.2 (6.0)

Source: AIOCD, MOSL



Total 100.0 15.2 14.8 21.2 Derma 28.8 13.8 16.4 20.6 Cardiac 23.0 14.4 7.5 12.0 Respiratory 15.1 11.0 11.2 19.5 Anti-Infectives 14.1 12.9 15.0 29.6 Anti Diabetic 7.4 58.2 53.5 60.7 Pain / Analgesics 2.3 0.6 6.9 8.6




Total 100.0 15.2

Top 10 Brands 36.6 22.9

11 to 25 Brands 18.8 13.4

26 to 50 Brands 16.6 15.9


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

11 7

11.1

22.5

ACUTE CHRONIC


3.8 4.2

7.1


In 3QFY15, Glenmark grew much ahead of the market

growth (10.3% YoY) at 14.8% YoY

Zitamet and Zita, anti diabetic drugs, posted

extraordinary growth for Glenmark

Overall MAT growth is driven by new product

introductions

15 January 2015 12


Dr Reddy’s Labs Exhibit 48: Top 10 drugs


Value (INR


17,554 9.0 100.0 8.0 12.8 Omez Gastro Intestinal 933 (10.4) 5.3 (0.3) 11.9 Omez D Gastro Intestinal 729 17.5 4.2 4.9 7.1 Nise Pain / Analgesics 622 16.0 3.5 10.0 6.2 Stamlo Cardiac 553 (8.5) 3.2 (6.0) 10.2 Econorm Gastro Intestinal 526 22.2 3.0 16.1 23.8 Stamlo Beta Cardiac 465 11.4 2.7 10.8 27.9 Mintop Derma 455 7.8 2.6 4.2 8.5 Reditux Anti-Neoplastics 454 3.9 2.6 (7.6) (18.4) Razo D Gastro Intestinal 435 17.9 2.5 10.5 9.5 Razo Gastro Intestinal 429 5.6 2.4 (3.6) 2.2

Source: AIOCD, MOSL



Total 100.0 9.0 8.0 12.8 Gastro Intestinal 22.6 9.0 7.7 14.2 Cardiac 16.4 5.2 7.6 18.7 Anti-Neoplastics 10.9 6.0 2.7 0.2 Anti-Infectives 8.3 14.8 18.1 19.6 Pain / Analgesics 8.2 5.9 2.5 3.0 Derma 7.4 2.2 (4.7) (4.5)




Total 100.0 9.0


11 to 25 Brands 20.4 14.9

26 to 50 Brands 16.0 7.5


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

12 5

10.4

6.0

ACUTE CHRONIC


3.73.0

2.3


Dr Reddy’s Labs grew in single digit for 3QFY15

Anti infective portfolio outperformed company

growth for MAT and 3QFY15

Volume growth has been the primary driver for Dr

Reddy’s

15 January 2015 13


IPCA Labs Exhibit 53: Top 10 drugs


Value(INR m)


14,784 18.6 100.0 2.9 3.9 Zerodol Sp Pain / Analgesics 777 38.2 5.3 11.7 12.7 Zerodol P Pain / Analgesics 731 21.7 4.9 9.0 17.7 Hcqs Anti Malarials 680 30.0 4.6 10.9 2.9 Larinate Anti Malarials 530 29.2 3.6 14.0 7.9 Rapither-Ab Anti Malarials 483 (11.0) 3.3 (13.4) (14.6) Lariago Anti Malarials 447 (3.4) 3.0 (7.3) (24.6) Glycinorm M Anti Diabetic 408 26.5 2.8 4.0 5.0 Folitrax Anti-Neoplastics 362 31.4 2.5 10.6 6.1 Lumerax Anti Malarials 341 26.0 2.3 (9.0) (26.5) Azibact Anti-Infectives 339 21.7 2.3 1.2 (8.0)

Source: AIOCD, MOSL



Total 100.0 18.6 2.9 3.9 Pain / Analgesics 22.9 23.6 3.5 5.4 Anti Malarials 20.6 10.7 (1.7) (4.8) Cardiac 17.0 18.7 3.1 7.0 Gastro Intestinal 8.1 11.9 2.9 (0.3) Anti-Infectives 7.1 13.0 (4.4) (3.3) Anti Diabetic 5.6 14.2 (3.8) 2.2



% to sales MAT gr. (%)

Total 100.0 18.6

Top 10 Brands 34.5 20.0

11 to 25 Brands 22.1 13.4

26 to 50 Brands 18.5 20.5


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

11 4

17.9

19.6

ACUTE CHRONIC


13.3

2.3 2.9


IPCA grew at a dismal 3% YoY for this quarter

All top 6 therapies are growing in single digit or at

negative rate for the last three months

On MAT basis, 70% growth is volume driven

15 January 2015 14


Alembic Pharma Exhibit 58: Top 10 drugs


Value(INR m)


11,265 11.5 100.0 8.6 11.3 Azithral Anti-Infectives 1,211 1.8 10.8 11.1 9.4 Althrocin Anti-Infectives 932 13.0 8.3 12.8 10.4 Roxid Anti-Infectives 513 1.1 4.5 (1.0) (10.5) Wikoryl Respiratory 440 (5.9) 3.9 (13.2) (14.1) Gestofit Gynaecological 382 14.1 3.4 9.9 19.2 Ulgel Gastro Intestinal 270 12.3 2.4 7.4 9.2 Rekool D Gastro Intestinal 255 27.6 2.3 14.9 24.1 Zeet Respiratory 232 13.2 2.1 10.0 0.7 Rekool L Gastro Intestinal 214 21.1 1.9 14.0 16.5 Sharkoferrol Vitamins 193 23.2 1.7 31.4 20.7

Source: AIOCD, MOSL



Total 100.0 11.5 8.6 11.3 Anti-Infectives 29.3 (1.7) (0.4) (3.4) Gastro Intestinal 14.1 14.3 11.1 14.0 Respiratory 13.1 14.7 8.4 8.3 Cardiac 10.6 24.7 22.6 33.7 Gynaecological 9.2 25.0 18.0 29.7 Vitamins / Minerals / Nutrients 6.5 6.5 (0.5) 1.8




Total 100.0 11.5


11 to 25 Brands 17.6 22.5

26 to 50 Brands 16.0 30.9


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

9 2

9.0

24.8

ACUTE CHRONIC


4.74.1

2.7


Azithral grew in double digit over a low base

Overall growth has been driven by volume and price

growth

Chronic segment grew in double digit for Alembic

.

15 January 2015 15


Biocon Exhibit 63: Top 10 drugs


Value(INR m)


3,094 24.9 100.0 0.9 5.9 Insugen Anti Diabetic 738 20.6 23.8 19.5 18.7 Basalog Anti Diabetic 400 68.7 12.9 51.7 56.4 Abraxane Anti-Neoplastics 381 148.9 12.3 47.5 80.2 Blisto Mf Anti Diabetic 222 46.1 7.2 (6.3) (11.1) Insugen R Anti Diabetic 135 66.8 4.4 25.2 26.5 Erypro Blood Related 91 8.3 2.9 (47.6) (47.9) Insugen N Anti Diabetic 82 101.9 2.7 33.8 66.9 Clotide Cardiac 72 236.3 2.3 21.4 10.0 Metadoze-Ipr Anti Diabetic 67 (16.9) 2.2 (47.5) (39.0) Statix Cardiac 56 (30.3) 1.8 (46.6) (42.3)

Source: AIOCD, MOSL



Total 100.0 11.5 8.6 11.3 Anti Diabetic 57.2 32.7 17.0 19.9 Anti-Infectives 4.6 (44.0) (82.0) (83.4) Anti-Neoplastics 19.1 92.6 40.6 55.0 Blood Related 2.9 8.3 (47.6) (47.9) Cardiac 10.7 (9.0) (34.2) (35.4) Derma 2.9 54.9 1.3 (14.7)




Total 100.0 24.9

Top 10 Brands 72.6 45.5

11 to 25 Brands 15.2 (7.8)

26 to 50 Brands 9.8 (4.4)


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

1 2

29.9

22.8

ACUTE CHRONIC


24.2

0.0

0.8


Overall company growth at 0.9% YoY for 3QFY15 and

25% YoY on MAT basis

Biocon’s Anti diabetic and oncology portfolio grew in

higher double digit for 3QFY15

On MAT basis, volume growth at 24% has been the

main growth driver for Biocon

15 January 2015 16


Abbott (Abbott Ltd + Abbott India) Exhibit 68: Top 10 drugs

Drug Therapy MAT Dec 14 Gr (%)

Value(INR m)


51,360 6.9 100.0 9.2 17.7 Mixtard Anti Diabetic 3,872 14.8 7.5 26.1 47.8 Phensedyl Cough Linctus Respiratory 1,547 (1.3) 3.0 1.4 27.7 Duphaston Gynaecological 1,540 10.1 3.0 8.8 16.7 Thyronorm Hormones 1,413 36.1 2.8 43.2 42.9 Novomix Anti Diabetic 1,337 20.3 2.6 25.5 46.6 Udiliv Gastro Intestinal 1,055 11.5 2.1 17.4 17.7 Duphalac Gastro Intestinal 1,006 17.9 2.0 12.9 12.9 Actrapid Anti Diabetic 893 20.0 1.7 25.9 54.5 Vertin Neuro / Cns 777 (31.8) 1.5 (38.8) (33.4) Pediasure Vitamins 715 31.0 1.4 10.2 21.9

Source: AIOCD, MOSL



Total 100.0 6.9 9.2 17.7 Anti Diabetic 19.1 13.3 24.3 45.4 Gastro Intestinal 15.4 12.3 14.0 13.4 Vitamins / Minerals / Nutrients 11.2 28.3 18.8 18.2 Neuro / Cns 10.1 (8.2) (3.1) 3.6 Anti-Infectives 9.8 (11.3) (14.8) (10.3) Cardiac 9.2 0.9 8.4 21.2




Total 100.0 6.9

Top 10 Brands 27.6 11.3

11 to 25 Brands 15.9 10.2

26 to 50 Brands 14.9 10.4


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

30 21

6.4

7.6

ACUTE CHRONIC


1.8

3.9

1.3


Abbott registered 9.2% growth for 3QFY15 and

6.9% on MAT basis

Price growth has been the major driver for Abbott

15 January 2015 17


Mankind Pharma Exhibit 73: Top 10 drugs


Value(INR m)


29,906 12.5 100.0 13.8 19.2 Manforce Sex Stimulants 1,784 (3.7) 6.0 2.5 20.3 Moxikind Cv Anti-Infectives 1,614 5.0 5.4 10.2 23.8 Unwanted Kit Gynaecological 799 1.3 2.7 2.7 (9.0) Amlokind-At Cardiac 507 20.1 1.7 28.8 35.1 Gudcef Anti-Infectives 492 7.1 1.6 9.2 19.0 Nurokind Plus Vitamins 489 (18.2) 1.6 (13.7) (10.9) Prega News Others 470 8.2 1.6 12.6 42.2 Zenflox Oz Gastro Intestinal 461 9.6 1.5 11.6 3.5 Unwanted 72 Gynaecological 434 4.5 1.4 8.7 19.3 Glimestar M Anti Diabetic 420 25.7 1.4 14.2 21.4

Source: AIOCD, MOSL



Total 100.0 12.5 13.8 19.2 Anti-Infectives 26.1 6.1 7.1 14.7 Vitamins / Minerals / Nutrients 12.4 23.0 26.2 29.5 Gastro Intestinal 11.0 11.8 16.5 18.4 Cardiac 8.0 26.1 30.2 34.2 Respiratory 6.5 22.2 12.5 13.8 Gynaecological 6.4 (3.8) 0.0 (3.3)




Total 100.0 12.5


11 to 25 Brands 16.7 10.7

26 to 50 Brands 14.4 19.9


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

25 5

10.9

21.6

ACUTE CHRONIC


5.23.9 3.5


Mankind grew 13.8% for 3QFY15 and 12.5% on MAT

basis, led by good performance in Vitamins,

Gastro Intestinal and Cardiac therapies

Amlokind grew in double digit for Mankind

Overall growth is equally divided between volumes,

price and new products

15 January 2015 18


Alkem Exhibit 78: Top 10 drugs


Value(INR m)

Gr (%) Mkt Sh(%) 3QFY15 Dec-14 Total

29,124 11.1 100.0 4.8 3.6 Clavam Anti-Infectives 2,130 7.2 7.3 (8.5) (4.5) Taxim Anti-Infectives 1,624 8.4 5.6 21.8 27.2 Taxim O Anti-Infectives 1,619 0.8 5.6 6.9 13.6 Pan Gastro Intestinal 1,585 18.6 5.4 30.0 27.4 Pan D Gastro Intestinal 1,289 27.7 4.4 37.0 28.1 Xone Anti-Infectives 818 1.1 2.8 (1.6) (7.5) Gemcal Vitamins 763 29.2 2.6 22.7 14.5 Sumo Pain / Analgesics 744 6.0 2.6 4.1 0.3 Ondem Gastro Intestinal 673 10.4 2.3 15.9 15.7 A To Z Ns Vitamins 650 6.1 2.2 (4.6) (4.6)

Source: AIOCD, MOSL



Total 100.0 11.1 4.8 3.6 Anti-Infectives 43.9 8.7 2.7 2.1 Gastro Intestinal 15.8 16.9 23.7 19.5 Vitamins 12.8 16.3 6.5 3.6 Pain / Analgesics 7.3 8.9 2.2 0.7 Neuro / Cns 4.1 (0.8) (14.8) (19.5) Gynaecological 3.6 (7.1) (20.4) (20.1)




Total 100.0 11.1

Top 10 Brands 40.8 10.5

11 to 25 Brands 17.3 15.8

26 to 50 Brands 11.8 19.3


Source: AIOCD, MOSL


Source: AIOCD, MOSL


Source: AIOCD, MOSL

26 3

10.4

18.3

ACUTE CHRONIC


7.0 1.6 2.4


Anti-Infectives contributes 44% to overall revenue,

grew 2.7% YoY in 3QFY15

Taxim, Pan, Pan D and Gemcal registered more

than 20% growth in 3QFY15

On MAT basis, 63% of overall company growth is

coming from volumes

15 January 2015 19


N O T E S

15 January 2015 20


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