Indian Pharmaceuticals Monthly: Steady and Improving

SECTOR UPDATE
26 SEP 2016
Indian Pharmaceuticals Monthly

Steady and improving
The Indian pharma market (IPM) grew 15.3% YoY to
INR 96.4bn in Aug16, bolstered by superior growth
in seasonal therapies like Anti-infective, Acute
Respiratory and Gastro-intestinal. The performance
has been encouraging amidst prevailing confusion
over FDC products and frequent changes in NLEM
list.
Sun Pharma (20.3%), Glenmark (20.9%), Dr.
At present, FDC issue is under litigation and
Glenmark Pharma outpaced the IPM by 5% with
there is a stay on this ban. Despite this, AIOCD

data reflected 11.5% de-growth in FDC products.
This may be largely on account of proactive
efforts taken by Pharma companies to shift
prescription to single molecule/non-FDC
products. FDC portfolio of Indian companies and
MNCs declined 11.1% and 16.1% respectively.
On MAT (Moving Annual Total) basis till Aug16,

IPM grew by 10.5%, largely driven by price
growth of 4.3% and volume growth of 3.3%.
Our view on the IPM is positive and we believe it
will continue to grow at 12-13% CAGR over the

next few years aided by (1) Increased
penetration of healthcare and insurance services,
(2) Growing incidence of lifestyle diseases and (3)
Ageing population.
IPCA, Alkem, Sun & Glenmark outperform

Amey Chalke
amey.chalke@hdfcsec.com
+91-22-6171-7321
IPCA reported highest growth in Aug-16 at 28.0%
on account of significant growth in Antimalarials, much higher than 1Q growth of 3.7%.
Reddys Labs (17.3%), Alkem (21.1%) and

Alembic (20.5%) were ahead of the IPM (15.3%)
in Aug-16.
Alembic showed good growth across the board,

with Wikoryl (Respiratory) and Richar
(Gynaecological) being stand out performers.
the significant contributor being Zita Plus, from
the Anti-Diabetic portfolio.
On flip-side, Cipla (8.6%), Cadila (6.7%) and Lupin

(9.3%) underperformed significantly.
Growth recorded amongst all therapies
Strong growth was recorded in most therapies,
with Anti-infectivies (19.6% YoY) Anti-Diabetic

(19.0% YoY) and Respiratory (32.3% YoY) growing
in excess of 15%. In Anti-Diabetics, growth for
Janumet, Glycomet GP and Lantus brands were
higher at 29.3% YoY, 25.8% and 35.8%
respectively.
Corex, a leading brand in Respiratory therapy in
India, grew 20% YoY on MAT basis. However,

Aug-16 growth stood at -11%YoY.
Other therapies which registered double digit
growth in Aug-16 include Pain/Analgesic (15.4%

YoY), Gastro Intestinal (14.2% YoY), and Derma
(12.2% YoY).
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO> & Thomson Reuters
PHARMACEUTICALS : SECTOR UPDATE
The overall annual trend was

decent; however, 1Q growth
was comparatively muted.
IPM - Top Companies
IPCA Laboratories was the 1M

growth leader, driven by a
strong performance in its
Anti-Malarials portfolio,
while Mankind Pharma had
the best 1Q.
IPM
Sun Pharma
Abbott India
Cipla
Zydus Cadila
Mankind Pharma
Alkem
Lupin
GSK Pharma
Pfizer
Glenmark
Sanofi India
Dr. Reddy's
Torrent Pharma
Alembic
IPCA Labs
Ajanta Pharma
Company
Value
(INR bn)
1,025
89
64
50
43
39
35
34
33
29
25
25
24
23
14
13
5
MAT Aug-16
Market
Share (%)
100.0
8.7
6.2
4.9
4.2
3.9
3.4
3.3
3.2
2.9
2.4
2.4
2.4
2.2
1.4
1.3
0.5
Growth
(%)
10.5
10.4
8.7
9.5
8.4
19.8
10.8
12.3
2.0
4.9
15.5
6.7
14.4
6.1
15.7
10.7
9.8
1Q
(%)
1M
(%)
6.4
4.5
8.9
5.4
3.1
16.2
6.3
8.8
-5.5
2.9
8.2
5.4
1.4
-1.5
9.2
3.7
10.7
15.3
20.3
12.6
8.6
6.7
19.4
21.1
9.3
4.0
6.8
20.9
13.4
17.3
12.7
20.5
28.0
10.0
Source: AIOCD, HDFC sec Inst Research
Top 10 brands were the major

contributors to the IPM
growth for Aug-16.
Brand wise growth distribution

Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
34.2
18.0
15.0
32.8
MAT growth (%)

10.4
11.6
11.0
12.5
7.8
Growth Contribution (%)

100.0
37.8
19.1
17.8
25.4
Page | 2
Abbotts Mixtard was the top

selling drug for the period,
despite de-growth of 11.7%.
Alkems Clavam brand
displayed a positive growth of
15.4%, in contrast to GSKs
Augmentin which posted a
de-growth for the period,
with both being the top 2
drugs in the anti-infectives
market.
IPM - Top 10 Drugs

MAT Aug-16
Drug
Therapy
Mixtard
Growth (%)
Value
(INR mn)
Growth
(%)
1Q
Aug-16
Anti Diabetic
4,792
-11.7
-17.4
-0.9
Glycomet Gp
Corex
Spasmo Proxyvon Plus
Lantus
Anti Diabetic
Respiratory
Gastro Intestinal
Anti Diabetic
3,537
3,156
3,088
3,045
12.5
20.6
31.8
26.2
13.5
12.1
-0.5
24.3
25.8
-11.0
18.1
35.8
Augmentin
Anti-Infectives
2,954
-10.3
-18.9
-5.6
Janumet
Anti Diabetic
2,568
22.4
12.5
29.3
Clavam
Anti-Infectives
2,559
15.4
8.8
26.4
Phensedyl Cough Linctus

Volini
Respiratory
Pain / Analgesics
2,475
2,368
0.3
15.9
-1.9
24.8
-10.5
15.2
Page | 3
Performance of Top Therapies

For Aug-16, the biggest
contributor to the IPM, antiinfectives, outperformed with
a growth of 19.6% YoY.
Respiratory drugs too posted
a significant growth of 32.3%
YoY.
Amongst therapies, antidiabetic recorded the highest
growth on MAT basis.
Therapy
IPM
Anti-Infectives
Cardiac
Gastro Intestinal
Vitamins / Minerals / Nutrients
Anti Diabetic
Respiratory
Pain / Analgesics
Neuro / CNS
Derma
Gynaecological
Ophthal / Otologicals
Vaccines
Hormones
Anti-Neoplastics
Blood Related
Others
Urology
Anti Malarials
Sex Stimulants / Rejuvenators
Stomatologicals
Value (INR bn)

1,025
155
127
120
90
86
80
71
63
61
52
19
18
17
15
12
11
11
6
6
5
MAT Aug-16
Market Share (%)
100.0
15.1
12.4
11.8
8.8
8.4
7.8
6.9
6.1
5.9
5.1
1.8
1.8
1.7
1.5
1.1
1.1
1.1
0.6
0.6
0.5
Growth (%)
10.5
9.2
10.7
11.4
7.4
16.7
11.7
10.3
11.6
12.1
9.3
7.0
3.4
9.9
-0.7
9.7
23.8
12.0
6.4
10.9
8.5
1M (%)
Aug-16
15.3
19.6
11.6
14.2
11.4
19.0
32.3
15.4
9.5
12.2
10.8
4.5
0.1
14.0
2.1
8.4
35.2
15.0
38.6
14.4
13.4
Page | 4
Dr. Reddys Laboratories

Dr. Reddys Labs (DRL) grew
14.4% YoY on an MAT basis,
but experienced a slow 1Q
growth at 1.4% YoY.
However, the Aug-16 YoY
figure was more favourable
at 17.3%.
Top 10 Drugs
Drug
Therapy
Total
Omez
Omez D
Econorm
Grafeel
Stamlo
Nise
Razo d
Mintop
Atarax
Razo
Gastro Intestinal
Gastro Intestinal
Gastro Intestinal
Anti-Neoplastics
Cardiac
Pain / Analgesics
Gastro Intestinal
Derma
Respiratory
Gastro Intestinal
Value (INR mn)

24,382
1,281
1,017
731
662
652
639
555
531
504
499
MAT Aug-16
Growth (%) Contribution (%)
14.4
100.0
13.7
5.3
26.2
4.2
18.1
3.0
55.4
2.7
8.3
2.7
-0.8
2.6
16.6
2.3
3.4
2.2
19.5
2.1
13.4
2.0
Growth (%)
1Q
1.4
-3.9
2.1
0.3
-1.1
-13.0
-11.4
14.2
-22.0
23.5
6.1
Aug-16
17.3
-16.7
26.1
-4.2
12.0
-9.0
7.2
19.3
-10.0
70.1
37.7
Therapy Mix %
Anti-neoplastics portfolio
grew 21.3% YoY on MAT basis
with overall share in revenue
also up from 10.5% to 11.2%
YoY.
Share (%)
Total
Gastro Intestinal
Cardiac
Anti-Neoplastics
Respiratory
Anti-Infectives
Pain / Analgesics
Derma
Anti Diabetic
Urology
Neuro / CNS
100.0
21.5
14.1
11.2
8.8
8.2
6.7
6.7
6.6
4.1
3.6
MAT Growth (%)

14.4
14.9
6.3
21.3
12.8
17.7
7.8
17.9
10.3
24.5
32.5
Growth (%)
1Q
1.4
0.0
-9.0
4.1
2.9
11.2
-5.5
3.2
1.5
12.7
28.9
Aug-16
17.3
8.0
2.0
36.9
40.8
39.8
9.4
12.1
9.5
20.0
7.8
Page | 5
The above 50 brands segment

performed well in the
discussed period, contributing
33.4% to the overall growth
of Company revenues.

Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
% of sales
100.0
29.0
20.9
16.5
33.6
MAT growth (%)

14.4
16.4
9.3
17.9
14.2

100.0
32.6
14.2
19.9
33.4
The chronic portion of DRLs

portfolio decreased 2.7% YoY
and is less than the
corresponding IPM figure of
32% approximately.
Increasing volumes were the
key driver in DRLs growth
during the year.
Acute v/s Chronic Breakup
Growth Distribution (%)(MAT Aug-16)
SUB
CHRONIC,
21%
7.14
ACUTE, 49%
3.00
3.10
Price GR (%)
New Product GR (%)
CHRONIC,
30%
Volume GR (%)
Page | 6
Abbott India
Mixtard was the highest
selling drug for Abbott India,
and the entire IPM, despite a
annual de-growth of 11.7%.
Phensedyl showed flat
growth for the year, but also
made it to the list of top 10
drugs of the IPM.
Top 10 Drugs
Drug
Therapy
Total
Mixtard
Phensedyl Cough Linctus
Novomix
Thyronorm
Duphaston
Udiliv
Vertin
Duphalac
Actrapid
Stemetil
Anti Diabetic
Respiratory
Anti Diabetic
Hormones
Gynaecological
Gastro Intestinal
Neuro / CNS
Gastro Intestinal
Anti Diabetic
Gastro Intestinal
Value (INR mn)

63,865
4,792
2,475
2,037
1,850
1,794
1,331
1,257
1,127
867
854
MAT Aug-16
8.7
100.0
-11.7
7.5
0.3
3.9
43.3
3.2
14.1
2.9
7.1
2.8
15.1
2.1
15.0
2.0
4.4
1.8
-6.3
1.4
17.7
1.3
Growth (%)
1Q
Aug-16
8.9
12.6
-13.9
-0.9
-1.7
-10.5
52.1
57.1
8.2
11.0
23.4
26.9
26.8
46.3
2.9
-3.4
0.3
2.3
-0.4
28.9
14.8
27.2
Therapy Mix %
Anti-Diabetic portfolio grew
7.5% on MAT basis, showing a
further spike in Aug-16
growth at 19.5% YoY.
Total
Anti Diabetic
Gastro Intestinal
Neuro / CNS
Anti-Infectives
Cardiac
Respiratory
Derma
Pain / Analgesics
Hormones
Share (%)
MAT Growth (%)
100.0
20.7
15.7
10.5
9.6
9.3
8.7
6.4
5.0
4.6
4.0
8.7
7.5
13.7
3.9
7.4
9.5
10.5
3.0
17.1
0.3
10.8
Growth (%)
1Q
8.90
6.6
15.3
3.0
7.6
-1.3
15.2
-3.9
24.6
6.9
8.6
Aug-16
12.6
19.5
16.2
13.3
-0.5
12.3
14.6
3.5
10.6
-3.1
10.0
Page | 7
Above 50 Brands segment

dominates the revenues for
Abbott, but MAT growth was
below the average for the
company as a whole.

% of sales
100.0
28.8
15.8
15.4
39.9
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

8.7
4.5
13.4
14.0
8.1

100.0
15.5
23.5
23.7
37.3
Chronic portfolio comprises

41% of the total mix, which is
relatively high for the
industry.
SUB
CHRONIC
19%
4.30
ACUTE
39%
Prices were largely

responsible for the growth
seen in Abbott for the period.
2.30
CHRONIC
41%
Volume GR (%)
2.09
Price GR (%)
New Product GR (%)
Page | 8
Cipla
Top 10 Drugs
Ciplas top 10 drugs were a
mixed bag in terms of YoY
MAT growth.
Duolin and Montair LC grew
in excess of 30% YoY for Aug16.
Drug
Therapy
Total
Foracort
Budecort
Asthalin
Seroflo
Duolin
Aerocort
Azee
Montair LC
Novamox
Emeset
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Respiratory
Anti-Infectives
Respiratory
Anti-Infectives
Gastro Intestinal
Value (INR mn)

50,326
2,036
1,680
1,384
1,339
1,317
973
944
870
771
757
MAT Aug-16
9.5
100.0
10.6
4.0
19.0
3.3
-1.2
2.7
-1.9
2.7
14.3
2.6
-2.8
1.9
9.4
1.9
20.3
1.7
-1.6
1.5
15.0
1.5
Growth (%)
1Q
Aug-16
5.4
8.6
9.9
7.8
12.3
9.1
-2.9
7.8
-4.7
6.7
11.4
31.5
-6.1
2.0
1.4
-0.4
9.8
35.5
-7.4
-2.5
0.2
23.9
Therapy Mix %
The respiratory portfolio is by
far Ciplas strongest revenue
stream, slightly exceeding the
overall average MAT growth.
A sharp spike is noted for the
Aug-16 growth statistic, at
17.2% YoY, the highest across
all therapies.
Total
Respiratory
Anti-Infectives
Cardiac
Gastro Intestinal
Urology
Neuro / CNS
Opthal / Otologicals
Pain / Analgesics
Derma
Share (%)
MAT Growth (%)
100.0
30.5
26.7
11.8
8.0
4.6
3.4
3.3
3.2
2.6
1.9
9.5
9.9
11.3
2.4
17.0
6.5
1.9
6.7
21.0
13.3
12.1
Growth (%)
1Q
5.4
4.3
5.7
3.3
14.0
3.4
-2.4
6.8
14.7
11.2
12.3
Aug-16
8.6
17.2
3.5
8.9
16.0
1.8
-13.6
-2.8
16.0
9.4
6.5
Page | 9
MAT growth was even across

the brand distribution, with
the above 50 brands segment
contributing the highest to
Ciplas overall MAT growth of
9.5%.

% of sales
100.0
24.0
16.4
16.0
43.6
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

9.5
7.8
11.1
7.6
10.6

100.0
19.9
18.9
13.1
48.1
Cipla has a chronic mix of

40%, which is healthy when
compared to the overall
markets 32%. However, a 3%
degrowth was noted.
Growth was largely a factor
of price and volume increases.
SUB
CHRONIC
12%
4.03
3.29
2.22
ACUTE
48%
CHRONIC
40%
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 10
Cadila Healthcare
Cadila recorded average
growth (MAT),
underperforming the IPM.
Top drug, Skinlite, produced
an overall MAT de-growth,
with recent results no better.
On the flip side, Deriphyllin
recorded a strong Aug-16
growth of 42% YoY
approximately, also posting a
16.5% MAT growth.
Top 10 Drugs
Drug
Total
Skinlite
Atorva
Mifegest Kit
Deriphyllin
Pantodac
Falcigo
Aten
Zyrop
Amlodac
Clopitorva
Therapy
Derma
Cardiac
Gynaecological
Respiratory
Gastro Intestinal
Anti Malarials
Cardiac
Blood Related
Cardiac
Cardiac
Value (INR mn)

42,997
1,819
1,265
1,232
1,068
1,054
720
678
663
661
625
MAT Aug-16
8.4
100.0
-4.7
4.2
2.9
2.9
0.8
2.9
16.5
2.5
18.4
2.5
13.5
1.7
-0.4
1.6
-3.7
1.5
-14.4
1.5
21.8
1.5
Growth (%)
1Q
Aug-16
3.1
6.7
5.7
0.2
-2.0
-13.8
-20.7
-16.4
0.4
41.9
19.8
13.6
-19.6
-17.7
-11.2
-12.6
8.2
12.2
-21.4
-33.1
9.6
-21.7
Therapy Mix %
Cadila boasts a comparatively
even mix of therapies
contributing to its revenues,
with the anti-infectives
portfolio recording a strong
MAT growth of 18.5%.
The respiratory portfolio
recorded a high growth of
23.2% YoY for Aug-16.
Total
Cardiac
Anti-Infectives
Gastro Intestinal
Respiratory
Gynaecological
Pain / Analgesics
Derma
Anti-Neoplastics
Anti Malarials
Share (%)
MAT Growth (%)
100.0
15.3
14.2
12.6
10.3
9.7
9.1
7.4
5.1
4.1
2.1
8.4
5.7
18.5
10.1
12.5
-2.1
18.8
2.7
0.9
11.4
2.1
Growth (%)
1Q
3.1
0.6
7.9
9.0
2.0
-13.1
15.3
6.9
4.9
12.0
-28.7
Aug-16
6.7
-2.8
13.6
6.5
23.2
-10.0
16.8
8.0
7.9
29.3
-17.8
Page | 11
The above 50 brands

contributes the majority of
the revenues for Cadila, with
the 11 to 25 brands segment
being the largest contributor
to growth for the year.

% of sales
100.0
22.8
17.2
15.0
45.0
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

8.4
3.5
24.4
15.3
3.7

100.0
9.9
43.7
25.7
20.7
Cadilas chronic portfolio is

largely in line with the IPM
average of 32%.
New products were the major
contributor to Cadilas growth
during the year, a significant
outperformance of the IPM.
However, volumes de-grew
during the year.
SUB
CHRONIC
18%
4.12
4.37
ACUTE
49%
CHRONIC
33%
-0.11
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 12
GlaxoSmithKline
GSK Pharma recorded a flat
growth (MAT).
Calpol was an outperformer
with 26.9% (MAT), and 57.8%
YoY growth for Aug-16.
Top 10 Drugs
Drug
Therapy
Total
Augmentin
Synflorix
Calpol
Zinetac
Betnovate C
Betnovate N
Eltroxin
Rotarix
Ceftum
Betnesol
Anti-Infectives
Vaccines
Pain / Analgesics
Gastro Intestinal
Derma
Derma
Hormones
Vaccines
Anti-Infectives
Hormones
Value (INR mn)

32,565
2,954
2,041
1,972
1,602
1,492
1,450
1,370
1,299
1,262
1,130
MAT Aug-16
2.0
100.0
-10.3
9.1
16.3
6.3
26.9
6.1
5.4
4.9
9.5
4.6
10.9
4.5
7.4
4.2
49.3
4.0
-0.8
3.9
11.2
3.5
Growth (%)
1Q
Aug-16
-5.5
4.0
-19.9
-5.6
6.8
25.0
10.6
57.8
5.3
3.4
-22.1
-16.6
-6.6
-29.2
5.1
2.8
59.7
-51.2
-5.5
9.9
-26.3
7.4
Therapy Mix %
Vaccines outperformed,
posting a growth of 39.5%
(MAT), 32.7% (1Q) and 24.6%
YoY for Aug-16.
Total
Anti-Infectives
Derma
Vaccines
Pain / Analgesics
Respiratory
Hormones
Gastro Intestinal
Cardiac
Gynaecological
Share (%)
MAT Growth (%)
100.0
22.8
18.0
15.1
9.8
8.1
8.0
7.6
5.6
1.8
1.1
2.0
-2.3
-9.3
39.5
18.1
-7.4
8.9
2.9
0.9
-25.0
5.6
Growth (%)
1Q
-5.5
-8.2
-22.6
32.7
3.9
-6.2
-9.6
0.7
1.6
-25.2
16.7
Aug-16
4.0
0.9
-15.0
24.6
35.4
9.9
4.4
5.7
-1.8
-26.6
-21.5
Page | 13

posted a sharp decline.

% of sales
100.0
50.9
21.2
14.4
13.5
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

2.0
8.8
12.0
11.5
-30.3

100.0
207.5
113.8
74.4
-295.7
The chronic portfolio is

significantly lower than the
IPM average of 32%.
Of the limited increase in
GSKs growth, 61% of it can
be attributed to volumes.
SUB
CHRONIC
22%
1.22
0.69
CHRONIC
13%
ACUTE
66%
0.13
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 14
Lupin Ltd
Lupin outperformed the IPM,
with its top drug, GluconormG, posting excellent growth
on MAT (24.1%), 1Q (25.7%)
and for Aug-16 (30.8% YoY).
Top 10 Drugs
Drug
Total
Gluconorm-G
Tonact
Budamate
Rablet-D
Esiflo
Rablet
Ramistar
R-Cinex
Cetil
Telekast-L
Therapy
Anti Diabetic
Cardiac
Respiratory
Gastro Intestinal
Respiratory
Gastro Intestinal
Cardiac
Anti-Infectives
Anti-Infectives
Respiratory
Value (INR mn)

34,017
1,538
949
896
561
507
500
484
466
453
432
MAT Aug-16
12.3
100.0
24.1
4.5
0.8
2.8
21.2
2.6
13.0
1.6
4.2
1.5
6.7
1.5
-3.6
1.4
-1.5
1.4
27.1
1.3
9.5
1.3
Growth (%)
1Q
Aug-16
8.8
9.3
25.7
30.8
3.1
-8.1
17.4
39.0
11.9
12.1
-2.4
-7.5
4.4
1.1
-8.0
-15.2
-5.3
-10.5
36.1
14.2
5.8
18.9
Therapy Mix %
Of Lupins bigger portfolios,
respiratory and anti-diabetic
posted strong growths on
MAT basis.
Amongst the smaller
therapies, gynaecological
grew significantly.
Total
Cardiac
Anti-Infectives
Respiratory
Anti Diabetic
Gastro Intestinal
Neuro / CNS
Pain / Analgesics
Gynaecological
Share (%)
MAT Growth (%)
100.0
24.7
21.0
12.6
11.6
7.9
5.3
5.0
4.3
3.6
0.7
12.3
10.5
6.7
17.3
23.4
12.7
-0.4
8.8
4.6
34.2
17.1
Growth (%)
1Q
8.8
7.4
0.1
12.0
25.5
7.8
-4.8
13.5
-2.0
21.4
17.7
Aug-16
9.3
2.8
2.9
23.4
29.4
10.2
-5.9
2.9
3.3
16.7
12.6
Page | 15
Lupins above 50 brands

segment outperformed during
the current year, contributing
54% approximately of the
overall growth.

% of sales
100.0
19.9
15.6
16.8
47.6
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

12.3
11.3
9.6
11.3
14.1

100.0
18.4
12.5
15.5
53.6

Lupin has a very strong mix of
chronic drugs, at 49% of its
total portfolio.
SUB
CHRONIC
19%

5.90
ACUTE
32%
Volume was the key driver for

Lupins overall growth during
the period.
3.36
CHRONIC
49%
Volume GR (%)
Price GR (%)
3.09
New Product GR (%)
Page | 16
Sanofi India
Lantus, Sanofis biggest drug,
in contrast to the sluggish
overall growth, posted an
impressive growth of 26.2%
on MAT basis and 35.8% YoY
for Aug-16.
Top 10 Drugs
Drug
Total
Lantus
Combiflam
Allegra
Clexane
Cardace
Amaryl M
Enterogermina
Frisium
Avil
Vaxigrip
Therapy
Anti Diabetic
Pain / Analgesics
Respiratory
Cardiac
Cardiac
Anti Diabetic
Gastro Intestinal
Neuro / CNS
Respiratory
Vaccines
Value (INR mn)

24,602
3,045
1,538
1,334
1,252
1,046
1,026
1,019
826
823
812
MAT Aug-16
6.7
100.0
26.2
12.4
-3.3
6.3
16.1
5.4
7.5
5.1
13.6
4.3
19.6
4.2
36.9
4.1
-1.0
3.4
33.2
3.3
30.4
3.3
Growth (%)
1Q
Aug-16
5.4
13.4
28.9
35.8
-13.4
42.9
11.0
35.3
19.5
30.0
7.6
-2.6
22.5
39.4
27.0
30.3
-10.3
-23.5
22.2
65.0
-10.2
-46.1
Therapy Mix %
Amongst therapies, antidiabetic recorded significant
growth, in keeping with the
overall IPM trend.
Respiratory and gastro
intestinal portfolios too
performed well.
Vaccines endured de-growth
of 33% on MAT basis
approximately % YoY
approximately.
Total
Anti Diabetic
Cardiac
Respiratory
Vaccines
Pain / Analgesics
Neuro / CNS
Gastro Intestinal
Anti-Infectives
Derma
Share (%)
MAT Growth (%)
100.0
25.0
19.6
10.0
9.9
9.2
8.9
5.2
5.1
4.4
2.1
6.7
24.0
14.5
20.7
-32.7
-2.1
5.4
27.1
-7.9
23.3
14.5
Growth (%)
1Q
5.4
26.4
15.6
12.6
-37.6
-10.9
1.9
17.5
-9.8
18.8
16.5
Aug-16
13.4
30.6
5.2
43.7
-18.5
33.9
-5.8
18.2
-4.0
39.2
4.3
Page | 17
More than half of Sanofis

revenues flow from the top 10
brands segment, the growth
of which was offset by degrowth in the 11 to 25 brands
segment.

% of sales
100.0
51.7
25.0
14.4
8.9
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

6.7
16.5
-12.3
18.9
2.3

100.0
116.1
-55.5
36.2
3.2
Sanofi holds a very

favourable mix of 54% chronic
drugs.
SUB
CHRONIC
4%
Volumes de-grew over the

year, with prices providing
the thrust for Sanofis growth.
5.89
ACUTE
42%
1.14
CHRONIC
54%
-0.28
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 18
Torrent Pharma
Torrents top 2 drugs posted
negative growth on MAT
basis, contributing majorly to
the flat 6% growth seen
overall.
Top 10 Drugs
Drug
Total
Shelcal
Chymoral Forte
Nikoran
Dilzem
Nebicard
Azulix-Mf
Nexpro Rd
Nexpro
Shelcal CT
Alprax
Therapy
Pain / Analgesics
Cardiac
Cardiac
Cardiac
Anti Diabetic
Gastro Intestinal
Gastro Intestinal
Neuro / CNS
Value (INR mn)

22,988
1,860
1,104
866
644
629
611
552
489
475
390
MAT Aug-16
6.1
100.0
-2.8
8.1
-0.7
4.8
10.3
3.8
3.4
2.8
15.4
2.7
19.2
2.7
8.7
2.4
3.9
2.1
59.0
2.1
3.6
1.7
Growth (%)
1Q
Aug-16
-1.5
12.7
-11.7
20.4
-5.1
-5.6
9.2
5.8
0.6
10.9
4.6
19.9
15.2
36.9
1.0
30.5
-0.5
19.1
51.4
37.2
-8.3
11.2
Therapy Mix %
76% of Torrents revenues
flow from the top 4 therapies,
which recorded an average
growth of only 8%
approximately.
However, encouragingly,
average Aug-16 growth
across the top 4 portfolios
was 16% YoY approximately.
Total
Cardiac
Neuro / CNS
Gastro Intestinal
Pain / Analgesics
Anti Diabetic
Anti-Infectives
Derma
Gynaecological
Urology
Share (%)
MAT Growth (%)
100.0
29.1
16.3
15.8
14.8
7.8
6.2
4.0
2.7
1.6
0.4
6.1
6.6
7.8
13.3
4.1
9.8
13.3
-30.1
28.3
-9.7
30.5
Growth (%)
1Q
-1.5
-0.7
-0.1
4.9
-4.9
3.6
8.9
-37.3
20.8
-19.0
38.0
Aug-16
12.7
8.1
12.4
23.0
18.8
4.9
26.9
-7.0
35.5
-5.5
33.1
Page | 19
The major segments, top 10

brands and above 50 brands,
grew 6.6% YoY and 4.2% YoY
respectively, in line with the
overall company growth.

% of sales
100.0
33.2
18.3
16.1
32.4
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

6.1
6.6
11.4
3.0
4.2

100.0
36.1
32.8
8.1
23.0
Torrent possessed a
favourable chronic mix of 50%
approximately.

SUB
CHRONIC
26%

4.70
ACUTE
24%
Volumes were down during

the year, with price
contributing the highest to
the growth.
1.71
CHRONIC
50%
-0.35
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 20
Glenmark Pharma
Top 10 Drugs
Glenmarks top 10 drugs all
posted good to significant
growth rates YoY, Zita Plus
being the highest with 750%.
Drug
Total
Telma
Telma H
Ascoril Plus
Candid
Candid-B
Telma AM
Ascoril LS
Onabet
Ascoril D
Zita Plus
Therapy
Cardiac
Cardiac
Respiratory
Derma
Derma
Cardiac
Respiratory
Derma
Respiratory
Anti Diabetic
Value (INR mn)

24,746
1,744
1,461
1,126
987
951
790
542
421
349
341
MAT Aug-16
15.5
100.0
10.5
7.0
16.0
5.9
14.7
4.6
29.9
4.0
11.5
3.8
23.6
3.2
35.0
2.2
50.0
1.7
20.8
1.4
749.8
1.4
Growth (%)
1Q
Aug-16
8.2
20.9
-5.2
-3.0
17.8
16.1
6.6
59.8
39.7
20.1
12.5
13.7
17.8
15.8
11.5
72.9
39.1
49.8
-6.5
47.9
1,032.4
55.7
Therapies grew across the

board with varying degrees.
Amongst the bigger
contributors, derma and
respiratory therapies posted
healthy numbers.
Therapy Mix %
Total
Derma
Cardiac
Respiratory
Anti-Infectives
Anti Diabetic
Gastro Intestinal
Gynaecological
Pain / Analgesics
Share (%)
MAT Growth (%)
100.0
28.5
22.3
15.9
13.4
7.9
2.7
2.6
2.3
2.0
1.5
15.5
17.6
13.8
22.0
8.9
7.5
27.6
20.8
18.9
9.4
2.0
Growth (%)
1Q
8.2
17.6
7.9
4.4
-3.0
-6.9
35.6
9.4
13.4
6.9
-8.3
Aug-16
20.9
12.8
10.2
57.7
31.4
-17.1
-8.7
72.1
26.3
-7.2
15.2
Page | 21
Top 10 brands contribute the

most to Glenmarks revenues,
and this segment grew by a
healthy 23% YoY.

% of sales
100.0
35.2
17.5
18.1
29.3
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

15.5
23.0
-4.8
23.2
17.3

100.0
49.1
-6.5
25.3
32.2
Glenmarks acute vs chronic

mix is roughly in line with the
IPM average.
SUB
CHRONIC
23%
7.19
ACUTE
40%
The majority of Glenmarks

growth was down to
incremental revenue from
new product launches, such
as Zita Plus.
4.69
3.65
CHRONIC
37%
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 22
Ajanta Pharma
Rosutor Gold recorded a
significant 113.5% MAT and
44.6% YoY in Aug-16.
Various other drugs also
outperformed.
However, the top 3 drugs
posted poor growth numbers,
leading to underperformance
of the IPM by Ajanta on an
overall basis.
Top 10 Drugs
Therapy
Total
Met XL
Melacare
Atorfit CV
Soft Drops
Rosufit CV
Feburic
Met Xl AM
Rosutor Gold
Cinod
Olopat
Cardiac
Derma
Cardiac
Cardiac
Pain / Analgesics
Cardiac
Cardiac
Cardiac
Value (INR mn)

4,952
489
429
349
158
149
144
131
97
96
84
MAT Aug-16
9.8
100.0
6.8
9.9
-3.4
8.7
6.2
7.0
23.4
3.2
33.5
3.0
20.4
2.9
14.8
2.6
113.5
2.0
24.7
1.9
15.3
1.7
Growth (%)
1Q
Aug-16
10.7
10.0
21.3
11.7
-12.9
-6.6
-1.7
-3.6
13.4
5.6
37.5
44.4
25.9
13.8
25.6
33.4
91.4
44.6
23.5
34.2
26.7
-3.2
Therapy Mix %
Cardiac, being Ajantas main

revenue stream, posted a
healthy growth of 16.4% on
MAT basis.
Total
Cardiac
Derma
Pain / Analgesics
Gastro Intestinal
Neuro / CNS
Anti-Infectives
Anti Diabetic
Respiratory
Share (%)
MAT Growth (%)
100.0
34.6
24.2
21.7
5.6
4.8
2.4
2.0
1.7
1.2
0.6
9.8
16.4
10.6
-0.7
-1.0
3.4
-11.1
-0.5
78.4
15107.5
-25.7
Growth (%)
1Q
10.7
20.0
13.7
-2.9
-6.2
2.7
-19.4
0.8
57.0
100.0
-12.6
Aug-16
10.0
17.9
5.4
2.7
-13.3
-0.3
-8.9
12.9
40.7
1850.1
-3.6
Page | 23
43% of Ajantas revenues flow

from the top 10 brands
segment, which outperformed
when compared to the overall
company growth.

% of sales
100.0
42.9
17.2
17.4
22.5
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

9.8
12.0
9.1
10.2
6.1

100.0
51.4
16.1
18.0
14.5

Ajanta holds a favourable mix
of 49% chronic drugs.
SUB
CHRONIC
12%
5.10
4.60
ACUTE
39%
Volumes were flat over the

year, with prices and new
products providing the thrust
for Ajantas growth.
CHRONIC
49%
0.09
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 24
Alembic Pharma
Alembic significantly
outperformed the IPM, in
spite of underwhelming
performance of top 3 drugs.
Boosted by performance of
drugs such as Gestofit and
Richar, 15.7% MAT and 20.5%
YoY Aug-16 growth was
recorded.
Top 10 Drugs
Drug
Total
Azithral
Althrocin
Roxid
Gestofit
Wikoryl
Ulgel
Rekool D
Rekool
Glisen MF
Richar
Therapy
Anti-Infectives
Anti-Infectives
Anti-Infectives
Gynaecological
Respiratory
Gastro Intestinal
Gastro Intestinal
Gastro Intestinal
Anti Diabetic
Gynaecological
Value (INR mn)

14,490
1,393
840
591
571
438
356
332
253
253
251
MAT Aug-16
15.7
100.0
3.2
9.6
-9.1
5.8
6.5
4.1
22.5
3.9
19.4
3.0
13.1
2.5
9.6
2.3
15.5
1.7
12.9
1.7
65.4
1.7
Growth (%)
1Q
Aug-16
9.2
20.5
-16.8
23.8
2.6
6.9
-1.4
21.2
17.0
17.3
8.0
72.8
-2.9
3.2
-1.3
-4.3
12.8
-5.1
1.3
4.3
59.4
34.8
Therapy Mix %
Anti infectives portfolio

remained flat during the year.
The company was boosted by
strong growth in cardiac,
gynaecological, vitamins and
anti diabetic portfolios.
Total
Anti-Infectives
Cardiac
Gastro Intestinal
Respiratory
Gynaecological
Anti Diabetic
Pain / Analgesics
Urology
Derma
Share (%)
MAT Growth (%)
100.0
23.3
13.9
13.7
13.0
10.8
7.8
6.3
3.7
2.0
1.9
15.7
0.7
31.4
11.7
17.6
26.2
24.5
36.8
20.4
17.7
9.0
Growth (%)
1Q
9.2
-7.5
21.9
5.8
-5.9
22.4
30.4
28.1
14.5
32.2
-10.4
Aug-16
20.5
17.7
19.3
6.5
41.9
19.9
27.7
37.6
18.9
46.5
-13.2
Page | 25
While the bigger top 10

brands segment
underperformed, the
remaining 3 segments all
grew at a fast pace.

% of sales
100.0
36.4
19.2
17.3
27.0
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

15.7
8.3
22.9
27.1
15.1

100.0
20.5
26.3
27.2
26.0

Alembics mix of chronic
products is on the lower side
at 22%.
Growth distribution indicates
that volumes were the
primary driver for the period,
closely followed by price.
SUB
CHRONIC
19%
6.95
5.19
3.59
CHRONIC
22%
ACUTE
59%
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 26
Pfizer
Corex, Pfizers top drug, and
one of the highest selling
drugs in the IPM, recorded a
20.6% MAT growth, despite a
overall flat performance from
the company.
Top 10 Drugs
Drug
Total
Corex
Becosules
Magnex
Gelusil MPS
Dolonex
Minipress XL
Mucaine
Wysolone
Folvite
Dalacin C
Therapy
Respiratory
Anti-Infectives
Gastro Intestinal
Pain / Analgesics
Cardiac
Gastro Intestinal
Hormones
Blood Related
Anti-Infectives
Value (INR mn)

29,281
3,156
2,195
1,384
1,370
1,369
1,351
1,117
1,034
792
724
MAT Aug-16
4.9
100.0
20.6
10.8
-14.9
7.5
-8.3
4.7
-3.3
4.7
4.0
4.7
4.7
4.6
20.8
3.8
11.4
3.5
13.9
2.7
-1.3
2.5
Growth (%)
1Q
Aug-16
2.9
6.8
15.6
-11.0
-13.3
-4.5
-17.5
3.1
-8.4
5.6
3.6
5.7
13.0
36.9
22.1
17.3
14.6
15.1
13.7
-11.3
-3.6
0.6
Therapy Mix %
Pfizers top therapy de-grew

during the year by 2%, on
MAT basis contributing to the
poor overall company
growth.
Total
Anti-Infectives
Respiratory
Gastro Intestinal
Hormones
Gynaecological
Neuro / CNS
Cardiac
Pain / Analgesics
Vaccines
Share (%)
MAT Growth (%)
100.0
15.6
13.9
10.5
9.7
8.9
8.0
7.2
6.9
6.4
3.3
4.9
-1.9
21.6
4.6
-11.4
7.2
16.8
12.3
-5.1
1.0
15.4
Growth (%)
1Q
2.9
-13.0
17.3
2.7
-12.0
9.2
16.3
10.8
4.2
-0.5
-4.8
Aug-16
6.8
-4.7
2.8
7.5
-0.8
7.4
18.9
-4.3
24.4
8.8
77.7
Page | 27
Half of Pfizers revenues flow

from the top 10 brands, which
grew at only 3.4% YoY.

% of sales
100.0
49.5
24.6
14.8
11.1
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

4.9
3.4
8.4
10.0
-1.6

100.0
34.9
40.4
28.5
-3.8

Chronic vs. acute breakup is
unfavourable, with only 16%
chronic drugs in the portfolio.
Volume growth was on the
decline during the year, and
close to no contribution to
growth from new products.
SUB
CHRONIC
19%
5.51
CHRONIC
16%
ACUTE
65%
0.17
-0.75
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 28
Mankind Pharma
Manforce, Mankinds top
seller, de-grew on MAT basis.
Contributing to Mankinds
status as the IPM leader for
growth during the period
were drugs such as Unwanted
Kit, Glimestar M and
Amlokind-AT, all posting high
growth rates.
Top 10 Drugs
Drug
Total
Manforce
Moxikind CV
Unwanted Kit
Glimestar M
Amlokind-AT
Prega News
Gudcef
Candiforce
Mahacef
Cefakind
Therapy
Anti-Infectives
Gynaecological
Anti Diabetic
Cardiac
OTHERS
Anti-Infectives
Anti-Infectives
Anti-Infectives
Anti-Infectives
Value (INR mn)

39,488
1,799
1,693
1,208
809
760
700
677
647
491
479
MAT Aug-16
Growth (%)
19.8
-3.8
2.4
35.5
64.3
35.0
26.0
26.3
77.8
14.5
18.0
Mkt Share (%)

100.0
4.6
4.3
3.1
2.0
1.9
1.8
1.7
1.6
1.2
1.2
Growth (%)
1Q
Aug-16
16.2
19.4
4.8
14.5
23.5
8.9
11.9
-33.4
34.0
59.4
11.7
29.8
18.4
25.1
43.3
76.6
9.6
61.0
-4.7
59.2
35.4
37.8
Therapy Mix %
Mankind recorded high

growth in a variety of
therapies such as vitamins,
cardiac, respiratory,
gynaecological and antidiabetic.
However, anti-infectives, its
most significant revenue
contributor, underperformed.
Total
Anti-Infectives
Gastro Intestinal
Cardiac
Respiratory
Gynaecological
Anti Diabetic
Pain / Analgesics
Derma
Share (%)
MAT Growth (%)
100.0
23.6
14.4
11.1
8.8
6.5
6.0
5.5
5.0
4.8
4.7
19.8
13.2
28.5
16.3
29.2
25.0
20.1
40.5
13.9
-0.6
31.8
Growth (%)
1Q
16.2
4.8
23.5
11.9
34.0
11.7
18.4
43.3
9.6
-4.7
35.4
Aug-16
19.4
25.7
14.9
12.7
20.4
45.4
-11.1
42.9
13.1
14.2
24.0
Page | 29

is Mankinds most significant
contributor to sales, and grew
in line with the overall
company.

% of sales
100.0
23.5
15.4
15.1
46.1
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

19.8
19.4
17.7
23.2
19.6

100.0
23.1
14.0
17.2
45.7

Chronic portion of the product
portfolio is currently 25%
below IPM average of 32%
approximately.
Growth in volumes proved to
be the key thrust in
Mankinds outperformance of
the IPM (MAT).
SUB
CHRONIC
19%
9.87
6.79
CHRONIC
24%
ACUTE
57%
3.10
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 30
IPCA Labs
Zerodol SP & P outperformed,
growing in excess of 27%
(MAT).
There was also significant
growth amongst various anti
malarial drugs.
Top 10 Drugs
Drug
Total
Zerodol SP
Zerodol P
HCQS
Larinate
Rapither-AB
Lariago
Glycinorm M
Folitrax
Lumerax
Zerodol
Therapy
Pain / Analgesics
Pain / Analgesics
Anti Malarials
Anti Malarials
Anti Malarials
Anti Malarials
Anti Diabetic
Anti-Neoplastics
Anti Malarials
Pain / Analgesics
Value (INR mn)

13,224
945
783
631
534
481
394
372
334
288
271
MAT Aug-16
10.7
100.0
27.1
7.1
27.9
5.9
5.3
4.8
25.9
4.0
16.5
3.6
18.2
3.0
19.7
2.8
12.4
2.5
6.7
2.2
6.1
2.0
Growth (%)
1Q
Aug-16
3.7
28.0
8.8
4.3
-3.2
43.9
6.3
3.0
0.9
89.9
-8.6
139.9
8.7
138.6
-1.0
20.0
15.3
22.3
-10.3
55.7
4.2
-13.2
Therapy Mix %
Pain/analgesics posted a
19.5% growth (MAT), helping
IPCA Labs outperform the
IPM.
Anti-malarials recorded an
outstanding Aug-16 growth
of 75% YoY.
Total
Pain / Analgesics
Anti Malarials
Cardiac
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Respiratory
Anti-Neoplastics
Neuro / CNS
Derma
Share (%)
MAT Growth (%)
100.0
25.7
20.2
16.7
7.8
5.8
5.2
4.2
4.1
3.4
2.9
10.7
19.5
12.5
9.6
5.6
-6.9
10.3
9.5
17.9
-1.7
2.3
Growth (%)
1Q
3.7
8.8
-3.2
6.3
0.9
-8.6
8.7
-1.0
15.3
-10.3
4.2
Aug-16
28.0
19.3
75.0
5.3
5.5
14.1
10.3
30.2
26.0
21.9
30.0
Page | 31
IPCAs main contributor, the

top 10 brands segment,
contributed 60%
approximately to the
companys growth during the
year.

% of sales
100.0
38.0
21.8
17.5
22.7
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

10.7
18.2
12.9
9.9
-1.1

100.0
60.5
25.7
16.4
-2.7

SUB
CHRONIC
6%
IPCAs chronic mix is below

the IPM average of 32%.
Volumes were the key driver
for IPCA during the period.

6.42
CHRONIC
27%
3.33
0.95
ACUTE
67%
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 32
Alkem
Top 10 Drugs
Clavam recorded a 15.4%
MAT growth and 26.4% (Aug16 YoY), outperforming the
company. On the flip side,
Taxim de-grew by 21.7%
MAT.
Drug
Total
Clavam
Pan
Taxim O
Pan D
Taxim
Xone
Gemcal
Ondem
Sumo
A To Z NS
Therapy
Anti-Infectives
Gastro Intestinal
Anti-Infectives
Gastro Intestinal
Anti-Infectives
Anti-Infectives
Gastro Intestinal
Pain / Analgesics
Value (INR mn)

35,336
2,559
2,058
1,965
1,692
1,441
975
876
868
860
825
MAT Aug-16
10.8
100.0
15.4
7.2
12.9
5.8
9.3
5.6
13.0
4.8
-21.7
4.1
13.1
2.8
2.9
2.5
11.7
2.5
5.0
2.4
12.6
2.3
Growth (%)
1Q
Aug-16
6.3
21.1
0.8
26.4
13.8
14.1
4.2
10.2
7.1
28.1
28.6
10.6
8.2
53.5
11.9
16.8
-7.2
3.6
8.4
54.4
26.4
16.4
Therapy Mix %
Anti-infectives contribute
close to half of Alkems
revenues, underperforming
the overall company in MAT
growth.
Total
Anti-Infectives
Gastro Intestinal
Pain / Analgesics
Neuro / CNS
Derma
Gynaecological
Respiratory
Cardiac
Anti Diabetic
Share (%)
MAT Growth (%)
100.0
42.7
16.9
12.9
7.4
4.5
3.3
3.3
2.9
2.4
2.3
10.8
8.0
13.8
7.4
11.9
26.1
16.5
15.8
8.0
15.2
25.5
Growth (%)
1Q
6.3
0.8
13.8
4.2
7.1
28.6
8.2
11.9
-7.2
8.4
26.4
Aug-16
21.1
26.6
21.4
7.8
31.6
11.1
4.6
2.9
36.0
10.9
32.9
Page | 33
The top 10 brands segment

significantly underperformed,
while the other 3 segments
posted healthy growth rates.

% of sales
100.0
40.0
18.1
12.1
29.8
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

10.8
6.8
14.9
12.4
13.5

100.0
26.0
24.0
13.6
36.3

Alkem has a poor mix of
chronic drugs in its product
line at only 10%.
Volumes and prices both
provided the impetus for
Alkem to outperform the IPM
growth.
SUB
CHRONIC
24%
4.51
4.36
1.96
CHRONIC
10%
ACUTE
65%
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 34
Sun Pharma
Sun Pharma posted a MAT
growth of 10.4%, aided by a
15.9% growth in sales of
Volini, its top drug.
Revital H recorded a huge
growth of 231.8% (MAT).
Sun also posted the highest
growth for Aug-16 YoY with
20.3%.
Top 10 Drugs
Drug
Total
Volini
Rosuvas
Istamet
Gemer
Levipil
Susten
Pantocid
Revital H
Pantocid DSR
Storvas
Therapy
Pain / Analgesics
Cardiac
Anti Diabetic
Anti Diabetic
Neuro / CNS
Gynaecological
Gastro Intestinal
Gastro Intestinal
Cardiac
Value (INR mn)

89,295
2,368
1,824
1,693
1,682
1,586
1,524
1,423
1,320
1,210
1,169
MAT Aug-16
10.4
100.0
15.9
2.7
26.7
2.0
22.3
1.9
16.3
1.9
20.9
1.8
10.8
1.7
4.7
1.6
231.8
1.5
9.2
1.4
4.2
1.3
Growth (%)
1Q
Aug-16
4.5
20.3
27.9
15.2
25.4
30.3
16.6
37.4
9.3
41.5
16.1
22.7
4.2
10.8
-1.7
21.0
92.1
40.2
-0.3
15.5
-7.4
-6.1
Therapy Mix %
Sun Pharmas top 4 therapies

account for 60% of its
revenues approximately.
These recorded an average
growth of 10.6% YoY, in line
with the companys overall %.
Total
Cardiac
Neuro / CNS
Gastro Intestinal
Anti-Infectives
Anti Diabetic
Pain / Analgesics
Derma
Gynaecological
Respiratory
Share (%)
MAT Growth (%)
100.0
18.3
17.2
12.0
11.7
9.0
7.2
4.7
4.0
4.0
3.8
10.4
14.3
10.7
9.0
8.5
11.7
10.0
15.6
15.1
6.7
10.8
Growth (%)
1Q
4.5
8.2
4.5
1.7
0.2
4.2
5.2
11.4
25.5
-2.5
-0.6
Aug-16
20.3
27.6
20.5
16.2
11.2
23.9
14.8
25.4
23.7
6.0
49.0
Page | 35
Top 10 brands segment grew

at 21.7% (MAT), partially
compensating for the sluggish
growth in the important
above 50 brands segment.

% of sales
100.0
17.7
13.0
12.8
56.5
Total
Top 10 Brands
11 to 25 Brands
26 to 50 Brands
Above 50 Brands
MAT growth (%)

10.4
21.7
11.1
11.2
6.9

100.0
33.6
13.9
13.7
38.8
Sun Pharma has a favourable

mix of chronic drugs in its
product portfolio as
compared to most other
players in the IPM.
Growth contributions were
spread relatively evenly
across volumes, prices and
new products.
SUB
CHRONIC
14%
4.0
3.1
ACUTE
41%
3.3
CHRONIC
45%
Volume GR (%)
Price GR (%)
New Product GR (%)
Page | 36
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Indian Pharmaceuticals Monthly: Steady and Improving

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SECTOR UPDATE

Indian Pharmaceuticals Monthly

Sun Pharma (20.3%), Glenmark (20.9%), Dr.

At present, FDC issue is under litigation and

Glenmark Pharma outpaced the IPM by 5% with

there is a stay on this ban. Despite this, AIOCD

On MAT (Moving Annual Total) basis till Aug16,

Our view on the IPM is positive and we believe it

will continue to grow at 12-13% CAGR over the

IPCA, Alkem, Sun & Glenmark outperform

IPCA reported highest growth in Aug-16 at 28.0%

on account of significant growth in Antimalarials, much higher than 1Q growth of 3.7%.

Reddys Labs (17.3%), Alkem (21.1%) and

Alembic showed good growth across the board,

On flip-side, Cipla (8.6%), Cadila (6.7%) and Lupin

Growth recorded amongst all therapies

Strong growth was recorded in most therapies,

with Anti-infectivies (19.6% YoY) Anti-Diabetic

Corex, a leading brand in Respiratory therapy in

India, grew 20% YoY on MAT basis. However,

Other therapies which registered double digit

growth in Aug-16 include Pain/Analgesic (15.4%

PHARMACEUTICALS : SECTOR UPDATE

The overall annual trend was

IPM - Top Companies

IPCA Laboratories was the 1M

Source: AIOCD, HDFC sec Inst Research

Top 10 brands were the major

Brand wise growth distribution

MAT growth (%)

Growth Contribution (%)

Source: AIOCD, HDFC sec Inst Research

PHARMACEUTICALS : SECTOR UPDATE

Abbotts Mixtard was the top

IPM - Top 10 Drugs

Phensedyl Cough Linctus

Source: AIOCD, HDFC sec Inst Research

PHARMACEUTICALS : SECTOR UPDATE

Performance of Top Therapies

Value (INR bn)

Source: AIOCD, HDFC sec Inst Research

PHARMACEUTICALS : SECTOR UPDATE

Dr. Reddys Laboratories

Value (INR mn)

Source: AIOCD, HDFC sec Inst Research

MAT Growth (%)

Source: AIOCD, HDFC sec Inst Research

PHARMACEUTICALS : SECTOR UPDATE

The above 50 brands segment

Brand wise growth distribution

MAT growth (%)

Growth Contribution (%)

Source: AIOCD, HDFC sec Inst Research

The chronic portion of DRLs

Acute v/s Chronic Breakup

Growth Distribution (%)(MAT Aug-16)

New Product GR (%)

Source: AIOCD, HDFC sec Inst Research

PHARMACEUTICALS : SECTOR UPDATE

Value (INR mn)

Source: AIOCD, HDFC sec Inst Research

MAT Growth (%)

Source: AIOCD, HDFC sec Inst Research