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Neutral
1M
3M
YTD
1Y
CNX 500
Nifty
NSE Pharma
-3
-9
Stocks Performance
Mcap
Return (%)
Company
1M
3M
Sun Pharma.Inds.
YTD
1Y
13-Jul
-8
-6
Lupin
14
-10
-14
74521
Dr Reddy's Labs
60903
-16 185436
15
15
15
-5
Aurobindo Pharma
-1
-12
45324
Cipla
-21
-23
41271
Cadila Health.
15
14
12
-4
37515
Divi's Lab.
14
24
31027
Glaxosmit Pharma
-6
29688
Torrent Pharma.
-3
-1
24134
10
-8
-19
23967
Glenmark Pharma.
Apollo Hospitals
-6
19146
Biocon
30
39
52
14377
Ajanta Pharma
21
14168
Alembic Pharma
-15
-23
11161
Wockhardt
-8
-38
-36
10515
Strides Arcolab
-10
-7
10391
Natco Pharma
13
30
28
10120
Pfizer
12
-18
-8
8875
Syngene Int.
18
NA
8430
Ipca Labs.
-5
-37
-32
5919
Jubilant Life
-12
-22
-25
56
4904
Unichem Labs.
19
31
Unichem Labs.
19
31
Indoco Remedies
Price movement
15000
14000
13000
12000
11000
10000
9000
8000
7000
6000
5000
Jul-15
Oct-15
Jan-16
CNX Pharma
Research Analyst
Siddhant Khandekar
siddhant.khandekar@icicisecurities.com
Mitesh Shah
mitesh.sha@icicisecurities.com
In the last two or three months, there was a marked increase in the receipt
of Establishment Inspection Reports (EIR) from the USFDA. EIR receipt
indicates that the facility is in compliance with cGMP standards required by
the USFDA. Among our covered companies, Cadilas Moraiya
manufacturing facility received EIR from the USFDA. Lupins Goa facility
also received EIR with respect to the July 2015 inspection. However, the
March 2016 inspection observations (483) are still pending. Alembic also
received EIR for Karakahadi API III plant, which was inspected in April 2015.
On the Q1FY17 earnings front, we expect companies under I-Direct
healthcare to deliver YoY growth of 12.4% on a consolidated basis to
| 38162 crore. US sales from the select pack are expected to grow 27.6% to
| 12750 crore on the back of 1) rupee depreciation vis--vis US$ (5.5%
YoY), 2) exclusivity launches (gGleevec by Sun, gGlumetza by Lupin)
3) consolidation of acquisitions and 4) incremental product launches & price
hikes (gFortamet by Lupin). However, increased competition in existing
products, especially in gAbilify and price erosions, elsewhere, have partly
offset overall US growth. Domestic formulations from the select pack are
likely to grow ~5.2% YoY to | 7770 crore. NLEM and FDC related issues are
likely to impact domestic growth in Q1. Also, currency headwinds in
emerging economies such as Russia, Brazil, Venezuela and some African
countries will impact the overall performance negatively. We expect the
EBITDA of the I-direct healthcare coverage to grow ~14% YoY to | 10017
crore. EBITDA margins are likely to remain strong at ~26% YoY due to a
better product mix. We expect the net profit of the I-direct healthcare
coverage to grow 19.9% YoY to | 6267 crore mainly due to a strong
operational performance and lower taxation.
The Indian pharmaceutical market (IPM) grew 7.7% in June 2016. The
growth was mainly driven by price hikes 5.0%, and new product launches
11
30
2692
2.9%, while volumes declined 4.4%. The lower growth was mainly
11
30
2692
attributable to channel disturbances on account of 1) Fixed Dosage
-12
-21
2645 M Combinations (FDC) ban imposed by the government on 344 drugs as
despite stay by the Delhi HC, some state governments continued with the
order, 2) New price list for NLEM drugs based on WPI, which was negative
in FY16 and 3) new additions in NLEM 2015 list.
12000
Pharma in metamorphosis mode; valuations reflect near term headwinds
10000
After enjoying a near seamless journey in the US, thanks to the patent cliff
ride, the companies are facing headwinds not only in the US but also in
8000
India and some important emerging markets as discussed earlier. By virtue
6000
of this, most stocks are down 20-40% from their FY16 peaks. The
companies are bracing for the new normal whereby frequent and random
4000
USFDA audits will be common, so will be the cost on remediation and
Apr-16
Jul-16
improvement besides capex for alternate arrangements. Secondly, the R&D
Nifty (RHS)
spend is likely to spike as companies prepare for complex launches in the
US such as oncology injectables, respiratory, derma, ophthalmic and
biosimilars to mitigate the pricing impact and consolidation. However, this
metamorphosis is fraught with front-loaded costs and longer gestation
periods. We prefer companies that are best placed to tackle new challenges.
Our top picks are Lupin, Dr Reddys, Aurobindo, Torrent Pharma, Natco and
Syngene. Although there was a rise in EIRs recently, we believe USFDA,
NLEM and FDCs related issues are likely to weigh in the near term.
Regulatory approvals
Exhibit 1: Summary of USFDA approvals for June, 2016
Company
Aurobindo Pharma
Jubilant Life
Aurobindo Pharma
Aurobindo Pharma
Cadila Healthcare
Natco Pharma
Lupin
Unichem
Glenmark Pharma
Taro Pharma
Drug Name
Hydrocodone Bitartrate And Ibuprofen
Levetiracetam
Amiodarone Hydrochloride
Minocycline Hydrochloride
Gemfibrozil
Glycopyrrolate tablets
Estradiol and Norethindrone Acetate
Donepezil Hydrochloride
Nystatin; Triamcinolone Acetonide
Adapalene gel
Company
Taro Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Sun Pharma
Glenmark Pharma
Drug Name
BETAMETHASONE VALERATE
Pregabalin tablets
Omeprazole
Efavirenz
Dalfampridine
Olmesartan Medoxomil
Final Approvals
Therapeutic Area
Pain Management
Epilepsy
CVS
Anti-biotic
CVS
Anti-Ulcerent
OC
CNS
Derma
Derma
Tentative Approvals
Therapeutic Area
Dermatology
CNS
Gastro Intestinal
Antivirtal
Multiple Sclerosis
CVS
Innovator company
Abbvie
Ucb
Wyeth Pharms
Medicis
Pfizer
Merz Pharms
Amneal Pharma
Eisai Inc.
G And W Labs
Galderma Lab
Generic Version of
Vicoprofen
Keppra
Cordarone
Solodyn
Lopid
Cuvposa
Activella
Aricept
Mykacet
Differin
Market Size
NA
NA
NA
NA
US$ 44 million
NA
US$ 95.6 million
US$ 52.3 million
US$ 37.5 million
NA
Innovator company
G And W Labs
Forest
Astrazeneca
Bristol Myers Squibb
Acorda
Daiichi Sankyo
Generic Version of
BETA-VAL
Lyrica
Prilosec
Sustiva
Ampyra
Benicar
Market Size
NA
NA
US$ 185 million
US$ 150 million
NA
NA
[5
CNS: Central Nervous System; CVS: Cardiovascular,GI: Gastro Intestinal, NA: Not available;
Source: USFDA, ICICIdirect.com Research
Page 2
Aurobindo Pharma said to enter fray for $1.5 billion Teva portfolio
As per media sources, Aurobindo Pharma is considering joining the race to
buy assets of over US$1 billion from Teva that are being divested by the
Israel-based company in the UK, Ireland and Iceland as a precondition to
Tevas acquisition of Allergan generic business.
Price cuts, new launches, recalls, approvals
Page 3
Medicines Patent Pool (MPP) has signed nine new sub-licensing agreements
Medicines Patent Pool (MPP) has signed nine new sub-licensing agreements
including Aurobindo, Lupin and Cadila for the generic manufacturing of HIV
and hepatitis C (daclatasvir) treatments. The agreement sub-licences to
produce and sell anti-retroviral drugs and Daclatasvir in 112 low and middle
income countries.
Cadila receives EIR for Moraiya Facility
Cadilas Moraiya manufacturing facility has received an Establishment
Inspection Report (EIR) from the USFDA. EIR indicates closure of the
inspection points (483s) raised based on the inspection carried out between
August 28, 2014 and September 05, 2014. Though this is a positive step
towards the resolution of the warning letter, it does not indicate resolution
of the warning letter. The company is still following up with the USFDA for
resolution of the warning letter.
Lupin receives EIR from US for Goa, July 2015
Lupin has received Establishment Inspection Reports (EIR) from USFDA for
Goa facility, which was inspected in July 2015. However, observations from
the March 2016 inspection for the same plant are still being reviewed.
Lupin Dabhasa unit gets two observations; voluntary action indicated only
Lupins Dabhasa facility has received two Form 483 observations from
USFDA. The plant was inspected by USFDA from June 29 to July 6, 2016.
The inspection has been classified as voluntary action indicated (VAI).
Alembic received EIR from USFDA for Karakhadi API unit
Alembic has received an Establishment Inspection Report (EIR) from USFDA
for Karakahadi API III plant, which was inspected in April 2015.
Others
Page 4
ANDA Filer
Brand Name
Lupin
Gavis Pharma
Lupin
Lupin
Taro Pharma
Lupin
Lupin
Lupin
Alembic Pharma
Lupin
Taro Pharma
Aurobindo
Aurobindo
Natco Pharma
Zydus Pharma
Alembic Pharma
InvaGen Pharma
Dr. Reddy's Labs
Aurobindo Pharma
Lupin
Sun Pharma
Dr. Reddy's Labs
Aurobindo Pharma
Lupin
Dr. Reddy's Labs
Lupin
InvaGen Pharma
Sun Pharma
Alkem Labs
Glenmark Pharma
InvaGen Pharma
Dr. Reddy's Labs
Dr. Reddy's Labs
Glenmark Pharma
Ajanta Pharma
Taro Pharma
Taro Pharma
Dr. Reddy's Labs
InvaGen Pharma
Cipla
Lupin
Lupin
Torrent Pharma
Alembic Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Glenmark Pharma
Cadila Healthcare
Axiron
Phoslo
TravatanZ
Namenda
Epiduo
Xyrem
Tamiflu
Pennsaid
Staxyn
Beyaz
Moviprep
Prevacid
Xarelto
Gleevec
Abilify
Brilinta
Brilinta
Exelon Patch
Acular LS
Lialda
Omeprazole
Omeprazole
Nuvigili
Uceris
Toviaz
Fanapt
Viibryd
Xyrem
Abilify
Zyvox
Zyrtec-D
Androgel
Aloxi
Multaq
Abilify
Naftin
Onexton
Cubicin
Xarelto
Reyataz
Prezista
Daliresp
Benicar
Benicar
Benicar
LYMPHAZURIN
VIMPAT
EMTRIVA
ZYTIGA
MOZOBIL
API
Hypogonadism
Calcium Acetate
Travoprost Ophthalmic solution
Memantine Hydrochoride
Adapalene & Benzoyl peroxide
Sodium Oxybate
Oseltamivir
Diclofenac
Vardenafil Hydrochloride
Drospirenone
Polyethylene glycol electrolyte soln
lansoprazole
Rivaroxaban
Matinib Mesylate
Aripiprazole
Ticagrelor
Ticagrelor
Rivastigmine
Ketorolactromethamine
Mesalamine
Omeprazole
Omeprazole
Modafinil
Budesonide
Fesoterodine
Iloperidone
Vilazodone
Gamma-hydroxybutyric acid
Aripiprazole
Linezolid
Cetirizine
Testosterone
Palanosetron
Dronedarone
Aripiprazole
Naftifine Hydrochloride
Cindamycin Phosphate and Benzoyl Peroxide
Daptomycin
Rivaroxaban
Atazanavir
Darunavir
Roflumilast
Olmesartan
Olmesartan
Olmesartan
isosulfan blue
lacosamide
emtricitabine
abiraterone
plerixafor
Used for
Testosterone
Kidney Disease
Elevated Intraocular pressure
Alzheimer's Disease
Acne
Narcolepsy
Influenza
Osteoarthritis
Sex Stimulant
Birth control
Gastro Intestinal
Stomach ulcers
Blood Thinner
Anti-cancer
Schizophrenia
CVS
CVS
Dementia
Ocular Pain
Ulcerative Colitis
GI
GI
CNS
GI
Urotherapy
Schizophrenia
Anti-depressant
CNS
Schizophrenia
Anti-Infective
Respiratory
Low Testosterone
Nausea
Atrial Fibrillation
Schizophrenia
Fungal Infection
Acne
Antibiotic
Blood Thinner
HIV
HIV
Respiratory
Anti-depressant
Anti-depressant
Anti-depressant
lymphatic imaging agent
partial-onset seizures
HIV
Oncology
non-Hodgkin's lymphoma
[5
Page 5
Jun-16
May-16
Apr-16
Mar-16
6.4
8.1
3.8
6.7
9.7
9.7
20
Feb-16
Jan-16
12.5
10.6
10
Dec-15
Nov-15
23.0Oct-15
Sep-15
Aug-15
15
5
0
-5
7.1
Unichem
Torrent
Sun Pharma
3.6
Pfizer
Ipca Labs
4.0
3.5
1.1
4.7
11.5
9.1
11.4 11.3
Novartis
10
Lupin
15
Indoco
GSK Pharma
Glenmark
DRL
Cipla
Cadila
SubChronic,
20240.24,
20.2%
13.7
20
Ajanta
Acute,
48126.05,
48.1%
Jul-15
25
12.9
Alembic
Brand
Company Therapy
June' 16 June' 15 Gr. (%)
Corex
Pfizer
Respiratory
319.8
240.1
33.2
Spasmo Prox Wockhardt GI
309.0
215.2
43.6
Augmentin GSK
Anti-Infectives 302.5
329.6
-8.2
Lantus
Sanofi
Anti Diabetic
291.5
235.5
23.8
Galvus Met Novartis
Anti Diabetic
290.6
199.7
45.5
Clavam
Alkem
Anti-Infectives 245.3
224.7
9.2
Volini
Ranbaxy
Pain
230.1
206.3
11.5
Becosules Sun Pharma Vitamins
219.8
255.6 -14.0
Foracort
Cipla
Respiratory
200.7
179.3
12.0
Pan
Alkem
GI
200.5
177.9
12.7
Source: AIOCD data base
The Indian pharmaceutical market (IPM) grew 6.4% YoY to | 8460 crore
in June. The growth was mainly driven by price hikes - 3.8%, and new
product launches - 3.2% while volumes declined 0.6%
The fixed dosage combination (FDCs) related market de-grew 14.6% to
| 186 crore
Drugs under the NLEM list declined 1.5% to | 963 crore while nonNLEM drugs posted growth of 8% to | 7120 crore. Volume growth in
NLEM was 3% while it declined 1.5% in non-NLEM
Among companies under I-direct coverage, Indoco, Ajanta and Alembic
registered decent growth of 11.5%, 11.4% and 11.3%, respectively.
Cipla, Glenmark, Lupin and Sun registered growth of 9.1%, 7.1%. 4.7%,
and 3.6%, respectively, while among the worst performers Torrent
Pharma de-grew 2.7%
Therapy wise, 10 therapies have outpaced the IPM growth. Notable
among them with growth rates- anti diabetic 11.7%, Urology 9.4%,
Gastro 8.8%, Derma 8.8%, Ophthal 8.8% and Respiratory8.2%.
In all, 324 new brands were launched in June 2016
On a MAT basis, IPM growth was at 10.6% YoY to | 100017 crore.
Domestic companies have grown 7.6% while MNC companies have
grown 2.0% in June 2016
Jun-15
15.3
Therapy
June' 16 June' 15 YoY (%) May' 16 MoM (%)
Anti-Infectives
1162
1124
3.4
1165
-0.3
Cardiac
1061
1021
3.9
1097
-3.3
Gastro Intestinal
1088
1000
8.8
1063
2.3
Vitamins / Minerals /
806
758
6.4
794
1.5
Anti Diabetic
736
659
11.7
751
-2.0
Respiratory
530
490
8.2
526
0.8
Pain / Analgesics
576
557
3.5
575
0.2
Neuro / Cns
524
498
5.2
538
-2.7
Derma
519
479
8.5
516
0.7
Gynaecological
448
419
7.1
446
0.6
Ophthal / Otologicals
159
147
8.4
163
-2.2
Hormones
136
133
2.2
144
-6.0
Vaccines
133
142
-6.3
135
-1.3
Anti-Neoplastics
145
134
7.8
133
8.8
Blood Related
103
101
1.5
105
-1.8
Others
116
87
33.6
110
4.9
Urology
100
92
9.4
101
-0.8
Sex Stimulants / Reju
45
43
4.6
46
-1.8
Anti Malarials
35
36
-2.4
33
7.9
Stomatologicals
37
35
5.1
37
0.0
Source: AIOCD data base
(%)
7.0
3.6
1.5
0
-0.9
-5
-10
-2.7
-6.7
Page 6
(%)
Therapy
Q1FY17 Q1FY16 YoY (%) Q4FY16 QoQ (%)
Anti-Infectives
3497
3448
1.4
3568
-2.0
Cardiac
3266
3021
8.1
3132
4.3
Gastro Intestinal
3209
2995
7.1
2777
15.6
Vitamins / Minerals /
2374
2215
7.2
2048
15.9
Anti Diabetic
2225
1943
14.5
2039
9.1
Respiratory
1633
1613
1.2
2056 -20.6
Pain / Analgesics
1728
1668
3.6
1618
6.8
Neuro / Cns
1601
1475
8.5
1543
3.8
Derma
1550
1428
8.6
1454
6.6
Gynaecological
1335
1253
6.6
1211
10.2
Ophthal / Otologicals
486
450
8.0
436
11.5
Hormones
419
397
5.4
417
0.5
Vaccines
400
409
-2.2
373
7.3
Anti-Neoplastics
399
411
-2.9
355
12.4
Blood Related
306
287
6.7
262
17.0
Others
330
249
32.4
270
22.3
Urology
302
273
10.6
260
16.2
Sex Stimulants / Reju
140
130
7.3
145
-3.8
Anti Malarials
100
111
-10.1
94
7.0
Stomatologicals
110
102
8.4
99
11.8
Source: AIOCD data base
19.0
17.0
15.0
13.0
11.0
9.0
7.0
5.0
3.0
1.0
-1.0
-3.0
16.8
13.6
1.5
10.8
1.1
0.1
3.3
10.9
4.6
9.6
14.8
3.3
5.2
3.3
4.8
8.4
6.6
2.5
Q1FY15 Q2FY15
Q3FY15 Q4FY15
Volumes
11.9
3.0
9.3
3.0
5.0
1QFY16
Price Increases
6.4
2.9
4.6
5.1
7.5
14.7
3.1
5.0
6.7
4.2
4.4
1.4
2QFY16 3QFY16
-1.0
4QFY16 1QFY17
New Products
[
(%)
12.0
10.0
8.0
6.0
4.0
2.0
(2.0)
(4.0)
(6.0)
9.4
6.8
Unichem
Torrent
Sun Pharma
Sanofi
Pfizer
Novartis
Lupin
Ipca
Indoco
Glenmark
GSK Pharma
Dr Reddy's
Cipla
Biocon
10.7
Alembic
Ajanta
8.2
5.7
5.2
5.5
3.7
5.3
4.8
3.0
1.1
1.1
(1.0)
(1.5)
(4.3)
Page 7
Sun Pharmaceuticals
Stock Performance
Chronic,
3959.54,
45.3%
150
130
110
90
70
50
SubChronic,
1195.58,
13.7%
Acute,
3582.85,
41.0%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
Jul-16
Sun Pharma
11 to 20
21 to 30
31 to 50
Others
Jun-16
May-16
Apr-16
Mar-16
Feb-16
12.3
18.8
6.4
3.6
5.6
3.8
5.2
8.1
6.7
12.3
9.7
9.6
8.9
(| crore)
Brand
Therapy
Volini
Pain
14.7
31.1
20.5
-5.9
Rosuvas
Cardiac
17.2
12.7
35.2
16.4
4.8
Istamet
Anti Diabetic
15.4
13.1
17.5
14.8
4.1
7.8
Gemer
Anti Diabetic
14.7
13.5
9.3
14.2
4.1
7.2
Levipil
Neuro
14.3
12.2
17.2
12.9
10.3
6.6
Susten
Gynaecological
13.2
13.2
-0.5
13.9
-5.2
Pantocid
Gastro Intestinal
11.6
11.9
-2.7
12.0
-3.6
Revital H
Vitamins
10.8
6.7
61.0
11.7
-7.5
Pantocid Dsr
Gastro Intestinal
10.0
10.2
-2.4
10.3
-3.4
Storvas
Cardiac
9.7
10.3
-5.5
10.5
-7.5
8.4
(%)
9.2
6.7
8.2
9.0
Jan-16
12.5
9.7
3.1
5
0
Top 10
Dec-15
Nov-15
23.0Oct-15
10.6
10.8
10
10.0
(%)
7%
10%
13.7
15
9%
57%
15.3
21.7
20
17%
12.9
15.9
25
16.6
Sep-15
Aug-15
Jun-15
Jul-15
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
6.0
Derma
7%
Cardiac
29%
Anti-Infectives
18%
Gastro
Intestinal
19%
Neuro
27%
Therapy
Cardiac
Neuro
(| crore)
June' 16
141.6
June' 15
132.5
YoY (%)
6.9
May' 16
144.9
QoQ (%)
-2.3
130.1
124.8
4.3
132.9
-2.1
Gastro Intestinal
92.9
92.1
0.9
91.7
1.4
Anti-Infectives
80.1
79.2
1.1
79.4
0.9
Derma
37.4
34.2
9.3
70.4
-46.9
Anti Diabetic
69.5
68.2
1.9
52.9
31.2
Gynaecological
30.5
31.4
-2.9
38.2
-20.1
Pain
54.2
51.3
5.7
29.5
83.6
Respiratory
23.6
23.1
2.0
31.2
-24.6
Vitamins
32.8
30.0
9.1
23.4
40.0
Page 8
Cipla
Stock Performance
Chronic,
1975.31,
39.8%
140
120
100
80
60
SubChronic,
620.67,
12.5%
Acute,
2370.80,
47.7%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
Jul-16
Cipla
Others
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
6.4
9.1
6.4
3.8
6.7
8.1
12.3
10.0
11.6
9.7
12.5
16.7
2.1
31 to 50
3.5
21 to 30
4.6
5
11 to 20
9.7
15.9
21.0
13.7
10.6
10
12.9
15
11.1
8%
11.6
(%)
12%
23.0Oct-15
Sep-15
Aug-15
Jun-15
20
44%
15.3
16.7
25
24%
12%
Jul-15
Top 10
May-16
Cipla
(| crore)
5.4
Brand
Therapy
5.2
Foracort
Respiratory
16.4
14.6
12.1
16.6
-1.2
Budecort
Respiratory
10.7
9.9
8.3
12.9
-16.6
Asthalin
Respiratory
9.6
9.9
-3.1
9.7
-0.2
Seroflo
Respiratory
10.4
10.5
-0.5
10.5
-0.4
Duolin
Respiratory
10.2
8.7
16.7
9.5
7.6
5.1
5.0
4.8
(%)
4.8
5.2
5.1
5.2
5.0 4.9
5.2
4.9
4.8 4.8
4.6 4.7
4.6
4.4
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
4.2
Cipla
Aerocort
Respiratory
7.3
7.3
0.3
7.6
-3.2
Azee
Anti-Infectives
6.2
6.9
-10.7
5.3
15.1
Montair Lc
Respiratory
5.8
5.1
13.2
6.3
-8.0
Novamox
Anti-Infectives
5.2
5.9
-12.3
5.6
-6.4
Emeset
Gastro Intestinal
6.8
6.3
7.5
6.2
8.9
Other
19%
Urology
5%
Gastro
Intestinal
8%
Cardiac
12%
Respiratory
29%
Anti-Infectives
27%
Therapy
Respiratory
Ant i- Infect iv es
(| crore)
June' 16
111.1
102.9
June' 15
100.7
95.5
YoY (%)
10.4
7.7
May' 16
113.1
102.3
Q oQ (%)
-1.8
0.5
Cardiac
51.4
38.5
48.8
5.2
52.7
-2.5
32.7
17.6
35.0
Urology
Neuro
19.9
14.2
9.8
18.6
15.2
7.2
-6.6
20.0
14.6
-0.5
-2.7
-5.9
Ophthal
14.4
13.3
8.6
15.3
Pain
13.0
10.2
27.0
12.8
1.6
Derma
Vitamins
10.4
9.2
9.8
7.4
6.3
24.9
10.1
8.5
3.1
8.1
SubChronic,
489.83,
20.5%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
Jul-16
Dr. Reddys
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jun-15
Jul-15
11 to 20
21 to 30
31 to 50
Others
1.5
6.4
8.1
-1.5
3.4
3.8
6.7
2.9
2.7
2.7
2.4
2.3 2.3
2.3
2.2
2.3
2.6
2.6
2.5
2.3
2.1
1.9
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
1.7
Jun-15
(%)
31.6
-10
Indian Pharma Market
2.5
12.3
9.7
26.6
27.6
12.5
9.7
6.7
0
Top 10
23.8
23.0
30.9
10.6
7.8
10
13.7
(%)
12% 9%
15.1
20
16%
12.9
27.2
30
15.3
29%
34%
31.9
40
Gastro
Intestinal
22%
Cardiac
14%
Anti-Infectives
8%
Respiratory
9%
Therapy
Omez
Gastro Intestinal
10.6
10.8
-1.3
10.9
-2.5
Omez D
Gastro Intestinal
8.8
7.5
17.2
7.4
19.7
Econorm
Gastro Intestinal
7.4
6.2
19.4
6.2
19.0
Stamlo
Cardiac
4.2
5.2
-19.0
4.9
-15.2
Grafeel
Anti-Neoplastics
2.4
5.2
-53.1
5.6
-56.3
Nise
Pain
4.9
4.3
12.5
5.4
-9.4
Razo D
Gastro Intestinal
5.3
4.5
18.3
4.4
20.3
Mintop
Derma
3.7
3.4
9.2
3.5
6.0
Razo
Gastro Intestinal
4.3
4.1
5.8
3.9
10.5
Reditux
Anti-Neoplastics
4.1
5.1
-18.1
3.2
29.1
(| crore)
Brand
AntiNeoplastics
11%
(| crore)
June' 16
47.1
June' 15
45.7
YoY (%)
3.1
May' 16
42.8
QoQ (%)
9.9
Cardiac
26.1
31.2
-16.5
26.6
-1.8
Anti-Neoplastics
22.7
18.4
23.6
20.5
11.0
14.3
Respiratory
15.5
13.7
13.9
13.6
Anti-Infectives
14.5
12.8
13.5
13.9
4.2
Derma
12.4
13.3
-6.5
12.2
1.8
Pain
13.0
13.9
-6.4
12.5
3.7
Anti Diabetic
13.1
14.0
-6.1
13.3
-1.5
Urology
8.3
8.1
3.3
7.6
9.6
Stomatologicals
6.6
6.8
-3.5
6.4
3.5
Page 10
Lupin
Stock Performance
Chronic,
1643.67,
49.0%
140
120
100
80
60
SubChronic,
651.19,
19.4%
Acute,
1057.53,
31.5%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
Jul-16
Lupin
Jun-16
May-16
Apr-16
Mar-16
8.1
20.5
-4.4
-4
-2.8
3.8
6.4
4.7
6.7
12.3
18.4
Feb-16
Jan-16
9.7
13.0
12.5
14.4
9.7
Dec-15
Nov-15
23.0 Oct-15
7.1
2.6
8.4
(%)
13% 9%
12.0
12
11%
10.6
13.7
20.8
20
20%
12.9
47%
15.3
28
21.7
Sep-15
Aug-15
Jun-15
Jul-15
-12
Top 10
11 to 20
21 to 30
31 to 50
Others
3.7
3.5
3.3 3.2
3.2
Therapy
(| crore)
Gluconorm-G
Anti Diabetic
Tonact
Cardiac
13.4
10.8
24.7
14.3
-5.9
7.1
8.4
-15.1
8.4
-14.6
4.3
-5.7
3.8
6.5
2.5
Rablet
Gastro Intestinal
4.1
4.6
-10.6
4.1
0.0
2.3
Ramistar
Cardiac
3.4
4.3
-20.4
3.7
-7.3
-1.3
Jun-16
4.0
May-16
Respiratory
Apr-16
Esiflo
Mar-16
2.7
Feb-16
-3.8
Jan-16
-1.3
4.8
Dec-15
7.3
1.7
Nov-15
22.1
4.6
Oct-15
5.9
4.6
Sep-15
7.2
Gastro Intestinal
Aug-15
Respiratory
Rablet-D
Jul-15
Budamate
2.9
3.1
Jun-15
(%)
3.3
Lupin
Lupin
R-Cinex
Anti-Infectives
3.7
3.4
8.6
3.7
Cetil
Anti-Infectives
3.9
3.0
27.9
3.8
0.2
Tazar
Anti-Infectives
3.6
3.3
6.9
3.5
2.9
Other
22%
Cardiac
26%
Gastro
Intestinal
8%
Anti Diabetic
11%
Anti-Infectives
21%
Respiratory
12%
Therapy
Cardiac
(| crore)
June' 16
66.3
June' 15
67.8
YoY (%)
-2.3
May' 16
72.2
QoQ (%)
-8.2
Anti-Infectives
54.7
54.9
-0.3
55.2
-0.8
Respiratory
30.9
29.0
6.6
31.8
-2.8
Anti Diabetic
34.8
27.6
25.9
36.4
-4.3
Gastro Intestinal
22.8
21.8
4.6
22.8
-0.1
Vitamins
14.9
16.8
-11.3
15.7
-4.6
Neuro
13.9
12.8
8.2
14.7
-5.4
Pain
12.2
12.6
-3.3
12.7
-3.7
Gynaecological
10.6
9.0
17.5
10.6
0.0
2.1
1.8
16.1
2.3
-6.7
Ophthal
Page 11
Cadila Healthcare
Stock Performance
Chronic,
1643.67,
49.0%
140
120
100
80
60
SubChronic,
651.19,
19.4%
Acute,
1057.53,
31.5%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
Jul-16
Cadila Healthcare
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Aug-15
13.7
16.8
Oct-15
Jul-15
12.9
16.9
Sep-15
Jun-15
15.3
17.6
3.8
6.4
6.7
8.1
12.3
11.7
9.7
7.5
Others
1.1
31 to 50
5.8
21 to 30
3.0
11 to 20
7.1
Top 10
7.3
10
12.5
15
11.3
(%)
13% 9%
9.7
20
11%
18.8
25
20%
10.6
47%
23.0
27.2
30
Cadila Healthcare
4.0
3.9
3.9
4.0
3.9
3.9 3.9
3.9
Jun-16
Apr-16
Mar-16
3.8
Feb-16
Nov-15
Sep-15
Aug-15
Jul-15
Oct-15
3.9
Jan-16
4.0
3.9
Dec-15
4.0
May-16
4.1
4.1
4.0
4.0
3.9
3.9
3.8
3.8
3.7
3.7
Jun-15
(%)
Cadila Healthcare
(| crore)
Brand
Therapy
Skinlite
Derma
15.3
13.7
11.2
16.3
-6.4
Atorva
Cardiac
7.8
10.9
-28.3
11.0
-28.8
Mifegest Kit
Gynaecological
11.0
9.1
21.0
10.4
5.5
Deriphyllin
Respiratory
7.5
7.7
-2.3
8.1
-7.3
Pantodac
Gastro Intestinal
9.6
8.3
15.4
9.5
1.6
Falcigo
Anti Malarials
3.8
6.3
-40.7
3.5
8.7
Amlodac
Cardiac
5.3
6.8
-22.0
5.4
-1.8
Aten
Cardiac
5.0
6.9
-27.1
5.3
-5.2
Zyrop
Blood Related
6.3
5.8
8.4
8.6
-26.8
Clopitorva
Cardiac
4.5
4.8
-6.5
5.0
-10.3
Other
38%
Therapy
Cardiac
Cardiac
16%
Gastro
Intestinal
14%
Gynaecological
11%
Pain
10%
Respiratory
11%
(| crore)
June' 16
49.7
June' 15
56.8
YoY (%)
-12.5
May' 16
55.6
QoQ (%)
-10.6
Gastro Intestinal
48.5
42.6
13.9
47.3
2.7
Gynaecological
33.5
37.0
-9.6
34.6
-3.2
Respiratory
29.8
29.1
2.5
31.0
-3.8
Pain
31.3
28.7
8.9
32.3
-3.0
Derma
26.9
24.8
8.6
26.9
-0.1
Anti-Infectives
22.6
22.0
3.1
23.4
-3.4
Anti-Neoplastics
22.1
18.6
19.0
20.6
7.2
Vitamins
14.7
13.0
12.6
14.4
2.0
5.0
6.8
-26.0
4.7
7.9
Anti Malarials
Page 12
GlaxoSmithKline
Stock Performance
Chronic,
424.60,
13.1%
SubChronic,
700.87,
21.7%
Acute,
2108.18,
65.2%
140
120
100
80
60
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
GSK Pharma
31 to 50
Jun-16
6.4
-6.7
21 to 30
0.3
-6.4
-3.5
3.8
6.7
8.1
12.3
6.9
9.7
9.9
-5
11 to 20
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
12.5
11.9
9.7
9.9
5.8
2.8
1.3
10.6
10
16%
4.9
(%)
13.7
15
51%
9%
12.9
20
15.3
25
10%
Nov-15
23.0
27.2
30
14%
Oct-15
Sep-15
Aug-15
Jun-15
Jul-15
Top 10
Jul-16
-10
Others
Glaxosmithkline Pharmaceuticals
3.5
3.4
3.3
3.4 3.4
3.3
Brand
Therapy
Augmentin
Anti-Infectives
(| crore)
26.5
-36.9
20.5
-18.7
-11.4
Synflorix
Vaccines
16.4
14.3
14.7
18.5
Calpol
Pain
13.8
13.3
3.3
13.1
5.3
Zinetac
Gastro Intestinal
13.5
12.5
8.4
15.0
-10.0
2.6
Betnovate C
Derma
10.2
11.9
-14.5
11.0
-7.1
2.4
Betnovate N
Derma
10.1
12.4
-18.6
11.5
-12.6
Rotarix
Vaccines
8.7
5.7
52.4
10.0
-13.1
Eltroxin
Hormones
11.9
10.9
9.2
12.7
-6.7
Ceftum
Anti-Infectives
10.1
11.7
-13.3
9.9
1.6
Betnesol
Hormones
5.9
7.9
-25.7
6.6
-11.1
3.2
(%)
3.3
3.4
3.2
3.1 3.1
3.0
3.0 3.1
2.9
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
2.8
Glaxosmithkline Pharmaceuticals
Other
26%
Respiratory
8%
Pain
9%
Derma
19%
Vaccines
15%
(| crore)
June' 16
51.6
June' 15
57.0
YoY (%)
-9.5
May' 16
53.7
QoQ (%)
-3.9
Derma
45.3
56.4
-19.7
49.2
-7.9
Vaccines
39.4
38.0
3.8
44.5
-11.3
Pain
23.6
21.7
8.7
23.7
-0.3
Respiratory
16.4
16.0
2.7
17.5
-6.2
Hormones
18.3
20.4
-10.2
19.9
-8.2
Vitamins
22.0
21.7
1.4
21.1
4.4
Gastro Intestinal
15.3
13.9
10.0
17.0
-10.1
Cardiac
4.5
5.8
-21.4
4.8
-4.5
Gynaecological
3.2
2.9
12.9
3.5
-6.7
Page 13
Wockhardt
Stock Performance
Chronic,
266.61,
19.8%
Acute,
926.55,
68.9%
400
350
300
250
200
150
100
50
0
SubChronic,
150.77,
11.2%
Jul-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
Jul-16
Wockhardt
Jun-16
Apr-16
3.8
4.8
May-16
Mar-16
6.7
2.5
Feb-16
Jan-16
1.8
6.4
8.1
9.4
9.7
12.5
12.3
29.7
38.3
9.7
10
Others
5.5
31 to 50
9.9
21 to 30
10.6
15.3
(%)
20
23.0
36.0
30
14%
42.2
40
56%
Dec-15
50.4
50
8%
Nov-15
Oct-15
Sep-15
Aug-15
13.7
24.4
60
8%
11 to 20
Jul-15
Jun-15
14%
12.9
29.2
Top 10
Sep-15
0
Indian Pharma Market
Wockhardt
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
Therapy
24.7
29.9
-17.4
22.5
9.9
Vitamins
7.9
6.5
21.1
8.9
-11.9
Tryptomer
Neuro
5.4
5.0
6.4
5.8
-7.1
Bro Zedex
Respiratory
2.9
3.1
-5.6
3.2
-9.5
Methycobal
Vitamins
4.9
4.2
15.1
4.9
0.4
Biovac V
Vaccines
2.3
6.2
-62.9
3.0
-23.9
Biovac A
Vaccines
2.0
4.2
-53.1
2.5
-21.3
Zedex
Respiratory
2.0
2.2
-9.0
2.0
0.6
Practin
1.23
Jun-16
1.29
1.26
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
1.28
1.41 1.39
1.37 1.38 1.35
1.37 1.35 1.39
1.34
Wockhardt
(| crore)
Jun-15
(%)
Ace Proxyvon
Pain
2.2
2.8
-23.3
2.2
-0.6
Wosulin
Anti Diabetic
2.4
2.0
20.6
3.0
-19.0
Intestinal
25%
Other
33%
Therapy
Gastro Intestinal
Vitamins
Respiratory
Neuro
Vitamins
15%
Anti-Infectives
7%
Neuro
8%
Respiratory
12%
Anti-Infectives
(| crore)
June' 16
27.0
June' 15
27.4
YoY (%)
-1.2
May' 16
24.8
QoQ (%)
9.0
19.2
16.0
19.7
20.5
-6.3
9.1
8.4
8.0
9.4
-2.9
10.0
7.4
35.9
10.6
-4.8
4.9
6.6
-25.4
5.6
-11.8
-1.8
Derma
7.4
6.6
12.6
7.5
Pain
7.5
6.3
18.3
6.9
7.9
Anti Diabetic
7.7
6.2
23.9
8.5
-9.6
Vaccines
4.3
8.9
-51.5
5.6
-22.6
Hormones
2.6
2.3
13.5
2.8
-3.9
Page 14
Glenmark Pharmaceuticals
Stock Performance
Chronic,
908.04,
37.6%
200
180
160
140
120
100
80
60
SubChronic,
563.30,
23.3%
Acute,
945.56,
39.1%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
6.4
8.1
6.7
14.8
12.3
19.7
9.7
16.3
13.1
9.7
12.5
18.6
23.0
43.6
Oct-15
Sep-15
10.6
30.9
34.6
7.1
Others
8.9
31 to 50
3.8
8.7
21 to 30
11.5
11 to 20
13.7
28.1
13%
10%
12.9
13%
Aug-15
Jun-15
(%)
35%
15.3
29%
50
45
40
35
30
25
20
15
10
5
0
Jul-15
Top 10
May-16
Glenmark
Glenmark Pharmaceuticals
Telma
Cardiac
12.5
14.8
Telma H
Cardiac
12.1
Ascoril Plus
Respiratory
7.1
Candid
Derma
2.1
Candid-B
Derma
Telma Am
1.9
Ascoril Ls
2.7
2.5
2.4 2.3
2.3
2.3
2.5 2.5
2.4
2.6
2.5
2.4 2.4
2.4
2.3
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
2.2
Jun-15
(%)
(| crore)
Brand
Glenmark Pharmaceuticals
Derma
30%
Anti-Infectives
13%
Respiratory
15%
-15.8
13.6
-7.9
11.4
6.1
12.7
-4.8
7.5
-5.9
5.7
23.9
11.1
8.8
25.6
10.6
4.6
8.5
8.3
2.6
7.5
14.4
Cardiac
6.3
6.1
2.9
6.8
-7.9
Respiratory
2.5
2.9
-12.1
2.6
-1.8
Zitamet
Anti Diabetic
0.1
7.0
-98.3
0.2
-26.8
Onabet
Derma
3.8
3.0
25.5
3.2
16.5
Zita(Glenmark)
Anti Diabetic
1.1
4.7
-77.3
1.5
-28.5
Other
11%
Cardiac
23%
June' 16
63.8
(| crore)
June' 15
55.3
YoY (%)
15.3
May' 16
59.5
QoQ (%)
7.3
Cardiac
44.4
44.6
-0.4
46.6
-4.7
Respiratory
23.1
21.9
5.5
20.7
11.6
Anti-Infectives
26.1
24.3
7.4
22.9
13.7
Anti Diabetic
15.0
17.1
-12.1
15.1
-0.3
Vitamins
6.7
5.0
34.4
6.2
8.0
Gastro Intestinal
5.6
4.8
17.6
5.0
12.5
Pain
4.3
4.1
5.6
4.2
1.8
Gynaecological
3.5
3.4
3.4
3.7
-4.3
Ophthal
3.0
2.9
3.0
2.5
20.2
Page 15
Torrent Pharmaceuticals
Stock Performance
Chronic,
1156.47,
51.0%
200
160
120
80
40
SubChronic,
564.71,
24.9%
Acute,
545.88,
24.1%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
Jul-16
Torrent Pharma
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jun-15
Jul-15
31 to 50
Others
6.4
1.4
2.4
3.8
6.7
8.1
12.3
10.2
9.7
-5
Indian Pharma Market
-2.7
21 to 30
-3.0
11 to 20
3.8
5.4
0
Top 10
12.5
19.9
7.4
10
9%
9.7
14%
12%
10.6
16.0
(%)
15
13.7
21.7
20
12.9
18.3
28.3
32%
15.3
25
33%
23.0
30
Torrent Pharmaceuticals
2.8
2.51
2.4
(%)
2.36
2.25 2.23
2.23
2.17 2.20
2.30
2.35
2.33 2.30
2.23 2.26
2.0
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
1.6
Torrent Pharmaceuticals
Cardiac
29%
Pain
8%
Gastro
Intestinal
15%
Vitamins
16%
Therapy
Shelcal
Vitamins
Chymoral Forte
Nikoran
Dilzem
(| crore)
20.2
-13.7
16.3
6.7
Pain
9.8
10.6
-7.4
9.6
2.1
Cardiac
7.1
6.5
9.5
7.3
-2.6
Cardiac
5.3
5.1
5.0
5.9
-10.1
Nebicard
Cardiac
5.0
5.0
0.9
5.4
-6.7
Azulix-Mf
Anti Diabetic
5.4
4.8
13.5
5.8
-5.3
Nexpro Rd
Gastro Intestinal
4.6
4.3
8.6
4.4
5.4
Nexpro
Gastro Intestinal
4.2
4.1
3.5
4.0
6.6
Shelcal Ct
Vitamins
4.2
2.6
59.2
4.5
-8.1
Alprax
Neuro
3.0
3.3
-9.0
3.2
-6.1
Brand
Neuro
16%
June' 16
54.2
(| crore)
June' 15
57.4
YoY (%)
-5.5
May' 16
58.0
QoQ (%)
-6.6
Neuro
31.0
32.3
-4.1
32.1
-3.6
Vitamins
33.0
30.8
7.2
32.5
1.5
Gastro Intestinal
29.7
30.3
-2.0
28.2
5.1
Pain
15.8
15.5
1.5
15.7
0.5
Anti Diabetic
12.4
11.6
6.9
12.6
-2.2
Anti-Infectives
6.8
10.3
-34.1
6.2
9.2
Derma
5.4
4.5
17.8
5.2
3.6
Gynaecological
3.1
3.5
-11.5
3.1
-1.8
Urology
1.0
0.7
50.0
1.0
5.3
Page 16
Ipca Laboratories
Stock Performance
150
125
100
75
50
Chronic,
350.08,
27.5%
Acute,
843.66,
66.3%
SubChronic,
78.28, 6.2%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
Ipca
21 to 30
31 to 50
Jun-16
May-16
Apr-16
Mar-16
6.4
8.1
4.0
3.7
3.3
3.8
6.7
1.5
11.5
9.1
1.5 1.4
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
1.3
1.2 1.3
Jul-15
Ipca Laboratories
Jun-15
12.3
9.7
12.5
11.8
-10
Others
(%)
Feb-16
Jan-16
Dec-15
Nov-15
9.7
6.3
-0.1
-5.5
0
-5
3.0
16%
10.6
10
3.6
(%)
11%
13.7
15
13%
12.9
20
37%
15.3
25
23%
11 to 20
23.0
25.8
30
Oct-15
Sep-15
Aug-15
Jun-15
Jul-15
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
Jul-16
Top 10
May-16
Ipca Laboratories
Anti-Infectives
6%
Brand
Therapy
Zerodol Sp
Pain
7.4
7.7
-3.3
7.5
-1.3
Zerodol P
Pain
5.4
5.2
4.9
5.9
-7.9
Hcqs
Anti Malarials
5.1
6.0
-15.7
5.5
-8.1
Larinate
Anti Malarials
2.9
3.4
-12.8
2.9
0.4
Rapither-Ab
Anti Malarials
2.8
4.0
-29.1
2.5
11.4
Glycinorm M
Anti Diabetic
3.0
3.1
-3.2
3.3
-10.5
Folitrax
Anti-Neoplastics
3.0
2.9
5.0
3.0
1.4
Lariago
Anti Malarials
1.6
2.2
-25.3
1.6
4.0
Zerodol
Pain
2.3
2.4
-4.2
2.3
1.3
Lumerax
Anti Malarials
1.6
2.1
-25.7
1.5
4.7
Pain
26%
Anti Malarials
19%
Cardiac
17%
June' 16
26.5
(| crore)
June' 15
26.3
YoY (%)
0.7
May' 16
27.3
QoQ (%)
-3.1
Anti Malarials
16.4
15.5
6.0
15.8
4.2
Cardiac
18.7
17.8
4.9
19.0
-1.7
9.4
9.3
1.3
9.6
-2.5
Gastro Intestinal
Gastro
Intestinal
8%
(| crore)
Anti-Infectives
5.9
5.9
0.1
5.5
6.9
Anti Diabetic
5.4
5.2
4.3
5.8
-6.8
Respiratory
3.0
2.7
10.3
3.0
-1.1
Anti-Neoplastics
4.9
4.1
20.7
5.0
-1.4
Neuro
3.9
4.2
-8.7
3.7
3.7
Derma
3.1
3.0
4.3
2.7
16.7
Page 17
Biocon
Stock Performance
Chronic,
243.16,
71.2%
140
120
100
80
SubChronic,
29.19, 8.5%
Acute,
69.38,
20.3%
60
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
Jul-16
21 to 30
31 to 50
May-16
8.1
9.4
Jun-16
Apr-16
3.8
7.7
Mar-16
6.4
3.5
6.7
14.5
Feb-16
12.3
11.3
5.3
5.2
9.7
12.5
Jan-16
Dec-15
Nov-15
9.7
23.0
Oct-15
10.6
-5
-10
Others
-11.2
11 to 20
-0.8
2%
6.0
(%)
5%
7.3
10
6%
13.7
15
11%
4.8
76%
15.3
20
12.9
25
10.0
Sep-15
Aug-15
Jun-15
Jul-15
Top 10
May-16
Biocon
-15
Biocon
Brand
0.38
0.37
0.36
0.36
0.35
0.34
0.33
0.33
0.33
0.31
0.31
0.35 0.350.35
0.34
0.34
0.32
Therapy
(| crore)
Insugen
Anti Diabetic
7.3
7.5
-2.9
7.8
-7.3
Basalog
Anti Diabetic
5.2
5.0
3.9
5.3
-2.2
Erypro
Blood Related
2.3
2.3
1.4
2.4
-5.2
Canmab
Anti-Neoplastics
1.7
1.4
18.8
1.5
14.2
16.2
152.4
1.1
117.2
Biomab Egfr
Anti-Neoplastics
0.0
0.1
-100.0
1.0
-100.0
Insugen N
Anti Diabetic
0.6
0.9
-29.8
0.6
5.6
Psorid
Anti-Neoplastics
0.7
0.5
53.9
0.7
-1.8
Jun-16
0.9
May-16
2.3
Apr-16
Anti-Neoplastics
Mar-16
8.2
Abraxane
Feb-16
1.4
Jan-16
1.2
-2.6
Dec-15
-9.6
1.6
Nov-15
1.5
1.5
Oct-15
1.4
Anti Diabetic
Sep-15
Anti Diabetic
Insugen R
Jul-15
Blisto Mf
0.27
Aug-15
0.29
Jun-15
(%)
Biocon
Derma
3%
Other
5%
6%
AntiNeoplastics
22%
Anti Diabetic
59%
(| crore)
June' 16
17.2
June' 15
16.3
YoY (%)
6.1
May' 16
17.6
Anti-Neoplastics
6.5
Blood Related
2.3
Cardiac
Derma
QoQ (%)
-2.0
5.5
18.2
6.1
7.9
2.7
-12.9
2.4
-4.8
1.5
1.8
-20.0
1.5
-4.5
0.9
0.8
12.7
0.7
27.6
Anti-Infectives
0.5
0.9
-38.4
0.4
47.3
Gastro Intestinal
0.1
0.1
38.4
0.1
1.9
Others
0.2
0.3
-14.9
0.3
-11.8
Vitamins
0.2
0.2
-3.2
0.1
47.0
Pain
0.0
0.0
-16.7
0.1
-62.7
Page 18
Pfizer
Stock Performance
Chronic,
454.57,
15.7%
SubChronic,
563.59,
19.4%
Acute,
1882.66,
64.9%
200
160
120
80
40
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
Pfizer
21 to 30
31 to 50
Jun-16
May-16
Apr-16
6.4
8.1
2.8
7.3
3.8
6.7
-0.9
Pfizer
3.2
2.94 2.97 2.94 2.91 2.94
2.91 2.92 2.93
2.8
2.84
2.89
2.96
2.85
2.74
2.6
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
2.4
Jun-15
3.5
5.1
-10
Others
(%)
Mar-16
12.3
9.7
-3.4
0
-5
11 to 20
Feb-16
Jan-16
Dec-15
12.5
3.5
19%
0.9
9.9
(%)
10
9.7
15
50%
10%
15.3
20.3
20
10%
10.6
25
11%
Nov-15
23.0
25.4
30
Oct-15
Aug-15
13.7
19.7
Sep-15
Jul-15
Jun-15
12.9
17.3
3.0
Jul-16
Top 10
May-16
Pfizer
(| crore)
Brand
Therapy
Corex
Respiratory
20.2
25.4
-20.4
22.4
Becosules
Vitamins
20.1
20.7
-3.1
19.1
4.9
Magnex
Anti-Infectives
11.1
13.4
-17.3
10.3
7.7
Gelusil Mps
Gastro Intestinal
10.5
12.4
-15.2
10.4
0.9
Dolonex
Pain
10.9
11.6
-6.4
11.3
-3.9
Minipress Xl
Cardiac
9.3
10.0
-7.2
12.3
-24.6
10.0
9.0
11.0
10.2
-2.7
8.0
7.0
13.6
8.9
-10.7
Mucaine
Gastro Intestinal
Wysolone
Hormones
Folvite
Blood Related
7.1
6.9
2.4
7.5
-5.4
Dalacin C
Anti-Infectives
5.4
6.8
-20.5
5.9
-9.0
Anti-Infectives
16%
Other
40%
Respiratory
14%
Gastro
Intestinal
11%
Hormones
9%
Vitamins
10%
-9.7
Therapy
Anti-Infectives
June' 16
32.2
(| crore)
June' 15
37.9
YoY (%)
-15.0
May' 16
32.5
QoQ (%)
-1.0
Respiratory
26.1
23.7
9.9
28.7
-9.2
Gastro Intestinal
25.9
25.4
2.1
26.3
-1.3
Vitamins
25.2
26.8
-6.0
24.6
2.6
Hormones
20.5
20.0
2.4
22.3
-8.2
-1.5
Gynaecological
20.5
17.8
15.2
20.8
Neuro
16.7
16.2
3.2
18.4
-9.2
Cardiac
15.4
18.5
-16.7
18.0
-14.5
Pain
15.5
15.8
-2.1
16.4
-5.5
7.6
7.3
3.7
7.9
-4.4
Blood Related
Page 19
Novartis
Stock Performance
Chronic,
503.68,
42.2%
190
140
90
SubChronic,
168.35,
14.1%
Acute,
520.86,
43.7%
40
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
Novartis India
31 to 50
Jun-16
May-16
Apr-16
Mar-16
6.4
8.1
3.6
3.8
3.7
4.2
5.5
9.5
6.7
9.7
-2.7
-2.0
0.0
Novartis India
1.24
1.22
1.2
(%)
12.3
12.5
7.8
Indian Pharma Market
Feb-16
Jan-16
Dec-15
Nov-15
9.7
10.6
-1.7
-5
Others
13.7
-1.0
4.2
78%
21 to 30
12.9
10
3.1
(%)
15
23.0Oct-15
Sep-15
Aug-15
Jun-15
20
15.3
25
2%
12% 4%4%
11 to 20
Jul-15
1.18
1.16
1.2
Jul-16
Top 10
May-16
1.20 1.20
1.19
1.23
1.18 1.18
1.131.13
1.1
Jun-16
Apr-16
May-16
Mar-16
Feb-16
Jan-16
Dec-15
Oct-15
Nov-15
Sep-15
Aug-15
Jul-15
Jun-15
1.1
Novartis India
(| crore)
Brand
Therapy
Galvus Met
Anti Diabetic
23.5
Voveran
Pain
16.8
Galvus
Anti Diabetic
9.9
Rabipur (Novartis)
Vaccines
7.9
Tegrital
Neuro
Voveran
Pain
Regestrone
Gynaecological
Methergin
-0.9
24.5
-4.2
16.2
3.7
18.0
-6.3
11.2
-11.4
9.7
1.7
7.9
0.0
6.4
23.8
4.3
5.0
-14.7
4.6
-7.1
3.3
3.2
3.2
3.3
1.8
2.7
3.2
-15.3
2.9
-6.7
Gynaecological
2.2
2.7
-15.8
2.2
1.5
Genteal
Ophthal
2.4
2.7
-9.2
2.4
1.9
Syntocinon
Gynaecological
2.3
1.9
21.2
2.3
2.7
17%
Anti Diabetic
35%
Gynaecological
8%
Vaccines
9%
Vitamins
10%
Pain
21%
Therapy
Anti Diabetic
23.7
(| crore)
June' 16
33.9
June' 15
29.9
YoY (%)
13.4
May' 16
34.8
Pain
21.7
Vitamins
11.5
Vaccines
Gynaecological
QoQ (%)
-2.6
18.7
16.0
22.8
-4.7
9.4
21.8
8.9
29.3
7.9
8.6
-7.4
6.4
25.0
7.5
7.9
-5.3
7.7
-2.2
Neuro
4.3
5.9
-26.7
4.6
-7.1
Anti-Infectives
2.7
4.3
-37.4
4.0
-32.6
Ophthal
2.6
3.3
-20.5
3.0
-13.2
Respiratory
1.6
1.6
-4.3
1.6
-3.0
Cardiac
0.8
1.1
-25.4
0.8
-2.1
Page 20
Unichem Laboratories
Stock Performance
Chronic,
528.17,
58.2%
160
130
100
70
Acute,
324.77,
35.8%
SubChronic,
55.19, 6.1%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
Jul-16
Unichem Labs
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jun-15
Jul-15
11 to 20
21 to 30
31 to 50
12.3
6.4
7.0
5.3
3.8
3.5
2.1
5.6
5.2
6.7
8.1
9.7
11.0
1.10
0.970.98
0.97
0.92
0.90
0.94
0.89
0.88 0.87
0.88
0.86 0.87
0.89
0.93
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
0.80
Jun-15
Unichem Laboratories
(%)
9.7
Others
1.00
2.5
0
Top 10
10.6
2.7
0.6
13%
20.5
10
9%
13.7
15
11.1
(%)
11%
12.9
20
45%
15.3
25
22%
12.5
23.0
26.6
30
Unichem Laboratories
Neuro
14%
Losar H
Cardiac
8.7
6.9
26.0
8.4
3.6
Ampoxin
Anti-Infectives
5.2
5.3
-1.7
5.5
-4.9
Losar
Cardiac
5.8
5.6
2.7
5.6
3.1
Unienzyme
Gastro Intestinal
5.2
5.9
-12.3
6.2
-16.2
Vizylac
Gastro Intestinal
4.7
2.8
64.5
3.8
21.3
Trika
Neuro
1.9
2.2
-10.7
1.9
4.0
Serta
Neuro
2.0
1.9
7.5
2.0
0.2
Unistar (Unichem)
Cardiac
1.8
1.5
22.1
1.8
2.9
Telsar
Cardiac
1.5
1.5
-0.1
1.6
-4.2
Arkamin
Cardiac
1.5
1.2
28.3
1.4
2.3
Other
11%
Gastro
Intestinal
12%
(| crore)
Therapy
Cardiac
42%
Anti-Infectives
17%
(| crore)
June' 16
36.0
June' 15
31.5
YoY (%)
14.2
May' 16
35.3
QoQ (%)
1.9
Anti-Infectives
11.8
Neuro
11.0
13.1
-9.8
12.0
-1.8
9.8
12.4
10.8
2.0
Gastro Intestinal
-1.4
11.4
11.4
-0.8
11.5
Pain
3.4
3.0
13.3
3.3
2.0
Anti Diabetic
3.6
2.5
44.8
3.4
6.2
Vitamins
1.7
2.5
-30.6
1.8
-1.8
Respiratory
1.6
1.8
-11.8
1.6
3.4
Derma
2.0
1.2
59.6
2.0
0.2
Gynaecological
0.4
0.5
-22.9
0.4
3.7
Page 21
Indoco Remedies
Stock Performance
Acute,
575.31,
82.3%
140
120
100
80
60
Chronic,
41.04, 5.9%
SubChronic,
82.32,
11.8%
Jul-15
Sep-15
Nov-15
Indoco
11 to 20
31 to 50
-5
Others
Jun-16
May-16
Apr-16
Mar-16
Feb-16
6.4
11.5
5.2
3.8
-1.0
0.7
6.7
8.1
12.3
5.4
5.6
11.0
9.7
12.5
Jan-16
Dec-15
Nov-15
9.7
23.0Oct-15
10.6
-1.3
21 to 30
13.7
10.3
1.2
16%
3.7
(%)
10
9%
-6.4
47%
12.9
15
11%
16.2
Sep-15
Aug-15
Jul-15
Jun-15
15.3
20
17%
-10
Indian Pharma Market
Indoco Remedies
0.7
0.7 0.7 0.7
0.7
0.7
0.7
0.7
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
0.6
Jun-15
Jul-16
25
(%)
May-16
0.8
0.7
0.7
0.7
0.7
0.7
0.6
0.6
0.6
Mar-16
CNX Pharma
Top 10
Jan-16
Indoco Remedies
(| crore)
Brand
Therapy
Febrex Plus
Respiratory
4.8
5.4
-10.5
Cyclopam
Gastro Intestinal
4.3
4.5
Oxipod
Anti-Infectives
2.8
2.6
Cital
Urology
3.2
Sensodent-K
Stomatologicals
Atm
Anti-Infectives
Sensodent-Kf
Cloben G
4.2
14.5
-3.4
3.8
13.0
7.7
2.6
8.1
3.0
6.5
3.9
-16.3
3.2
2.8
14.4
3.0
3.7
2.1
2.1
0.3
1.9
14.5
Stomatologicals
1.7
2.0
-14.4
1.8
-4.4
Derma
2.0
2.0
1.9
1.9
8.6
Karvol Plus
Respiratory
1.0
1.0
6.6
1.0
5.1
Cyclopam
Gastro Intestinal
2.2
2.0
10.0
1.8
23.6
Anti-Infectives
18%
Respiratory
18%
Vitamins
7%
Gastro
Intestinal
14%
Stomatological
s
16%
June' 16
9.3
(| crore)
June' 15
7.8
YoY (%)
19.7
May' 16
8.7
QoQ (%)
6.9
13.6
8.1
7.4
8.5
7.1
Stomatologicals
10.2
9.0
13.2
9.9
2.9
Gastro Intestinal
9.9
8.8
12.1
8.5
16.5
Vitamins
4.8
4.3
13.1
4.7
4.0
-14.3
Urology
3.8
3.3
14.9
4.4
Ophthal
3.1
2.8
9.6
3.0
1.9
Derma
2.7
2.3
14.6
2.4
10.4
Pain
2.6
2.4
8.1
2.6
1.8
Anti Diabetic
1.9
1.8
5.3
1.9
-2.8
Page 22
Ajanta Pharmaceuticals
Stock Performance
Chronic,
238.66,
48.9%
290
240
190
140
90
40
SubChronic,
56.84,
11.6%
Acute,
192.80,
39.5%
Jul-15
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
Ajanta
25
23%
21 to 30
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
31 to 50
Others
6.4
8.1
11.4
13.1
6.9
3.8
7.6
6.7
7.6
9.7
12.3
10.5
12.5
14.3
5
11 to 20
Dec-15
Nov-15
9.7
6.5
9.9
10.9
10
12%
10.0
(%)
10.6
12.6
13.7
18.3
15
13%
12.9
15.3
20
42%
10%
23.0
Oct-15
Sep-15
Aug-15
Jun-15
Jul-15
0
Indian Pharma Market
Ajanta Pharma
(| crore)
Brand
Therapy
Met Xl
Cardiac
4.6
3.7
23.9
4.9
Melacare
Derma
3.0
3.6
-18.1
3.1
-5.4
Atorfit Cv
Cardiac
2.9
2.9
1.7
2.9
-0.3
Soft Drops
Ophthal
1.3
1.1
15.5
1.4
-8.6
Rosufit Cv
Cardiac
1.3
1.1
19.1
1.2
6.6
0.4
Feburic
Pain
1.1
1.1
-1.7
1.3
-9.9
0.4
Met Xl Am
Cardiac
1.2
0.9
30.8
1.2
-4.7
Cinod
Cardiac
0.9
0.7
22.7
0.9
-0.4
Rosutor Gold
Cardiac
1.0
0.6
70.1
0.9
17.5
Olopat
Ophthal
0.9
0.7
18.1
0.8
5.9
0.5
0.5
0.51 0.52
0.5
0.49
0.510.50
0.51
0.48 0.48
Jun-16
May-16
Apr-16
Mar-16
0.45
Feb-16
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
0.4
Jan-16
0.46
0.5
Dec-15
0.5
Nov-15
(%)
Jul-16
Top 10
May-16
Ajanta Pharma
Pain
5%
Vitamins
6%
Derma
22%
Others
9%
Cardiac
34%
Ophthal
24%
-7.1
(| crore)
Therapy
Cardiac
June' 16
15.5
June' 15
13.0
YoY (%)
19.0
May' 16
15.7
QoQ (%)
-1.2
Ophthal
10.4
9.1
14.3
10.8
-3.2
Derma
8.3
8.4
-1.4
8.4
-2.0
Vitamins
2.3
2.5
-8.4
2.2
4.7
Pain
1.9
2.1
-8.7
2.1
-7.9
Gastro Intestinal
1.0
1.1
-10.0
1.0
3.6
Neuro
0.9
0.8
12.0
0.9
6.7
Anti-Infectives
0.8
0.5
52.7
0.7
12.2
Anti Diabetic
0.6
0.0
NA
0.5
20.9
Respiratory
0.2
0.2
-1.4
0.2
4.0
Page 23
Alembic Pharmaceuticals
Stock Performance
Chronic,
302.59,
21.6%
200
180
160
140
120
100
80
60
40
SubChronic,
261.36,
18.6%
Acute,
839.15,
59.8%
Jul-15
Sep-15
Nov-15
Jan-16
CNX Pharma
May-16
Jul-16
Alembic Pharma
11 to 20
31 to 50
Others
Jun-16
May-16
Apr-16
Mar-16
Feb-16
6.4
11.3
8.1
11.4
3.8
5.7
6.7
8.1
12.3
13.7
23.1
12.5
19.0
6.1
21 to 30
9.7
10
14%
9.7
15
10.6
(%)
13%
13.7
21.5
25
20
10%
23.0
36%
24.1
30
27%
Jan-16
31.6
35
Dec-15
Nov-15
Oct-15
Sep-15
Jul-15
12.9
17.3
Aug-15
Jun-15
15.3
18.4
Top 10
Mar-16
Alembic Pharma
1.6
1.5
1.5
1.4
1.4
1.3
1.3
1.2
1.2
1.44
1.33
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
1.27
Jun-16
1.37
May-16
1.41
Jun-15
(%)
Alembic Pharma
Therapy
(| crore)
Azithral
Anti-Infectives
7.4
11.6
-35.8
8.7
-14.8
Althrocin
Anti-Infectives
6.4
6.9
-7.2
6.6
-3.7
Roxid
Anti-Infectives
4.3
4.4
-3.6
4.1
4.1
Gestofit
Gynaecological
5.4
4.8
13.1
5.3
2.1
Wikoryl
Respiratory
2.5
2.6
-3.1
2.5
-0.6
Ulgel
Gastro Intestinal
2.7
3.0
-10.1
2.7
0.4
Rekool D
Gastro Intestinal
2.6
3.0
-12.9
2.4
11.2
Rekool
Gastro Intestinal
2.2
2.2
-1.0
2.0
6.0
Zeet
Respiratory
1.3
1.6
-22.7
1.3
-3.4
Rekool L
Gastro Intestinal
2.1
2.1
-0.6
1.9
13.1
Other
24%
Anti-Infectives
24%
Gynaecological
11%
Therapy
Cardiac
14%
Gastro
Intestinal
14%
June' 15
YoY (%)
May' 16
QoQ (%)
Anti-Infectives
21.7
23.1
-6.1
22.8
Gastro Intestinal
16.8
15.3
9.7
15.9
5.4
Cardiac
17.6
14.3
22.5
16.8
4.7
-1.2
Respiratory
Respiratory
13%
June' 16
(| crore)
-4.9
9.6
9.5
1.4
9.7
Gynaecological
14.5
11.9
22.7
13.7
5.8
Vitamins
10.3
8.1
27.7
10.2
0.7
Anti Diabetic
8.1
6.4
27.1
7.6
7.0
Pain
4.5
4.1
8.7
4.7
-5.3
Urology
2.8
1.8
52.0
2.4
15.6
Derma
2.0
2.5
-20.8
2.0
-2.7
Page 24
TP
(|)
Rating
M Cap
(| Cr)
EPS (|)
PE(x)
EV/EBITDA (x)
RoCE (%)
RoE (%)
FY16P FY17E FY18E FY16P FY17E FY18E FY16P FY17E FY18E FY16P FY17E FY18E FY16P FY17E FY18E
Company
I-Direct
Code
Ajanta Pharma
Buy
14100.6
45.7
52.4
63.6
35.1
30.6
25.2
22.7
19.3
16.3
43.7
37.9
35.6
34.4
30.0
Apollo Hospitals
19076.1
22.2
35.0
49.2
61.8
39.2
27.9
26.6
19.2
15.3
8.2
10.9
13.3
8.9
12.6
15.4
Aurobindo Pharma
AURPHA
774
990
Buy
45295.1
33.9
37.7
45.1
22.8
20.5
17.2
24.8
22.0
18.5
25.0
24.6
26.4
28.1
24.3
22.9
Alembic Pharma
ALEMPHA 585
620
Hold
11029.1
38.2
19.6
28.3
15.3
29.8
20.7
12.6
23.9
17.3
58.0
24.8
29.7
51.5
22.3
26.2
28.2
Biocon
BIOCON
713
545
Hold
14254.0
22.1
28.3
30.5
32.3
25.2
23.4
8.7
7.3
6.0
9.1
10.9
11.1
10.9
12.7
12.5
Cadila Healthcare
Cipla
CADHEA
CIPLA
364
511
390
470
Buy
Hold
37305.2
41056.2
15.0
18.8
15.5
19.9
20.6
26.2
24.4
27.2
23.5
25.6
17.7
19.5
14.2
16.6
14.1
14.8
10.8
11.8
27.9
12.1
24.6
13.1
29.5
16.0
28.6
12.7
24.4
12.1
26.3
14.1
Divi's Laboratories
DIVLAB
1156 1,260
Buy
30680.2
41.7
45.8
52.4
27.7
25.2
22.1
19.2
16.9
14.4
30.6
29.1
28.4
25.8
23.6
22.6
Dr Reddy's Labs
Buy
61068.0
20.9
21.4
17.1
13.1
12.8
10.2
15.1
15.1
18.3
18.9
16.1
16.8
Glenmark Pharma
GLEPHA
858 1,000
Buy
23944.6
32.2
41.4
50.1
26.7
20.7
17.1
17.0
13.9
11.5
16.2
18.8
20.3
21.2
21.7
21.0
Indoco Remedies
INDREM
291
365
Buy
2677.9
9.3
15.1
20.4
31.2
19.2
14.3
16.1
11.6
9.2
13.2
19.7
24.4
14.7
20.9
24.2
Ipca Laboratories
Jubilant Life Sciences
Lupin
IPCLAB
469
455
Hold
5912.5
10.0
24.1
30.4
46.8
19.4
15.4
17.9
11.1
8.9
5.8
12.4
14.5
5.5
12.0
13.3
VAMORG
309
405
Buy
4920.0
26.0
41.6
56.1
11.9
7.4
5.5
7.6
6.1
4.8
12.0
15.1
17.8
14.2
18.9
20.6
1658 1,850
Buy
74752.0
50.4
66.0
74.1
32.9
25.1
22.4
19.4
13.5
11.8
18.6
22.5
23.1
20.7
22.1
19.9
Natco Pharma
NATPHA
LUPIN
581
600
Buy
10115.2
8.9
10.9
13.0
65.2
53.1
44.6
30.0
26.9
22.8
16.1
16.4
17.3
12.0
13.0
13.7
Sun Pharma
SUNPHA
770
785
Hold
185356.2
23.4
26.2
31.3
32.9
29.4
24.6
20.8
18.1
15.2
18.6
19.5
20.1
18.0
17.3
17.6
445
Syngene International
SYNINT
421
Buy
8425.0
8.8
11.1
15.6
43.3
34.2
24.3
26.1
20.5
16.7
19.5
13.3
16.7
20.7
21.2
23.5
Torrent Pharma
TORPHA
1440 1,650
Buy
24370.2
115.5
67.8
75.0
12.5
21.2
19.2
8.3
14.2
12.8
51.1
27.0
26.8
57.7
27.0
24.4
Unichem Laboratories
UNILAB
298
Buy
2711.2
12.3
15.5
22.1
24.2
19.2
13.5
14.5
11.6
8.3
13.8
16.2
20.4
11.7
13.4
16.8
310
Exhibit 92: One year forward P/E of CNX Pharma vs. Sensex
35
29.5%Premium
30
25
20
15
10
5
CNX Pharma
Jan-16
Jul-15
Jan-15
Jul-14
Jan-14
Jul-13
Jan-13
Jul-12
Jan-12
Jul-11
Jan-11
Jul-10
Jan-10
Jul-09
Jan-09
Jul-08
Jan-08
Jul-07
Jan-07
Jul-06
Sensex
[
Page 25
RATING RATIONALE
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
Page 26
ANALYST CERTIFICATION
We /I, Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance) Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or
view(s) in this report.
Page 27