MENU

Published on 27/01/2021 9:39:17 AM | Source: Motilal Oswal Financial Services Ltd

Hospital Sector - IPM growth accelerates in Dec`20 after a subdued Nov`20 - Motilal Oswal

Posted in Broking Firm Views - Sector Report| #Sector Report #Motilal Oswal Financial Services Ltd #Hospital sector

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel  https://t.me/InvestmentGuruIndia 

Download Telegram App before Joining the Channel

IPM growth accelerates in Dec’20 after a subdued Nov’20

* IPM growth increased to 8.5% YoY in Dec’20 v/s. 1% YoY in Nov’20.

* Gastro/Cardiac/VMN therapies exhibited a YoY growth of 16.2%/14.9%/14%. Anti-Infectives therapy is back on the growth path, with 5.2% YoY growth in Dec’20 v/s flat sales YoY in Nov’20.

* Respiratory sales remained in a downtrend with 8.7% YoY decline in Dec’20.

* NLEM (~17% of IPM) grew 6.3%% YoY. Non-NLEM (~83% of IPM) grew at 9%.

* On a MAT basis, industry growth came in at 3.1% YoY

 

Prices aided overall growth for the quarter-ending Dec’20

* For the quarter-ending Dec’20, YoY growth was 6.4%. Price/new product (NP) growth of 4.9%/3.4% YoY was offset to some extent by a 1.9% dip in volumes.

* NLEM (~17% of IPM) grew 3.6% YoY, while Non-NLEM (~83% of IPM) grew 7%.

 

Merck, JB Chemicals, Ajanta, Eris Lifesciences, and Biocon outperform

* In Dec’20, Merck India (+27.3% YoY), JB Chemicals (+22.4% YoY), Ajanta Pharma (+18.8% YoY), Eris Lifesciences (+18.3% YoY), and Biocon (+18.1% YoY) delivered robust performances.

* Ajanta Pharma grew on strong offtake in Pain/Cardiac therapies (~50% of therapy mix), which grew 33.3%/28.7% YoY.

* Biocon witnessed strong growth in its Anti-Infective (+107% YoY) and AntiNeoplastic (+67.3%) segments.

* Ipca Laboratories posted good traction in Pain/Analgesics (+32.7% YoY) and Gastro (27.4%) segments.

* Alembic Pharma and Dr. Reddy’s Laboratories posted lower-than-industry growth in Dec’20 (1.2%/6.2% YoY) v/s -0.8%/0.3% in Nov’20.

* On a MAT basis, JB Chemicals/Torrent Pharmaceuticals reported the highest price growth (+10.1%/7.3% YoY). Glenmark Pharmaceuticals saw the highest growth in new launches (+14.7% YoY).

 

Cardiac, Anti-Diabetic and VMN drive overall sales growth on a MAT basis

* Chronic therapies saw strong growth with Cardiac/Anti-diabetic/VMN growing at 13.4%/7.8%/6.6% YoY for MAT ending Dec’20.

* Gynecology/Pain/Anti-infective sales declined 3.5%/2.8%/2% YoY impacting overall growth to some extent.

 

To Read Complete Report & Disclaimer Click Here

 

For More Motilal Oswal Securities Ltd Disclaimer http://www.motilaloswal.com/MOSLdisclaimer/disclaimer.html SEBI Registration number is INH000000412

 

Above views are of the author and not of the website kindly read disclaimer

bahislion bahislion bahislion bahislion bahislion bahislion bahislion bahislion bahislion bahislion bahissenin bahissenin bahissenin bahissenin bahissenin bahis com kralbet milanobet hilabet bahsegel