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Published on 14/09/2022 11:30:34 AM | Source: Emkay Global Financial Services Ltd

Pharmaceuticals : Within our coverage, Gland Pharma grew the fastest - Emkay Global Financial Services

Posted in Broking Firm Views - Sector Report| #Pharma Sector #Emkay Global Financial Services Ltd. #Sector Report

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IPM growth in low single digits for the first five months of FY23

* According to total sales data from IMS, IPM grew 9.7% yoy in Aug’22 vs. 8.4% yoy in Jul'22. IPM saw slightly higher growth than that in Jul’22, even though volume growth stood at 2.6% yoy for both months. On MAT basis, IPM grew 7.1%, largely driven by price increase (4.8%), followed by rise in N.I. (2.6%) and volume (-0.4%).

* Major therapies such as anti-infective, cardiac, and gastro grew in double digits (11-14%) for Aug’22. Chronic therapy grew by 12% yoy in Aug’22 and outperformed acute therapy growth of 8% yoy. Although large acute therapies such as AI, gastro, and pain registered double-digit growth yoy, VMN and derma reported single-digit growth of 5-7% yoy. Chronic therapies such as cardiac, anti-diabetic, and CNS grew by 8-11% yoy in Aug’22.

* Within our coverage, Gland Pharma grew the fastest, at 17.1% yoy, followed by Sun Pharma at 13.7%. Cipla and Cadila registered ~11% growth yoy each, while Ipca and Lupin grew in high single digits on a yoy basis. Dr. Reddy’s registered the slowest growth and grew by 5.3% yoy. Other notable performers were JB Pharma (20.1% yoy), Macleods (17.3% yoy), and Intas (16.9% yoy).

* For the first five months of FY23 (Apr’22-Aug’22), IPM grew by only 2.6% yoy. Due to the high base of FY22, we expect high single-digit growth in IPM in FY23E. This growth will be mainly driven by price hikes.

 

SUNP (+13.7% yoy): The company’s top three therapies are – Neuro (+13.1%), Cardiac (+13.4%), and Gastro (+20.9%). Respiratory/pain grew by 25.9%/17.3% yoy. Total volumes grew by 5.1% yoy. The top 10 brands grew by 14.3% yoy; the top 11-25 brands grew by 18.6%; and the balance grew by 12.5%.

CIPLA (+11.1% yoy): The company’s top three therapies are – Respiratory (+14.6%), AntiInfectives (+11.1%), and Cardiac (+13.2%). Gastro and pain registered 16.8% and 21.8% yoy growth, respectively. Total volume grew by 8.7% yoy. The top 10 brands registered robust 21.9% growth; the top 11-25 brands grew by 5.2%; and the remaining brands grew by 7.6%.

LPC (+8.5% yoy): The company’s top three therapies are – Anti-Diabetic (+3%), Cardiac (+13.6%), and Respiratory (+10.2%). Gynaec/Gastro grew by 20.5%/13% yoy. Total volume declined by 0.9% yoy. The top 10 brands posted 4.8% y-o-y growth; the top 11-25 brands grew by 8%; and the remaining brands grew by 9.8%.

ZYDUSLIF (+8.3% yoy): The company’s top three therapies are – Respiratory (+8.7%), AntiInfectives (+9.1%), and Cardiac (+7.8%). Gastro, Gynaec, and Anti-Diabetic posted 16-32% yoy growth. Volumes declined by 0.8%. The top 10 brands grew by 18.6% yoy; the top 11-25 brands grew by 6.4%; and the remaining grew by 10%.

DRRD (+5.3% yoy): The company’s top three therapies are – Gastro (+4.6%), Respiratory (-2.3%), and Cardiac (+11.9%). Volume declined by 4.1%. The top 10 brands posted 5.2% yoy growth; the top 11-25 brands grew by 5.2%; and the rest grew by 5%.

IPCA (+9.5% yoy): The company’s top three therapies include – Pain (+15.4%), Cardiac (+5.7%), and Anti-Infective (+6.9%). The respiratory category posted 17.1% yoy growth. Total volumes declined by 0.4%. The top 10 brands grew by 11.9% yoy; the top 11-25 brands grew by 9%; and the balance grew by 7.7%.

GLAND (17.1% yoy): The top three therapies include – Cardiac (+0%), Gynaec (+197%), and Anti-Infectives (23.7%). Gastro registered 123.6% yoy growth. Total volumes grew by 43.7%. The top 10 brands grew by 18.5% yoy; the top 11-25 brands grew by 12.8%; and the remaining brands grew by 7.4%.

 

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