Powered by: Motilal Oswal
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
News By Tags | #2259 #642 #3062
Pharmaceuticals : Within our coverage, Gland Pharma grew the fastest - Emkay Global Financial Services

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%.

 

To Read Complete Report & Disclaimer Click Here

 

For More  Emkay Global Financial Services Ltd Disclaimer http://www.emkayglobal.com/Uploads/disclaimer.pdf & SEBI Registration number is INH000000354

 

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

Disclaimer: The content of this article is for informational purposes only and should not be considered financial or investment advice. Investments in financial markets are subject to market risks, and past performance is not indicative of future results. Readers are strongly advised to consult a licensed financial expert or advisor for tailored advice before making any investment decisions. The data and information presented in this article may not be accurate, comprehensive, or up-to-date. Readers should not rely solely on the content of this article for any current or future financial references. To Read Complete Disclaimer Click Here