Healthcare Sector Update - IPM: YoY growth strengthens on a monthly basis in Aug`21 By Motilal Oswal
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IPM: YoY growth strengthens on a monthly basis in Aug’21
* IPM growth stood at 17.7% YoY in Aug’21 v/s 13.7% YoY in Jul’21.
* Respiratory/Analgesics/ Anti-Infectives exhibited a growth of 38.2%/32.4%/29.2% YoY.
* Growth in Respiratory sales increased on a sequential basis, with a 38.2% YoY growth in Aug’21 (22.8% YoY growth in Jul’21).
For the quarter-ending Aug’21: Growth in volume/price/new products drives IPM growth
* For the quarter-ending Aug’21, YoY growth stood at 15.2%.
* Growth in prices/new products at 5.8%/3.5% YoY was further boosted by a 5.9% volume increase.
On a MAT basis, Anti-Infectives, VMN, Gastrointestinal, and Pain/Analgesics drive YoY growth for the 12-months ending Aug’21
* On MAT basis, industry growth stood at 14.5% YoY.
* Anti-Infectives/VMN/Gastrointestinal grew 25.4%/21.6%/20% YoY.
* Antimalarial therapy sales declined by 4.6% YoY, impacting overall growth.
* While Respiratory posted strong YoY growth in May’21, Jun’21, Jul’21, and Aug’21, it remained a drag on YoY growth on a MAT basis.
IPCA, Aristo, and FDC are the top performers in Aug’21
* Among the top 30 corporates, Ipca Laboratories (+38.5% YoY), Aristo Pharmaceuticals (+34% YoY), FDC (+33.6% YoY), Indoco Remedies (+33% YoY), Ajanta Pharma (31.7% YoY), Macleods Pharmaceuticals (+28.8% YoY), and Mankind Pharma (+27.1% YoY) delivered better than IPM growth.
* With a reduction in the number of COVID-19 cases, sales for Glenmark Pharmaceuticals declined by 17% YoY in Aug’21.
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