Healthcare Sector Update - IPM growth moderates in Dec’21 By Motilal Oswal
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IPM growth moderates in Dec’21
* IPM grew 5.3% YoY in Dec’21 (v/s +6.6% YoY in Nov’21 and +8.5% YoY in Dec’20).
* Respiratory/Ophthalmology/Pain exhibited 21.7% /13.7% /13.5% YoY growth, respectively.
* At Therapy level, Anti-Infective (-2.8% YoY), VMNs (+1% YoY), and Anti-Diabetic (+1.3% YoY) dragged down YoY growth.
Volumes impair IPM growth in Dec’21 quarter
* IPM growth stood at 5.7% YoY in Dec’21 quarter.
* Price/New Products growth was at 5.4%/1.2% YoY, respectively, whereas volumes were flat YoY.
Anti-infective, Pain/Analgesics, Gastro and Respiratory drive 12M YoY growth, on MAT basis
* The industry grew 14.9% YoY on MAT basis.
* Anti-infective /Pain /Gastro rose 25.5%/22.6%/20.9% YoY, respectively.
* Respiratory posted strong YoY growth during May-Dec’21 and outperformed IPM on MAT basis.
* Vaccine sales declined 15.3% YoY impacting overall growth.
La Renon, Ipca, and Mankind – top performers in Dec’21
* Among the top 30 corporates, La Renon (+27% YoY), Ipca (+22.1% YoY), Mankind (+17.5% YoY), Ajanta (+16.8% YoY), Macleods (+14.5% YoY), Sun Pharma (+13.1% YoY), Torrent (+12.6% YoY), Intas (+12.6% YoY), Indoco (+11.1% YoY) and Eris (+10.3% YoY) grew significantly higher than IPM.
* Glenmark’s sales decline moderated to 6.4% YoY in Dec’21 v/s 18% YoY in Nov’21.
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