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* IPM grew 17% YoY in Sep’26, compared to 6% in Sep’25 and 13% in Aug’26. On a 12-month (MAT) basis, IPM growth stood at 13.2% YoY.

* Growth was driven by strong outperformance in VMN/Anti-Diabetic/Cardiac therapies, which exceeded overall IPM growth by ~ 510bp/415bp/330bp in Sep’26.

* Acute therapies witnessed 16% YoY growth in Sep’26, compared to 4% in Sep’25 and 11% in Aug’26.

* The chronic therapy segment maintained robust double-digit growth of 19% YoY, supported by increased focus on chronic portfolios amid evolving lifestyle trends in the domestic market.

* For the 12 months ending Sep’26, IPM growth was driven by 4.9%/4.8%/3.4% YoY growth in prices/volume/new launches.

* Mounjaro remained the top-selling drug in Sep’26, with sales of INR1.8b, according to IQVIA.

*  BUDECORT reported a 3% YoY decline in Sep’26, according to IQVIA data

Ajanta/Zydus/Emcure outperform in Sep’26

* Ajanta (+21.2% YoY), Zydus (+19.7%YoY), and Emcure (+19.3% YoY) outperformed the overall IPM in Sep’26.

* Macleods (+11.5% YoY) and Glaxo (+13% YoY) were the key underperformers during the month.

* Ajanta outperformed IPM, driven by momentum across Opthal/AntiDiabetic/Gynaec.

* Zydus outperformed IPM, driven by momentum across Antineoplast/Cardiac.

* Emcure outperformed IPM, driven by momentum across Gynaec/AI/Antineoplast.

* Corono Remedies reported industry-leading price growth of 9.2% YoY on MAT basis. Intas reported the highest volume growth of 10.5% YoY on MAT basis. Ajanta Pharma posted the highest growth in new launches of 5.9% YoY on MAT basis.

Anti-Diabetic/Cardiac/VMN lead YoY growth on MAT basis

* On MAT basis, the industry reported 13.2% growth YoY.

* On MAT basis, chronic therapies posted 16.8% YoY growth, while acute therapies recorded 10.9% YoY growth in Sep’26.

* The acute segment’s share in overall IPM stood at 59.1% in MAT Sep’26.

* Anti-Diabetic/Cardiac/VMN grew 17.5%/17.1%/15.7% YoY in MAT Sep’26. AI/Respiratory underperformed IPM by ~760bp/350bp on a YoY basis for 12 months ending in Sep’26.

Indian companies were in line with MNCs in YoY growth

* As of Sep’26, Indian pharma companies retained a dominant 84% market share in IPM, with the remainder held by MNCs.

* In terms of growth, Indian companies expanded by 17% YoY, in line with the growth reported by MNCs in Sep’26.

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