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* IPM grew 12% YoY in May’26, compared to 7% in May’25 and 13% in Apr’26. On a 12-month (MAT) basis, IPM growth stood at 10.7% YoY.

* Growth was driven by strong outperformance in VMN, Cardiac, Anti-diabetic therapies, which exceeded overall IPM growth by ~ 350bp, 250bp, and 240bp, respectively, in May’26.

* Acute therapies witnessed 10% YoY growth in May’26, compared to 10% in Apr’26 and 5% in May’25.

* The chronic therapy segment maintained robust double-digit growth of 15% YoY, supported by an increased focus on chronic portfolios amid evolving lifestyle trends in the domestic market.

* For the 12 months ending May’26, IPM growth was driven by 3.2%/4.5%/3% YoY growth in volumes/prices/new launches.

* Mounjaro remained the top-selling drug in May’26 with sales of INR1.5b, followed by Foracort at INR0.9b, according to IQVIA.

* Mixtard continued to decline, reporting a 35% YoY drop in May’26, as per IQVIA data.

Glenmark/Lupin/Intas outperform in May’26

* Among the top 20 pharma companies, Glenmark (+17.7%YoY), Lupin (+17.4%YoY), Intas (+16.5%) outperformed the overall IPM in May’26.

* Alembic (+2.7%YoY), Emcure (+3.9%YoY), Sanofi (+6.7%YoY), and Glaxo (+8.9%YoY) were the key underperformers during the month.

* Glenmark outperformed IPM, driven by superior growth across Anti-Infectives/ Antineoplast.

* Lupin outperformed IPM, driven by momentum in Anti-Diabetic/AntiInfectives/Cardiac.

* Corono Remedies reported industry-leading price growth of 7.7% YoY on MAT basis. Intas reported the highest volume growth of 9.1% YoY on MAT basis. Ajanta Pharma posted the highest growth in new launches of 5.4% YoY on MAT basis

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

* On MAT basis, the industry reported 10.7% growth YoY.

* On MAT basis, chronic therapies posted 14.6% YoY growth, while acute therapies recorded 8.3% YoY growth in May’26.

* The acute segment’s share in overall IPM stood at 59.4% for MAT May’26

* Cardiac/Anti-Diabetic/Respiratory grew by 14.9%/13.6%/11.9%YoY. AI/Gastro /Derma underperformed IPM by ~550bp/330bp/290bp on YoY basis for 12 months ending in May’26.

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