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Acute therapies impact YoY growth in Feb’25

* The India pharma market (IPM) grew 4.1% YoY in Feb’25 (vs. 7.8% in Feb’24 and 8.5% in Jan’25).

* The growth was driven by strong outperformance in Cardiac/Gastro/Urology vs. IPM by 300bp/370bp/540bp.

* Acute therapy YoY growth stood at 3% in Feb’25 (vs. 5% in Feb’24 and 8% Jan’25 each) owing to seasonality effects.

* For the 12 months ending in Feb’25, IPM grew 7.4% YoY, led by price/new launches/volume growth of 4.3%/2.3%/0.8% YoY.

* Out of the top 10 brands, Electral/PAN clocked a growth of 44%/20% YoY to INR820m/INR550m in Feb’25.

* During Jan’25, Mixtard/Augmentin witnessed a decline of 14%/9% to INR590m/INR760m.

* Out of the top 40 brands, Alburel/Rybelsus/Electral grew more than 25% in Feb’25.

IPCA/JB Chemicals/Zydus outperform in Feb’25

* In Feb’25, among the top-20 pharma companies, IPCA (up 10.9% YoY), JB Chem (up 10% YoY), and Zydus (up 8.2% YoY) recorded higher growth rates vs IPM.

* Alembic (-4.7%) and Glaxo (-5.5%) were the major laggards.

* IPCA outperformed IPM, led by strong double-digit growth across key therapies, like Pain/Cardiac/Antineoplast/Gastro.

* JB Chemicals outperformed IPM, led by strong show in ophthal/cardiac.

* Zydus outperformed IPM, led by double-digit growth in Cardiac/Antiinfective/Antineoplast.

* IPCA reported industry-leading volume growth of 5.4% YoY on the MAT basis. Torrent reported the highest price growth of 6.9% YoY on MAT basis. Eris posted the highest growth in new launches (up 4.0% YoY).

Cardiac/Gastro/Derma/Urology led YoY growth on MAT basis

* On the MAT basis, the industry reported 7.4% growth YoY.

* Chronic therapies posted 5% YoY growth, while acute therapies clocked 3% YoY growth in Feb’25.

* Cardiac/Gastro/Derma/Urology grew 11.3%/8.9%/9.4%/13% YoY. Respiratory/Anti-infectives/Gynae underperformed IPM by 530bp/340bp/400bp.

* The acute segment’s share in overall IPM stood at 61% for MAT Feb’25, with YoY growth of 6.2%. The chronic segment (39% of IPM) grew 9.3% YoY.

Domestic companies outperform MNCs in Feb’25

* As of Feb’25, Indian pharma companies hold a majority share of 84% in IPM, while the remaining is held by multi-national pharma companies (MNCs).

* In Feb’25, Indian companies grew at 4.3%, while MNCs grew 3.2% YoY.

* In MNCs, Abbott registered the highest growth of 5.6% YoY, while Sanofi/Glaxo registered a decline of 5.5%/5.1% in Feb’25.

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