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Low base, favorable seasonality drive IPM growth

* The India pharma market (IPM) grew 10.7% YoY in Nov’24 (vs. 5.2% in Oct’24 and 3.4% in Nov’23). The growth was driven by strong outperformance in Derma/Pain/Cardiac.

* Acute therapy growth stood at 11% in Nov’24 (vs. 2% in Oct’24 and Nov’23 each), driven by strong growth in Pain and high-single digit growth in AI and Respiratory.

* Derma/Pain/Cardiac outperformed IPM by 560bp/240bp/210bp.

* For the 12 months ending in Nov’24, IPM grew 7.5% YoY, led by price/new launches/volume growth of 4.3%/2.6%/0.6% YoY.

* Out of top 10 brands, Duolin/Clavam clocked a growth of 15%/14% YoY to INR570m each in Nov’24.

* Out of top 40 brands, Zerodol SP/Ryzodeg/Rosuvas/Cilacar/Rybelsus/Duphalac grew more than 20% in Nov’24.

IPCA/Ajanta/DRRD outperform in Nov’24

* In Nov’24, among the top-20 pharma companies, IPCA (up 18.8% YoY), Ajanta (up 16.9% YoY), and DRRD (up 14.9% YoY) recorded higher growth rates vs. IPM.

* Acute-focused companies like Alembic (69% acute)/Alkem (82% acute)/ Mankind (63% acute) recorded 670bp/980bp/830bp QoQ growth.

* IPCA outperformed IPM, aided by strong double-digit growth across top 10 therapies, led by Urology and Derma. IPCA’s pain segment outperformed IPM by 600bp.

* Ajanta outperformed IPM, led by double-digit growth in top 4 therapies.

* Excl. respiratory, DRRD’s top 5 therapies grew in double digits, thus driving overall company outperformance.

* IPCA reported industry-leading volume/price growth of 5.2%/6.9% YoY on the MAT basis. Eris posted the highest growth in new launches (up 4.8% YoY).

Cardiac/Derma/Gastro lead YoY growth on MAT basis

* On the MAT basis, the industry reported 7.5% growth YoY.

* Acute therapies clocked strong growth in Nov’24 but still underperformed IPM on MAT basis.

* Cardiac/Derma/Gastro grew 11.7%/9.5%/8.7% YoY. Respiratory/Anti-Infectives sales underperformed IPM by 690bp/450bp.

* The acute segment’s share in overall IPM stood at 61% for MAT Nov’24, with YoY growth of 5.9%. The chronic segment (39% of IPM) grew 10% YoY.

India and MNC pharma see strong growth in Nov’24

* As of Nov’24, Indian pharma companies hold a majority share of 84% in IPM, while the remaining is held by multi-national pharma companies (MNCs).

* In Nov’24, Indian companies grew 10.8%, while MNCs grew 10.2% YoY.

* Among MNCs, Abbott registered the highest growth of 12% YoY, while Sanofi posted a slow growth of 2% in Nov’24.

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