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We publish our first edition of the IPM monthly, as part of which we intend to track longer-term trends in addition to key performance highlights for the month. IPM growth for Aug-25 stood at 8.1% (MAT growth of 7.7%). Among the key therapy areas, Aug-25 growth in respiratory was the strongest (partly aided by a favorable base). Chronic growth was 2x vs acute (12% vs 6% in acute) in Aug-25, with gastro + derma weakness weighing on acute growth. The usual suspects (Sun and Ipca) remain outperformers, basis MAT value growth. Sun (~10%) remains the fastest growing among the top-10 players in IPM (on a MAT basis), and its volume-led outperformance continues with no change in the narrative around the company’s sustained market-share gains. Ipca grew the fastest among the top-20 players (~11%) in Aug-25 as well as in MAT Aug-25 (alongside Glenmark). Eli Lilly has now broken into the top-30 company bracket in IPM, purely basis market share for Aug-25, with Mounjaro emerging as the largest brand in IPM for the month. On QTD value growth basis, among the top-20 listed players in IPM, besides Ipca and Glenmark, Dr Reddy’s, JB Chem, Sanofi (including OTC brands), and Ajanta have posted ahead-ofmarket double-digit secondary sales growth. Basis an analysis of top brands for the listed universe, we note that a high-teen 3-year CAGR for top cardiac brands is reflected in share gains for cardiac in IPM (highest across therapies). However, broad basing of growth beyond top brands has been a key driver of outperformance for Sun, Ipca, and Ajanta over the last 3 years.

Key drivers of outperformance in the top-20 listed/overall top-20 universe

Sanofi (including consumer healthcare brands) posted the highest growth among the top20 listed players (~14%) in Aug-25, led by double-digit growth across its top-4 therapy areas (anti-diabetic, respiratory, gastro, and pain). JB Chem was the fastest growing among the top-20 listed players on MAT basis (~12%), with the company’s outperformance being driven by strong share gains in cardiac (~80bps in IPM over MAT Aug-22 to MAT Aug-25; ~18% growth in MAT Aug-25, in a segment that accounts for ~45% of its secondary sales), as well as in the anti-parasitic segment (~660bps in IPM share over MAT Aug-22 to MAT Aug-25). Glenmark’s outperformance in the overall top20 universe in MAT Aug-25 has come on the back of double-digit growth in its top-3 therapy areas (cardiac, derma, and respiratory; ~80% of sales), while Ipca’s outperformance in MAT Aug-25 is a function of its outperformance vs IPM across therapy areas (pain, antineoplastics, gastro, neuro, and urology).

No change in the narrative around Sun’s sustained market-share gains; leadership position in neuro being consolidated further

un’s IPM market share has increased by ~30bps over MAT Aug-22 to MAT Aug-25 (highest in the listed universe). We do not see any major change in the narrative of broad-based share gains across key therapy areas (~95% of Sun’s secondary sales), with Sun further consolidating its leadership position in its largest therapy area—neuro (~70bps share gain over the last 3 years). In MAT Aug-25, Sun’s anti-diabetic and gynaec portfolios have grown ~2x the IPM growth rate for these therapies. Seven of Ranbaxy’s top-10 brands have posted strong double-digit 3-year sales CAGR, with its/Sun’s top brand Rosuvas gaining market share by ~500bps over MAT Aug-22 to MAT Aug-25.

Broad basing of growth beyond top brands a key driver of outperformance; faster growth for top cardiac brands reflected in share gains for cardiac in IPM

Broad basing of growth beyond top brands has been a key driver of outperformance for Sun, Ipca, and Ajanta over the last 3 years (the only 3 companies in the listed universe, in addition to Lupin, for which the share of sales from brands beyond the top-50 increased over MAT Aug-22 to MAT Aug-25). While Sun’s tail brands have seen CAGR of ~10% over the last 3 years, Ipca and Ajanta’s sales from brands beyond the top-50 have seen CAGR of ~13% over the same period. An analysis of top brands with a large base (sales greater than Rs1.5bn in MAT Aug-22) across the listed universe indicates that 5 of the 9 brands with a high-teen 3-year CAGR are cardiac brands. This is reflected in the ~90bps share gain for cardiac in IPM (highest across therapies) over the last 3 years.

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