Indian Pharma, Page 29

Global Equity Research
India
HEALTH CARE &

PHARMACEUTICALS Pharmaceuticals
Pharmaceuti cals
Domestic formulations — monthly review

Industry Updat e
The Indian pharmace utical market (IPM) recorded sales of INR32.3bn in June
SECTOR VIEW 2009, an increase of 18.3% y-y. Moving annual total (MAT) sales in June were
INR 365.3bn, representi ng 11.2% growth. New product introductions (products
New: B U L L ISH
launched during the past 24 months) contributed 64% of the MAT sales growth,
Old: B U L L ISH
while volume growth contributed 24%. The remaining 12% was from price
increa ses.
„ We expect chronic therapy outperformance to continue. In June 2009, chronic

therapy categories grew 21.0% y-y, compared to acute therapy categories, which
grew 17.5% y-y.
Saion Mukherjee
91 .22 .4037 .4184 „ Indian companies continue to grow faster than MNCs. Among the top 50
saion.mu kherjee@nomura.com
Mumbai companies, Indian companies continued to grow faster than multinational
companies (MNCs), recording growth of 19.9% y-y in June compared to
MLNPP Prasanth 14.1% y-y for MNCs. For MAT June 2009, Indian comp anies’ growth was
91 .22 .4037 .4197
mlnpp. prasant h@nomura.com 13.1 %, compared to MNCs’ 8.7%. The relatively slower growth for MNCs
Mumbai is due primarily to lower new product introductions by MNCs, in our view. New
product introductions contributed just 21% of MNCs’ MAT sales growth compared
to 62% for Indian companies.
„ In this report, we provide detailed sales trends for the top ten companies and the
top ten therapy areas in IPM. We also include data for Dr Reddy’s (DRRD,
B U Y )and Glenmark (GNP, BUY), which do not figure among the top ten
companies,
but are part of our coverage universe.
Analyst Certificati on
We, Saion Mukherjee and MLNPP
Prasanth, hereby certify (1) that the
views express ed in this Industry
Report accurately reflect our
personal views about any or all of
the subject securities or issuers
referred to in this Industry Report
and (2) no part of our compensation
was, is or will be directly or
indirectly related to the specific
recommendati ons or views
express ed in this Industry Report.
ANY AUTHORS NAMED ON THIS REPORT ARE RESEARCH ANALYSTS UNLESS OTHERWISE
INDICATED.
August 11, 2009 PLEASE SEE IMPORTANT DISCLOSURES BEGIN NING ON PAGE 33
Nomura Financial Advisory and
Securities (India) Private Limited
http://www .no mura.com
August 11, 20 09
Table of Contents
Snapshot of the Indian pharmaceutical market (IPM )................................................. 3

Domestic formulation sales — by company ............................................................. 4
Cipla L td (C IP L AIN, R EDUCE) ........................................................................... 4
Ranbaxy Laboratories L td (RBXY IN, R EDUCE) ....................................................... 6
GlaxoSmithKline Pharmaceuticals L td (GL X O IN, B U Y )............................................ 8
Piramal Healthcare Ltd (PIHC IN, B U Y ).............................................................. 10
Cadila Healthcare L td (CDH IN, not rated)......................................................... 12
Sun Pharma (SUNP IN, NEUTR A L ).................................................................... 14
Alkem (not listed) ........................................................................................... 16
L upin L td (L PCIN, B U Y)................................................................................... 18
Mankind (not listed) ....................................................................................... 20
Aristo Pharma (not listed) ................................................................................. 22
Dr Reddy’s Laboratories Ltd (DR RD IN, B U Y )....................................................... 24
Glenmark Pharmaceuticals L td (GNP IN, B U Y ).................................................... 26
Domestic formulations — breakdown by therapy.................................................... 28
Anti-infectives ................................................................................................ 28
Cardiovascular (CVS)..................................................................................... 28
Gastrointestinal ............................................................................................. 29
Respiratory ................................................................................................... 29
Pain /analgesics ............................................................................................ 30
Vitamins/minerals/nutrients ............................................................................. 30
Gynaecology ............................................................................................... 31
Dermatology................................................................................................. 31
Neurology (CNS) .......................................................................................... 32
Anti-diabetic ................................................................................................. 32
2 Nomura Equity Research

August 11, 20 09
Snaps hot of the Indian pharm aceutical mar ket (IPM)
Exhibit 1: Growth profile — breakdown by compa ny, breakdown by therapy

Y-Y growth rate (%)
Company MAT FYTD Market share (%)
Jun 09 (Apr-Jun 09) Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 MAT Jun 09
Cipla 14.3 16.8 16.3 9.4 23.3 10.9 15.6 24.8 5.4
Ranbaxy 7.5 5.8 9.6 11.2 13.2 0.5 3.0 14.9 4.9
GlaxoSmithKline 4.9 14.6 12.7 11.2 18.1 15.0 14.7 14.1 4.3
Piramal Healthcare 21.2 21.0 32.2 29.2 30.5 23.6 17.3 22.1 4.1
Cadila Healthcare 10.6 16.9 16.0 12.9 19.3 10.7 18.4 22.1 3.6
Sun Pharma 15.6 19.3 11.2 13.3 23.7 14.0 14.5 30.4 3.5
Alkem 12.0 18.3 22.6 23.9 27.3 12.8 16.2 26.3 3.1
Lupin Ltd 13.7 15.5 15.3 9.1 18.5 14.9 12.9 19.0 2.8
Mankind 26.1 26.0 26.7 21.3 22.2 25.2 22.4 30.7 2.6
Aristo Pharma 19.4 16.4 28.5 26.9 28.8 14.7 11.7 23.0 2.4
Abbott 5.1 5.5 9.2 5.9 13.3 3.2 2.3 11.4 2.3
Pfizer 14.5 22.0 21.3 16.9 18.6 16.5 24.0 25.9 2.2
Dr Reddy’s Labs 4.7 15.5 4.4 4.0 10.1 10.7 12.2 23.9 2.2
Emcure 13.5 9.4 14.3 14.6 25.0 4.2 10.5 13.7 2.1
Wockhardt 10.3 8.8 14.3 14.7 16.8 9.6 6.6 10.3 2.1
Torrent Pharma 13.1 22.6 18.6 22.1 30.8 27.2 16.2 24.7 2.0
Sanofi Aventis 12.0 6.9 19.1 13.8 20.2 1.9 6.7 12.3 2.0
Intas 9.1 15.2 12.8 15.1 13.6 1
8.4 13.0 14.2 1.9

Alembic 10.8 28.2 12.2 10.6 16.6 19.0 32.2 34.2 1.9
Micro Labs 13.6 21.1 20.2 13.8 17.1 18.2 14.0 31.6 1.7
Therapy area
Anti-infectives 9.0 9.3 12.2 11.6 14.0 3.7 6.0 18.9 17.6
Cardiovascular (CVS) 14.4 17.0 14.5 12.4 21.0 15.9 14.4 20.8 11.3
Gastrointestinal 10.4 12.3 17.0 16.5 21.9 8.7 9.1 19.7 1
0 .8
Respiratory 10.3 17.1 12.7 10.8 18.9 12.3 14.9 25.0 8.8
Pain/analgesics 10.3 11.4 18.0 15.9 18.4 9.5 10.3 14.5 8.7
Vitamins/minerals/nutrients 7.7 10.3 14.4 16.3 16.4 10.0 8.3 12.6 7.7
Gynaecology 13.8 14.1 16.2 12.5 19.2 13.1 11.8 17.3 5.8
Dermatology 14.8 20.6 19.8 19.2 26.8 19.5 19.2 23.0 5.6
Neurology (CNS) 13.0 17.4 15.1 15.3 19.9 15.5 15.0 22.0 5.5
Anti-diabetic 14.2 14.7 14.3 14.4 21.0 11.4 12.4 20.5 5.3
Others 17.4 15.4 19.4 19.3 24.2 15.9 14.1 16.1 2.3
Hormones 13.2 8.9 19.0 13.7 18.1 10.4 3.0 13.8 1.8
Ophthal/otologicals 5.2 10.3 13.4 14.6 18.2 8.8 6.7 15.5 1.6
Hepatoprotectives 19.5 7.3 30.7 26.4 30.7 11.5 8.5 2.6 1.1
Blood related 7.9 8.1 11.7 9.9 12.6 4.6 3.4 17.2 0.9
Sex stimulants/rejuvenators 20.3 18.3 30.6 20.7 29.3 22.5 15.8 16.7 0.9
Anti-TB (8.0) (8.0) (5.2) (9.6) (4.9) (8.3) (8.1) (7.7) 0.8
Anti-malarials 33.1 41.2 65.4 68.7 42.9 36.7 30.1 57.7 0.8
Vaccines 1.0 (0.7) 6.3 (7.6) 14.0 (3.7) 4.5 (2.6) 0.8
Anti-parasitic 8.4 8.1 18.2 21.4 20.0 5.7 6.8 12.0 0.7
Stomatologicals 12.8 18.1 12.6 16.1 23.9 19.1 12.3 23.1 0.6
Parenteral 1.8 (10.3) 21.9 41.7 (6.1) (18.1) (22.4) 18.8 0.4
HIV 7.1 11.3 13.5 1.5 15.2 4.5 10.3 20.9 0.3
Grand total 11.2 13.0 15.3 14.0 18.9 10.5 10.5 18.3 100.0
Source: ORG IMS, Nomura research

Nomura Equity Research 3
August 11, 20 09
Domest ic formulation sales — by com pany

Cipla Ltd (CIPLA IN, REDUCE)
Domestic formulation sales
Exhibit 2: Last 12 months’ sales trends Exhibit 3: Market share trends
Value Growth Volume Growth Value (RHS) (%)

5.8 5.7
(%) (INRmn) 5.6 5.6
30 1,800 5.6
5.4 5.4
25 1,750 5.4 5.2 5.3 5.3
5.2
1,700 5.2
20
1,650 5.0
15
1,600
10 4.8
1,550
MAT June 08
FYTD (Apr 09 - June

MAT June 09
May-09
Apr-09
Jan-09
Feb-09
Mar-09
Jun-09
5
1,500
0 1,450
09)
(5) 1,400
Jul/08
Feb/09
Sep/08
Oct/08
Apr/09
Nov/08
Mar/09
Aug/08
Jan/09
May/09
Dec/08
Jun/09
Source: ORG IMS, Nomura research Source: ORG IMS, Nomura research
Exhibit 4: Therapy area breakdown

Therapy area Y-Y growth rate (%) Therapy area as %
MAT FYTD of company sales
Jun 09 (Apr-Jun 09) Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 – MAT Jun 09
Anti-infectives 9.8 11.1 7.3 6.9 15.3 3.1 11.8 19.6 19.8
Gynaecology 31.3 32.7 22.9 13.6 37.1 28.0 24.7 48.0 7.1
Gastrointestinal 8.9 9.4 20.5 6.9 14.6 2.5 7.2 19.5 5.5
Respiratory 14.3 14.5 20.6 13.3 26.2 14.0 9.3 19.8 4.3
Ophthal/otologicals 5.3 4.1 24.9 12.1 23.1 (2.2) 3.0 12.4 3.3
HIV 9.3 12.4 12.1 9.8 21.9 11.7 10.5 15.4 3.2
Pain/analgesics 12.2 14.4 23.3 15.1 21.2 3.7 17.3 23.0 3.1
Dermatology 13.7 19.5 16.5 8.0 28.6 17.4 17.8 23.3 2.4
Vitamins/minerals/ 15.9 17.9 26.8 0.8 30.1 15.9 18.0 19.8 2.0
nutrients
Acute therapy areas 14.0 17.1 16.5 10.7 23.0 11.4 15.6 25.0 57.2
Respiratory 12.6 14.4 12.2 5.6 19.8 7.7 15.0 22.0 26.7
Neurology (CNS) 8.5 13.5 10.0 2.0 32.1 1.4 19.7 22.6 2.5
Pain/analgesics 7.3 (3.8) 20.4 22.5 23.7 (3.8) (2.3) (5.3) 1.0
Chronic therapy areas 14.8 16.4 16.2 7.7 23.7 10.3 15.6 24.6 42.8
Total 14.3 16.8 16.3 9.4 23.3 10.9 15.6 24.8 100.0

August 11, 20 09
Exhibit 5: Breakdown by brand — acco rding to size

Brands arranged by MAT Jun 08 MAT Jun 09 Growth rate Growth contribution Sales contribution
sales (INRmn) (INRmn) (%) (%) (%)
Brands #1-#5 3,621 3,906 7.9 11.6 19.9
Brands #6-#20 3,365 4,629 37.6 51.3 23.5
Brands #21 – #50 3,767 3,759 (0.2) (0.3) 19.1
Others 6,452 7,374 14.3 37.4 37.5
Total 17,205 19,668 14.3 100.0 100.0
Total number of brands: 1011
Exhibit 6: Breakdown by brand — acco rding to launch date

launch date (INRmn) (INRmn) (%) (%) (%)
2009 Launch - 85 n.a. 3.5 0.4
2008 Launch 19 935 n.a. 37.2 4.8
2007 Launch 635 939 47.9 12.4 4.8
2006 Launch 653 978 49.8 13.2 5.0
2005 Launch 376 442 17.5 2.7 2.2
Before 2005 15,523 16,288 4.9 31.1 82.8
Total 17,205 19,668 14.3 100.0 100.0

August 11, 20 09
Ranb axy Laboratories Ltd (RBXY IN, REDUCE)

(%) (INRmn) 5.3
20 1,650 5.1
5.1
5.0
1,600 4.9 4.9 4.9 4.9 4.9
5.0 4.9
15
1,550 4.8
4.8
10 1,500
4.7
1,450
5 4.5
1,400
MAT June 08
FYTD (Apr 09 - June

MAT June 09
May-09
Mar-09
Feb-09
Jun-09
Jan-09
Apr-09
1,350
0
1,300
09)
(5) 1,250
Aug/08
Jul/08
Jun/09
Apr/09
Dec/08
Oct/08
Feb/09
May/09
Jan/09
Sep/08
Nov/08
Mar/09

Y-Y growth rate (%) Therapy area as %
Therapy area Jun 09 (Apr-Jun 09) Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 – MAT Jun 09
Anti-infectives 4.0 3.1 1.8 1.9 7.7 (6.3) (0.6) 18.9 37.2
Pain/analgesics 10.8 9.3 19.5 21.6 22.8 5.5 9.6 13.1 9.3
Dermatology 15.3 5.9 20.9 19.1 21.4 5.4 0.4 12.5 7.7
Sex stimulants /rejuvenators 22.7 19.6 38.7 30.7 40.8 23.1 15.8 20.1 7.1
Respiratory 12.8 29.5 9.4 2.6 10.5 25.5 22.4 43.0 2.1
Vitamins/minerals/nutrients (6.5) (11.2) 11.5 17.9 (22.4) (20.1) (7.7) (4.4) 1.7
Gynaecology 6.2 11.8 21.8 43.9 28.9 35.5 3.7 0.7 1.6
Vaccines (8.3) (9.2) 6.9 (0.7) 8.7 (13.0) (9.4) (4.3) 1.5
Hormones (10.6) (42.2) 30.4 40.8 (0.7) (43.8) (54.7) (25.5) 1.1
Acute therapy areas 7.7 5.9 11.9 12.2 14.1 (0.2) 2.8 16.5 78.4
Neurology (CNS) 6.1 (5.0) 8.8 9.7 5.8 (11.9) (4.2) 2.3 4.2
Anti-diabetic 3.4 5.6 (4.1) 4.7 6.2 4.5 1.6 11.0 2.9
Respiratory (3.6) (5.2) (5.9) (11.3) (11.4) (6.9) (4.3) (4.3) 1.7
Total 7.5 5.8 9.6 11.2 13.2 0.5 3.0 14.9 100.0

August 11, 20 09
Exhibit 10: Breakdown by brand — according to size

Brands #1-#5 4,159 4,600 10.6 35.1 25.6
Brands #6-#20 4,139 4,649 12.3 40.6 25.9
Brands #21-#50 3,363 3,525 4.8 12.9 19.6
Others 5,041 5,186 2.9 11.5 28.9
Total 16,703 17,960 7.5 100.0 100.0
Exhibit 11: Breakdown by brand — according to launch date

2009 Launch - 40 n.a. 3.2 0.2
2008 Launch 43 467 n.a. 33.7 2.6
2007 Launch 634 842 32.7 16.5 4.7
2006 Launch 725 674 (7.1) (4.1) 3.8
2005 Launch 508 516 1.4 0.6 2.9
Before 2005 14,792 15,421 4.3 50.1 85.9
Total 16,703 17,960 7.5 100.0 100.0

August 11, 20 09
GlaxoSmithKline Pha rmaceut icals Ltd (GLXO IN, BUY)
(%)
Value Growth Volume Growth Value (RHS)
(%) 5.0
(INRmn)
4.9
25 1,450
4.7 4.6
20 1,400 4.6 4.4 4.4 4.4 4.4
15 4.4 4.3 4.3
1,350 4.4 4.3
10 4.3
1,300
5 4.1
1,250
0 4.0
1,200
MAT June 08
FYTD (Apr 09 - June
Mar-09
May-09
MAT June 09
Jan-09
Feb-09
Jun-09
Apr-09
(5)
(10) 1,150
(15) 1,100
09)
(20) 1,050
Dec/08
Sep/08
Jul/08
Jun/09
Oct/08
Apr/09
Aug/08
Nov/08
May/09
Jan/09
Feb/09
Mar/09

MAT FYTD of company sales –
Therapy area Jun 09 (Apr-Jun 09) Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 MAT Jun 09
Anti-infectives 5.2 15.9 9.3 7.9 15.3 12.6 18.2 17.0 21.4
Dermatology 4.1 16.3 8.6 6.3 18.2 10.9 18.2 20.3 17.3
Pain/analgesics 11.1 14.9 18.4 23.9 22.3 3.5 20.0 22.2 10.4
Vitamins/minerals/ (2.2) 5.6 10.7 16.5 22.6 19.0 6.3 (5.6) 9.9
nutrients
Respiratory 3.3 14.3 15.1 13.0 14.3 6.0 14.2 24.8 8.8
Hormones 6.2 17.8 9.7 6.7 15.0 31.2 4.3 21.2 8.2
Anti-Parasitic 11.2 8.8 15.2 25.0 21.9 (2.5) 16.9 14.7 3.7
Gynaecology (5.4) 5.8 4.5 6.7 6.4 7.5 10.0 0.7 3.0
Vaccines 16.6 2.7 52.4 19.4 51.8 19.9 18.8 (21.0) 2.5
Ophthal/otologicals (6.3) 14.3 5.0 6.4 9.2 2.8 30.0 12.1 1.4
Respiratory (4.6) 14.3 2.2 4.8 24.8 40.7 12.8 0.7 1.0
Chronic therapy 8.0 15.9 27.6 11.9 17.9 20.9 20.5 7.3 4.9
areas
Total 4.9 14.6 12.7 11.2 18.1 15.0 14.7 14.1 100.0

August 11, 20 09

Brands #1-#5 3,888 4,307 10.8 57.1 27.3
Brands #6-#20 4,959 5,310 7.1 47.7 33.7
Brands #21-#50 3,500 3,631 3.7 17.9 23.0
Others 2,690 2,523 (6.2) (22.7) 16.0
Total 15,037 15,771 4.9 100.0 100.0

2009 Launch - 6 n.a. 0.9 0.0
2008 Launch 6 98 n.a. 12.6 0.6
2007 Launch 64 131 104.3 9.1 0.8
2006 Launch 33 40 20.7 0.9 0.3
2005 Launch 251 249 (1.0) (0.3) 1.6
Before 2005 14,683 15,247 3.8 76.8 96.7
Total 15,037 15,771 4.9 100.0 100.0

August 11, 20 09
Piramal He althcare Ltd (PIHC IN, BUY)

4.5
(%) (INRmn)
4.2
35 1,350 4.3 4.2
4.1 4.0
4.0 4.0 4.0 4.0
30
1,300 4.0
25 3.7
1,250 3.8
20
15 3.5
1,200
MAT June 08
Jan-09
FYTD (Apr 09 - June
MAT June 09
May-09
Feb-09
Mar-09
Jun-09
Apr-09
10
1,150
5
09)
0 1,100
Aug/08
Dec/08
Sep/08
Mar/09
Feb/09
Jul/08
Jan/09
Apr/09
May/09
Jun/09
Nov/08
Oct/08

Anti-infectives 44.0 46.4 67.0 62.7 56.2 45.8 45.8 47.6 20.5
Respiratory 19.1 17.9 29.5 26.6 31.7 30.9 16.9 7.6 16.1
Pain/analgesics 15.3 11.1 23.4 27.7 23.5 13.5 4.8 15.3 8.5
Dermatology 37.8 19.5 61.5 41.0 46.4 27.1 14.5 17.0 6.5
nutrients
Hormones 16.3 15.2 21.5 14.9 29.0 20.6 10.2 14.5 2.7
Parenteral 0.0 (18.1) 40.5 73.2 (24.9) (31.1) (32.3) 30.2 1.6
Anti-parasitic 10.0 1.6 34.3 35.2 15.1 4.8 (8.5) 9.3 1.1
Neurology (CNS) 12.9 22.5 23.9 14.6 18.6 23.4 16.2 28.4 7.9
Anti-diabetic 13.6 22.8 16.9 12.5 23.0 22.4 16.3 30.4 4.8
Pain/Analgesics 40.5 83.9 53.6 78.5 63.5 67.8 77.4 107.6 1.6
Chronic therapy 15.7 23.5 23.5 17.0 26.5 25.6 17.4 27.9 27.0
areas
Total 21.2 21.0 32.2 29.2 30.5 23.6 17.3 22.1 100.0

August 11, 20 09

Brands #1-#5 1,885 2,639 40.0 28.9 17.7
Brands #6-#20 2,798 3,044 8.8 9.4 20.4
Brands #21-#50 3,001 3,513 17.0 19.6 23.6
Others 4,595 5,691 23.9 42.0 38.2
Total 12,279 14,887 21.2 100.0 100.0

2009 Launch - 52 n.a. 2.0 0.3
2008 Launch 87 1,292 n.a. 46.2 8.7
2007 Launch 421 655 55.5 9.0 4.4
2006 Launch 600 868 44.6 10.3 5.8
2005 Launch 294 311 5.7 0.6 2.1
Before 2005 10,877 11,709 7.7 31.9 78.7
Total 12,279 14,887 21.2 100.0 100.0

August 11, 20 09
Cadila Heal thcare Ltd (CDH IN, not rated)
(%)
Value Growth Volume Growth Value (RHS)
3.8 3.8
(%) (INRmn) 3.7
3.8 3.7 3.7
30 1,250 3.7 3.7
3.7 3.6 3.6
25 1,200 3.7 3.6
20 3.6
1,150 3.6
15
1,100 3.5
10
MAT June 08
MAT June 09
FYTD (Apr 09 - June
May-09
Mar-09
Jun-09
Jan-09
Feb-09
Apr-09
1,050
5
0 1,000
09)
-5 950
Sep/08
Dec/08
Feb/09
May/09
Jan/09
Oct/08
Nov/08
Mar/09
Jul/08
Jun/09
Apr/09
Aug/08

Gynaecology 0.5 15.2 4.9 1.7 12.8 0.4 18.5 29.1 12.2
Anti-infectives 2.4 8.8 26.4 18.8 14.1 (4.9) 14.0 19.2 7.8
Pain/analgesics 23.4 27.0 36.2 39.8 47.2 23.6 36.5 21.6 7.4
Anti malarials 67.6 65.5 81.8 110.0 127.4 61.9 70.4 63.8 3.3
nutrients
Dermatology 87.8 115.8 104.1 98.0 127.9 116.6 147.7 91.2 3.1
Hormones 2.4 2.0 5.9 (4.9) 7.3 (12.4) 1.0 22.3 3.0
Blood related 21.7 50.0 28.7 39.9 45.1 42.2 51.8 56.1 2.3
Respiratory 17.6 22.8 17.0 22.8 45.9 15.8 23.0 30.7 2.3
Sex stimulants/ 12.8 11.0 14.7 9.0 1.6 4.3 20.3 9.5 2.1
rejuvenators
Respiratory 9.0 24.6 5.0 5.6 9.9 23.2 18.0 33.6 8.4
Neurology (CNS) 14.4 14.0 10.8 13.9 8.3 16.4 13.4 12.5 3.1
Chronic therapy 8.8 10.3 9.1 5.9 9.2 11.8 9.2 10.0 31.2
areas
Total 10.6 16.9 16.0 12.9 19.3 10.7 18.4 22.1 100.0

August 11, 20 09

Brands #1-#5 2,216 2,592 17.0 29.6 19.6
Brands #6-#20 3,640 3,806 4.6 13.1 28.8
Brands #21-#50 2,435 2,683 10.2 19.5 20.3
Others 3,643 4,123 13.2 37.8 31.2
Total 11,933 13,204 10.6 100.0 100.0

2009 Launch - 43 n.a. 3.4 0.3
2008 Launch 9 325 n.a. 24.8 2.5
2007 Launch 380 643 69.4 20.7 4.9
2006 Launch 277 279 0.8 0.2 2.1
2005 Launch 431 438 1.7 0.6 3.3
Before 2005 10,837 11,476 5.9 50.3 86.9
Total 11,933 13,204 10.6 100.0 100.0

August 11, 20 09
Sun Pharma (SUNP IN, NEUTRAL)


3.8 3.7 3.7 3.7
(%) (INRmn) 3.6 3.6 3.6
3.7
35 1,400 3.6 3.5 3.5
30 1,200 3.5 3.4
3.4
25 1,000 3.3
20 800 3.2
3.1
15 600
MAT June 08
MAT June 09
FYTD (Apr 09 - June
May-09
Mar-09
Jan-09
Jun-09
Apr-09
Feb-09
10 400
5 200
09)
0 0
Jan/09
Sep/08
Apr/09
May/09
Jun/09
Oct/08
Dec/08
Jul/08
Nov/08
Mar/09
Feb/09
Aug/08

Gynaecology 12.7 17.6 12.2 9.4 18.2 10.4 15.3 28.1 6.9
Pain/analgesics 8.5 14.4 (0.7) 1.4 10.3 12.4 10.3 20.8 3.8
Respiratory 29.0 45.1 29.0 39.4 53.4 38.7 31.7 66.5 2.3
Hormones 58.3 (7.9) 70.1 81.9 113.4 4.6 (17.4) (9.1) 2.3
Vitamins/minerals/ 4.3 6.3 8.8 10.6 24.4 (0.4) 0.6 19.8 1.6
nutrients
Blood related 12.3 15.3 6.8 6.3 13.1 15.2 0.7 32.1 1.2
Hepatoprotectives 31.9 22.5 27.9 29.1 41.7 17.5 23.7 26.2 1.1
Neurology (CNS) 13.7 18.2 10.2 11.9 20.4 13.6 13.8 28.4 28.6
Anti-diabetic 14.7 18.5 7.0 9.5 19.5 13.2 12.8 30.3 10.7
Respiratory 26.9 29.2 13.7 22.6 37.2 27.5 22.5 38.4 1.7
Chronic therapy 14.3 19.1 8.5 10.5 20.8 13.5 14.4 30.7 61.9
areas
Total 15.6 19.3 11.2 13.3 23.7 14.0 14.5 30.4 100.0

August 11, 20 09

Brands #1-#5 1,459 1,714 17.5 14.8 13.4
Brands #6-#20 2,241 2,592 15.7 20.3 20.3
Brands #21-#50 2,377 2,718 14.3 19.7 21.2
Others 4,993 5,773 15.6 45.2 45.1
Total 11,070 12,797 15.6 100.0 100.0

2009 Launch - 46 n.a. 2.7 0.4
2008 Launch 11 244 n.a. 13.5 1.9
2007 Launch 392 534 36.4 8.2 4.2
2006 Launch 970 1,090 12.4 7.0 8.5
2005 Launch 447 551 23.4 6.0 4.3
Before 2005 9,250 10,331 11.7 62.6 80.7
Total 11,070 12,797 15.6 100.0 100.0

August 11, 20 09
Alkem (not listed)

(%) (INRmn) 4.5

3.8 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.1 3.2
40 1,200
3.0
35
1,000 2.3
30
1.5
25 800
0.8
20
600 0.0
15
MAT June 08
MAT June 09
FYTD (Apr 09 - June
May-09
Mar-09
Jan-09
Jun-09
Apr-09
Feb-09
10 400
5
200
0
09)
(5) 0
Aug/08
Sep/08
Feb/09
Oct/08
Mar/09
Jul/08
May/09
Jan/09
Dec/08
Apr/09
Jun/09
Nov/08

Anti-infectives 8.5 11.0 18.6 23.1 25.5 4.5 6.0 23.6 54.3
Pain/analgesics 17.3 40.3 38.0 41.0 34.6 37.5 44.6 38.7 7.2
Vitamins/minerals/ (0.7) 7.8 8.7 3.0 2.2 5.0 8.8 9.6 6.4
nutrients
Gynaecology 24.7 34.5 21.1 18.4 40.3 28.1 33.5 42.0 4.3
Respiratory 11.8 20.2 20.1 12.2 14.7 10.1 12.7 39.8 3.2
Dermatology 178.1 104.2 311.8 230.3 188.9 167.6 106.2 65.2 1.5
Anti-parasitic 8.4 9.4 39.4 31.6 22.3 14.0 2.0 12.3 1.2
Blood related (6.3) (19.9) 8.6 (21.3) (10.0) (11.1) (26.7) (21.6) 0.4
Hormones 136.6 49.7 140.2 93.2 55.5 45.0 62.9 43.0 0.3
Pain/analgesics 2.7 10.9 9.0 8.8 12.0 10.4 11.1 11.2 4.0
Neurology (CNS) 28.4 32.6 32.4 26.8 49.7 36.3 37.0 25.2 1.9
Chronic therapy 14.7 21.9 22.5 20.3 30.2 23.9 24.1 18.1 7.2
areas
Total 12.0 18.3 22.6 23.9 27.3 12.8 16.2 26.3 100.0

August 11, 20 09

Brands #1-#5 3,201 3,654 14.2 36.8 31.8
Brands #6-#20 2,945 3,297 11.9 28.5 28.7
Brands #21-#50 1,773 2,082 17.4 25.0 18.1
Others 2,328 2,448 5.2 9.8 21.3
Total 10,248 11,481 12.0 100.0 100.0

2009 Launch - 18 n.a. 1.5 0.2
2008 Launch 11 325 n.a. 25.5 2.8
2007 Launch 360 505 40.4 11.8 4.4
2006 Launch 482 461 (4.5) (1.7) 4.0
2005 Launch 774 865 11.9 7.4 7.5
Before 2005 8,621 9,306 7.9 55.5 81.1
Total 10,248 11,481 12.0 100.0 100.0

August 11, 20 09
Lupin Ltd (LPC IN, BUY)


2.9 2.8
(%) (INRmn)
2.8 2.8 2.8 2.7 2.7
30 1,000 2.7
2.8 2.7 2.7
900
25 2.7
800 2.6
2.7
20 700
600 2.6
15 500 2.6
MAT June 08
MAT June 09
400
FYTD (Apr 09 - June
May-09
Mar-09
Jan-09
Jun-09
Apr-09
Feb-09
10 300
5 200
100
09)
0 0
Sep/08
Dec/08
Mar/09
May/09
Apr/09
Jul/08
Jan/09
Jun/09
Nov/08
Oct/08
Feb/09
Aug/08

Anti-infectives 11.4 9.1 14.1 1.4 15.9 12.7 3.7 11.1 22.3
Anti-TB (8.6) (10.0) (7.8) (12.3) (3.5) (12.0) (9.3) (8.6) 13.9
nutrients
Respiratory 10.7 31.0 11.0 9.5 23.0 17.0 31.2 48.1 3.6
Pain/analgesics 0.9 2.9 13.9 1.4 8.6 (1.2) (5.3) 16.2 3.2
Gynaecology 94.3 43.2 297.9 193.3 158.3 40.2 41.6 47.2 1.5
Dermatology 12.7 (12.6) 14.1 3.5 (0.7) (7.5) (14.3) (15.9) 1.1
Hormones 11.8 12.6 2.3 4.1 10.2 3.3 12.8 24.0 0.7
Respiratory 33.6 35.5 23.0 28.5 37.8 39.8 30.0 36.7 8.1
Anti-diabetic 37.1 47.4 41.9 38.1 46.0 43.8 45.0 53.8 5.9
Neurology (CNS) 38.0 53.7 30.2 33.8 34.3 51.4 53.7 55.9 4.4
Chronic therapy 24.8 30.1 22.3 18.9 28.6 29.8 26.8 34.0 39.8
areas
Total 13.7 15.5 15.3 9.1 18.5 14.9 12.9 19.0 100.0

August 11, 20 09

Brands #1-#5 1,368 1,434 4.8 5.4 14.2
Brands #6-#20 2,164 2,360 9.0 16.1 23.4
Brands #21-#50 2,309 2,634 14.1 26.7 26.2
Others 3,012 3,642 20.9 51.8 36.2
Total 8,853 10,070 13.7 100.0 100.0

2009 Launch - 27 n.a. 2.2 0.3
2008 Launch 36 546 n.a. 42.0 5.4
2007 Launch 427 790 84.9 29.8 7.8
2006 Launch 1,068 1,118 4.7 4.1 11.1
2005 Launch 621 691 11.4 5.8 6.9
Before 2005 6,702 6,898 2.9 16.1 68.5
Total 8,853 10,070 13.7 100.0 100.0

August 11, 20 09
Mank ind (not listed)

2.7 2.7 2.8 2.7
3.0 2.6 2.5 2.6 2.6
(%) (INRmn) 2.3
2.5
45 900 2.0
40 1.5
35 850
1.0
30 0.5
800
25 0.0
20
MAT June 08
MAT June 09
750
FYTD (Apr 09 - June
May-09
Mar-09
Jun-09
Jan-09
Feb-09
Apr-09
15
10 700
5
09)
0 650
Jun/09
Sep/08
Dec/08
May/09
Oct/08
Nov/08
Mar/09
Jul/08
Apr/09
Aug/08
Feb/09
Jan/09

Anti-infectives 18.7 21.2 14.5 8.9 7.0 15.6 17.7 30.8 31.7
nutrients
Gynaecology 46.6 46.1 14.0 14.8 32.8 40.7 45.1 52.7 7.2
Sex stimulants/ 9.0 9.2 7.4 4.2 11.1 19.9 5.1 3.6 6.9
rejuvenators
Pain/analgesics 25.5 20.4 46.2 27.4 25.9 23.8 15.4 22.1 5.6
Dermatology 38.8 28.6 71.0 55.4 50.6 33.4 26.4 26.1 2.9
Respiratory 24.5 11.1 30.8 17.3 14.6 10.7 2.7 21.9 2.6
Anti-malarials 101.6 107.7 92.7 96.3 61.3 90.9 100.9 131.8 1.7
Anti-parasitic 12.7 13.6 16.4 14.4 16.0 11.6 11.9 17.4 1.4
Neurology (CNS) 30.6 24.8 27.1 27.5 29.4 34.4 22.9 18.0 2.7
Anti-diabetic 73.4 71.8 78.9 62.7 63.3 77.5 65.0 73.4 2.3
Chronic therapy 49.5 49.0 53.3 44.1 47.8 56.4 43.2 47.9 11.3
areas
Total 26.1 26.0 26.7 21.3 22.2 25.2 22.4 30.7 100.0

August 11, 20 09

Brands #1-#5 2,313 2,560 10.7 12.4 26.7
Brands #6-#20 1,825 2,363 29.5 27.1 24.7
Brands #21-#50 1,431 1,919 34.2 24.7 20.1
Others 2,020 2,728 35.1 35.8 28.5
Total 7,589 9,570 26.1 100.0 100.0

2009 Launch - 7 n.a. 0.4 0.1
2008 Launch 27 384 n.a. 18.0 4.0
2007 Launch 338 713 110.8 18.9 7.5
2006 Launch 676 874 29.4 10.0 9.1
2005 Launch 1,210 1,613 33.3 20.3 16.9
Before 2005 5,337 5,978 12.0 32.4 62.5
Total 7,589 9,570 26.1 100.0 100.0

August 11, 20 09
Aristo Pha rma (not listed)
2.5 2.4 2.4
(%) (INRmn) 2.4 2.4 2.4
2.5 2.4
35 900 2.4
30 800 2.4 2.3 2.3
2.3 2.3
700
25 2.3
600
20 2.2
500
2.2
15 400
MAT June 09
MAT June 08
FYTD (Apr 09 - June
May-09
Mar-09
Jan-09
Jun-09
Feb-09
Apr-09
300
10
200
5 100
09)
0 0
Aug/08
Dec/08
Feb/09
May/09
Jan/09
Oct/08
Mar/09
Jul/08
Jun/09
Sep/08
Apr/09
Nov/08

Anti-infectives 24.0 21.4 29.8 32.1 34.6 18.5 15.3 30.6 46.1
Pain/analgesics 21.4 19.4 75.0 41.8 27.0 16.4 15.9 26.3 7.1
nutrients
Gynaecology 5.6 1.2 22.4 7.5 13.0 (0.7) (5.9) 10.8 2.9
Respiratory 5.9 (13.8) 11.0 13.0 13.9 (21.0) (19.0) 3.0 2.3
Anti-parasitic 9.5 4.3 11.8 24.7 16.0 4.1 1.5 7.5 0.7
Dermatology 24.3 3.0 58.4 50.0 48.3 9.0 (0.9) (1.5) 0.6
Anti-diabetic 7.1 4.7 9.2 5.0 7.5 9.1 (0.3) 5.5 4.4
Neurology (CNS) (4.4) 3.9 9.1 14.4 13.2 10.8 3.3 (2.2) 2.4
Respiratory 58.8 66.4 50.5 76.1 95.1 60.1 61.6 81.9 1.5
Pain/analgesics (9.5) (18.8) (11.6) (10.3) (5.8) (15.2) (24.9) (15.8) 0.6
Total 19.4 16.4 28.5 26.9 28.8 14.7 11.7 23.0 100.0

August 11, 20 09

Brands #1-#5 2,640 3,290 24.6 44.9 36.9
Brands #6-#20 1,860 2,317 24.5 31.5 26.0
Brands #21-#50 1,370 1,531 11.7 11.1 17.2
Others 1,602 1,783 11.3 12.5 20.0
Total 7,472 8,921 19.4 100.0 100.0

2009 Launch - 12 n.a. 0.9 0.1
2008 Launch 44 353 n.a. 21.3 4.0
2007 Launch 172 232 34.7 4.1 2.6
2006 Launch 354 380 7.2 1.8 4.3
2005 Launch 635 714 12.4 5.4 8.0
Before 2005 6,267 7,230 15.4 66.5 81.0
Total 7,472 8,921 19.4 100.0 100.0

August 11, 20 09
Dr Red dy’s Laboratories Ltd (DRRD IN, BUY)
(%) 2.5 2.4
(INRmn)
2.4 2.3 2.3
35 900 2.4 2.3 2.3
30 800 2.3
25 2.2 2.2
700 2.3 2.2 2.2
20 2.2
15 600 2.2
10 500 2.1
2.1
5 400
MAT June 09
MAT June 08
FYTD (Apr 09 - June
May-09
Mar-09
Jan-09
Jun-09
Feb-09
Apr-09
0 300
(5) 200
(10)
(15) 100
09)
(20) 0
Jun/09
Feb/09
May/09
Jan/09
Oct/08
Sep/08
Mar/09
Jul/08
Apr/09
Aug/08
Dec/08
Nov/08

Pain/analgesics 0.8 5.2 7.0 3.1 7.7 (0.2) 3.0 13.1 14.3
Anti-infectives 0.7 12.1 (1.3) 2.1 8.6 7.8 4.4 24.3 7.4
Vitamins/minerals/ (4.1) 6.0 (4.5) (5.5) 3.0 7.7 3.7 6.5 5.6
nutrients
Dermatology 14.4 26.5 25.3 18.7 26.2 26.4 23.6 29.5 5.0
Stomatologicals 18.2 30.5 35.2 26.5 25.6 31.5 32.2 28.0 4.7
Respiratory (6.1) 3.3 (11.7) (2.7) (6.2) (0.4) (0.9) 11.7 2.8
Blood related (4.2) (9.2) 22.8 (5.1) 13.2 (19.0) 4.0 (11.3) 1.6
Gynaecology 8.1 35.7 5.1 12.6 5.3 39.4 19.8 50.5 0.9
Cardiovascular (CVS) 4.7 11.9 (1.2) (0.1) 5.2 9.3 6.3 20.6 20.3
Anti-diabetic 2.8 16.3 2.5 (1.8) 4.0 9.6 13.6 26.4 5.8
Respiratory 26.4 39.9 16.8 19.1 14.0 37.5 31.1 53.0 1.6
Chronic therapy areas 4.8 14.0 (1.0) (0.9) 4.7 9.9 9.5 23.3 28.7
Total 4.7 15.5 4.4 4.0 10.1 10.7 12.2 23.9 100.0

August 11, 20 09

Brands #1-#5 2,517 2,583 2.6 18.3 32.3
Brands #6-#20 1,866 2,018 8.2 42.4 25.3
Brands #21-#50 1,607 1,682 4.7 20.9 21.1
Others 1,635 1,701 4.0 18.4 21.3
Total 7,625 7,984 4.7 100.0 100.0

2009 Launch - 17 n.a. 4.8 0.2
2008 Launch 8 165 n.a. 43.7 2.1
2007 Launch 143 187 30.4 12.1 2.3
2006 Launch 437 478 9.3 11.3 6.0
2005 Launch 567 692 22.2 35.0 8.7
Before 2005 6,470 6,445 (0.4) (6.9) 80.7
Total 7,625 7,984 4.7 100.0 100.0

August 11, 20 09
Glenmark Pharmaceut icals Ltd (GNP IN, BUY)
(%) (INRmn) 1.5 1.5 1.5 1.5 1.5 1.5
35 600 1.5 1.4 1.4
30 1.4 1.4
500 1.4
25 1.4
400
20 1.3
300 1.3
15
MAT June 09
MAT June 08
FYTD (Apr 09 - June
May-09
Mar-09
Jan-09
Jun-09
Feb-09
Apr-09
200
10
5 100
09)
0 0
OCT'08
SEP'08
JAN'09
MAY'09
DEC'08
JUN'09
JUL'08
FEB'09
NOV'08
MAR'09
AUG'08
APR'09

Dermatology 24.1 25.1 22.5 23.8 36.7 23.0 26.9 25.7 29.3
Anti-infectives 12.2 9.8 7.5 14.2 25.5 15.2 (0.4) 14.8 15.9
Respiratory 15.2 26.4 2.2 13.8 25.7 11.5 29.8 42.5 13.5
Pain/analgesics 4.5 (9.4) 1.7 (2.7) 6.5 (6.2) (14.4) (7.5) 5.3
Gynaecology 12.8 6.8 7.9 16.5 15.5 8.8 1.9 9.6 4.5
Gastrointestinal (2.0) 6.2 3.3 21.1 8.7 2.3 4.1 12.8 3.0
Stomatologicals 15.7 45.5 (11.9) 19.8 20.2 45.8 23.8 70.5 1.6
Vitamins/minerals (8.7) (1.1) (13.3) (2.1) 4.2 (12.3) 3.1 9.1 0.7
/nutrients
Anti-diabetic 14.2 14.9 9.4 17.2 11.4 6.0 21.4 18.2 7.7
Respiratory 133.8 24.7 355.7 24.3 39.3 27.8 17.0 29.0 0.6
Total 20.1 21.7 14.6 21.9 27.5 17.9 21.1 26.4 100.0

August 11, 20 09

Brands #1-#5 1,079 1,434 32.9 39.6 26.7
Brands #6-#20 1,292 1,471 13.9 20.0 27.4
Brands #21-#50 1,044 1,345 28.8 33.6 25.1
Others 1,051 1,111 5.8 6.8 20.7
Total 4,466 5,361 20.1 100.0 100.0

2009 Launch - 15 n.a. 1.7 0.3
2008 Launch 24 263 n.a. 26.6 4.9
2007 Launch 295 430 45.9 15.1 8.0
2006 Launch 244 213 (12.7) (3.5) 4.0
2005 Launch 368 382 3.7 1.5 7.1
Before 2005 3,534 4,058 14.8 58.5 75.7
Total 4,466 5,361 20.1 100.0 100.0

August 11, 20 09
Domest ic formulatio ns — br eak down by therapy

Anti- infect ives
M AT June 2009 sales — INR64.1bn (17. 6% of IPM)
Exhibit 62: Anti-infective (top ten compani es among the overall top 50 companies analysed)
Y-Y growth rate (%)
MAT FYTD Company share in
Company Jun 09 (Apr-Jun 09) Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 TA (MAT Jun 09) %
Ranbaxy 4.0 3.1 1.8 1.9 7.7 (6.3) (0.6) 18.9 10.4
Alkem 8.5 11.0 18.6 23.1 25.5 4.5 6.0 23.6 9.7
Aristo Pharma 24.0 21.4 29.8 32.1 34.6 18.5 15.3 30.6 6.4
Cipla 9.8 11.1 7.3 6.9 15.3 3.1 11.8 19.6 6.1
Alembic 3.6 12.3 6.2 5.8 8.6 4.0 14.8 19.4 4.9
FDC 5.6 (2.8) 7.1 1.7 (2.3) (8.8) (10.9) 14.2 4.8
Mankind 18.7 21.2 14.5 8.9 7.0 15.6 17.7 30.8 4.7
Macleod’s Pharma 18.2 10.8 12.6 16.4 9.2 2.0 8.4 22.7 3.8
Total 9.0 9.3 12.2 11.6 14.0 3.7 6.0 18.9 100.0
Cardio vascular (CVS)
Exhibit 63: Cardiovascular (top ten compani es among the overall top 50 companies analyse d)
Y-Y growth rate (%)
Torrent Pharma 13.6 27.7 15.5 20.4 29.8 33.8 20.5 29.0 6.5
Sun Pharma 13.5 19.2 6.3 7.9 20.0 11.9 14.8 32.4 6.3
Cipla 21.5 22.5 26.5 11.4 30.8 18.8 17.1 32.9 5.7
Ranbaxy 9.8 10.4 3.5 11.3 16.0 9.9 8.7 12.7 5.5
Unichem 0.3 5.2 (4.6) (4.0) 3.3 1.7 7.5 6.6 5.4
Lupin Ltd 17.2 20.4 16.6 8.9 20.6 19.8 16.8 24.7 5.2
Sanofi Aventis 14.4 2.7 10.7 8.5 25.8 (0.1) 2.3 6.1 5.1
USV 33.9 19.9 49.1 35.8 30.4 18.3 18.5 23.0 4.8
Total 14.4 17.0 14.5 12.4 21.0 15.9 14.4 20.8 100.0

August 11, 20 09
Gastrointes tinal
Exhibit 64: Gastroin testinal (top ten companies among the overall top 50 companies analyse d)
Y-Y growth rate (%)
Dr Reddy’s Labs 5.9 23.1 4.4 5.7 15.7 17.4 19.6 32.7 4.7
Abbott 9.9 14.3 16.6 8.3 21.9 14.1 8.0 21.8 4.2
Aristo Pharma 18.1 15.1 30.0 29.9 32.7 14.4 12.7 18.1 4.0
Alkem 21.4 32.0 30.8 33.9 38.2 21.6 35.6 40.0 3.9
Mankind 20.0 16.7 33.2 27.5 24.8 14.9 14.3 21.2 3.9
Sun Pharma 20.1 25.3 17.0 20.6 28.8 20.2 20.9 35.2 3.7
Ranbaxy 14.4 10.8 21.5 32.5 21.2 1.7 8.4 24.6 3.4
Torrent Pharma 10.1 23.5 17.8 26.0 37.6 28.2 16.4 26.2 3.3
Total 10.4 12.3 17.0 16.5 21.9 8.7 9.1 19.7 100.0
Respi rat ory
M AT June 2009 sales — INR32.2bn (8.8% of IPM )
Exhibit 65: Respiratory (top ten companies among the overall top 50 companies analysed)
Y-Y growth rate (%)
Cipla 12.8 14.5 13.3 6.7 20.7 8.4 14.3 21.7 19.0
Pfizer 15.3 17.3 17.9 10.2 10.0 8.5 16.9 29.0 6.3
Lupin Ltd 25.6 34.3 19.1 22.3 33.2 33.0 30.3 39.7 3.7
Alembic 10.0 27.6 1.2 1.8 14.4 11.1 32.9 42.2 2.7
Wockhardt 0.6 16.1 8.8 9.2 16.5 6.8 13.5 30.2 2.6
Sanofi Aventis 6.0 18.3 12.3 7.1 16.1 11.0 18.9 25.8 2.5
Glenmark Pharma 17.8 26.3 5.4 14.3 26.3 12.1 29.1 41.7 2.4
Total 10.3 17.1 12.7 10.8 18.9 12.3 14.9 25.0 100.0

August 11, 20 09
Pain/analgesics
M AT June 2009 sales — INR31.7bn (8.7% of IPM)
Exhibit 66: Pain/analgesics (top ten compani es among the overall top 50 companies analyse d)
Y-Y growth rate (%)
Novartis 4.9 7.1 3.9 7.4 13.5 2.3 8.7 11.0 6.1
Ranbaxy 10.8 9.6 19.6 21.7 22.5 6.3 9.6 13.3 5.4
Sanofi Aventis 2.5 4.6 11.0 1.2 0.7 (2.7) 8.9 8.6 4.1
Alkem 11.6 28.2 25.4 26.5 25.1 26.0 31.0 27.5 4.1
Dr Reddy’s Labs 1.1 7.0 8.1 4.0 7.8 1.4 4.9 14.9 3.8
Ipca Labs 30.4 21.0 58.4 52.3 51.0 27.6 22.7 13.7 3.3
Cipla 10.9 9.7 22.5 17.2 21.9 1.8 12.2 15.7 2.6
Total 10.3 11.4 18.0 15.9 18.4 9.5 10.3 14.5 100.0
Vitamins/ minerals /nutri ents
Exhibit 67: Vitamins/mi nerals/nutrien ts (top ten companies among the overall top 50 companies analysed)
Y-Y growth rate (%)
Merck Limited 16.5 10.6 30.2 28.6 31.8 9.3 4.8 18.3 6.9
Wockhardt 12.2 18.7 15.6 18.3 27.2 24.9 17.7 14.1 6.0
GlaxoSmithKline (2.2) 5.6 10.7 16.5 22.6 19.0 6.3 (5.6) 5.5
Pfizer 12.8 18.7 28.5 42.5 35.4 23.9 30.3 4.4 4.9
Elder Pharma 11.4 18.5 9.9 14.9 13.9 8.0 21.9 26.9 4.1
Raptakos Brett 15.7 15.0 21.5 24.4 25.3 15.9 6.9 22.6 3.5
Novartis 0.5 (2.6) 5.5 10.5 2.7 (2.6) (0.5) (4.8) 3.3
Abbott 11.0 7.2 36.6 28.4 25.7 17.5 1.8 3.8 2.6
Alkem (0.7) 7.8 8.7 3.0 2.2 5.0 8.8 9.6 2.6
Total 7.7 10.3 14.4 16.3 16.4 10.0 8.3 12.6 100.0

August 11, 20 09
Gy naecology
Exhibit 68: Gynaecology (top ten companies among the overall top 50 companies analysed)
Y-Y growth rate (%)
MAT FYTD Company share in TA
Company Jun 09 (Apr-Jun 09) Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 (MAT Jun 09) %
Emcure 24.3 5.5 27.7 17.1 26.3 3.0 6.4 7.1 7.2
Cipla 31.3 32.7 22.9 13.6 37.1 28.0 24.7 48.0 6.6
Franco Indian 16.4 3.1 33.2 26.8 24.8 2.3 6.0 1.3 5.4
Sun Pharma 12.7 17.6 12.2 9.4 18.2 10.4 15.3 28.1 4.2
Wyeth Limited 18.8 21.1 14.7 18.1 20.8 22.5 19.9 20.8 3.8
Novartis (1.2) 1.6 (1.0) 5.7 15.9 7.6 6.2 (8.0) 3.7
Mankind 46.6 46.1 14.0 14.8 32.8 40.7 45.1 52.7 3.2
Schering Plough 9.5 (3.0) (2.6) 2.2 12.5 (3.4) (1.5) (4.0) 2.8
Alkem 24.7 34.5 21.1 18.4 40.3 28.1 33.5 42.0 2.4
Total 13.8 14.1 16.2 12.5 19.2 13.1 11.8 17.3 100.0
Dermatology
Exhibit 69: Dermatology (top ten companies among the overall top 50 companies analysed)
Y-Y growth rate (%)
MAT FYTD Company share in TA
Company Jun 09 (Apr-Jun 09) Jan 09 Feb 09 Mar 09 Apr 09 May 09 Jun 09 (MAT Jun 09) %
Glenmark Pharma 24.1 25.1 22.5 23.8 36.7 23.0 26.9 25.7 7.7
Ranbaxy 15.3 5.9 20.9 19.1 21.4 5.4 0.4 12.5 6.8
Schering Plough 17.6 10.0 28.4 35.3 29.4 22.0 3.6 6.5 5.1
Win Medicare 16.6 20.4 21.2 19.6 28.1 16.3 15.9 29.4 3.6
Cipla 13.7 19.5 16.5 8.0 28.6 17.4 17.8 23.3 2.3
Wockhardt 15.2 34.5 16.4 35.2 27.7 33.2 37.2 33.4 2.1
Dr Reddy’s Labs 14.4 26.5 25.3 18.7 26.2 26.4 23.6 29.5 2.0
Total 14.8 20.6 19.8 19.2 26.8 19.5 19.2 23.0 100.0

August 11, 20 09
Neurology (CNS)
M AT June 2009 sales — INR20.1bn (5.5% of IPM)
Exhibit 70: Neurology (top ten companies among the overall top 50 companies analysed)
Y-Y growth rate (%)
Sun Pharma 13.7 18.2 10.2 11.9 20.4 13.6 13.8 28.4 18.2
Intas 14.7 24.7 17.2 21.3 17.7 25.9 25.5 22.8 9.5
Torrent Pharma 15.6 22.0 23.8 22.7 33.9 25.3 18.3 22.3 7.9
Abbott 7.3 12.9 13.2 8.7 13.2 11.0 7.5 20.9 6.5
Sanofi Aventis 14.3 14.7 14.7 12.7 23.8 2.1 15.5 28.2 3.8
Ranbaxy 6.1 (5.0) 8.8 9.7 5.8 (11.9) (4.2) 2.3 3.8
Unichem 1.6 13.8 2.2 5.6 8.3 4.1 12.6 26.7 3.1
Micro Labs 18.7 25.3 22.8 22.2 20.0 23.4 21.6 30.9 3.0
Novartis 2.2 10.9 2.2 7.9 8.0 8.9 15.7 8.4 2.6
Total 13.0 17.4 15.1 15.3 19.9 15.5 15.0 22.0 100.0
Anti-diabet ic
Exhibit 71: Anti-diabetic (top ten compa nies among the overall top 50 companies analysed)
Y-Y growth rate (%)
Abbott 1.0 (4.6) 4.1 (1.5) 4.6 (9.2) (4.4) 0.3 18.9
USV 23.6 15.2 29.5 27.9 35.2 13.8 14.4 17.7 10.8
Sanofi Aventis 18.2 9.1 20.8 28.1 32.4 6.0 6.4 15.0 7.8
Sun Pharma 14.7 18.5 7.0 9.5 19.5 13.2 12.8 30.3 7.1
Micro Labs 12.2 19.2 16.6 12.1 13.4 16.2 12.9 29.4 3.6
Lupin Ltd 37.1 47.4 41.9 38.1 46.0 43.8 45.0 53.8 3.1
Panacea Biotec 8.5 2.6 2.9 0.3 8.7 4.7 (0.1) 3.2 2.8
Ranbaxy 3.4 5.6 (4.1) 4.7 6.2 4.5 1.6 11.0 2.7
Franco Indian 15.0 15.0 9.1 16.7 29.8 17.1 9.3 18.6 2.4
Total 14.2 14.7 14.3 14.4 21.0 11.4 12.4 20.5 100.0

August 11, 20 09
Important Disclosures:
M entioned Compa n y T ick e r P ric e P r iec D a t e S t o kc / Sec t or R aint g

C i p laL t d C I P L .N S I N R27 3.00 0 7 A u g200 9 R e d u c/e B u llis h
D rR e d d y 'sL a b o ra to
ie sr L t d R E D NS
Y. I N R79 2.75 0 7 A u g200 9 B u y/ B u llis h
G la x o S m ith KPlin harm e a c e u tic aLlstd G LA X . N S I N R13 51.55 0 7 A u g200 9 B u y/ B u llis h
G le n m a rk P h a rm a c e u ticLatdls G L E NS .N I N R25 3.10 0 7 A u g200 9 B u y/ B u llis h
L u p inL im ite d L U P N .N S I N R97 4.05 0 7 A u g2009 B u y/ B u llis h
P ira m aHl e a lth c a Lr etd P IR A .N S IN R314.05 0 7 A u g2009 B u y/ B u llis h
R a n b axLy a b o ra toie sr L t d R A N B .N S IN R260.95 0 7 A u g2009 R e d u c/e B u llis h
S u nP h a rm a c e u ticInadl u strieLstd S U NN .S I N R11 99.55 0 7 A u g2009 N e u tra/l B u llis h
A l ls hare price s m ention e d are c l osin g price s u n le s so ther wis e

sta ted .
IS S UER S P E FIC
C I R E GL UA T YO DRSI C L O S U R E S
O n ne
l i avail a bi l iyt of r e s e a hr cand a ddit i onal c onfl i c t -f-io n t ree st d i s c l o s u r e s :
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tr ic a llyf o rc lei n ts in th e U So n N OMUR A.C O MR , E U T E BR LSOM
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o Ja pan an d e lsewh e re
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A s iai t i s a vailab leo n NO M U R A .CR OE MU T, Ea nR dSB L O O M B E R G .
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r e sy b e a c c e s s ethd r o u g th
h e left ha n ds id eo f the N o mrau D is c lo s web
u r e pa g e h tp://www.n o mura.co m e/rsea r c ho r re q u e s tefrdo mNo m u rSec
a ur i tie In
s te rn on
a tia l,In c .,o n
1-
877-865-5752. I f you h a v e a n y d if cultie f i s w ith the w e bite, s please em a ilre sea r c h p oalrt@no m u rac o..uk f o r te c h ca
n il
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t e.
T h ea naly s tsr e s p o ible
n s f o rpre p a rngi th isr eport hav e rec e ve
i d c o mpe n s aiot n b a s edupo n v ar io u fa
s c to rins c lu d int hge fir m 'stota l reven u e s a, por tion o f w h ic ish gen e ar ted b y I nves tm net
B a n k inagcti vitie s.
D i s t r i b un tofi oRat i ngs :

N o m u r aG ob l a l E q ity u Res e a rc hhas 16 13 c omp a n ie sund e r
c o v e ra g e .
3 6 %have be e n a s s igne d a B u yr a tin gw h ic hf ,o rp u po
r s e so f m an dato r yd is c lo s u raeres , c lass if i e da s a B u yrating; 3 3 % of c o m pnie a s w ithth isratin ga re inves tmen t b a n kngi c lei n ts o f th e
N omu r a
G ro u p * .
4 1 %have be e n a s s igne d a Neu tral r a tin gw hich , f o rpur p o s e os f m and a to r yd is c lo s u rise scla, s s if ieas
d a Hol d rating ; 6 1 %o f compa nies w ithth isra itn g are inves tm e nbt a n kngi c lei n ts o f the
No m u ra
G ro u p * .
2 1 %have be e n a s s igne d a R educ e ratin gw hich , f o rpur p o s e os f m and a to ryd is c l o s u reares , c la s s if iea ds a Sell r a itng s ; 6 % o f c om p naie s w ithth i sratin ga re inves tm e nbt a n k incglients o f th e
N o mrau
G ro u p * .
A s a t 3 0 Jun e
2009.
*T h e N omu r a G r o u ap s d e fined in th e D i s c lmer

a i s e c tio at
n the e n d o f th is
rep o r t.
E x p na
l a ti on of N o mrau's e q uity r e s e a hr crati ng s y sem
t in E u r o p, Mid
e dle E a ts and A ficr a, US and Latin A m rieca f or r a itngs p ub ilsh ed from 27 O cot b er 2 0 08 :
T h er atin g s y ste m is arelativ e s y ste m ind icating e xpec ted perf o rm ce a n a gain s ta s p e cfiic bench m a rkid ent ifie d fo r eac h in dividu a lsto c k .A naly tss m a ya ls oin d icate a b so lute u p isd e to p r ic eta rget
def ined a s (fa irva lu e- c u rrnte p ric e )/c u rrep nrce
it , s u b je ctot lim iteman
d agem e n td is c r eonti. I n m ost c a s e sth , e f a irvalue w i l equ
l a lthe a n a lyt'ss a s s e s s m eonftthe cur re n intr
t in s icfa irvalu e o f th e
sto c ku s in ga n app r o piarte valuation m ehot dolo g ys u c ha s dis c o u n tecad s hflo wo r m u ltleip ana ly s isetc
, .
S to c k s :
• A r a ting o f "1", o r “Buy”, in d ic a tethat s the ana ly ts ex p cets the sto c kto outpe rf o rmthe B e n c h m aorkv e rth e nex t 12
m onth s.
• A r a ting o f "2", o r “Neu t ral”, i ndi cate s that the an a ly set xpects the sto c kto p e fro rm in line w iththe B e n c h m aorkv e rth e next 12
m onth s .
• A r a ting o f "3", o r “Re d uce ”, ind ic taes th a t th e ana ly s te xpec ts th e s to c kto u n drpe e r fo r mth e B e n c h m aovrke rth e next 12
m onth s.
• A r a t i n og f “RS R- ating S us p en d ed” indic ates th a tthe ratin ga n dtarge t p r ic hav
e e bee n s uspe nded tempo r a r ilyto co m p lyw itha ppl i cable reg ulatio n sand/orf ir mpo lic ieins c e rt a i n
c ir c u m s t a ninc ec slu
din gw hen N omu r ais a c tin in
g a n ad v is o rcya p a c ity
in a m e r g eorr s tr aegt i ctra nsac ti o ninv ovin
l gth ec omp a n y .
B e n c h m a arkr es a s f ollo w s :Un ited States: S& P500, MSC IW oldr T e c h n o loHag yr d w a r&e E q u i pent;
m E u r o :p Plea
e sesee valu aiot n meth o dloo g ie sfo r explan a tio nos f relev ant ben chm a rk fso r
s to c k s
( a c c e s s ibthlerogh
u th e le fth and side o f the Nom u raD is c lo s uweb
r e pag e : http ://w w w .n oura.co
m m esea /r r ch); G obl al E m egir ng M a r k se (t ex-A s i a: )M S CEI m e r g inMag rk e tsex-
A s ia .

August 11, 20 09
S e cto r s :
A " B u l l i"ssta
h n c ein, d icteas th a tthe a n a ly setx p etsc th e s e cto r to outp e r f o rth
m e Ben c h m a rk
d u ri nthe
g ne x t1 2 mon th s .
A " N ue tra l" sta n c e i, ndic a te that
s th e a n a ly ste x p cts
e the s e cto r to per f o r min l ine w ith thBe e n c h m adrku rngi th en ex t 12
m onth s.A " B e a rh"i s stance, in d ictesa th a tth ea n a ly sexp t ects the s e cto r to underperform the B e n cma h r kd u r inthg e nex t 1 2
m o n th s.
B e n c h m a arkr esa s f ollo w s Un
: ited State s: S& P500; E u r o :p De o wJ o n e Ss T XOX ® 600 ;G l oalb E m e rng
g i Mar k est ( e x - A s):i M
a S CE Im e r g inMga rktse e x - A s ia .
E x p na
l a ti on of N o mrau ’s e q uity r e s e a hr crati ng s y sem
t f or A s ina c o m p ies
a n under c over a ge ex Jap an p ubli s h de from 30 O cobt er 2 008 and in J apan from 6 Jan u ayr 2009:
S to c k s :
S to c kr e c o m mdae ntions a reb a sed o n a b solu te v aluatio nu p isd e (d o w n sid ew),h ic ish def ined a s ( P r icTe a r g e–t C urer n tP r ic e/) Cu r r e nPtr ic es,u bje c tto lim ite dman a g me ent d is c r e tioI n m. o s t
c a s e sth, e P r i c Te age
r t w lil e qu a lth e ana ly s t’12-
s mon th in tr in s vicaluati o nof the s to c kba, se do n an a p popri
r ate v aluatio nm e thodolo g ysuc h a s dis c o u nedt c a s hflo w ,m u lti ple a n a ly s ise tc, .
• A r a ting o f "1", o r "Buy" re c o m m eatio n d nind ic taes that p otentia lu p s idies 1 5 %o r m o re .
• A r a ting o f "2", o r "Neu t ral" r e c o m mdae ntion i ndic a te that
s p o te nialt u p s idise le s sth a n15% o r do w n s i di se le s sth a n5 % .
• A r a ting o f "3", o r "Redu ce" re c o m enm dation indic a te thats p o te nialt d o w nidse is 5 % o r more .
• A r a t i n og f "RS" o r "R a t ignS u s p eded"
n ind ic taes that th er a itn g an d ta r g e pt r ic eh ave b ee n s u spe nded te mpo r a r ilyto c ompl y w ithapp ilca b lereg ulatio n sand/or f ir mp o liiesc in cer tain
c ir c u m s ta ninc ec slu
di n gw hen N omu r ais a c tin in
g a n ad v is o rcya p a c ity
in a mer g e ro r straegt i ctra nsac ti o ninv ovin
l gth esubje c tc omp a n y .
• Sto c k sla b leed a s "N ot rated" o r s h o w ans "No r a itn g" a renot in N o m u rare'sg u larer s e a rc h c o v e ra g e .
S e cto r s :
A "B u l lh"i s ratin gmean s m o s st to c kins th e sec to rhav e (o r the w egh i ted average recom mendationo f th e sto c k su n d ecr overa g eis)a p ositive ab s o lu te
re c o m enm d a tio An ."Neu t ral" ratin gm ean s m o s st to c kins th e sec to rhav e (o r the w egh
i ted average recom mendationo f th e sto c k su n d ecr overa g eis)a n e u tral
ab s o lu tere c o m mndea ito n .
A "B e a rh" i s r a itn g mean s m o s st to c kins th e sec to rhav e (o r the w egh
i ted average recom mendationo f th e sto c k su n d ecr over a g eis) a n egative abs olu te re c o m enm d a tio n .
E x p nal a ti on of N o mrau 's e q uity r e s e a hr crat i ng s y s tem in Ja pan p u b l i ed
s h p r i ro to 6 Jan u ayr 2009 (and rat i n gs in E u r o p, Middle
e E a ts and A f r i ,c US
a a nd Latin A m rieca pub l ihed
s
p r i o ro t27 O c tber
o 20 08):
S to c k s :
• A r a ting o f "1", o r " S t r ogn bu y", ind icate s th a tth eana ly ts expects th e sto c kto outp efor r mth e B e n c h m abrk y 15% o r m o r eove r th e next s ixm onth s.
• A r a ting o f "2", o r "Buy", in d ic ate s that th e a n a ly setxpec tsth e sto c kto ou tpe r fo r mth e Ben c h m a rk b y 5 % o rm ore b u tles s than 15% o ve r the nex t six m onth s.
• A r a ting o f "3", o r " Neu t ral", in d ic a te s ththaeta n a ly setx p etsc th estock to eithe r outpe r of rm o r u nder p e r fo rm the B e n c h m ab rykle s sthan 5 % ov e rth e nex t s ixm o n th s .
• A r a ting o f "4", o r "Re duce ", i ndic ate s that th e ana ly s et xpec tsth e s to c kto und erpe rf o rmthe B e n c h m abrk y 5 % or m o r eb u tles s than 15% o v e the
r nex t six mon th s .
• A r a ting o f "5", o r " Sel l" , ind icate s th a tthe a n a ly setxpec tsth e sto c k tound e pr e rf o rmth e B e n c h m abryk1 5 %o r m o r eove r the nex t s ixm o n th s.
• Sto c k sla b leed " N to r a t e "d o r sho w na s " No r a t i n"ga r en o tin Nomu ra 'sr e g u lar esea
r rc hc o v e ge. ra N omu r am gi ht not publi s had ditional r e s e a r crep
h o r tsc o nern
c in gth isc o m p a nand
y , it
und e tra k e sn o obligati o nto update th eana ly s ise,s timate s,p r o je ctio n s con
, c lu ons
s i o r o ther in f o r amtion con at ined her e in .
S e cto r s :
A " B u l l i"ssta
h n c ein, d icteas th a tthe a n a ly setx p etsc th e s e cto r to outp e r f o r th
m e B e n c h m ad rukr inthe
g nex t s ixmon th s.
A " N ue tra l" sta n c e i, ndic a te that
s th e a n a ly ste x p cts
e the s e cto r to per f o r min l ine w ith thBe e n c h m adrku rngi th e n ex t s ix
mon th sA. " B e a rh"i s stance, in d ictesa th a tth ea n a ly sexp t ects the s e cto r to underperform the B e n cma h rk d u r inthg e nex t six
m o n th s .
B e n c h m a rk
a r es a s f ollo w s :J a pan: T O P I XUn; it ed States: S & P500, M S CWI o r ldT e cnoh logy H a r d w a&r e Equ ipment; E u r oe,p b y s e c to — r H a r d w a r e /S e m ic o n:dFu Tc to
S EWr s E u rpe
o IT
H a rd wre;a T e le c o :mFsT S WE Euro p eBus in e s sS e rv ic eBus s ; in e s sSer v ic e: sF T S WE E u r o p eAu; to & C omp o nen ts: F T S WE E u r o p Ae u t o& P arts ; C o m m u nioicnastequip m ent: FTS E W E u r o p IeT
H a r d w a Erec; o l o gFyo c u: sB l o o m b eWr goldr E n e r gAy lte ate
r n S o ruc e s ;G l o bl aE m e ing
r g M a r k e: tMs S CE Im e r g inMga rktse e x - A s ia .
E x p na
l a ti on of N o mrau 's e q uity r e s e a hr crati ng s y sem
t f or A s ina c o m p ies
a n under c over a ge ex Jap an p ubli s h de p r i ro to 30 O c tber
o 2008:
S to c k s :
S to c kr e c o m mdae ntions a reb a sed o n a b solu te v aluati o nu p isd e (do w n s id ew),h ic ish def ined a s (F a irV lau e - Cur r e n Pt r ic e ) /C u r reP rnict esubje
, c tto l i mited m anagem e n dt i s c r e ti oI n m. os t c as e sthe
,
F a irValue w ilequl a lthe ana ly s t'sa s s e s s m eonftthe c u r re nt in tr in sfaicirvalu eo f th e s to c kus in g a anp pop r r iate v aluatio nmetho d olo g ys uch a s D is c onteu d C a s hFlo w o r M lutiple a n a ly seistc .
H o wev e r ,if th e a nal y s tdoesn 'tth ni k th em a rekt w i lrevalu
l ethe s to c kove r th e spe c ifedi tim ehor iz o nd ue to a lac k o f events o r c a ta ly s tsth,e nth e fa irv a lu em a yd i fe r f ro mth e intr in s icfai r valu e .I n
m o s ct a s e sth
, e efo
r r e o, u rrecom mendationis a n a s s e s s m eonftthe dif f eren c eb e tw e ecnu rrnte m a rket pric eand o u re stimate o f c u rr e nint tr in sfaicirva lu e R. e c o me m n dation s are se twith a 6- 1 2
m o n thh o r iz o n
u n le sspe
s c ifedi oth e rwise. A c c o r d in wg ly
ith, inth ish o r iz o pn r, ic vo
e lat ility m a yc a use th ea c tual u p isd e o r d o w ndes i bas e do n the p revailin gma r k e pt r ic to
e d ife r from th e u p isd e o r d o w nidse implied
b y th erec o m m da e ntio n .
• A r a ting o f "1", o r "Str o ng b u y" recom mndat e ion ind icate s that ups id eis m o r ethan 20% .
• A r a ting o f "2", o r "Buy" re c o m m eation d nind ic a tethat
s u p sdei is betw e n 10% an d 2 0 % .
• A r a ting o f "3", o r "Neu t ral" r e c o m mdae ntion i ndic a te that
s u p sdei o r d o w n s idi sele s sthan 1 0%.
• A r a ting o f "4", o r "Redu ce" re c o m enm dation indic a te thats d o w nidse is between 1 0 %a n d 2 0 % .
• A r a ting o f "5", o r "Sell" r e c o m mdae ntio nind ic a tethat
s d o w n s idis em o r ethan 20% .
S e cto r s :
A "B u l lh"i s ratin gmean s m o s st to c kins th e sec to rhav e (o r the w egh i ted average recom mendationo f th e sto c k su n d ecr overa g eis)a p ositive ab s o lu te
re c o m enm d a tio An ."Neu t ral" ratin gm ean s m o s st to c kins th e sec to rhav e (o r the w egh
i ted average recom mendationo f th e sto c k su n d ecr overa g eis)a n e u tral
ab s o lu tere c o m mndea ito n .
A "B e a rh" i s r a itn g mean s m o s st to c kins th e sec to rhav e (o r the w egh
i ted average recom mendationo f th e sto c k su n d ecr over a g eis) a n egative abs olu te re c o m enm d a tio n .
P r iec tar g est

August 11, 20 09
P r ic targ
e ets, i f d isusc s e d r, e f le cint p a r tth e a n a lyt'ss e stimate s f o rthe c o m p a 'sn ye a nr in g s The
. a c hie v eme n to f any p r ic tae r g e ma
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D IS C L A IM E R S
T h ips u blic aiot n contains m a tealr i th a th a sbeen p r epa r e db y the No m u raentity ide nti fie d on th eb ann e rat th e to por th e b otto m of pa g e 1
h e r e ina n d ,if ap p ca l i ble, w ithth e con trbutio i n so f one o r m o r eN omura entitie s w h o se mplo yees and th e i r e spe c itv e a f iflia tion s a respe c iied f
on p a g e1 h e r e ino r e lsew h e reiden tifie d in th e p u blication . A flia f i te sand s u bidiarie
s so f N o m u Ho r a ldings, I n c (c. olel c ivt e ly the , "N m o u ra
G ro u p "i )nclude:
, N o m u Sec r a u itie
r sCo., L t d ("N . SC") T o k y Jap o , an ;N o m u Inte r a r nation a lplc ,Unite dK i ndom; g N o m u Sr ae c uitier s Inte rn a tioal,n
I n c (. " N S I "N) , e wY o r kN, Y N; o m u Intern r a a ito n a l(H o n Kg o n gLtd ) ., Ho n gK o n gN; o mrau S inga p ore Ltd ., S ingapo re ;No m u raAus t r aial L t d .,
A u s trliaa ; P.T. N o mura In don e sa,i Ind ones ia ;No m u rMa a la y s ia S dn. B h d .,Mala y sa;i N omura I n te rationa n l (H ong Kon g )L dt ., T aip e iB ra n c h ,
T a iw a Nn ;omu r a
I n te rationa
n l (H ong Kon g )L dt ., Seoul B r a n c Kh ,o ra;e o r No m u rFa ni an c iaAdv l is o rand y Sec u riei t s (India ) P irva te Lim ited, Mum bai,
Ind ia( R e g ter is e dAdd re s s :2n d Flo o r ,B alla r dHou se, A d Marz i b a nPath, Balla rdP ie r,F o r t,Mum b ia, 400 001; S E BRI egis tr a tioNn o:-
B S EI N B11299030,
0 N S EIN B 21299034,
3 IN F231299034).
T h i ms a teiar l is :(i) f o ry o u pr rva i te i nfo r m aion,t and w eare not s o liitic n ga n ya ctio nb a sed u p o nit; (ii) not to be con s trude a s an o f er to s e ll
o r a s o li catio it n o f a n of f e rto b u y a n y s e c u r ityin an y ju r is d ic tio when re s u c ho f fe ro r solic itaiotn w o u ldbe illegal; a n d ( i i) based u p o n
in f o r amtio n that w ec o n s id reliable, er b u tw edo not re pre sent th a tit is a c cura teo r com p le tea,n dit s hould not be r elie d upo n a s suc h .
O p in io enxs pre s s e dare c u rr e nopit nio n sa s o f th eo r iign a lp u b latio ic nda te appearing o n this m a teiar l on lyand th ei nfo r m a tio n, in lcudin g th e
o p inio n sc o n ta in e dh e er in ,a resubje c tto c h a gne w ithou t no tice. I f and as a pplic a be,l NSI's i nve s tmnte ban k in gr elatio n siph s,i nves tm nte ba n k in g
and n on- in v stm e ent ban k in gcom p e n s a tioa nndsec u riei t s o w n e r s h(iden ip tified in th i srep o r ta s " D i slocs u r eRs equired in the U n it eSdtates"),if a n y ,
a re s p e c ed i fi in d is c lameri s a n drelated d is c lo s u inr e ths isrep o tr. I n add ition, o th e m r e mbe r so f the N o mrau G r o ump a yfro m tim eto tim ep e fro r m
in v stm
e ent ban k in go r o th e ser r v ic e(ins lcuding a c tin ag s adv is o rman , a g e or r lender) f o r ,o r s o lic inv i t estm ent ban king o r o th e bus r in e s frs o m ,
c o m p a n ie mens tione d her e in F. urth e r,the N omu r aG r op,u and/or it sof fi c e r ds ,ir ceto rsa n dem p l o y e eins ,c lu d inp erso g n s ,w ithout li m ition, at
in v lved
o in the p rep a ar tio no r is s u a n cofe th ism a tealr i m a y to , th eextent per m itte bd y ap p ca l i b lela wan d /o rr e g uatio l n hav , e lo n go r s h o rt
p o s ioi t n sin ,a n dbuy o r se ll,th e se c u r itie(ins c l u d ino gw n e r s hbipy NS I ,r e f eenr c e da bov e),o r d e rvativ i e s( in lcudin goption s) the re o fo, f c omp a nies
m e niot ned h erein ,o r rela te ds e c uitie r s o r d e irvat ives. I n ad dition, th e N o m u Grar o u pe ,x c luingd NSI, m a ya c ta s a ma rk e mt a k eran d p r in pa c i l,
w illintog buy and s ell cer tain o f the s e c uitie r so f c o m pnie a sm entioned h e er in .F u r th ethe r, No m u rGa r o ump a ybuy a n dsel l c e r ta ino f th e
sec u riei t s o f c o m pnie a sm entioned h e er in ,a s a gent f o rits c lie n ts .
I nves to rss h o u ldc o nide s r th isrep o r ta s o n lya s in g lefa c to inr m a k inthg e iri nve s tm nte dec i soni and, a s s u c hthe , r epor t s h oul d no t b e v ie wed
a s id enti f iyng o r s u g e s ting a llr is k sd, ri ec t o r indire c t,th a tm a ybe a s s o cteiad w tih a n yi nves m t e n td e c ison.i
N S Cand oth e rn o -nU Sm e m b eorsf th e N o mrau G r o u(i.e., p ex c ludin gN S I ),the iroff i c e r sdire , c to rsa n de mplo y e ems a y to , the extent it rela te s
to n o -nU Sis s u e rsa n dis perm itte bd y app licab lelaw , h ave acte d upo n o r u s e dth ismate ira l p r io tor , o r im m eiadte lyfollo w in gits, p u b lation. ic
F o r e igcnu r r e n den c y -omin a te ds ecur i ite s a res ub je cto t f lu c tu
ation s in e x c h agen rate s th a tcou ldh ave an adv e rs e f ec t o n the va lu eo r p r ic e o f ,
o r in c o mder e ived fro mth, e inv e smen t t. I n additio n ,in v e s t oirnss e cur itie s suc h a s A D s,R the v alu e sof w h ic ahr ei nfluenc e db y fo re ig n
c u r r e ies,
n c e f f e c t iv ea lsysum e cur r e n c ris y k.
The s e c utie r i s des c rib ehde rien m a ynot have be e nreg iste re dunder the U.S . Securitie sA tc o f 1933, an d ,in suc h c ase, m a yno t b e off e re dor
s o ldin th e U nited State s o r to U .S p. e rs o nusn le sthey s h a v ebee n reg istere d u nder suc h A tc, o r e x ecp t in co m pialn ce with an exe m pti o nfr o mthe
r e g is tr a tio reqnu ir e mntse o f s u c hA c t.Unles s gov e r n inlag wper m itsotherw is ey, o umu s tc ontact a N omu r aen tity in y o u hr o m ejur isdic toni if y o u
w a n to t u s eo u rs ervices in e f ec ting a tr a n s aioc tn in the s e c uitie r smentione d in th ism a teal. ri
T h ips u blic aiot n has been a p poved r f o rd is trbutio i n in the Unite d K ingdom a n dE uop r ean Un io na s i nve s tmnte re sea r c hb y N o m u International ra plc
( " N I P lc whic" ), his au tho r is e an d d r egulated b y th e U.K .Finan c ilaS e vir c e sA uhot r ity("F S A "a)n dis am e mbe r o f the L o nond Sto c kE x c h a n gI te .
d o e snot c o n s tituatepers o n a l re c oenm dation m , a s def ined b y the FSA ,o r ta k ein toa c c o u ntht e p a r tic u la i nver stment obje c ves, ti f inan c ia l
s itu aiot n s o, r n eeds o f indiv di ua l inv e s to rsI t. is in tedned on lyf o rinv es to r sw h oare "el i gible counte rpa r ites" o r " p r foe s s io n ca leints" a s def ined b y
th e FS A a, n d
m a yn o t,the r e freo , be r e d is bute tri d to retai l c ilen tsas d efined b y t h e F S AT. h ispublic aiot n ma y b e d is trbuted i in G erm a n yvia N o mrau B a n k
( D e u ts canh dl )G m b Hw ,h ic ish a u ht o r is ed and r e g luated in G e r m a nb y the Fed eral Fi n a nialc S uper v is o rAy u t hity o r ("B a Fn"). i T h ispublic aiot n
h a sbeen app r ove d b y N omu r aI n tenar tio anl ( H o n Kg o n gLtd ) . ("NIH K)," wh ic his re g luate d b y the H ongKo n gS e c uitier s a n dF u tu r e s
C omm is on, si fo r
d is trbui tio n in H o n Kon g g b y NIH K N. eith e rN I P lnco rN I H hKold a n A u s tr a lia f innan c iasl e r v es
ic l ice n seas both a reexe m p fr t o mthe r equireme n t
to h o ldth islic e n s in e r e spe c to f the fin a n cali s e r ivce s e ithe r p rovide s. T h ips ublic taio nh a sa ls obee n ap p rve o d f o rd is ib tr u tion i n Ma la y s iab y
Nom u ra
M a la y sSiadn. B h d .I n S in agpo re ,th isp u b latio ic nha s bee n dis tr ibute d b y N o m u Sr aing apo r eL i m edi t (“ N S L ” N). S La c c e p tsleg a lres p o nibil s i t yf o r
th econ te n ot f th ispublica tio nw, h e reit c o nce rns s e c u r itiefus ,tu r easn df o re igenxcha n ge, is s u e bd y its f oreig na f ifliate in res p e c ot f r e cip ients
w h oa renot a c c r eited, d e xpert o r in s ittuti ona l in v esto r sa s def ined b y the Sec u riei t s and Futur e sA c (t C hapte r 289). Rec i pie n tsof this
p u b lic ation m a y
c o n t a cNt S Li n r e spe c to f m a tte rsa r i sngi f r o m o, r i n c onne c iot n w ith th, isp u b lation.ic NSI a ccep tsr e spo n s iilbi t yf o rthe c ontents o f th ismateria l w hen
d is trbuted
i in th e U nited States.
N op art o f th ismate ira l m a yb e (i) c o pie d ,p hoto c oied p , o r duplicated in a n yfo r m b, y an y mea n s,o r (ii)r e dstri ib uedt w ithout th e p r io wr r itten
consent o f th e N o m u Grar o ump e mbe r ide n tiied f in th e ban n e ron p a ge 1 of th isr eport. F u rher t in f o r amtio no n a n yof the s e c uitie r s
men tioned h e re inm a ybe obtain e du pon request.I f this pub lication h asbee n dis trib u tebdy ele c tr o n trans ic m is s iosnu, c ha s e -mai l, then s u c h
tr a n s m is s cioa n n obt e g u aante r e dto b e sec u r eo r e r ror- feer a s in f o r amtion c o uld be inte r cpted e , c o r rpted,
u lo s t,d e s tro yed , a rr iv e laoter
in c mo p lete, o r c o nain t v ir u s e Ts .h es e nde r th ere f o r ed o e snot a c c e pliat b ility fo ra n ye r ro ros r o m is s ioinn sth e con tents o f th ispublic aiot n ,wh ic h
m a ya r is ea s a r esult o f e le c on tr i ctrans m is s ioInf ver
. i f iati
c on is req u ied, r ple a sereq u esat h ard- c o p ver y s io n .
A d di ional t i n f o r mion a t a va ila ble upon r e q u e.s Nt I P land c oth e rNom u raG r o uentitie p sman a g ec o n f licidentif
ts ied th r o u gthh ef o lol w in gth: e ir
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l and ind epende n c ep o liies, c m anten i an c eo f a S top L isat n da Watc hL is tperso , nal a c cou n tdealin gr u le spo, l iies c
a n dp r o c e re d us f o rm anag ing c o n f licoftsinteres t aris in gfro mth e a lloation c a n dp r ic inogf s e c uitie r s a n dim p a r tia i nvel s tm e nr tesea r c hand
dis c lo s u to r e c lie n ts v iaclient doc umen taiot n .
D i s c l o es iunr f o r m on a t iis avail able at the N o m au rD i s c l o es uwr eb p age: h ttp :/ /w w w . n o m u ra .cesoem a r /rc h
N o m au Fin r a n ial c Advis o yr a nd S e c u r ist i(In e d ia) P r i v ea tL i m idt e T e l+91
: 22 6785 5151
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: 2-678 5-5050
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C a r infog rth e env ir ome n n t:to r e cive e on lyth ee le c on tr i cversio n so f our r e s e a r cplease
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Global Equity Research

HEALTH CARE &

Domestic formulations — monthly review

„ We expect chronic therapy outperformance to continue. In June 2009, chronic

Snapshot of the Indian pharmaceutical market (IPM )................................................. 3

2 Nomura Equity Research

Snaps hot of the Indian pharm aceutical mar ket (IPM)

Exhibit 1: Growth profile — breakdown by compa ny, breakdown by therapy

8.4 13.0 14.2 1.9

Source: ORG IMS, Nomura research

Domest ic formulation sales — by com pany

Domestic formulation sales

Exhibit 2: Last 12 months’ sales trends Exhibit 3: Market share trends

Value Growth Volume Growth Value (RHS) (%)

FYTD (Apr 09 - June

Exhibit 4: Therapy area breakdown

Source: ORG IMS, Nomura research

4 Nomura Equity Research

Exhibit 5: Breakdown by brand — acco rding to size

Source: ORG IMS, Nomura research

Exhibit 6: Breakdown by brand — acco rding to launch date

Source: ORG IMS, Nomura research

Nomura Equity Research 5

Ranb axy Laboratories Ltd (RBXY IN, REDUCE)

Domestic formulation sales

Exhibit 7: Last 12 months’ sales trends Exhibit 8: Market share trends

FYTD (Apr 09 - June

Exhibit 9: Therapy area breakdown

Source: ORG IMS, Nomura research

6 Nomura Equity Research

Exhibit 10: Breakdown by brand — according to size

Source: ORG IMS, Nomura research

Exhibit 11: Breakdown by brand — according to launch date

Source: ORG IMS, Nomura research

Nomura Equity Research 7

GlaxoSmithKline Pha rmaceut icals Ltd (GLXO IN, BUY)

Domestic formulation sales

FYTD (Apr 09 - June

Exhibit 14: Therapy area breakdown

Source: ORG IMS, Nomura research

8 Nomura Equity Research

Exhibit 15: Breakdown by brand — according to size

Source: ORG IMS, Nomura research

Exhibit 16: Breakdown by brand — according to launch date

Source: ORG IMS, Nomura research

Nomura Equity Research 9

Piramal He althcare Ltd (PIHC IN, BUY)

Domestic formulation sales

Value Growth Volume Growth Value (RHS) (%)

Exhibit 19: Therapy area breakdown

Source: ORG IMS, Nomura research

10 Nomura Equity Research

Exhibit 20: Breakdown by brand — according to size

Source: ORG IMS, Nomura research

Exhibit 21: Breakdown by brand — according to launch date

Source: ORG IMS, Nomura research

Nomura Equity Research 11

Cadila Heal thcare Ltd (CDH IN, not rated)

Domestic formulation sales

FYTD (Apr 09 - June

Exhibit 24: Therapy area breakdown

Source: ORG IMS, Nomura research