Healthcare Sector

Sector Update | 22
Sector February
Update| 2018
Healthcare
Healthcare
Performance of top
companies: January 2018)
IPM – growth continues to recover on higher volumes
Jan-  Indian pharmaceutical market's (IPM) secondary sales continued to grow at a
MAT
Company
gr (%)
18 healthy rate in January, led by strong volume growth, though price growth
(%)
continued to drag. IPM grew 9.5% YoY in January 2018 and 8.3% YoY over
IPM 5.6 9.5
November-January 2018.
Sun Pharma 6.2 12.0
 Volume growth has been increasing for the last two quarters, after declining in
Abbott India 7.4 10.6 the April-July 2017 quarter. In January 2018, volume growth was 6.7% YoY.
Cipla 3.4 9.5 Growth in new products has remained stable in the last 3-4 quarters (up 2.9%
Zydus Cadila 9.4 9.3 YoY in January). Prices continued to decline for the second quarter. In January
Mankind 6.4 16.4 2018, the price decline was 1.4% YoY.
Alkem 4.1 13.5  Moving annual total (MAT) growth for January was 5.6% YoY against 5.5% YoY in
Lupin 8.9 16.5 December.
Torrent Pharma 5.4 7.2 Lupin, Mankind and Alkem witness highest growth
Pfizer (2.8) 6.8  Lupin’s secondary sales (+16.5%) posted robust growth for January, followed by
Glenmark Mankind (+16.4%), Alkem (+13.5%), Sun Pharma (+12%), Abbott India (+10.6%),
9.1 12.6
Pharma
Glenmark (+12.6%), and Sanofi India (+12.8%), which registered growth higher
Sanofi 9.4 12.8
than IPM.
Dr Reddy Labs 4.5 8.3
 Over 60% of the companies posted high-single-digit to mid-double-digit growth
GSK Pharma 7.8 7.7
during the month.
Alembic Pharma (1.9) 3.7
Respiratory, Vaccines and Hormones lead among therapies
Ipca Labs (5.1) 1.0
 Respiratory (7.5% of IPM) posted significant growth of 19.3% YoY in January,
Natco (3.7) 7.2
followed by Vaccines (+15.9%; 1.9% of IPM) and Hormones (+15.1%; 1.7% of
Ajanta Pharma 8.1 6.2
IPM). Except for Anti-Neoplastics (2.1% of IPM), which remained muted for the
Merck 5.2 4.3
month, all therapies reported growth in January.
Biocon 10.0 3.5
 50% of the therapies reported growth higher than IPM during the month.
DPCO v/s non-DPCO market (January 2018)
 In value terms, secondary sales grew 5.1% YoY for DPCO-listed products and
10.2% YoY for non-DPCO products during the month. Volumes grew 4.2% YoY
for DPCO-listed products and 8.4% YoY for non-DPCO products in January.
FDC ban impact (January 2018)
 FDC-banned drugs (~2.4% of IPM) grew 18.1% in January, while non-banned
drugs grew 9.3% YoY. Secondary sales for Indian companies increased 9.2% YoY,
while those of MNCs grew 10.7% YoY in January.
Exhibit 1: Volume led high industry growth
Volume Growth (%) Price Growth (%) New Product Growth (%) Total Growth (%)
13.1
10
7.8 8.2
7.4 5.1
3.4 3.5 6.7
4 3.1
3.6 3.3 2.9 0.6 2.8 2.9
1.7 2.6
1.3 1.1
-0.4 -1.4
-1.9
3M-Oct 16 3M-Jan 17 3M-Apr 17 3M-Jul 17 3M-Oct 17 3M-Jan 18
Source: AIOCD, MOSL
Kumar Saurabh (Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519

Ankeet Pandya (Ankeet.Pandya@MotilalOswal.com)
18 August 2017 1
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Sector Update| Healthcare
Indian Pharma Market - Jan 2018

Exhibit 2: Performance of top companies: Jan 2018
Company MAT Jan -18 Last 8 Quarters in Growth (%) 1M
Value Market Growth
Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-18
(INR m) Share (%) (%)
IPM 1,176,131 100.0 5.6 13.0 11.1 13.9 10.3 7.8 3.1 3.5 8.3 9.5
Sun Pharma 100,131 8.5 6.2 12.3 4.9 16.9 12.4 9.7 2.3 4.3 8.8 12.0
Abbott India 73,223 6.2 7.4 8.1 5.8 12.6 13.9 6.7 6.2 7.8 8.9 10.6
Cipla 54,080 4.6 3.4 5.3 11.6 10.3 5.0 2.1 (1.3) 3.4 9.0 9.5
Zydus Cadila 49,308 4.2 9.4 7.6 5.6 12.4 12.4 15.4 6.8 5.9 10.1 9.3
Mankind 42,680 3.6 6.4 16.7 19.1 10.2 2.1 5.3 0.1 4.6 16.4 16.4
Alkem 40,503 3.4 4.1 8.8 21.4 19.8 9.8 4.3 (4.9) 4.4 13.3 13.5
Lupin 42,120 3.6 8.9 24.2 16.0 24.7 17.8 8.8 10.1 3.4 13.9 16.5
Torrent Pharma 37,318 3.2 5.4 49.6 47.5 62.6 42.2 10.5 2.1 4.7 4.8 7.2
Pfizer 27,614 2.3 (2.8) 0.2 (0.3) 3.5 0.4 (2.9) (4.9) (5.4) 2.1 6.8
Glenmark Pharma 28,295 2.4 9.1 13.7 6.3 13.8 14.0 15.9 3.8 7.8 8.9 12.6
Sanofi 26,660 2.3 9.4 (2.0) 6.9 13.5 11.5 11.9 10.6 6.1 9.3 12.8
Dr Reddy Labs 26,089 2.2 4.5 11.2 1.0 15.6 0.7 5.2 5.7 (0.5) 8.3 8.3
GSK Pharma 35,652 3.0 7.8 (1.0) (1.7) (3.7) (0.9) 8.2 3.6 13.4 5.9 7.7
Alembic Pharma 14,697 1.2 (1.9) 10.7 16.5 13.8 4.9 2.5 (6.5) (5.0) 1.9 3.7
Ipca Labs 15,530 1.3 (5.1) 23.4 12.5 15.2 11.0 8.2 (4.1) (16.7) (3.3) 1.0
Natco 10,230 0.9 (3.7) 45.3 4.7 8.2 (11.4) (23.1) (6.9) 7.2 19.8 7.2
Ajanta Pharma 7,411 0.6 8.1 (3.8) 18.8 11.7 13.9 11.4 3.5 9.0 8.7 6.2
Merck 6,793 0.6 5.2 12.1 4.1 5.6 7.2 7.8 9.1 2.8 1.3 4.3
Biocon 3,974 0.3 10.0 (35.3) 2.4 8.1 14.9 9.3 14.8 9.5 6.7 3.5
Exhibit 3: Performance of top therapies: Jan 2018

Therapy MAT Jan -18 Last 8 Quarters in Growth (%) 1M
Value Market Growth
Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Jan-18
(INR m) Share (%) (%)
IPM 117,613 100.0 5.6 13.0 11.1 13.9 10.3 7.8 3.1 3.5 8.3 9.5
Anti-Infectives 16,170 13.7 (1.4) 7.4 13.6 13.0 (2.1) (2.6) (6.8) (4.0) 9.0 12.2
Cardiac 14,433 12.3 6.5 14.1 8.7 13.1 14.7 8.8 6.7 5.5 5.1 8.6
Gastro Intestinal 13,627 11.6 6.0 12.8 10.2 12.7 10.8 8.5 3.7 4.6 7.6 6.4
Anti-Diabetic 10,769 9.2 13.4 19.0 15.6 19.8 22.5 19.5 15.4 10.8 8.8 10.0
Vitamins / Minerals / Nutrients 10,200 8.7 4.1 12.6 9.5 12.1 12.3 6.2 1.3 2.5 7.1 7.2
Respiratory 8,852 7.5 4.9 1.1 16.0 18.9 2.4 4.4 (4.8) 1.7 15.8 19.3
Pain / Analgesics 7,995 6.8 4.0 11.4 10.6 15.8 9.3 7.6 1.2 0.9 7.0 6.4
Derma 7,506 6.4 12.0 17.9 11.7 14.0 15.4 15.3 8.4 13.2 11.1 11.9
Neuro / Cns 7,197 6.1 5.7 18.5 10.6 14.9 10.7 6.0 3.6 4.8 8.6 9.3
Gynaecological 6,032 5.1 4.5 16.9 11.7 11.1 16.7 8.6 3.4 2.8 3.5 3.2
Anti-Neoplastics 2,425 2.1 3.4 41.2 (6.7) 8.1 17.1 5.3 4.9 1.9 2.1 (0.1)
Vaccines 2,259 1.9 18.1 0.0 4.7 7.6 16.9 30.8 19.9 12.9 11.6 15.9
Ophthal 2,218 1.9 8.0 17.1 10.9 8.0 8.0 6.4 4.7 7.9 13.0 10.0
Hormones 2,051 1.7 7.8 14.5 8.7 12.0 7.5 7.7 6.9 6.3 10.2 15.1
Source: AIOCD, MOSL
22 February 2018 2
Sun Pharma + Ranbaxy

Exhibit 4: Top 10 Drugs
MAT Jan 18 Growth (%)
Drug Therapy Mkt
Value Growth Last 3M Jan-18
Share
(INR m) (%)
(%)
Sun Pharma Laboratories 100,131 6.2 100.0 8.8 12.0
Sun Pharma’s domestic
Volini Pain / Analgesics 2,363 (3.7) 2.4 3.6 0.0
business increased 12% YoY
in Jan-18 Istamet Anti Diabetic 2,273 12.4 2.3 5.2 10.7
Rosuvas Cardiac 2,227 10.0 2.2 2.7 17.6
Levipil Neuro / Cns 2,058 21.3 2.1 33.8 42.0
Gemer Anti Diabetic 1,963 3.7 2.0 (5.8) (1.4)
Susten Gynaecological 1,636 4.5 1.6 9.3 4.6
Pantocid Gastro Intestinal 1,506 5.2 1.5 10.8 15.6
Pantocid Dsr Gastro Intestinal 1,379 10.3 1.4 15.5 20.6
Revital H Vitamins / Minerals / Nutrients 1,124 (17.4) 1.1 (13.2) (7.0)
Storvas Cardiac 1,104 (1.8) 1.1 (0.4) 14.1
*3M: Nov-Jan 2018 Source: AIOCD, MOSL
Exhibit 5: Therapy Mix (%)

Share MAT Gr.(%) 3M* Jan 18 Gr (%)
Total 100.0 6.2 8.8 12.0
Sun’s largest portfolio,
Cardiac segment reported Cardiac 18.6 5.4 2.1 9.0
healthy growth of 9% in Neuro / Cns 17.6 8.3 13.2 15.0
Jan-18, while Anti-Infectives Gastro Intestinal 11.8 6.7 9.8 11.6
reported double digit Anti-Infectives 9.9 (2.5) 5.4 11.2
growth after declining in
Anti - Diabetic 9.3 6.6 0.9 4.6
Dec-17
Pain / Analgesics 6.7 (0.8) 3.9 3.5
*3M: Nov-Jan 2018 Source: AIOCD, MOSL
Exhibit 6: Brand wise growth distribution

% of sales MAT Gr. (%) Growth Contribution (%)
Total 100.0 6.2 100.0
Top 10 Brands 26.6 7.9 33.3
11 to 25 Brands 16.6 5.5 14.7
Chronic portfolio grew
faster at 6.7%YoY on 26 to 50 Brands 15.4 14.5 33.5
MAT basis Above 50 Brands 41.3 2.7 18.4
Source: AIOCD, MOSL
Exhibit 7: Acute v/s Chronic (MAT growth) Exhibit 8: Growth Distribution (%) (MAT Jan-18)
MATVALUE_JAN_17 MATVALUE_GR_JAN_18
6.7
5.6
5.8 1.9
(1.3)
50.6 43.6
ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL
22 February 2018 3
Cipla
Drug Therapy Value Growth Mkt
Last 3M Jan-18
(INR m) (%) Sh. (%)
Cipla’s secondary increased Total 54,080 3.4 100.0 9.0 9.5
by 9.5% YoY in Jan-18 Foracort Respiratory 2,581 18.3 4.8 22.7 23.2
Duolin Respiratory 2,063 31.1 3.8 20.4 4.3
Budecort Respiratory 1,644 4.7 3.0 47.5 46.4
Seroflo Respiratory 1,562 7.2 2.9 4.0 0.2
Asthalin Respiratory 1,501 5.7 2.8 18.2 21.0
Montair Lc Respiratory 1,135 15.3 2.1 24.6 31.6
Aerocort Respiratory 1,075 5.1 2.0 3.3 3.3
Azee Anti-Infectives 932 6.2 1.7 33.9 39.0
Dytor Cardiac 887 6.3 1.6 2.9 3.5
Urimax D Urology 849 11.7 1.6 3.5 6.8
Source: AIOCD, MOSL
Share MAT Gr. (%) 3M* Jan 18 Gr.
Total 100.0 3.4 9.0 9.5
Respiratory 33.3 9.9 18.2 17.3
Anti-Infectives 23.2 (4.0) 2.8 3.4
Respiratory posted highest
Cardiac 12.4 4.1 4.6 8.9
growth of 17.3% YoY Jan-
Gastro Intestinal 7.7 4.2 10.6 12.5
18, followed by Gastro
(+12.5%) and Urology Urology 5.2 9.5 7.5 10.4
(10.4%) Neuro / Cns 3.5 (2.0) (5.6) (3.3)
Source: AIOCD, MOSL

% of sales MAT gr. (%) Gr. Contribution (%)
Total 100.0 3.4 100.0
Top 10 Brands 26.3 12.2 87.7
Chronic portfolio grew 11 to 25 Brands 16.6 8.1 38.3
faster at 7.3% YoY on MAT 26 to 50 Brands 15.0 (2.0) (9.5)
basis
Above 50 Brands 42.1 (1.3) (16.6)
Source: AIOCD, MOSL
Exhibit 12: Acute v/s Chronic (MAT growth) Exhibit 13: Growth Distribution (%) (MAT Jan 18)
7.3
4.4
1.5
30.2
22.1 -2.5
0.5
22 February 2018 4
Cadila Healthcare
Zydus’ secondary sales grew Last 3M Jan-18
(INR m) (%) Share (%)
9.3% YoY in Jan-18 Zydus + Biochem 49,308 9.4 100.0 10.1 9.3
Skinlite Derma 2,009 6.9 4.1 11.7 (1.4)
Deriphyllin Respiratory 1,222 9.1 2.5 22.0 23.2
Mifegest Kit Gynaecological 1,130 1.7 2.3 3.9 10.5
Pantodac Gastro Intestinal 1,104 (2.0) 2.2 (7.9) (8.2)
Atorva Cardiac 1,052 (9.9) 2.1 (8.3) (5.3)
Deca Durabolin Hormones 822 2288.8 1.7 587.2 131.0
Zyrop Blood Related 818 6.4 1.7 0.0 3.5
Amicin Anti-Infectives 815 40.3 1.7 50.2 77.0
Thrombophob Pain / Analgesics 757 18.8 1.5 19.3 13.7
Sovihep Anti-Infectives 736 17.2 1.5 55.0 142.5
Source: AIOCD, MOSL

Zydus’ largest therapy Anti- Share MAT Gr. (%) 3M* Jan 18 Gr (%)
Infectives grew significantly Total 100.0 9.4 10.1 9.3
by 38.7% YoY, followed by Anti-Infectives 15.6 10.1 24.4 38.7
Respiratory (+19%) and
Cardiac 13.8 1.8 0.6 1.7
Gynecological (+10%) YoY in
Jan-18 Gastro Intestinal 11.2 4.8 3.0 (0.5)
Respiratory 10.3 9.4 16.6 19.1
Pain / Analgesics 9.5 12.2 (0.6) (1.2)
Gynaecological 8.1 (0.5) 8.5 10.1
Source: AIOCD, MOSL
Volume growth of 7.4% and
new product growth of 4.4% Exhibit 16: Brand wise growth distribution
off-set decline in price % of sales MAT growth (%) Gr. Contribution (%)
Total 100.0 9.4 100.0
growth
Top 10 Brands 21.2 15.6 33.2
11 to 25 Brands 17.4 5.8 11.2
26 to 50 Brands 16.3 22.9 35.2
Above 50 Brands 45.0 4.1 20.4
Source: AIOCD, MOSL
Exhibit 17: Acute v/s Chronic (MAT growth) Exhibit 18: Growth Distribution (%) (MAT Jan-18)
10.9
7.4
6.4 4.4
-2.4
30.4
14.6

22 February 2018 5
Alkem
Alkem’s secondary sales MAT Jan 18 Growth (%)
Drug Therapy Value Growth Mkt Last
continued to post double Jan-18
(INR m) (%) Sh. (%) 3M
digit growth (+13.5%) YoY in
Total 40,503 4.1 100.0 13.3 13.5
Jan-18
Clavam Anti-Infectives 2,981 9.4 7.4 20.9 18.6
Pan Gastro Intestinal 2,552 3.8 6.3 (2.3) (6.2)
Pan D Gastro Intestinal 2,309 13.8 5.7 7.5 5.5
Taxim O Anti-Infectives 1,939 (4.5) 4.8 12.5 11.4
Taxim Anti-Infectives 1,292 (13.0) 3.2 0.6 13.9
A To Z Ns Vitamins / Minerals / Nutrients 1,188 16.0 2.9 8.4 10.8
Xone Anti-Infectives 1,046 (1.5) 2.6 20.2 45.8
Gemcal Vitamins / Minerals / Nutrients 946 (7.6) 2.3 (9.3) (15.0)
Ondem Gastro Intestinal 919 1.6 2.3 10.2 9.5
Sumo Pain / Analgesics 843 (15.3) 2.1 (10.2) 8.9
Source: AIOCD, MOSL
Therapy Mix (%)

Anti-Diabetic (+18.8%) saw Share MAT Gr. (%) 3M* Jan 18 Gr (%)
Total 100.0 4.1 13.3 13.5
the highest growth amongst
the therapies of Alkem Anti-Infectives 39.5 (0.9) 15.2 17.5
followed by Anti-Infectives Gastro Intestinal 18.6 8.9 7.7 6.4
(+17.5%) Vitamins / Minerals / Nutrients 13.6 8.3 11.5 9.6
Pain / Analgesics 7.3 (1.8) 6.8 13.7
Neuro / Cns 5.0 16.0 22.9 13.9
Anti Diabetic 3.3 33.0 25.4 18.8
Source: AIOCD, MOSL

% of sales MAT growth (%) Gr. Contribution (%)
Total 100.0 4.1 100.0
Top 10 Brands 39.5 1.8 17.2
11 to 25 Brands 17.8 5.8 24.3
26 to 50 Brands 12.2 7.1 20.3
Above 50 Brands 30.5 5.2 38.1
Source: AIOCD, MOSL
34.8 16.9
3.2 2.8
-1.9
2.6
4.1
22 February 2018 6
Lupin
MAT Jan 18 Gr. (%)
Drug Therapy Value Gr. Mkt
Last 3M Jan-18
(INR m) (%) Sh. (%)
Lupin (+16.5% YoY) Lupin Ltd 42,120 8.9 100.0 13.9 16.5
reported the highest
Gluconorm-G Anti Diabetic 1,966 11.3 4.7 12.2 18.7
growth in Jan-18
Huminsulin Anti Diabetic 1,910 9.8 4.5 2.1 (18.2)
Budamate Respiratory 1,077 8.1 2.6 11.5 15.2
Tonact Cardiac 890 (7.9) 2.1 (3.6) 5.4
Rablet-D Gastro Intestinal 675 9.2 1.6 11.5 5.1
Esiflo Respiratory 544 5.5 1.3 11.2 15.6
Ivabrad Cardiac 532 30.2 1.3 26.7 27.8
Rablet Gastro Intestinal 530 0.5 1.3 (9.1) (11.8)
Ondero Anti Diabetic 523 75.3 1.2 62.5 67.7
Huminsulin R Anti Diabetic 522 12.7 1.2 4.1 (17.9)
Source: AIOCD, MOSL

Top two therapies of Lupin, Share MAT Gr. (%) 3M* Jan 18 Gr. (%)
Cardiac (+17.5%) and Anti- Total 100.0 8.9 13.9 16.5
Diabetic (19.6%) reported Cardiac 22.6 7.3 11.2 17.5
robust growth in Jan-18 as
Anti Diabetic 21.0 25.2 22.7 19.6
compared to high single
digit in Dec-17
Respiratory 12.4 12.3 20.3 25.5
Gastro Intestinal 7.6 8.5 11.0 9.2
Vitamins / Minerals / Nutrients 4.4 2.8 9.7 9.5
Source: AIOCD, MOSL
% of sales MAT Gr. (%) Gr. Contribution (%)
Total 100.0 8.9 100.0
Lupin witnessed 4.6% New Top 10 Brands 21.8 10.5 25.2
product growth
11 to 25 Brands 14.8 15.5 24.2
26 to 50 Brands 15.4 (1.1) (2.0)
Above 50 Brands 48.0 9.9 52.5
Source: AIOCD, MOSL
20.3
4.6
18.3 3.5
13.9 0.9
3.4
22 February 2018 7
GSK Pharma
GSK Pharma secondary Drug Therapy Value Growth Mkt
Last 3M Jan-18
(INR m) (%) Sh. (%)
sales grew 7.7% YoY in Jan-
Total 35,652 7.8 100.0 5.9 7.7
18
Augmentin Anti-Infectives 3,417 19.6 9.6 21.3 29.0
Synflorix Vaccines 2,809 25.4 7.9 (1.8) (1.3)
Calpol Pain / Analgesics 1,884 (7.1) 5.3 2.1 5.8
Betnovate C Derma 1,768 21.9 5.0 3.7 9.5
Zinetac Gastro Intestinal 1,756 3.1 4.9 1.5 (6.1)
Betnovate N Derma 1,756 26.1 4.9 12.7 8.2
Eltroxin Hormones 1,518 5.3 4.3 (4.5) 0.1
Ceftum Anti-Infectives 1,378 5.7 3.9 7.3 16.5
Betnesol Hormones 1,040 5.9 2.9 6.9 12.6
Derma saw highest growth
of 19.5% YoY in Jan-18 T Bact Derma 906 75.8 2.5 168.3 27.9
amongst therapies of GSK Source: AIOCD, MOSL
Pharma, while Vaccines
declined 3% YoY after Exhibit 29: Therapy Mix (%)
reporting high single digit Share MAT Gr. (%) 3M* Jan 18 Gr. (%)
Total 100.0 7.8 5.9 7.7
growth in Dec-17
Anti-Infectives 21.5 5.4 5.9 10.9
Derma 21.3 35.4 25.0 19.5
Vaccines 17.9 5.8 (2.4) (3.0)
Pain / Analgesics 8.2 (9.2) (0.8) 0.3
Vitamins / Minerals / Nutrients 7.7 6.6 (11.1) (1.4)
GSK witnessed price decline
of 1% and volume growth of Hormones 7.4 6.0 1.3 6.3
7.9% Source: AIOCD, MOSL
% of sales MAT Growth (%) Gr. Contribution (%)
Total 100.0 7.8 100.0
Top 10 Brands 51.1 14.6 89.4
11 to 25 Brands 20.9 6.5 17.6
26 to 50 Brands 15.4 0.4 0.9
Above 50 Brands 12.6 (4.4) (7.9)
Source: AIOCD, MOSL
8.2
28.9
7.9
5.2
-1.0 1.0
4.2
22 February 2018 8
Glenmark Pharma
Glenmark’s secondary sales Last 3M Jan-18
(INR m) (%) Sh. (%)
saw robust growth of 12.6% Glenmark Pharmaceuticals 28,295 9.1 100.0 8.9 12.6
YoY in Jan-18 Telma Cardiac 1,865 9.9 6.6 11.0 23.8
Telma H Cardiac 1,732 9.9 6.1 1.5 1.3
Ascoril Plus Respiratory 1,158 (1.2) 4.1 0.5 8.0
Candid Derma 1,136 10.3 4.0 0.2 (7.2)
Telma Am Cardiac 988 19.2 3.5 22.8 33.5
Candid-B Derma 948 (5.0) 3.4 (2.6) (12.1)
Ascoril Ls Respiratory 637 14.2 2.3 26.5 27.2
Zitamet Plus Anti Diabetic 535 28.1 1.9 16.0 24.1
Canditral Anti-Infectives 503 44.6 1.8 36.6 40.2
Syntran Anti-Infectives 448 79.0 1.6 59.2 33.6
Source: AIOCD, MOSL

Share MAT Gr. (%) 3M* Jan 18 Gr.
Respiratory witnessed Total 100.0 9.1 8.9 12.6
highest growth of 22% YoY Derma 27.4 4.5 3.9 2.4
in Jan-18, followed by Anti- Cardiac 23.1 13.3 11.8 17.9
diabetic (18.6%) and
Respiratory 15.9 9.9 14.1 22.0
Cardiac (17.9%)
Anti Diabetic 6.5 5.7 11.5 18.6
Gastro Intestinal 3.4 16.5 (0.6) 7.0
Source: AIOCD, MOSL

% of sales MAT Growth (%) Gr. Contribution (%)
New product growth and
Total 100.0 9.1 100.0
volume growth are the key
growth drivers for Top 10 Brands 35.2 12.1 45.7
Glenmark 11 to 25 Brands 17.0 16.2 28.5
26 to 50 Brands 18.0 2.4 5.0
Above 50 Brands 29.9 6.1 20.7
Source: AIOCD, MOSL
16.8
10.5
5.1
9.1 4.5
8.3
-0.5
22 February 2018 9
Dr Reddy’s Labs
Dr. Reddy’s Labs’ secondary Last 3M Jan-18
(INR m) (%) Sh. (%)
sales grew by 8.3% YoY in Total 26,089 4.5 100.0 8.3 8.3
jan-18 Omez Gastro Intestinal 1,129 (3.6) 4.3 13.2 6.2
Omez D Gastro Intestinal 1,010 (2.5) 3.9 (2.0) (3.5)
Econorm Gastro Intestinal 821 22.7 3.1 57.0 60.0
Atarax Respiratory 782 32.9 3.0 36.3 34.0
Razo D Gastro Intestinal 681 16.3 2.6 16.9 11.8
Razo Gastro Intestinal 604 11.4 2.3 11.8 0.8
Nise Pain / Analgesics 598 (4.5) 2.3 6.6 8.1
Stamlo Cardiac 556 (11.3) 2.1 (20.1) (20.2)
Stamlo Beta Cardiac 516 5.0 2.0 4.4 2.0
Ketorol Pain / Analgesics 503 18.5 1.9 32.5 27.1
Source: AIOCD, MOSL

Share MAT Gr. (%) 3M* Jan 18 Gr. (%)
Anti-Neoplastics continued Total 100.0 4.5 8.3 8.3
to decline significantly by Gastro Intestinal 21.4 7.6 15.2 12.5
41.2% YoY in Jan-18
Cardiac 13.5 3.4 1.6 2.3
Respiratory 10.2 17.0 23.1 24.7
Anti-Neoplastics 9.1 (30.8) (41.1) (41.2)
Anti Diabetic 7.0 11.7 10.0 12.6
Source: AIOCD, MOSL

Decline in price was off-set
by volume and new product
Total 100.0 4.5 100.0
growth.
Top 10 Brands 27.6 6.5 38.8
11 to 25 Brands 20.1 2.4 11.0
26 to 50 Brands 17.4 14.0 49.1
Above 50 Brands 34.9 0.1 1.1
Source: AIOCD, MOSL
17.9 5.5
4.2
3.9
7.0 1.5
-0.8

22 February 2018 10
Sanofi India
Sanofi’s secondary sales Last 3M Jan-18
(INR m) (%) Sh. (%)
witnessed double digit Sanofi India 26,660 9.4 100.0 9.3 12.8
growth of 12.8% in Jan-18
Lantus Anti Diabetic 3,710 20.2 13.9 21.2 31.0
Combiflam Pain / Analgesics 1,765 (9.4) 6.6 (21.8) (9.5)
Hexaxim Vaccines 1,721 314.9 6.5 47.5 31.3
Allegra Respiratory 1,527 18.2 5.7 21.7 21.0
Amaryl M Anti Diabetic 1,347 25.3 5.1 (2.9) (4.8)
Clexane Cardiac 1,098 5.2 4.1 (2.2) (0.8)
Avil Respiratory 1,057 7.7 4.0 13.8 17.2
Vaxigrip Vaccines 901 25.8 3.4 9.2 (8.8)
Enterogermina Gastro Intestinal 898 (1.3) 3.4 9.4 12.3
Cardace Cardiac 845 (1.5) 3.2 4.8 10.5
Source: AIOCD, MOSL

Total 100.0 9.4 9.3 12.8
Anti Diabetic 26.6 18.0 13.8 17.9
Cardiac 15.2 0.9 0.4 3.1
Vaccines 14.0 21.7 21.5 21.5
Respiratory 10.9 14.1 18.9 20.6
Top 10 brands account for Pain / Analgesics 9.4 (5.6) (14.4) (6.5)
more than 100% of growth Neuro / Cns 7.1 3.9 3.3 4.4
for Sanofi Source: AIOCD, MOSL

Total 100.0 9.4 100.0
Top 10 Brands 55.8 20.6 111.2
New Product introductions 11 to 25 Brands 23.7 0.0 0.1
is the key driver for Sanofi
26 to 50 Brands 14.0 10.9 16.1
Above 50 Brands 6.5 (26.7) (27.4)
Source: AIOCD, MOSL
Exhibit 46: Acute v/s Chronic (MAT growth) Exhibit 47: Growth Distribution (%)(MAT Jan 18)
12.5
10.0
7.1
8.8 11.8
2.4
-0.1
22 February 2018 11
Torrent Pharma
. Jan-18
Torrent Pharma’s secondary (INR m) (%) Sh. (%) 3M
sales growth improved Torrent Pharma. 37,318 5.4 100.0 4.8 7.2
significantly by 7.2% YoY in Shelcal Vitamins / Minerals / Nutrients 1,908 6.2 5.1 8.5 12.9
Jan-18, as compared to Chymoral Forte Pain / Analgesics 1,184 18.5 3.2 18.5 17.2
1.6% growth in Dec-17
Losar H Cardiac 987 (1.3) 2.6 (10.0) (17.1)
Nikoran Cardiac 945 (5.1) 2.5 (5.4) 10.5
Azulix-Mf Anti Diabetic 877 14.9 2.4 2.3 7.5
Nebicard Cardiac 817 17.6 2.2 2.3 5.3
Nexpro Rd Gastro Intestinal 796 18.1 2.1 14.6 18.0
Dilzem Cardiac 771 3.7 2.1 6.3 13.8
Losar Cardiac 723 2.7 1.9 (8.1) (4.4)
Unienzyme Gastro Intestinal 601 (0.3) 1.6 0.5 16.6
Source: AIOCD, MOSL

Total 100.0 5.4 4.8 7.2
Cardiac 32.2 2.3 (0.3) 4.1
Vitamins / Minerals / Neuro / Cns 16.5 10.6 8.6 8.6
Nutrients therapeutic Gastro Intestinal 14.5 8.1 11.1 12.9
products posted highest
growth of 16.6% YoY in Jan-
Anti Diabetic 7.2 21.6 12.5 16.6
18.
Pain / Analgesics 6.3 10.1 12.3 10.1
Source: AIOCD, MOSL
Growth in volume, price Total 100.0 5.4 100.0
and new product led to
Top 10 Brands 25.8 7.1 33.2
increase in sales growth
11 to 25 Brands 16.3 1.2 3.9
26 to 50 Brands 14.5 12.6 31.7
Above 50 Brands 43.4 3.8 31.2
Source: AIOCD, MOSL
6.4
4.2
2.9
19.3
1.4
1.1
16.2
22 February 2018 12
Alembic Pharma
Last 3M Jan-18
Alembic Pharma secondary (INR m) (%) Sh. (%)
sales grew marginally by Total 14,697 (1.9) 100.0 1.9 3.7
3.9% yoY in Jan-17 Azithral Anti-Infectives 1,505 (0.4) 10.2 8.6 10.4
Althrocin Anti-Infectives 754 (3.2) 5.1 (4.1) (10.5)
Wikoryl Respiratory 595 2.6 4.0 11.8 16.9
Gestofit Gynaecological 522 (16.6) 3.5 (14.0) (9.5)
Roxid Anti-Infectives 501 (3.9) 3.4 9.1 15.2
Rekool D Gastro Intestinal 315 (10.1) 2.1 (10.4) (6.0)
Ulgel Gastro Intestinal 282 (4.7) 1.9 (0.5) (5.5)
Richar Gynaecological 261 (15.9) 1.8 (5.8) (4.0)
Glisen Mf Anti Diabetic 231 (12.2) 1.6 (15.9) (9.6)
Rekool Gastro Intestinal 212 (17.6) 1.4 (18.9) (21.6)
Source: AIOCD, MOSL

Share MAT Gr (%) 3M* Jan 18 Gr. (%)
Alembic’s largest portfolio,
Total 100.0 (1.9) 1.9 3.7
Anti-Infectives posted
growth of 8.3% YoY in Jan- Anti-Infectives 22.4 (1.6) 8.1 8.3
18, while its second largest Cardiac 14.7 0.7 (5.4) (3.8)
portfolio, Cardiac continued Respiratory 12.8 (2.4) 5.7 9.1
to decline in Jan-18 (-3.8%) Gastro Intestinal 12.3 (6.3) (5.5) (6.3)
Gynaecological 11.4 (3.7) 1.3 3.6
Vitamins / Minerals / Nutrients 7.8 (5.2) 1.1 4.7
Source: AIOCD, MOSL

Total 100.0 (1.9) 100.0
Top 10 Brands 35.2 (5.8) 110.6
11 to 25 Brands 18.7 0.9 (8.5)
26 to 50 Brands 18.3 4.0 (36.5)
Above 50 Brands 27.8 (2.4) 34.5
Source: AIOCD, MOSL
0.0 1.9 2.5
-6.3
(2.5)
3.5
11.5
22 February 2018 13
IPCA Labs
Last 3M Jan-18
(INR m) (%) Sh. (%)
After reporting a decline of Ipca Laboratories 15,530 (5.1) 100.0 (3.3) 1.0
4% in Dec-17, IPCA’s Zerodol Sp Pain / Analgesics 1,230 6.1 7.9 5.7 8.0
secondary sales saw a
Zerodol P Pain / Analgesics 925 (2.1) 6.0 0.4 (3.8)
marginal improvement in
Jan-18, increasing 1% YoY Hcqs Anti Malarials 848 7.9 5.5 (0.3) 5.8
Larinate Anti Malarials 506 (19.1) 3.3 (21.9) (14.7)
Folitrax Anti-Neoplastics 453 12.0 2.9 23.4 20.4
Glycinorm M Anti Diabetic 438 (6.4) 2.8 (19.7) (16.8)
Rapither-Ab Anti Malarials 371 (37.4) 2.4 (15.4) (2.6)
Zerodol Th Pain / Analgesics 357 14.9 2.3 3.4 5.6
Lariago Anti Malarials 332 (26.3) 2.1 12.3 43.0
Ctd Cardiac 328 9.5 2.1 18.0 28.9
Source: AIOCD, MOSL

Cariac, Anti-Malaria and Share MAT Gr. (%) 3M* Jan 18 Gr. (%)
Anti-Infectives after Total 100.0 (5.1) (3.3) 1.0
declining for last two Pain / Analgesics 27.3 1.1 2.1 4.1
months reported growth in Cardiac 16.8 (4.8) (5.7) 1.7
Jan-18 Anti Malarials 16.5 (19.0) (7.4) 3.7
Gastro Intestinal 7.6 (5.4) (4.8) (3.6)
Anti-Infectives 6.0 (4.8) (2.7) 0.9
Anti Diabetic 5.1 (5.6) (15.1) (11.6)
Source: AIOCD, MOSL

Volume and price both
continued to decline in Jan-
Total 100.0 (5.1) 100.0
18, while new product
Top 10 Brands 37.3 (4.2) 30.5
growth remained flat
11 to 25 Brands 22.2 (6.5) 28.5
26 to 50 Brands 18.0 (0.7) 2.4
Above 50 Brands 22.6 (8.4) 38.6
Source: AIOCD, MOSL
-3.9 -1.6 0.4
11.9
4.5
(4.4)
(5.4) Vol GR Price GR NP GR

ACUTE CHRONIC
22 February 2018 14
Biocon
Secondary sales of Biocon Last 3M Jan-18
(INR m) (%) Sh. (%)
posted growth of 3.5% YoY Total 3,974 10.0 100.0 6.7 3.5
in Jan-18 Insugen Anti Diabetic 1,134 26.7 28.5 15.4 10.9
Basalog Anti Diabetic 811 29.3 20.4 27.5 30.9
Canmab Anti-Neoplastics 374 52.1 9.4 20.9 (22.1)
Insugen R Anti Diabetic 250 38.0 6.3 39.1 19.1
Blisto Mf Anti Diabetic 167 10.0 4.2 24.4 38.5
Erypro Blood Related 142 (56.8) 3.6 (84.1) (79.7)
Psorid Anti-Neoplastics 113 36.0 2.8 48.1 39.0
Biomab Egfr Anti-Neoplastics 85 (34.9) 2.1 (51.8) (75.4)
Insugen N Anti Diabetic 84 17.5 2.1 (0.5) (8.7)
Metadoze-Ipr Anti Diabetic 64 31.6 1.6 29.9 25.5
Source: AIOCD, MOSL

Biocon’s Blood related
portfolio saw a massive Total 100.0 10.0 6.7 3.5
decline of 77% and Anti- Anti Diabetic 65.9 27.0 23.3 20.0
Neoplastic declined Anti-Neoplastics 17.7 (13.6) (10.6) (33.4)
significantly by 33% YoY Blood Related 3.8 (55.5) (82.5) (77.4)
(+5.9% in Dec-17). BIOS
Cardiac 3.6 (13.9) (11.6) (6.0)
largest portfolio, Anti-
Diabetic (66% share) grew Anti-Infectives 3.4 70.3 73.9 125.7
20% YoY Derma 2.4 4.1 19.5 22.9
Source: AIOCD, MOSL

Total 100.0 10.0 100.0
Top 10 products are the
Top 10 Brands 81.1 16.7 127.6
primary growth drivers
for Biocon. Company saw 11 to 25 Brands 9.6 7.5 7.3
significant volume growth 26 to 50 Brands 7.3 4.0 3.1
in Jan-18 Above 50 Brands 2.1 (62.4) (38.0)
Source: AIOCD, MOSL
2.6
13.7
8.6
1.1
-0.2 1.7
1.0
Vol GR Price GR NP GR
ACUTE CHRONIC
22 February 2018 15
Abbott India
Abbott’s secondary sales Last 3M Jan-18
(INR m) (%) Sh. (%)
grew 10.6% YoY for Jan-18, Total 73,223 7.4 100.0 8.9 10.6
8.9% for 3M and 7.4% on
Mixtard Anti Diabetic 4,958 (2.0) 6.8 (7.9) (14.4)
MAT basis
Novomix Anti Diabetic 2,714 9.5 3.7 (9.8) (9.1)
Phensedyl Cough LinctusRespiratory 2,538 9.8 3.5 45.8 26.5
Duphaston Gynaecological 2,489 22.9 3.4 21.6 23.1
Thyronorm Hormones 2,396 25.0 3.3 41.9 40.6
Udiliv Gastro Intestinal 1,890 24.3 2.6 27.9 44.7
Vertin Neuro / Cns 1,463 10.5 2.0 8.7 10.3
Duphalac Gastro Intestinal 1,280 4.5 1.7 (2.6) 1.1
Actrapid Anti Diabetic 1,115 10.7 1.5 (2.1) (4.2)
Similac Vitamins / Minerals / Nutrients 1,045 21.4 1.4 7.8 6.1
Source: AIOCD, MOSL
Exhibit 69: Therapy Mix
Total 100.0 7.4 8.9 10.6
Abbot’s Anti-Diabetic
declined 8% YoY in Jan-18 Anti Diabetic 20.5 3.5 (5.1) (8.0)
(7.1% growth in Dec-17) Gastro Intestinal 16.4 10.5 10.4 14.5
Neuro / Cns 8.9 5.0 13.0 14.8
Cardiac 8.1 1.5 2.3 9.2
Source: AIOCD, MOSL
Abbot’s chronic segment % of sales MAT growth (%) Gr. Contribution (%)
grew 4.6% YoY on MAT Total 100.0 7.4 100.0
basis Top 10 Brands 29.9 10.9 42.7
11 to 25 Brands 16.5 16.8 34.3
26 to 50 Brands 15.6 7.9 16.5
Above 50 Brands 38.0 1.2 6.6
Source: AIOCD, MOSL
9.4
4.6
5.3
39.9 28.3 1.3 0.8
22 February 2018 16
Mankind
Mankind’s secondary sales Last 3M Jan-18
(INR m) (%) Share (%)
increased 16.4% YoY for Mankind Pharma. 42,680 6.4 100.0 16.4 16.4
Jan-18, 16.4% YoY for 3M Manforce Sex Stimulants / Rejuvenators 2,001 6.0 4.7 2.0 8.9
and 6.4% YoY on MAT basis
Moxikind Cv Anti-Infectives 1,702 (7.2) 4.0 1.3 16.5
Unwanted Kit Gynaecological 973 (5.5) 2.3 28.8 16.6
Glimestar M Anti Diabetic 909 (1.2) 2.1 26.2 28.2
Amlokind-At Cardiac 792 (5.3) 1.9 (0.4) (0.1)
Candiforce Anti-Infectives 699 14.4 1.6 (8.9) 11.3
Prega News Others 689 (3.7) 1.6 1.9 (8.2)
Nurokind Lc Vitamins / Minerals / Nutrients 655 27.7 1.5 31.6 24.9
Gudcef Anti-Infectives 626 (14.3) 1.5 1.5 31.4
Telmikind H Cardiac 569 17.2 1.3 41.2 25.4
Source: AIOCD, MOSL
Mankind’s Respiratory
Total 100.0 6.4 16.4 16.4
therapy saw robust growth
of 51.6% YoY in Jan-18, Anti-Infectives 21.6 (0.5) 12.8 18.2
followed by Anti-diabetic Vitamins / Minerals / Nutrients 15.1 8.3 16.0 12.9
and Anti-Infective by 20.3% Gastro Intestinal 11.0 6.2 13.2 10.1
and 18.2% respectively Cardiac 9.8 12.0 17.6 16.7
Respiratory 6.8 17.9 44.6 51.6
Anti Diabetic 6.2 13.9 21.1 20.3
Source: AIOCD, MOSL
% of sales MAT gr. (%) Gr. Contribution (%)
Total 100.0 6.4 100.0
Top 10 Brands 22.5 0.5 2.0
11 to 25 Brands 15.7 9.0 21.5
26 to 50 Brands 16.0 10.3 25.0
Above 50 Brands 45.8 7.2 51.5
Source: AIOCD, MOSL
30.4 10.6
5.6
9.7
5.0 -0.4 1.3
ACUTE CHRONIC
22 February 2018 17
Pfizer
Pfizer secondary sales Jan-18
(INR m) (%) Sh. (%) 3M
reported healthy growth of Pfizer + Wyeth 27,614 (2.8) 100.0 2.1 6.8
6.8% YoY in Jan-18
Becosules Vitamins / Minerals / Nutrients 2,265 1.4 8.2 8.1 14.4
Magnex Anti-Infectives 1,514 9.2 5.5 4.0 (6.9)
Dolonex Pain / Analgesics 1,446 2.8 5.2 (1.0) 10.9
Minipress Xl Cardiac 1,438 4.0 5.2 4.2 11.4
Gelusil Mps Gastro Intestinal 1,352 (0.1) 4.9 3.6 2.4
Prevenar 13 Vaccines 1,264 49.9 4.6 2.4 13.9
Mucaine Gastro Intestinal 1,166 2.1 4.2 4.0 (4.9)
Wysolone Hormones 993 (12.3) 3.6 (20.7) (16.9)
Corex Dx Respiratory 886 14.6 3.2 22.8 26.2
Folvite Blood Related 763 (0.7) 2.8 0.9 2.0
Source: AIOCD, MOSL
While growth in Anti-
Total 100.0 (2.8) 2.1 6.8
Infectives continued,
growth in Gastro further
declined to 2.8% YoY in Jan- Gastro Intestinal 10.7 (1.1) 1.7 (2.8)
18 (-0.2% in Dec-17) Vitamins / Minerals / Nutrients 10.3 (0.8) 7.1 12.4
Hormones 9.7 (3.0) (8.3) (3.5)
Gynaecological 9.5 9.6 1.0 (7.6)
Cardiac 7.3 (1.6) (1.6) 1.1
Source: AIOCD, MOSL
Decline in sales can be Exhibit 80: Brand wise growth distribution

attributed to decline in % of sales MAT growth (%) Gr. Contribution (%)
Total 100.0 (2.8) 100.0
volumes and price and
Top 10 Brands 47.4 5.3 (82.4)
muted new product growth
in Jan-18 11 to 25 Brands 26.4 11.5 (92.9)
26 to 50 Brands 16.1 19.1 (88.1)
Above 50 Brands 10.1 (51.1) 363.5
Source: AIOCD, MOSL
3.4 -2.4 -0.9 0.5

24.0
4.4
(4.0)
22 February 2018 18
Merck
Merck secondary sales posted Last 3M Jan-18
(INR m) (%) Sh. (%)
growth of 4.3% YoY in jan-18 Merck Ltd 6,793 5.2 100.0 1.3 4.3
Neurobion Forte Vitamins / Minerals / Nutrients 818 2.7 12.0 (0.2) 8.5
Polybion Vitamins / Minerals / Nutrients 567 0.7 8.3 (4.7) (23.0)
Livogen Gynaecological 466 4.6 6.9 (8.0) 2.1
Livogen Z Gynaecological 408 7.8 6.0 0.2 6.1
Concor Cardiac 407 22.7 6.0 12.2 22.6
Evion Lc Vitamins / Minerals / Nutrients 353 21.6 5.2 12.0 31.0
Neurobion Forte Rf Vitamins / Minerals / Nutrients 297 1.0 4.4 (9.9) (15.5)
Polybion Sf Vitamins / Minerals / Nutrients 276 (6.6) 4.1 (21.4) (21.0)
Polybion Lc Vitamins / Minerals / Nutrients 252 (5.0) 3.7 (1.9) (5.3)
Concor Am Cardiac 252 18.0 3.7 14.0 21.5
Source: AIOCD, MOSL
Share MAT Gr. (%) 3M* Jan 18 Gr (%)
After a muted performance Total 100.0 5.2 1.3 4.3
in Dec-17, Gynecological Vitamins / Minerals / Nutrients 48.0 3.8 (0.0) 3.0
portfolio reported robust
Cardiac 17.6 16.7 7.8 15.4
growth of 15.4% Yoy in Jan-
Gynaecological 17.3 (0.6) (8.0) (7.5)
18, while Merck’s largest
portfolio, Vitamins, grew Derma 6.4 23.4 4.4 (0.3)
3% YoY (-3.9% in Dec-17). Anti Diabetic 3.5 2.5 (4.7) 3.4
Anti-Neoplastics 2.0 147.3 719.0 450.0
Source: AIOCD, MOSL
Total 100.0 5.2 100.0
Top 10 Brands 60.3 5.7 66.2
Merck saw significant price 11 to 25 Brands 25.9 17.9 79.4
growth of 2.3% in Jan-18 26 to 50 Brands 11.3 (9.0) (22.5)
Above 50 Brands 2.6 (30.7) (23.1)
Source: AIOCD, MOSL
5.2 14.1
3.1
2.3
1.3
-0.3
3.0
ACUTE CHRONIC
22 February 2018 19
Ajanta Pharma
Ajanta Pharma secondary Last 3M Jan-18
(INR m) (%) Sh. (%)
sales grew by 6.2% YoY for Ajanta Pharma 7,411 8.1 100.0 8.7 6.2
Jan-18, 8.7% YoY growth for
Met Xl Cardiac 862 9.9 11.6 6.7 5.8
3M and 8.1% YoY growth on
MAT basis Atorfit Cv Cardiac 510 2.4 6.9 (0.5) (8.0)
Melacare Derma 497 1.9 6.7 8.4 5.0
Feburic Pain / Analgesics 264 25.4 3.6 41.8 30.5
Met Xl Am Cardiac 217 13.7 2.9 20.0 15.9
Rosufit Cv Cardiac 208 (3.2) 2.8 (12.8) (16.0)
Rosutor Gold Cardiac 198 26.6 2.7 22.5 19.2
Cinod Cardiac 186 31.9 2.5 32.4 25.4
Soft Drops Ophthal / Otologicals 183 1.7 2.5 0.7 (7.4)
Olopat Ophthal / Otologicals 113 9.2 1.5 22.6 8.4
Source: AIOCD, MOSL
Share MAT Gr.(%) 3M* Jan 18 Gr. (%)
Total 100.0 8.1 8.7 6.2
Cardiac 38.8 12.0 8.9 5.9
Ophthal / Otologicals 24.9 15.7 18.6 11.7
Derma 17.1 (2.6) 1.4 3.7
Pain / Analgesics 5.1 13.2 27.4 19.9
Vitamins / Minerals / Nutrients 3.9 (14.0) (7.5) (7.4)
Anti Diabetic 2.2 35.4 16.1 15.2
Source: AIOCD, MOSL
Price increase and new Exhibit 90: Brand wise growth distribution
product growth is the key % of sales MAT Growth (%) Gr. Contribution (%)
growth driver for Ajanta Total 100.0 8.1 100.0
Pharma on Top 10 Brands 43.7 9.1 48.8
MAT basis
11 to 25 Brands 15.5 15.5 27.9
26 to 50 Brands 16.3 5.3 11.0
Above 50 Brands 24.4 3.9 12.3
Source: AIOCD, MOSL
8.2
5.1
8.0
2.0
3.4 3.5 1.0
22 February 2018 20
NOTES
22 February 2018 21
Explanation of Investment Rating
Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10% Sector Update| Healthcare
NEUTRAL > - 10 % to 15%
UNDER REVIEW Rating may undergo a change
NOT RATED We have forward looking estimates for the stock but we refrain from assigning recommendation
*In case the recommendation given by the Research Analyst becomes inconsistent with the investment rating legend, the Research Analyst shall within 28 days of the inconsistency, take appropriate measures to make the recommendation consistent with the investment rating legend.
Disclosures:
The following Disclosures are being made in compliance with the SEBI Research Analyst Regulations 2014 (herein after referred to as the Regulations).
Motilal Oswal Securities Ltd. (MOSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOSL, the Research Entity (RE) as defined in the Regulations, is engaged in the business of providing Stock broking services,
Investment Advisory Services, Depository participant services & distribution of various financial products. MOSL is a subsidiary company of Motilal Oswal Financial Service Ltd. (MOFSL). MOFSL is a listed public company, the details in respect of
which are available on www.motilaloswal.com. MOSL is registered with the Securities & Exchange Board of India (SEBI) and is a registered Trading Member with National Stock Exchange of India Ltd. (NSE) and Bombay Stock Exchange Limited
(BSE), Metropolitan Stock Exchange Of India Ltd. (MSE) for its stock broking activities & is Depository participant with Central Depository Services Limited (CDSL) & National Securities Depository Limited (NSDL) and is member of Association of
Mutual Funds of India (AMFI) for distribution of financial products. Details of associate entities of Motilal Oswal Securities Limited are available on the website at http://onlinereports.motilaloswal.com/Dormant/documents/Associate%20Details.pdf
Regulatory Enquiries against Motilal Oswal Securities Limited by SEBI:
SEBI pursuant to a complaint from client Shri C.R. Mohanraj alleging unauthorized trading, issued a letter dated 29th April 2014 to MOSL notifying appointment of an Adjudicating Officer as per SEBI regulations to hold inquiry and
adjudge violation of SEBI Regulations; MOSL requested SEBI to provide all documents, records, investigation report relied upon by SEBI which were referred in Show Cause Notice. The matter is closed and MOSL had to pay Rs. 2
lakhs towards penalty for misplacement of original POA of client.
MOSL, it’s associates, Research Analyst or their relative may have any financial interest in the subject company. MOSL and/or its associates and/or Research Analyst may have beneficial ownership of 1% or more securities in the subject company at
the end of the month immediately preceding the date of publication of the Research Report. MOSL and its associate company(ies), their directors and Research Analyst and their relatives may; (a) from time to time, have a long or short position in, act
as principal in, and buy or sell the securities or derivatives thereof of companies mentioned herein. (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial
instruments of the company(ies) discussed herein or act as an advisor or lender/borrower to such company(ies) or may have any other potential conflict of interests with respect to any recommendation and other related information and opinions.;
however the same shall have no bearing whatsoever on the specific recommendations made by the analyst(s), as the recommendations made by the analyst(s) are completely independent of the views of the associates of MOSL even though there
might exist an inherent conflict of interest in some of the stocks mentioned in the research report. Research Analyst may have served as director/officer, etc. in the subject company in the last 12 month period. MOSL and/or its associates may have
received any compensation from the subject company in the past 12 months.
In the last 12 months period ending on the last day of the month immediately preceding the date of publication of this research report, MOSL or any of its associates may have:
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Healthcare Sector

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Sector Update | 22

Exhibit 1: Volume led high industry growth

Kumar Saurabh (Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519

Indian Pharma Market - Jan 2018

Exhibit 3: Performance of top therapies: Jan 2018

Sun Pharma + Ranbaxy

Exhibit 5: Therapy Mix (%)

Exhibit 6: Brand wise growth distribution

ACUTE CHRONIC Vol GR Price GR NP GR

Exhibit 11: Brand wise growth distribution

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

Exhibit 15: Therapy Mix (%)

ACUTE CHRONIC Vol GR Price GR NP GR

Therapy Mix (%)

Exhibit 20: Brand wise growth distribution

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

Exhibit 24: Therapy Mix (%)

Source: AIOCD, MOSL Source: AIOCD, MOSL

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

Exhibit 34: Therapy Mix (%)

Exhibit 35: Brand wise growth distribution

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

Exhibit 39: Therapy Mix (%)

Exhibit 40: Brand wise growth distribution

ACUTE CHRONIC Vol GR Price GR NP GR

Exhibit 44: Therapy Mix (%)

Exhibit 45: Brand wise growth distribution

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

Exhibit 49: Therapy Mix (%)

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

Exhibit 54: Therapy Mix (%)

Exhibit 55: Brand wise growth distribution

0.0 1.9 2.5

Source: AIOCD, MOSL Source: AIOCD, MOSL

Exhibit 59: Therapy Mix (%)

Exhibit 60: Brand wise growth distribution

(5.4) Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

Exhibit 64: Therapy Mix (%)

Exhibit 65: Brand wise growth distribution

Source: AIOCD, MOSL Source: AIOCD, MOSL

39.9 28.3 1.3 0.8

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

Decline in sales can be Exhibit 80: Brand wise growth distribution

3.4 -2.4 -0.9 0.5

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOSL Source: AIOCD, MOSL

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