Cardiac Segment

M&A Agenda - India

Aug 2007

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 Cardiac Overview – Jun 07 Top Brands – Rs. Mn, Jun 07
Brand Molecule Company MAT Jun 07
Competitive Ranking
Cardac Ramipril Sanofi 677
2003 1 5 6 11 8 Aten Atenolol Zydus 594

2007 9 Storvas Atorvastatin Ranbaxy 446

1 2 3 10
Envas Enalapril Cadila 413
CAGR 10% 15% 14% 25% 8%
Losar – H Losar Comb Unichem 382

Stamlo Amlodipine Dr. Reddy’s 361

Losar Losartan Unichem 352

Top Launches – Last 12 Months, Rs mn

Brand Molecule Company MAT Jun 07
Lipicure Atorvastatin INTAS 83
Lomoh Enoxaparin Emcure 35
Sub-Therapy Market Share
Ecosprin AV Atorv+Aspirin USV 26
CAGR Rs. bn
Storfib Ator+Fenofib Ranbaxy 22
30% 4.4
15% 3.6 Topol XL Metoprolol Lupin 20
15% 3.2
Fastest Growing Companies (<Rs 200 mn Cardiac
15% 3.0
Rev)
15% 2.8 Company Cardiac Rev YoY% CAGR
34% 2.8 Mankind 193 88% 328%
5% 2.5 Orchid 169 107% 30%
25% 1.7 Blue Cross 107 41% 191%
5% 1.6
10% Biocon 100 607% NA
1.5
Gland 49 1235% N/A
12 Others, including Fibrates, Antiarrythmics
Total Market 29.1
2 etc make up around Rs 2 bn
 Current Top 13 Players Rs mn

Company MAT Jun 03 MAT Jun 07 YoY % CAGR%

Key Takeaways
Zydus Cadila 1,360 1,970 6% 10%
• Total TA size at about Rs 2,915 cr, with a CAGR of
Torrent 1,087 1,887 20% 15% 14%

Sun 1,079 1,797 15% 14% • In 2003, 7 companies had a portfolio of >Rs100 cr

• Today, 13 players with portfolio of > Rs100 cr

Unichem 739 1,695 14% 23%
• Among the 6 new additions, Dr. Reddy’s has the
Cipla 1,063 1,616 8% 11%
lowest CAGR% and yoy growth rate
Nicholas 1,154 1,582 7% 8% • In the portfolio of Rs 20 - 100 cr, FDC, Glenmark &

Sanofi Aventis 1,122 1,574 8% 9% Ajanta Pharma have registered highest CAGR

• Macleods has maintained the growth momentum

Lupin 369 1,448 46% 41%
and will soon breach the Rs 50 crore mark
Ranbaxy 737 1,419 20% 25%

Dr. Reddy’s 949 1,314 13% 8%

USV 1,092 1,176 4% 2%

INTAS 537 1,097 13% 20%

Emcure 208 1,040 42% 50%

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 Key Sub-TAs Matrix: MAT Jun 03 to Jun 07 CAGR%

Company Dr. Reddy’s Zydus Cadila Torrent Sun Unichem Cipla Nicholas Sanofi Lupin Ranbaxy

Statins 26% 23% 332% 39% 27% 11% 239% - 51% 24%

Hypotensive 13% 10% 33% 12% 15% 3% 26% - 64% 45%

Combi

Beta Blockers 259% 7% 25% 12% 52% 19% 3% - 40% 18%

Calcium CB -2% 11% 3% -4% -6% 7% -4% - 520% 10%

Anti Coagulant 6% -3% 19% 10% 7% 18% 24% 16% 70% 29%

Diuretics 418% 26% 43% 29% 41% 23% 8% 36% 399% 35%
Combi

ACE inhibitors 5% -30% -1% -28% -13% -5% -10% 7% 20% 34%

Angiotensin 28% 2% 34% 14% 25% 17% 9% NA 78% 16%

Nitrates 3% -7% -9% 1% -82% -3% 4% - NA -

Diuretics Plain NA 78% 14% 55% - 229% 13% 2% 10% 521%

NA: Launch in last 12 months only

- : No Presence Portfolio of > Rs 250 mn
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 Statins Top Brands – Rs. Mn, Jun 07
Market Ranking Brand Molecule Company MAT Jun 07
Rs. mn
2003 1 9 6 3 5 Storvas Atorvastatin Ranbaxy 446

CAGR 24% 51% 39% 23% 26% Atorva Atorvastatin Zydus 294
Tonact Atorvastatin Lupin 239
2007 1 2 3 4 5
Atocor Atorvastatin Dr. Reddy’s 211

Top Launches – Last 12 Months, Rs mn

Brand Molecule Company MAT Jun 07
Molecule Market Share Lipicure Atorvastatin INTAS 83
Rs. mn
Ecosprin AV Atrova+Aspirin USV 26
2,564
Storfib Ator+Fenofib Ranbaxy 22
627
Fastest Growing Brands, MAT Jun 07
514
Brand Molecule Company Sales, YoY%
287
Polytorva Ator+Rami+Asp USV 63, 171%
24 Tonact TG Ator+Fenofib Lupin 53, 234%

168 Atocor E Ator+Ezetemibe Dr Reddys 44, 62%

Fastest Growing Small-Med Companies, MAT Jun 07

Sub Therapy Growth Trend, Rs mn
Company Sub TA Rev YoY% CAGR

0% Ajanta 83 79% 122%

R:3
CAG FDC 81 58% 126%

Biocon 42 846% NA

Mankind 32 79% 157%

Ozone 19 115% NA
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 Statins - Molecule Matrix Rs mn

Molecule CAGR% Dr. Reddy’s Zydus Cadila Torrent Sun Unichem Cipla Nicholas Lupin Ranbaxy Top

Atorvastatin 25% 211 294 52 181 124 133 68 239 446 Ranba
xy

Atorvastatin 697% 44 29 9 40 39 22 26 67 76 Intas

+ Ezetemibe

Simvastatin -9% - - - - - 51 - 13 100 Ranba

xy

Atorvastatin 163% - 24 18 53 22 - - 21 19 Sun

+ Aspirin

Rosuvastatin 12% 9 - 11 21 3 14 3 86 Ranba

xy

Other combi 162% 0.4 6 74 35 40 9 93 34 USV

Notes
Key Takeaways
• Other statin combinations include brands like
• Dr. Reddy’s has just fallen behind the market growth rate at 26%. The overall market has
Polytorva of USV
grown at CAGR of 30%
(Atorvastatin+Ramipril+Aspirin –Rs 63 mn),

• While Dr. Reddy’s has a strong position in Atorvastatin, its absence is conspicuous in two Tonact TG of Lupin (Atorvastatin + Fenofibrate
– Rs 53 mn), Atorlip-F of Cipla
fastest growing segments of Ator+Aspirin and Other Statin Combinations
(Atorvastatin+Fenofibrate – Rs 37 mn) etc

• Lovastatin is worth Rs 20 mn where Dr.

Reddy’s has 50% market share

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 Hypotensive Combinations Top Brands – Rs. Mn, Jun 07
Current Ranking Brand Molecule Company MAT Jun 07
Rs. mn
2003 1 2 3 13 4 Amlopres AT Aten + Amlo Cipla 295

CAGR 3% 13% 15% 53% 6% Stamlo Beta Aten + Amlo Dr Reddys 291
Amtas AT Aten + Amlo Intas 116
2007 1 2 3 4 5
Amlong A Aten + Amlo Micro Labs 96

Corvadil A Aten + Amlo Unichem 95

Top Launches – Last 12 Months, Rs mn

Molecule Market Share Brand Molecule Company MAT Jun 07
Rs. mn
Telma AM Glenmark 8
1,792 Betaone AM Amlo+ Dr Reddys 7
354
Fastest Growing Brands, MAT Jun 07
294
Brand Molecule Company Sales, YoY%
212 Amlokind Aten + Amlo Mankind 87, 68%
172 Asomex AT S Amlo + Aten Emcure 90, 45%
Amodep AT Aten + Amlo FDC 51, 41%
147

Fastest Growing Small-Med Companies, MAT Jun 07

Sub Therapy Growth Trend, Rs mn
Company Sub TA Rev YoY% CAGR
5% Mankind 106 72% 329%
R:1
CAG
Unimark 36 59% 327%
Indoco 27 25% 173%
Blue Cross 22 69% 328%
Unison 22 115% 90%

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 Hypotensive Combinations - Molecule Matrix Rs mn

Molecule CAGR% Dr. Reddy’s Zydus Cadila Torrent Sun Unichem Cipla Nicholas Lupin Ranbaxy Top

Atenolol + 12% 291 152 11 13 95 296 2 1 1 Cipla,

Amlodipine Dr
Reddy
s

Amlodipine 18% - 11 36 33 69 17 - - 30 Uniche

+ Losartan m

Amlodipine -1% - 8 - - - 79 - 2 - Cipla

+ Lisinopril

S Amlodip + 70% - - 20 - - - - 2 - Emcur

Atenolol e (169)

Atenolol + -7% - - - 32 22 38 9 - - Cipla

Nifedipine

Losartan + 44% - 12 14 - 88 - - - 1 Uniche

Ramipril m

• Total 18 combinations in market

Key Takeaways
• Other major ones are:
• Dr. Reddy’s has grown less than the market, though has maintained the market rank
• Losartan + Atenolo (Rs 126 mn) where
• Except for one combination, Dr. Reddy’s is absent from the rest of the market, that accounts Ranbaxy (33), Unichem (32) & Sun (25)
for 50% of market dominate

• Amlodipine + Enalapril (Rs 74 mn) where

• Emcure & Unichem dominate the fastest growing combinations of this segment
Intas (38) and Systopic (32) lead the
market
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 Beta Blockers Top Brands – Rs. Mn, Jun 07
Current Ranking Brand Molecule Company MAT Jun 07
Rs. mn
2003 1 2 3 - Aten Atenolol Zydus 594

CAGR 7% 3% 15% 259% Betaloc Metoprolol AstraZenec 184

Metolar Metoprolol Cipla 158
2007 1 2 3 33
Tenormin Atenolol Nicholas 146

Tenolol Atenolol Ipca 146

Top Launches – Last 12 Months, Rs mn

Molecule Market Share Brand Molecule Company MAT Jun 07
Rs. mn
Supermet XL Metoprolol Nicholas 11
1,262 Provanol Propranolol Intas 7
883
Fastest Growing Brands, MAT Jun 07
354
Brand Molecule Company Sales, YoY%
322 Prolomet Metoprolol Sun 33,1352%
190 Pilol Propranolol A.N.Pharm 10,1085%
acia
149

Fastest Growing Small-Med Companies, MAT Jun 07

Sub Therapy Growth Trend, Rs mn
Company Sub TA Rev YoY% CAGR
5% Lupin 110 48% 40%
R:1
CAG
Emcure 100 82% 250%
Ajanta Pharma 77 79% 304%
Orchid 48 114% 51%
USV 30 60% 244%

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 Beta Blockers - Molecule Matrix Rs mn

Molecule CAGR% Dr. Reddy’s Zydus Cadila Torrent Sun Unichem Cipla Nichola Lupin Ranbaxy Top
s

Atenolol 3% - 633 112 - - 9 147 22 - Zydus

Metoprolol 37% 5 - 30 33 29 158 11 20 3 AstraZen

eca

Propranolol 9% - - - 69 - 96 138 - - nicholas

Nebivolol 369% - - 119 - - - 24 67 7 Torrent

Carvedilol 8% - 9 - 115 - 29 - - - Sun

Bisoprolol 19% - - - - 23 - - - - Unichem

Key Takeaways
• Though the growth has been exceptional, the scale has not yet been achieved

• Except for metoprolol, Dr. Reddy’s has little presence in this segment

• Though Nebivolol is a growing molecule (with 35% yoy growth), the market is dominated by big brands like Nebicard (119) of
Torrent, Nebistar (67) of Lupin and Nodon (50) of Cadila Pharma

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 Ca Channel Block Top Brands – Rs. Mn, Jun 07
Current Ranking Brand Molecule Company MAT Jun 07
Rs. mn
2003 1 2 3 3 - Stamlo Amlodipine Dr.Reddys 361

CAGR 3% -2% 11% 61% 3% Dilzem Diltiazem Torrent 295

2007 1 2 3 4 5 Amodac Amlodipine Zydus 280

Nicardia Nifedipine Unique phm 221

Amlong Amlodipine Micro Labs 134

Top Launches – Last 12 Months, Rs mn

Molecule Market Share Brand Molecule Company MAT Jun 07
Rs. mn
Vasogard Amlodipine Themis 1
1,569
Avacard Amlodipine Ranbaxy 1
502
Fastest Growing Brands, MAT Jun 07
403
Brand Molecule Company Sales, YoY%
347 Amlogard Amlodipine Pfizer 119, 44%
77 Asomex S Amlodipine Emcure 118, 48%
S-Numlo S-Amlodipine Emcure 74, 43%
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Fastest Growing Small-Med Companies, MAT Jun 07

Sub Therapy Growth Trend, Rs mn
Company Sub TA Rev YoY% CAGR
5% Emcure 260 46% 61%
R:1
CAG
Pfizer 119 44% 14%
Mankind 25 84% 269%
Orchid health 24 161% 52%
Indigo 12 40% 114%

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 Calcium Channel Blockers - Molecule Matrix Rs mn

Molecule CAGR Dr. Reddy’s Zydus Cadila Torrent Sun Uniche Cipla Nicholas Lupin Ranbaxy Top
% m

Amlodipine 4% 361 280 3 - 21 118 - - 1 Dr

Reddys

Diltiazem -2% - 5 295 78 - 8 6 - - Torrent

Nifedipine 1% - 65 64 - 3 3 28 - - Zydus

S-amolodipine 63% - - 45 - - - - - - Torrent

Verapamil -3% - - - - - - 77 - - Nicholas

Lercanidipine 20% - - - 27 - - 10 4 - Sun

Key Takeaways
• Dr. Reddy’s has a strong presence in the leading molecule of this segment. However the revenues are based on one molecule
only, which itself is experiencing slow growth rates

• Torrent has adopted the de-risked strategy. Torrent is not only the market leader of this segment but has the leading position in
the fastest growing molecule also

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 Anti Congulants Top Brands – Rs. Mn, Jun 07
Current Ranking Brand Molecule Company MAT Jun 07
Rs. mn
1 2 3 4 16 Clexane Enoxarapin Sanofi 215

CAGR -2% 70% 24% 16% 6% Ecosprin Asprin USV 184

Acitrom Acenocoumarol Nicholas 150

Lupenox Enoxaparin Lupin labs 120

Clopilet Clopidogrel SUN 108

Top Launches – Last 12 Months, Rs mn

Molecule Market Share Brand Molecule Company MAT Jun 07
Rs. mn
Lomoh Enoxaparin Emcure 35

Enoxarin Enoxaparin Emcure 9

668
Fastest Growing Brands, MAT Jun 07
646
Brand Molecule Company Sales, YoY%
631 Lomorin-NX Enoxaparin VHB Lifesci 15,2113%
269 Lupenox Enoxaparin Lupin 120,1774%
Thrombiflo Enoxaparin Torrent 18,1519%
153

Fastest Growing Small-Med Companies, MAT Jun 07

Sub Therapy Growth Trend, Rs mn
Company Sub TA Rev YoY% CAGR
5% Lupin Labs 290 144% 70%
R:1
CAG
Emcure 69 156% 66%
Orchid 12 109% 52%
Dr.Reddys 41 35% 6%
Biochem 12 27% 170%

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