India Pharma - IPM Growth On Moderate Uptrend In September: Motilal Oswal

Motilal Oswal Report

The India pharma market grew 8.6% YoY in September 2023 (versus 5.8% in August 2023 and 6.5% in September 2022). The growth was majorly driven by the price hikes.

Gastro Intestinal/pain/respiratory grew 11%/10%/9% YoY in Sep-23. Additionally, the anti-infectives sector grew 11.6% YoY in Sep-23  gynaec/vitamins-minerals-nutrients/neuro/cardiac underperformed Indian Pharma Market by 4%/2%/1%/0.7% YoY, affecting overall performance to some extent.

For the 12 months ending Sep-23, IPM grew 10.3% YoY.

Prices/volume/new launches witnessed 4.6%/2.8%/2.9 % YoY growth for 12 months ending Sep-23.

In Sep-23, among the top 20 corporates, Macleods (up 13.9% YoY), Ipca Laboratories Ltd. (up 13.7% YoY), and Alkem Laboratories Ltd. (up 12.5% YoY) recorded notably higher growth rates than IPM.

Macleods outperformed IPM, led by anti-infective therapy (up ~22% YoY; ~29% of sales), respiratory therapy (up 25.3% YoY; ~9% of sales), and hormones (up 15% YoY; ~9% of sales).

Ipca Labs outperformed IPM, with all the top five therapies registering double-digit YoY growth in Sep-23.

Alkem Labs outperformed IPM, led by anti-diabetic therapy (up ~21% YoY; ~4% of sales), and gastro-intestinal (up 19% YoY; ~19% of sales).

While P&G Health Ltd. saw a marginal decrease of 0.7% YoY due to a decline in several major therapies.

JB Chemicals and Pharmaceuticals Ltd. reported industry-leading volume growth of 12.3% YoY on the moving annual total basis. Macleods pharma registered the highest price hike of 7.4% YoY on the MAT basis. Eris Lifesciences Ltd. posted the highest growth in new launches (up 11.6% YoY).

On a quarterly basis, JB Chemicals/Ajanta Pharma/Macleods/Sun Pharmaceutical Industries Ltd. outperformed IPM, while Mankind Pharma Ltd., Lupin Ltd., Zydus Lifesciences Ltd., and Dr. Reddy’s Laboratories Ltd. underperformed IPM.

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