Mankind Pharma - One Of A Kind With Pure Domestic Play: Nirmal Bang Initiates Coverage

Nirmal Bang Report

Established in 1991, Mankind Pharma Ltd. is largely a pure-play domestic story (~97% domestic sales in FY23). The domestic market’s contribution is also the highest among the large cap domestic pharma peers, which gives it greater revenue visibility against the backdrop of uncertain export growth, especially in the generic segment.

Mankind Pharma is the fourth largest pharma company in terms and first in terms of prescriptions generated in the Indian Pharma Market, led by its pan-India presence and the largest fieldforce of 11,541 MRs.

Therapy presence is also well diversified in the acute segment (~66% of domestic sales); key therapies catered to are: anti-Infective (rank five), gastro-intestinal (rank six), vitamins (rank two) and pain management (rank eight).

It also has a growing presence in the chronic therapy areas of central nervous system, CVS, anti-diabetes, dermatology and respiratory. The chronic segment’s contribution to topline has already increased by over 600 basis points to 34% over FY18-FY23.

Mankind also has a strong portfolio in the consumer health segment (8% of domestic sales) with some marquee brands, including Manforce, Prega News, Acnestar, Gas-O-Fast and Unwanted Kit.

We like Mankind due to its domestic-centric portfolio, strong growth prospects, improving mix towards Chronic and specialist doctors with strong financials.

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