PHARMA - Monthly 20211109 MOSL RU PG026

Sector Update
Sector| Update|
9 November 2021
Healthcare
Healthcare
Performance of top companies in Growth in non-COVID therapies slower than that of COVID therapies
Oct’21
MAT
In Oct’21, YoY growth in IPM moderates further on a MoM basis
Oct’21
Company growth  IPM growth stood at 5% YoY in Oct’21 v/s 12.4% YoY in Sep’21 and 9.6% YoY in
(%)
(%) Oct’20.
IPM 14.7 5.0  Respiratory/Analgesics/Gastrointestinal grew 26.3%/16.6%/9.8% YoY.
Ipca 25.7 24.1  At the therapy level, YoY growth was dragged down by VMNs (-3.7%), Cardiac (-
Wockhardt 31.6 20.2 1.1%), Dermatology (+0.6%), and Diabetes (+1.2%).
FDC 23.3 19.5  Non-COVID drugs grew 3.6% YoY in Oct’21. COVID-related therapy drugs grew
Merck 24.6 17.7 7.7% YoY.
Indoco 20.7 16.9
For the quarter-ended Oct’21, IPM growth was spread across price/volume
Mankind 15.4 16.4
 For the quarter-ended Oct’21, YoY growth was 11.6% YoY.
Torrent 14.3 14.7
 Price/volume growth stood at 5.6%/4.1% YoY. Growth in new products stood at
Ajanta 21.2 13.4
1.8% YoY.
AstraZeneca -0.6 12.5
Sun Pharma 14.2 10.0 Ipca/Wockhardt/FDC/Merck outperform in Oct’21
Dr. Reddy’s 17.4 9.2
 Among the top 30 corporates, Ipca Laboratories (+24.1% YoY), Wockhardt
Abbott 17.2 8.8
(+20.2% YoY), FDC (+19.5% YoY), Merck India (+17.7% YoY), Indoco Remedies
(+16.9% YoY), Mankind Pharma (+16.4% YoY), Torrent Pharmaceuticals (+14.7%
Emcure 26.3 8.2
YoY), Ajanta Pharma (+13.4% YoY), AstraZeneca Pharma (+12.5% YoY), and Sun
INTAS 16.6 8.0
Pharmaceutical Industries (+10% YoY) grew notably higher v/s IPM.
GSK 11.2 5.1
 With a reduction in the number of COVID-19 cases, Glenmark Pharmaceuticals’
Alkem 18.4 3.0
sales declined by 18.2% YoY in Oct’21.
Alembic 9.8 0.4
 Ipca posted a strong offtake in Pain products (Zerodol franchise, ~32% of sales),
Lupin 13.0 0.3
which grew 33% YoY.
MSD 4.2 0.1
 Torrent’s growth was supported by the Gastrointestinal/Neuro-CNS segments
Biocon 16.4 -0.3
(~18%/15% of sales), growing by ~27%/19% YoY.
Cipla 16.8 -0.5
 Ajanta Pharma’s growth was largely supported by the Cardiac therapy (+15.3%
Eris LS 12.6 -0.5
YoY; 43% of sales).
Pfizer 11.7 -1.1
 Cipla and Cadila Healthcare saw a decline in sales in Oct’21 (-0.5%/-5% YoY v/s
Usv 5.4 -4.2 +7.6%/+5.4% YoY growth in Sep’21).
Zydus 12.9 -5.0  On a MAT basis, Wockhardt/FDC/Ipca/Merck India reported industry-leading
Sanofi India 21.0 -5.4 volume growth (+24.3%/+17.9%/+17.3%/+16.1% YoY). Glenmark posted the
Natco -25.9 -5.5 highest growth in launches (+18.8% YoY).
JB Chemicals 7.0 -5.9
On a MAT basis, Anti-Infectives, Gastrointestinal, and Pain/Analgesics drive
Glenmark 19.3 -18.2
YoY growth for the 12-months ended Oct’21
 On a MAT basis, industry growth stood at 14.7% YoY.
 Anti-Infectives/Gastrointestinal/Pain grew by 26.6%/20.7%/19.9% YoY.
 Vaccines sales declined by 8.5% YoY, impacting overall growth.
 Respiratory posted strong YoY growth over May-Oct’21 and grew in line with
IPM on a MAT basis.
 On a MAT basis, COVID-19/non-COVID drugs grew 27.9%/8.2% YoY.
Tushar Manudhane - Research Analyst(Tushar.Manudhane@MotilalOswal.com)

Research Analyst: Bharat Hegde, CFA(Bharat.Hegde@motilaloswal.com) | Gaurang Sakare(Gaurang.Sakare@motilaloswal.com)
Investors are advised to refer through important disclosures made at the last page of the Research Report.
MotilalOswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Sector Update| Healthcare
Exhibit 1: Growth in prices and NP boosted by growth in volumes in the quarter-ended Oct’21
Volume Growth (%) Price Growth (%) New Product Growth (%) Total Growth (%)
24.3
19.4
12.8 11.6
8.8 10.2 8.8
3.5 -1.8 4.0 4.6 6.1
2.7 2.8 5.6
3.3 5.6
5.3 2.1 1.7 4.7 5.1 5.4 4.1
5.0 2.9 4.9
0.8 5.3 2.2
4.6 1.8
-3.7 -4.1 -3.2
-8.1
3M-Oct 19 3M-Jan 20 3M-Apr 20 3M-Jul 20 3M-Oct 20 3M-Jan 21 3M-Apr 21 3M-Jul 21 3M-Oct 21
Source: AIOCD, MOFSL
Exhibit 2: Acute as a percentage of total sales, and growth rate on a MAT basis in Oct’21
Acute as % of total sales MATVALUE GR OCT 21

48.5
22.9 26.4 28.1 27.4 21.4 23.1
18.6 19.2 17.3 17.3 15.9 14.7
11.3 11.1 11.8
-37.3
46.9 83 79 71 66 59 57 57 54 54 53 51 46 45 42 38
73
Natco
Fdc
Alembic
Pfizer
Mankind
Sanofi India
Sun Pharma
Dr. Reddys
Ajanta
Glenmark
IPM
Gsk
Ipca
Cipla
Indoco
Alkem
Zydus
Source: MOFSL, AIOCD
10 Sepy 2020 2
Indian Pharma market – Oct’21

Exhibit 3: Performance of top companies in Oct’21
MAT Oct’21 One-
Company Market Growth YoY growth (%) in the last eight quarters
value month
share (%) (%)
(INR b) Jan’20 Apr’20 Jul’20 Oct’20 Jan’21 Apr’21 Jul’21 Oct’21 Oct’21
IPM 1,657 100.0 14.7 10.2 3.9 -1.5 4.2 4.7 19.5 24.4 11.6 5.0
Sun Pharma 135 8.1 14.2 9.3 10.8 -0.1 2.2 5.1 14.2 21.6 16.4 10.0
Cipla 82 4.9 16.8 8.1 2.9 1.9 15.0 10.8 26.6 26.4 6.2 -0.5
Zydus 66 4.0 12.9 10.8 -0.5 -6.4 2.9 8.4 20.3 21.0 3.8 -5.0
Mankind 71 4.3 15.4 15.6 13.2 4.3 3.2 4.0 13.4 20.3 23.1 16.4
Lupin 62 3.8 13.0 11.0 6.8 -1.0 3.7 6.8 13.5 24.8 8.0 0.3
Alkem 59 3.5 18.4 14.7 0.2 -5.9 3.1 7.0 26.1 31.4 12.1 3.0
Abbott 56 3.4 17.2 -43.3 -32.0 0.9 5.4 7.8 16.7 28.1 16.6 8.8
Torrent 51 3.1 14.3 13.1 13.6 0.6 5.4 7.0 12.0 20.2 17.9 14.7
Dr. Reddy’s 49 3.0 17.4 13.3 4.8 -3.5 0.3 3.6 20.2 29.4 18.2 9.2
GSK 43 2.6 11.2 5.2 -5.2 -10.5 -4.8 0.0 13.5 18.4 13.7 5.1
Glenmark 42 2.6 19.3 14.9 7.3 13.2 29.7 11.4 62.2 34.3 -18.1 -18.2
Pfizer 39 2.3 11.7 17.2 10.2 8.1 5.3 2.3 18.8 23.3 4.2 -1.1
Sanofi India 34 2.1 10.5 -4.7 -2.1 -6.1 2.4 9.3 10.8 18.2 4.2 -5.4
Ipca 28 1.7 25.7 9.7 11.9 12.6 11.4 11.2 25.9 32.5 32.3 24.1
Alembic 19 1.1 9.8 3.8 0.6 -2.2 5.0 -1.0 8.9 22.9 10.4 0.4
Ajanta 11 0.7 21.2 7.9 5.4 2.6 14.7 14.7 24.2 25.2 21.1 13.4
JB Chemicals 9 0.5 7.0 21.5 15.4 12.4 12.6 15.3 11.4 5.3 -2.8 -5.9
Natco 7 0.4 -25.9 -4.5 5.1 -3.1 -24.3 -31.4 -30.2 -12.6 -27.2 -5.5
AstraZeneca 7 0.4 -0.6 7.7 12.4 3.9 -1.7 -6.8 -9.7 1.5 13.9 12.5
Biocon 5 0.3 16.4 -3.4 -10.2 -13.2 -7.1 8.4 26.8 29.1 3.4 -0.3
Merck 3 0.2 24.6 12.9 22.4 19.0 15.2 22.8 27.0 28.5 20.3 17.7
Exhibit 4: Performance of top therapies in Oct’21

Therapy MAT Oct’21 Market Growth One-
YoY growth (%) in the last eight quarters
value share (%) (%) month
(INR b) Jan’20 Apr’20 Jul’20 Oct’20 Jan’21 Apr’21 Jul’21 Oct’21 Oct’21
IPM 1,657 100.0 14.7 10.2 3.9 -1.5 4.2 4.7 19.5 24.4 11.6 5.0
Anti-Infectives 238 14.4 26.6 12.2 1.2 -13.2 -0.7 1.5 34.7 65.7 15.9 5.0
Cardiac 216 13.0 10.0 10.5 14.3 11.2 16.2 10.5 13.3 14.1 2.5 5.3
Gastrointestinal 192 11.6 20.7 7.6 1.4 -3.6 5.8 11.1 28.4 28.0 16.0 -1.1
Anti-Diabetic 156 9.4 6.5 8.3 12.9 6.1 6.1 5.7 5.9 9.0 5.4 9.8
VMN 150 9.0 17.5 11.1 -0.4 1.0 14.9 10.8 33.2 27.1 2.9 1.2
Respiratory 124 7.5 14.5 16.3 15.8 -0.3 -9.2 -9.6 0.7 43.2 36.5 -3.7
Pain/Analgesics 112 6.8 19.9 10.1 -1.4 -8.0 -3.4 1.8 24.3 29.5 25.5 26.3
Dermatology 107 6.4 11.2 7.7 -5.0 -2.8 4.3 7.5 24.1 8.6 6.7 16.6
Neuro/CNS 97 5.8 9.0 9.5 6.1 4.8 5.1 5.5 11.9 8.7 10.0 0.6
Gynecological 79 4.7 14.9 9.1 -6.1 -8.3 0.1 3.4 24.1 17.9 15.1 5.4
Anti-Neoplastics 30 1.8 5.5 6.5 -8.9 -9.9 1.9 2.0 14.9 10.4 -3.7 6.7
Ophthalmic/Otologicals 26 1.6 8.5 6.3 -9.8 -13.3 -5.9 -4.9 14.3 12.7 13.5 -1.1
Hormones 30 1.8 14.8 11.8 5.4 -0.8 3.6 1.3 20.2 28.9 10.5 6.4
Vaccines 20 1.2 -8.5 6.2 -6.0 -3.5 4.7 0.9 -2.5 -7.4 -23.8 3.1
10 Sepy 2020 3
Sun Pharma
Exhibit 5: Top 10 drugs on a MAT basis in Oct’21
Drug Therapy MAT Oct’21 Growth (%)
Value Growth Market Last Oct’21
(INR m) (%) share (%) three-
Secondary sales grew 10% months
YoY in Oct’21 v/s 19% in Total 1,34,580 14.2 100.0 16.4 10.0
Sep’21. Susten and Rosuvas Volini Pain/Analgesics 3,572 23.7 7.1 12.6 2.4
showed a strong Rosuvas Cardiac 3,519 15.1 7.0 21.8 25.4
momentum, driving overall Levipil Neuro/CNS 3,029 0.2 3.6 0.2 -1.6
Gemer Anti-Diabetic 2,479 7.3 2.9 8.6 6.8
outperformance against
Istamet Anti-Diabetic 2,406 -4.1 2.8 2.3 5.1
IPM
Susten Gynecological 2,163 13.1 2.6 23.3 12.9
Pantocid Gastrointestinal 2,055 12.8 2.4 14.0 9.6
Montek-LC Respiratory 1,951 27.2 2.3 10.3 6.6
Pantocid DSR Gastrointestinal 1,924 14.5 2.3 5.2 0.0
Revital H VMN 1,882 16.5 3.8 -21.0 -26.7
*Three-months: Aug-Oct’21 Source: AIOCD, MOFSL
Exhibit 6: Therapy mix (%)

Share MAT growth (%) Three-months* Oct’21
Total 100.0 14.2 16.4 10.0
Anti-Infectives sales grew
Cardiac 16.9 6.7 12.5 10.9
18% YoY.
Neuro/CNS 16.1 5.2 6.5 4.2
Gastrointestinal/Cardiac Gastrointestinal 12.3 18.6 21.1 13.3
clocked 13.3%/10.9% Anti-Infectives 10.8 29.2 37.8 18.2
growth YoY Anti-Diabetic 8.5 1.2 3.2 1.8
Pain/Analgesics 7.0 19.0 16.7 6.9
The top 10 brands and Exhibit 7: Brand-wise growth distribution

brands above the top 50 As a percentage of MAT Contribution to
contributed the most to sales growth (%) growth (%)
MAT growth in Oct’21 Total 100.0 14.2 100.0
Top 10 brands 27.8 15.0 29.2
11 to 25 brands 17.4 13.6 16.8
Launches (6.8% YoY), 26 to 50 brands 15.5 18.4 19.4
volume growth (5.6%), and Above 50 brands 39.3 12.3 34.7
price growth (4.4%) Source: AIOCD, MOFSL
contributed to the overall
growth on a MAT basis in
Oct’21
Exhibit 8: Acute v/s Chronic (MAT growth) Exhibit 9: Growth distribution (%) on a MAT basis in Oct’21
MATVALUE OCT 21 SALESVALUE GR OCT 21
20.4
6.8
5.6
6.9 4.4
76.6 58.0
ACUTE CHRONIC Vol GR Price GR NP GR
Source: AIOCD, MOFSL Source: AIOCD, MOFSL
10 Sepy 2020 4
Cipla
Exhibit 10: Top 10 drugs
Secondary sales declined by Value Growth Market Last Oct’21
-0.5% in Oct’21 v/s a growth (INR m) (%) share (%) three-
of 7.6% YoY in Sep’21. The months
portfolio of COVID-related Total 81,640 16.8 100.0 6.2 -0.5
Foracort Respiratory 3,788 12.7 4.6 29.5 28.1
drugs such as Cipremi led
Cipremi Anti-Infectives 3,317 400.8 4.1 -36.2 -76.5
the decline, but was
Duolin Respiratory 2,902 19.3 3.6 36.6 32.9
partially offset by a
Budecort Respiratory 2,875 25.1 3.5 53.0 44.9
recovery in Respiratory Asthalin Respiratory 2,122 5.3 2.6 7.4 10.0
therapy Seroflo Respiratory 2,021 0.7 2.5 -7.7 -8.4
Montair LC Respiratory 2,002 -3.6 2.5 -8.0 -5.5
Azee Anti-Infectives 1,863 20.4 2.3 -17.5 -25.8
Dytor Cardiac 1,539 6.9 1.9 10.4 16.0
Aerocort Respiratory 1,434 2.5 1.8 -12.1 -14.4

Respiratory sales grew Share MAT growth (%) Three-months* Oct’21
13.4% YoY, while Anti- Total 100.0 16.8 6.2 -0.5
Infective/Cardiac fell Respiratory 33.8 12.8 17.8 13.4
Anti-Infectives 25.5 35.1 5.1 -11.1
11.1%/5.1%, which led to
Cardiac 11.8 1.9 -7.6 -5.1
the overall decline
Gastrointestinal 5.6 23.8 18.4 13.8
Urology 5.1 5.9 4.0 1.2
Neuro/CNS 3.3 4.5 -6.4 -8.3
The top 25 brands
contributed ~61% to overall Exhibit 12: Brand-wise growth distribution
growth on a MAT basis As a percentage of MAT Contribution to
sales growth (%) growth (%)
Total 100.0 16.8 100.0
New products/volume/price Top 10 brands 29.2 24.0 39.5
11 to 25 brands 16.7 22.7 21.6
grew by 5.7%/5.2%/4.4%
26 to 50 brands 14.5 9.2 8.5
YoY, driving growth on a Above 50 brands 39.5 12.4 30.4
MAT basis in Oct’21 Source: AIOCD, MOFSL
MATVALUE OCT 21 MATVALUE OCT 21
21.8
5.2 5.7
10.8
4.4
45.9 35.7
10 Sepy 2020 5
Cadila Healthcare
Secondary sales declined by months
5% YoY in Oct’21 v/s a 5.4% Total 65,976 12.9 100.0 3.8 -5.0
YoY growth in Sep’21. Deriphyllin Respiratory 1,830 11.4 2.8 8.3 4.9
Remdac fell 94%, leading Atorva Cardiac 1,793 3.8 2.7 3.4 -1.1
the decline in COVID-19 Remdac Anti-Infectives 1,649 117.2 2.5 -85.8 -94.4
therapy, which led to an Thrombophob Pain/Analgesics 1,331 21.1 2.0 16.4 5.8
Lipaglyn Cardiac 1,330 59.5 2.0 86.6 86.8
overall decline
Skinlite Dermatology 1,308 -3.8 2.0 -16.3 -19.3
Vorier Anti-Infectives 1,245 102.9 1.9 -12.0 -45.8
Pantodac Gastrointestinal 1,215 -3.2 1.8 -11.7 -9.2
Deca Durabolin Hormones 1,207 3.2 1.8 -2.0 -12.8
Dexona Hormones 1,195 2.2 1.8 -9.0 -16.0
Anti-Infectives sales
declined by 34% YoY.
Share MAT growth (%) Three- Oct’21
Subdued performance by months*
other therapies led to an Total 100.0 12.9 3.8 -5.0
overall decline in Oct’21 Anti-Infectives 17.3 26.7 -13.6 -34.2
Cardiac 14.4 7.3 6.0 1.5
Respiratory 10.0 7.2 14.4 9.7
Anti-Neoplastics 7.5 10.9 -3.2 -4.8
The top 50 brands Source: AIOCD, MOFSL
contributed ~74% to overall
growth on a MAT basis Exhibit 17: Brand-wise growth distribution
As a percentage of MAT Contribution to
Prices/volume/launches Total 100.0 12.9 100.0
grew 6.4%/3.6%/3% YoY on Top 10 brands 21.4 21.3 32.8
11 to 25 brands 17.1 18.0 22.8
a MAT basis in Oct’21
26 to 50 brands 16.8 14.6 18.7
Above 50 brands 44.7 7.0 25.7
15.4
6.4
45.6 7.7
3.6 3.0
20.4

10 Sepy 2020 6
Alkem
months
Secondary sales growth was Total 58,665 18.4 100.0 12.1 3.0
subdued at 3% YoY in Clavam Anti-Infectives 3,792 5.2 6.5 9.6 -6.6
Oct’21 v/s 13% in Sep’21. Pan Gastrointestinal 3,634 11.5 6.2 9.8 8.6
Clavam, A to Z NS, and Pan Pan D Gastrointestinal 3,065 10.2 5.2 -2.4 -7.3
D dragged growth lower in A To Z Ns VMN 2,254 18.6 3.8 -16.2 -28.7
Oct’21, leading to a severe Taxim O Anti-Infectives 2,192 1.5 3.7 18.9 16.9
underperformance against Xone Anti-Infectives 1,956 23.1 3.3 7.5 -9.3
IPM Pipzo Anti-Infectives 1,454 48.4 2.5 25.6 10.4
Uprise D3 VMN 1,274 31.8 2.2 -14.6 -14.9
Ondem Gastrointestinal 1,226 16.0 2.1 9.6 5.5
Taxim Anti-Infectives 1,217 13.0 2.1 14.3 6.6
Therapy mix (%)

Decline in VMN and slow months*
growth in Total 100.0 18.4 12.1 3.0
Gastrointestinal/Anti- Anti-Infectives 36.9 18.4 19.3 6.0
Infectives led to lower Gastrointestinal 18.1 16.0 7.8 3.0
growth in Oct’21 VMN 14.4 21.3 -4.2 -13.6
Neuro/CNS 4.9 8.8 5.2 0.5
Anti-Diabetic 4.5 20.7 13.5 15.3
Exhibit 21: Brand-wise growth distribution

The top 10/over 50 brands
contributed significantly to sales growth (%) growth (%)
overall growth in Oct’21 Total 100.0 18.4 100.0
Top 10 brands 37.6 13.9 29.5
11 to 25 brands 17.9 23.7 22.1
26 to 50 brands 12.5 34.5 20.6
Volume/prices/new Above 50 brands 32.1 15.5 27.8
products grew Source: AIOCD, MOFSL
11.2%/5.3%/0.6% YoY on a
MAT basis in Oct’21
SALESVALUE GR OCT 21 MATVALUE OCT 21
11.2
18.7 16.6
5.3
50.3 8.4 0.6
10 Sepy 2020 7
Lupin
Value Growth (%) Market Last Oct’21
(INR m) share (%) three-
Secondary sales were months
almost flat YoY in Oct’21 v/s Total 62,428 13.0 100.0 8.0 0.3
a 10% growth in Sep’21. Gluconorm-G Anti-Diabetic 2,796 5.2 4.5 -4.8 -12.0
Huminsulin, Gluconorm-G, Huminsulin Anti-Diabetic 1,723 -6.2 2.8 -25.1 -30.8
Ondero, and Gibtulio were Budamate Respiratory 1,549 11.9 2.5 23.5 17.1
Cidmus Cardiac 1,369 22.6 2.2 16.2 8.6
a drag on growth in Oct’21,
Ondero Anti-Diabetic 1,244 8.8 2.0 -12.4 -17.2
contributing to the
Gibtulio Anti-Diabetic 1,176 -9.8 1.9 -22.4 -27.6
underperformance against Ivabrad Cardiac 1,105 12.3 1.8 9.0 -3.6
IPM Tonact Cardiac 996 1.9 1.6 -3.5 -9.7
Ondero Met Anti-Diabetic 948 1.5 1.5 -9.8 -17.7
Ajaduo Anti-Diabetic 925 11.7 1.5 8.6 4.3
*Three-months: Aug-Oct’21 Source: AIOCD,
MOFSL

Total 100.0 13.0 8.0 0.3
Anti-Diabetic/Cardiac
Cardiac 24.5 11.3 0.7 -5.8
therapies contributed to
Anti-Diabetic 22.2 3.0 -8.1 -14.2
the underperformance v/s
Respiratory 13.3 21.9 35.4 24.1
IPM in Oct’21 Anti-Infectives 12.5 15.3 8.5 -1.7
Neuro/CNS 4.7 7.2 1.5 -5.6
Brands outside of the top As a percentage of MAT Contribution to
50 contributed the lion’s sales growth (%) growth (%)
share to MAT growth Total 100.0 13.0 100.0
Top 10 brands 22.2 5.0 9.2
11 to 25 brands 14.6 17.5 18.9
26 to 50 brands 15.8 11.2 13.8
Above 50 brands 47.4 16.4 58.1
Volume/prices/new
launches grew by
10.6%/5.4%/2.3% YoY on a

18.7
10.6
9.3
26.2 5.4
36.3 2.3
10 Sepy 2020 8
GlaxoSmithKline Pharmaceuticals
Secondary sales grew 5.1% Exhibit 29: Top 10 drugs
YoY in Oct’21 v/s 18% in Drug Therapy MAT Oct’21 Growth (%)
Sep’21. Augmentin, Calpol, Value Growth Market Last Oct’21
Betnesol, and T Bact grew (INR m) (%) share (%) three-
months
strongly, while Synflorix,
Total 42,610 11.2 100.0 13.7 5.1
Betnovate N, and Eltroxin Augmentin Anti-Infectives 5,389 20.0 12.6 54.2 38.6
declined, leading to the Calpol Pain/Analgesics 3,591 53.3 8.4 68.3 43.9
underperformance against Betnovate N Dermatology 2,662 34.4 6.2 24.0 -1.9
IPM in Oct’21 T Bact Dermatology 2,597 31.3 6.1 30.1 34.8
Betnovate C Dermatology 2,527 18.2 5.9 9.0 15.6
Eltroxin Hormones 2,321 8.5 5.4 9.2 -2.1
Pain therapies, Anti- Ceftum Anti-Infectives 2,252 34.5 5.3 19.5 11.6
Infectives, and Dermatology Synflorix Vaccines 1,748 -38.4 4.1 -59.4 -63.6
grew, while Vaccines Betnesol Hormones 1,338 19.7 3.1 43.3 27.3
declined, leading to a slow Infanrix Hexa Vaccines 1,276 0.5 3.0 -15.5 -25.9
growth in Oct’21
Share MAT Three- Oct’21
growth (%) months*
Total 100.0 11.2 13.7 5.1
Dermatology 27.9 22.6 19.6 14.2
The top 25 brands Anti-Infectives 23.7 15.4 32.7 22.2
contributed the most to YoY Vaccines 12.9 -17.3 -29.2 -36.8
growth on a MAT basis in Pain/Analgesics 11.6 39.9 45.8 28.6
Oct’21 Hormones 8.6 12.3 21.3 8.1
VMN 6.3 12.3 -0.5 -0.6
Prices/volume/launches grew
by 6.2%/3%/1.9% YoY on a Exhibit 31: Brand-wise growth distribution
MAT basis in Oct’21 As a percentage of MAT Contribution to
Total 100.0 11.2 100.0
Top 10 brands 60.3 17.0 87.2
11 to 25 brands 21.5 12.6 23.9
26 to 50 brands 12.7 8.5 9.8
Above 50 brands 5.5 -27.6 -21.0
11.5
9.0
6.2
3.0
1.9
37.3 5.3
10 Sepy 2020 9
Glenmark Pharma
18.2% YoY in Oct’21 v/s Total 42,460 19.3 100.0 -18.1 -18.2
19.1% in Sep’21. FabiFlu Anti-Infectives 7,983 194.3 18.8 -81.8 -80.8
Decline in FabiFlu, due to Telma Cardiac 3,185 -1.9 7.5 -27.4 -31.1
lower COVID-19 cases, and Telma H Cardiac 1,937 -16.2 4.6 -34.8 -33.3
Telma franchise sales led to Telma Am Cardiac 1,365 -6.6 3.2 -14.4 -13.6
an overall decline in Oct’21 Ascoril LS Respiratory 1,297 15.6 3.1 117.5 104.0
Ascoril Plus Respiratory 1,290 9.2 3.0 11.3 6.3
Candid Dermatology 1,266 -11.3 3.0 -23.7 -20.4
Candid-B Dermatology 1,112 -0.1 2.6 -12.4 -14.1
Ascoril D Plus Respiratory 862 31.7 2.0 41.9 23.5
Zita-Met Plus Anti-Diabetic 773 -5.6 1.8 -9.6 -8.5

months*
Respiratory grew 21.4%
Total 100.0 19.3 -18.1 -18.2
YoY, partially offsetting the
Anti-Infectives 30.3 91.9 -50.2 -46.8
overall decline across
Cardiac 21.6 -5.4 -21.7 -22.9
therapies in Oct’21 Dermatology 21.4 0.9 -9.9 -14.1
Respiratory 17.1 19.2 35.1 21.4
Anti-Diabetic 7.2 -5.3 -15.3 -15.4
Ophthalmic/Otologicals 0.9 -10.9 1.5 10.2

As a percentage of sales MAT Contribution to
growth (%) growth (%)
The top 10 brands remained Total 100.0 19.3 100.0
the key growth contributors Top 10 brands 49.6 31.3 73.1
11 to 25 brands 14.6 13.3 10.6
26 to 50 brands 12.2 2.0 1.5
NP/prices grew 18.8%/4.2% Above 50 brands 23.6 11.3 14.8
YoY, while volumes declined Source: AIOCD, MOFSL
by 3.7% on a MAT basis in
Oct’21
27.4
34.1 18.8
15.0
4.2
-3.7
(0.8)
10 Sepy 2020 10
Dr. Reddy's Laboratories

Secondary sales growth months
moderated to 9.2% YoY in Total 49,245 17.4 100.0 18.2 9.2
Oct’21 v/s 19.8% in Sep’21. Omez Gastrointestinal 2,008 15.6 4.1 6.4 4.3
Bro Zedex/Stamlo/Econorm Omez D Gastrointestinal 1,712 21.4 3.5 6.8 0.6
growth was partially offset Stamlo Cardiac 1,296 30.2 2.6 21.1 9.8
by muted growth and a Razo D Gastrointestinal 1,212 24.6 2.5 6.0 -3.9
Econorm Gastrointestinal 1,204 30.5 2.4 25.6 7.1
decline in other brands in
Atarax Dermatology 1,140 -0.3 2.3 4.0 -0.5
Oct’21
Doxt-SL Anti-Infectives 1,123 92.0 2.3 5.6 -16.8
Bro Zedex Respiratory 1,101 5.6 2.2 48.4 29.9
Ketorol Pain/Analgesics 1,083 22.8 2.2 4.7 -0.5
Reclimet Anti-Diabetic 925 22.9 1.9 8.7 -5.3
Respiratory and Anti- Exhibit 40: Therapy mix (%)

Infectives showed double- Share MAT growth (%) Three- Oct’21
digit growth in Oct’21, months*
partially offset by muted Total 100.0 17.4 18.2 9.2
growth in other therapies, Gastrointestinal 18.6 19.2 9.1 1.9
leading to their Respiratory 11.6 9.8 48.4 33.9
outperformance v/s IPM Cardiac 11.5 20.6 10.9 1.4
Dermatology 10.5 14.4 15.1 5.4
Anti-Infectives 8.8 57.1 36.0 13.9
Pain/Analgesics 7.6 2.7 1.7 -2.2

The top 50 brands strongly As a MAT Contribution to
contributed to growth in percentage of growth (%) growth (%)
Oct’21 sales
Total 100.0 17.4 100.0
Top 10 brands 26.0 22.6 32.4
Growth in 11 to 25 brands 19.4 16.5 18.6
volume/prices/NP stood at 26 to 50 brands 15.6 22.4 19.3
Above 50 brands 39.0 12.7 29.8
10.6%/6.3%/4.1% on a MAT
basis in Oct’21

36.3
18.5
10.6
17.0 12.9
6.3
4.1
10 Sepy 2020 11
Sanofi India
Secondary sales fell 5.4% months
YoY in Oct’21 v/s a 10.2% Total 34,209 10.5 100.0 4.2 -5.4
growth YoY in Sep’21. The Lantus Anti-Diabetic 5,711 6.7 16.7 4.9 -0.7
top three brands declined, Combiflam Pain/Analgesics 2,204 11.8 6.4 5.5 -0.7
leading to an overall sales Clexane Cardiac 1,868 21.9 5.5 -49.6 -56.6
decline in Oct’21 Allegra Respiratory 1,770 1.9 5.2 29.2 30.2
Amaryl M Anti-Diabetic 1,557 1.6 4.6 11.0 2.9
Avil Respiratory 1,302 14.2 3.8 -1.3 -3.6
Enterogermina Gastrointestinal 1,255 54.3 3.7 76.2 73.7
Hexaxim Vaccines 1,213 -17.6 3.5 -22.0 -33.9
Dulcoflex Gastrointestinal 1,190 106.1 3.5 80.1 66.0
Cardace Cardiac 928 -2.7 2.7 -0.2 -4.3

months*
Cardiac and Vaccines
Total 100.0 10.5 4.2 -5.4
contributed to the overall
Anti-Diabetic 31.0 7.0 12.0 6.2
decline in Oct’21 Cardiac 15.6 9.9 -16.9 -19.4
Vaccines 12.1 -2.1 -26.6 -50.0
Respiratory 10.9 9.3 19.5 18.1
Pain/Analgesics 7.8 12.6 8.2 -1.7

The top 25 brands sales growth (%) growth (%)
contributed ~84% to overall Total 100.0 10.5 100.0
growth in Oct’21 Top 10 brands 55.5 11.2 59.2
11 to 25 brands 28.3 9.2 25.1
Growth in 26 to 50 brands 14.2 11.6 15.6
prices/volume/NP stood at Above 50 brands 2.1 0.8 0.2
5%/5%/0.5% on a MAT
basis in Oct’21
18.0
15.0
5.0 5.0
16.2 6.7
0.5
10 Sepy 2020 12
Torrent Pharma
months
Secondary sales grew 14.7%
Total 51,417 14.3 100.0 17.9 14.7
in Oct’21 v/s 16.7% in Shelcal VMN 2,821 14.9 5.5 1.4 -2.3
Sep’21. Shelcal XT, Nexpro Chymoral Forte Pain/Analgesics 1,785 18.2 3.5 23.9 18.3
RD, and Chymoral Forte Nexpro Rd Gastrointestinal 1,474 30.1 2.9 26.2 23.8
drove outperformance Nikoran Cardiac 1,375 7.4 2.7 11.2 7.5
against IPM in Oct’21 Azulix-Mf Anti-Diabetic 1,123 4.1 2.2 8.2 3.6
Nebicard Cardiac 1,096 5.7 2.1 11.9 7.9
Shelcal XT VMN 1,092 27.9 2.1 41.9 35.3
Losar H Cardiac 999 2.9 1.9 0.3 -3.8
Unienzyme Gastrointestinal 969 16.5 1.9 16.4 18.5
Losar Cardiac 965 1.8 1.9 5.4 -1.3

Gastrointestinal/Pain/Neur months*
o/CNS grew strongly in Total 100.0 14.3 17.9 14.7
Oct’21 Cardiac 29.8 6.1 8.1 5.5
Neuro/CNS 14.7 12.8 20.4 19.4
VMN 12.9 16.3 12.3 8.7
Anti-Diabetic 8.9 14.4 19.0 16.1
The top 50 brands sales growth (%) growth (%)
contributed ~60% to growth Total 100.0 14.3 100.0
on a MAT basis in Oct’21 Top 10 brands 26.6 13.2 24.9
11 to 25 brands 18.0 13.6 17.2
26 to 50 brands 15.5 16.6 17.6
Growth in price/volume/NP Above 50 brands 39.9 14.4 40.2
stood at 6.8%/4.3%/3.2% Source: AIOCD, MOFSL
on a MAT basis in Oct’21

26.7
20.4
6.8
24.8
9.1
3.2
4.3
10 Sepy 2020 13
Alembic Pharmaceuticals
almost flat YoY in Oct’21 v/s Total 18,632 9.8 100.0 10.4 0.4
a 14.7% growth YoY in Azithral Anti-Infectives 2,658 34.6 14.3 -3.6 -19.8
Sep’21. Brands such as Althrocin Anti-Infectives 860 -4.4 4.6 -6.8 -12.7
Wikoryl Respiratory 707 14.4 3.8 83.5 49.2
Wikoryl and Richar showed
Gestofit Gynecological 473 16.1 2.5 9.6 4.9
strong growth, which was
Roxid Anti-Infectives 448 -11.5 2.4 7.8 -2.1
offset by a decline in Ulgel Gastrointestinal 424 -1.5 2.3 -20.4 -23.1
Azithral and Althrocin, Crina N Gynecological 326 18.2 1.7 10.0 3.8
leading to flat sales in Rekool D Gastrointestinal 312 17.9 1.7 16.1 3.9
Oct’21 Cetanil-T Cardiac 283 17.9 1.5 13.4 6.7
Richar Gynecological 282 20.3 1.5 22.8 10.5
*Three-months: Aug’21-Oct’21 Source: AIOCD, MOFSL

Respiratory/Anti-Diabetic Share MAT growth (%) Three- Oct’21
sales grew by ~43%/3% YoY, months*
which was offset by a Total 100.0 9.8 10.4 0.4
decline in other therapies in Anti-Infectives 24.5 16.1 3.9 -9.3
Oct’21 Cardiac 15.9 3.4 1.5 -3.6
Respiratory 12.2 10.6 66.2 42.8
Gastrointestinal 12.0 10.5 2.8 -5.4
Gynecological 9.4 3.6 0.5 -8.0
Anti-Diabetic 6.7 1.5 7.9 2.5

Robust performance by the
top 10 brands drove growth Total 100.0 9.8 100.0
11 to 25 brands 17.5 3.7 7.0
26 to 50 brands 17.8 10.2 18.5
Above 50 brands 28.3 6.3 19.0
Growth in Source: AIOCD, MOFSL
prices/NP/volume stood at
5.9%/2.7%/1.2% on a MAT
basis in Oct’21
11.8
5.9
3.6
2.7
1.2
14.2 4.4
Vol GR Price GR NP GR
ACUTE CHRONIC
10 Sepy 2020 14
Ipca Laboratories
Secondary sales grew 24.1% months
Total 27,863 25.7 100.0 32.3 24.1
in Oct’21 v/s 34.9% YoY in
Zerodol SP Pain/Analgesics 3,240 41.6 11.6 38.4 31.7
Sep’21. Growth in the
Zerodol P Pain/Analgesics 2,029 32.8 7.3 17.0 14.5
Zerodol brand franchise,
HCQS Antimalarials 1,504 -13.6 5.4 -16.3 -1.2
Lariago, CTD brand Folitrax Anti-Neoplastics 859 15.8 3.1 25.2 20.4
franchise, and Folitrax were Zerodol TH Pain/Analgesics 811 27.1 2.9 19.2 6.0
the key growth drivers for CTD Cardiac 621 16.5 2.2 28.6 25.3
Ipca in Oct’21 CTD-T Cardiac 620 16.1 2.2 28.9 20.7
Lariago Antimalarials 616 27.4 2.2 51.7 29.1
Glycinorm M Anti-Diabetic 602 15.2 2.2 4.7 -7.5
Saaz Gastrointestinal 550 8.2 2.0 10.7 5.6

Except Antimalarial and Share MAT growth (%) Three- Oct’21
Cardiac, every therapy grew months*
in double-digits, driving Total 100.0 25.7 32.3 24.1
overall outperformance Pain/Analgesics 32.4 38.4 40.3 33.0
against IPM in Oct’21 Cardiac 14.8 15.2 16.6 7.2
Antimalarials 11.6 -3.5 5.8 3.8
Dermatology 5.0 45.4 59.5 37.3
The top 50 brands Exhibit 61: Brand-wise growth distribution

contributed the lion’s share As a percentage of MAT Contribution to
to growth in Oct’21 sales growth (%) growth (%)
Total 100.0 25.7 100.0
Top 10 brands 41.1 20.3 34.0
11 to 25 brands 19.9 25.7 19.9
Growth in volume/prices/NP
26 to 50 brands 15.9 25.8 16.0
stood at 17.3%/5.4%/3% Above 50 brands 23.1 36.5 30.2
YoY on a MAT basis in Source: AIOCD, MOFSL
Oct’21

27.2
21.5
17.3
5.4
20.7 7.2 3.0
10 Sepy 2020 15
Biocon
slightly down in Oct’21 v/s a Total 5,232 16.4 100.0 3.4 -0.3
7.2% growth YoY in Sep’21. Insugen Anti-Diabetic 1,160 1.0 22.2 -12.6 -18.1
The slight decline was due Basalog Anti-Diabetic 874 7.7 16.7 -6.3 -12.1
to a YoY decline in Alzumab, BIOMAb EGFR Anti-Neoplastics 372 76.3 7.1 37.2 -2.7
Insugen brand franchise, Canmab Anti-Neoplastics 321 20.2 6.1 31.5 97.7
Psorid Anti-Neoplastics 273 25.6 5.2 28.3 9.1
Erypro, and Biopiper TZ
Insugen R Anti-Diabetic 259 5.6 5.0 -0.8 -4.0
Biopiper TZ Anti-Infectives 213 131.9 4.1 -16.5 -11.0
Erypro Blood related 162 -48.6 3.1 -40.4 -25.0
Insugen N Anti-Diabetic 113 31.8 2.2 -8.0 -26.1
Alzumab L Anti-Neoplastics 110 5,986.8 2.1 582.9 -34.2

Decline in Anti-Diabetic and Share MAT growth (%) Three-months* Oct’21
Blood-related therapies led Total 100.0 16.4 3.4 -0.3
Anti-Diabetic 52.0 5.6 -8.2 -14.4
to a slight decline in Oct’21
Anti-Neoplastics 25.5 41.4 25.1 24.8
Dermatology 4.4 51.3 77.9 30.7
Blood related 3.8 -43.3 -33.7 -17.4
Cardiac 1.9 10.4 13.8 6.8
The top 25 brands drove Exhibit 66: Brand-wise growth distribution

growth, offset by brands As a percentage of MAT Contribution to
outside the top 50 on a sales growth (%) growth (%)
MAT basis in Oct’21 Total 100.0 16.4 100.0
Top 10 brands 73.7 13.6 62.7
11 to 25 brands 18.5 37.9 36.0
26 to 50 brands 6.7 29.4 10.8
Volume/price/NP grew Above 50 brands 1.1 -55.5 -9.5
8.4%/4.3%/3.7% YoY on a Source: AIOCD, MOFSL
41.8
3.1
8.4
2.1
4.3 3.7
3.6
10 Sepy 2020 16
Abbott India
months
Secondary sales grew 8.8% Total 56,379 17.2 100.0 16.6 8.8
in Oct’21 v/s 18.6% in Mixtard Anti-Diabetic 5,925 7.4 10.5 12.6 5.3
Sep’21. Growth in Oct’21 Thyronorm Hormones 4,060 15.8 7.2 18.7 6.4
was driven by brands such Udiliv Gastrointestinal 3,958 35.4 7.0 41.2 29.3
as Duphalac, Ryzodeg, Novomix Anti-Diabetic 3,203 3.4 5.7 -6.1 -13.8
Udiliv, and Cremaffin Plus, Duphaston Gynecological 2,963 -2.7 5.3 4.4 -0.5
leading to the Duphalac Gastrointestinal 2,351 34.4 4.2 48.1 56.1
outperformance against Vertin Neuro/CNS 2,328 24.2 4.1 19.7 13.0
IPM in Oct’21 Actrapid Anti-Diabetic 1,875 23.7 3.3 -3.9 -15.3
Ryzodeg Anti-Diabetic 1,820 12.3 3.2 52.7 43.1
Cremaffin Plus Gastrointestinal 1,684 41.9 3.0 39.0 22.0
Exhibit 70: Therapy mix

months*
Total 100.0 17.2 16.6 8.8
Anti-Diabetic 30.6 11.8 11.2 2.9
All major therapies, barring Gastrointestinal 25.9 30.4 35.3 27.4
VMN 13.4 8.3 -9.2 -13.3
VMN, grew in Oct’21
Neuro/CNS 8.8 23.7 21.5 13.8
Gynecological 7.5 5.2 12.7 6.4
Hormones 7.3 15.5 17.9 5.8

Growth was broad based sales growth (%) growth (%)
Total 100.0 17.2 100.0
across the top 50 brands
Top 10 brands 53.5 15.9 50.0
11 to 25 brands 26.3 13.6 21.5
26 to 50 brands 13.5 31.5 22.1
Price/NP/volume grew Above 50 brands 6.6 16.6 6.4
5.9%/4%/0.6% on a MAT Source: AIOCD, MOFSL
basis in Oct’21
20.0 13.8
5.9
4.0
0.6
31.4 24.9
10 Sepy 2020 17
Mankind Pharma
Value Growth Market Last three- Oct’21
(INR m) (%) share (%) months
in Oct’21 v/s 26.2% YoY in Sex Stimulants/
Manforce 3,035 21.5 4.3 47.7 35.7
Sep’21. Prega News, Rejuvenators
Dydroboon, Gudcef, and Moxikind CV Anti-Infectives 2,389 4.8 3.4 38.8 31.2
Manforce drove overall Candiforce Anti-Infectives 1,681 -18.3 2.4 -19.3 -19.9
growth in Oct’21 Glimestar M Anti-Diabetic 1,550 6.2 2.2 6.6 0.2
Unwanted Kit Gynecological 1,507 -1.4 2.1 -2.3 0.9
Prega News Others 1,486 40.9 2.1 86.2 72.2
Dydroboon Gynecological 1,472 113.6 2.1 71.9 54.2
Amlokind-At Cardiac 1,381 -0.8 1.9 -4.5 -6.9
Gudcef Anti-Infectives 1,222 15.8 1.7 60.5 47.2
Nurokind LC VMN 1,159 12.5 1.6 21.6 15.2

Except the decline in VMN, months*
all therapies showed Total 100.0 15.4 23.1 16.4
double-digit growth in Anti-Infectives 20.6 14.6 24.2 16.7
Oct’21, leading to the VMN 13.1 13.7 7.0 -0.5
outperformance against Cardiac 11.7 11.0 15.8 12.3
IPM
Respiratory 7.9 16.8 68.4 54.2
Anti-Diabetic 7.5 14.1 17.1 12.0
Total 100.0 15.4 100.0
Growth was broad-based
11 to 25 brands 17.2 15.7 17.5
26 to 50 brands 15.5 16.1 16.2
Growth in price/NP/volume Above 50 brands 43.5 16.8 46.9
stood at 6.5%/5.1%/1.3% Source: AIOCD, MOFSL
YoY on a MAT basis in
Oct’21

15.8
6.5
14.1 5.1
51.8 19.5 1.3
10 Sepy 2020 18
Pfizer
1% YoY in Oct’21 v/s 5.6% Total 38,542 11.7 100.0 4.2 -1.1
growth in Sep’21. The fall in Becosules VMN 4,051 8.2 10.5 -14.1 -19.9
Eliquis/Becosules led the Mucaine Gastrointestinal 2,231 22.5 5.8 17.2 15.2
decline in Oct’21 Gelusil MPS Gastrointestinal 2,042 3.1 5.3 -3.1 -6.0
Magnex Anti-Infectives 1,955 4.6 5.1 0.0 0.4
Minipress Xl Cardiac 1,814 12.9 4.7 21.5 14.5
Wysolone Hormones 1,753 24.5 4.5 16.2 8.8
Corex DX Respiratory 1,720 24.7 4.5 69.1 40.9
Dolonex Pain/Analgesics 1,681 -0.9 4.4 5.3 -1.6
Eliquis Cardiac 1,587 64.1 4.1 -20.4 -27.6
Dalacin C Anti-Infectives 1,229 18.4 3.2 21.0 15.2
VMN, Cardiac, and Exhibit 80: Therapy mix (%)
Hormones were the major Share MAT growth (%) Three- Oct’21
contributors to the decline months*
in Oct’21 Total 100.0 11.7 4.2 -1.1
Anti-Infectives 16.7 18.2 10.9 -0.6
VMN 13.8 13.4 -10.9 -14.5
Cardiac 11.1 29.9 1.2 -7.4
Hormones 9.7 28.8 -0.9 -6.8

contributed majorly to As a percentage of MAT Contribution to
overall growth, offset by sales growth (%) growth (%)
brands outside the top 50 Total 100.0 11.7 100.0
Top 10 brands 52.1 14.6 63.1
11 to 25 brands 31.1 15.6 39.9
26 to 50 brands 12.3 4.8 5.4
Growth in volume/price/NP Above 50 brands 4.5 -16.2 -8.4
stood at 6%/5.2%/0.5% on a Source: AIOCD, MOFSL
12.5
6.0
5.2
11.6
31.3 7.2 0.5
10 Sepy 2020 19
Merck
Secondary sales grew 17.7% YoY months
in Oct’21 v/s 19.7% in Sep’21. Total 2,991 24.6 100.0 20.3 17.7
Euthyrox, Triolmighty, and Concor Cardiac 799 29.7 26.7 24.7 16.8
Concor franchise drove the Concor Cor Cardiac 685 35.8 22.9 30.2 25.9
outperformance against IPM in Concor AM Cardiac 419 17.6 14.0 5.1 -0.8
Oct’21 Erbitux Anti-Neoplastics 368 19.9 12.3 3.5 18.8
Lodoz Cardiac 154 10.3 5.1 12.3 17.4
Euthyrox Hormones 78 37.0 2.6 38.4 43.8
Triolmighty Cardiac 74 36.9 2.5 55.9 37.2
Olmighty Cardiac 60 23.1 2.0 20.0 12.9
Carbophage Anti-Diabetic 59 -0.1 2.0 7.2 -1.2
Carbophage G Anti-Diabetic 53 24.6 1.8 13.1 11.8
All major therapies months*
contributed to the Total 100.0 24.6 20.3 17.7
outperformance against Cardiac 77.5 27.5 23.5 17.7
IPM
Anti-Diabetic 7.3 11.0 12.8 9.5
Hormones 2.8 10.2 41.6 40.4
Gynecological 0.1 -9.9 -71.8 -100.0
Robust growth in the top 10
brands was seen on a MAT Exhibit 86: Brand-wise growth distribution
As a percentage of MAT growth (%) Contribution to
basis in Oct’21
sales growth (%)
Total 100.0 24.6 100.0
Top 10 brands 91.9 25.9 95.7
Volume/prices rose 11 to 25 brands 8.1 11.7 4.3
16.1%/8.4% YoY on a MAT Source: AIOCD, MOFSL
basis in Oct’21, while
growth in launches was nil

26.2
14.6 16.1
8.4
0.1
0.4 2.6
10 Sepy 2020 20
Ajanta Pharma
months
YoY in Oct’21 v/s 19.4% in Met XL Cardiac 1,372 13.9 12.5 8.2 10.0
Sep’21. Met XL Trio, Cinod, Atorfit CV Cardiac 581 11.5 5.3 18.1 13.1
Rosutor, and Gold were the Rosutor Gold Cardiac 505 52.9 4.6 33.2 29.9
top performing brands in Melacare Dermatology 487 -10.2 4.4 -24.4 -28.7
Feburic Pain/Analgesics 474 22.4 4.3 18.1 11.3
Oct’21. Ajanta Pharma
Cinod Cardiac 366 21.5 3.3 28.9 34.9
outperformed IPM, despite
Met XL Am Cardiac 329 9.1 3.0 3.4 4.7
a decline in Melacare
Rosufit CV Cardiac 277 16.0 2.5 8.1 7.4
Met XL Trio Cardiac 190 103.1 1.7 76.7 58.1
Vertizac Neuro/CNS 185 35.1 1.7 5.4 -2.4
months*
Total 100.0 21.2 21.1 13.4
All therapies contributed to
Cardiac 43.4 20.7 17.5 15.3
growth, except VMN (which Ophthalmic/Otologicals 23.1 24.0 25.2 11.0
declined) in Oct’21 Dermatology 14.8 17.6 16.8 5.8
VMN 2.5 5.6 10.6 -6.0
Growth was majorly Exhibit 91: Brand-wise growth distribution
contributed by the top 50 As a percentage of MAT Contribution to
brands sales growth (%) growth (%)
Total 100.0 21.2 100.0
Top 10 brands 43.4 17.5 36.9
Growth in volume/price/NP 11 to 25 brands 17.2 26.5 20.6
stood at 10.7%/6.8%/3.7% 26 to 50 brands 14.2 22.9 15.1
Above 50 brands 25.1 23.6 27.4
YoY on a MAT basis in
Oct’21
24.0
18.7
10.7
6.8
3.7
5.3 5.7
10 Sepy 2020 21
AstraZeneca
Secondary sales grew 12.5% months
YoY in Oct’21 v/s 17.1% in Total 6,638 -0.6 100.0 13.9 12.5
Sep’21. Forxiga, Brilinta, Brilinta Cardiac 1,641 5.8 24.7 23.9 22.2
Forxiga Anti-Diabetic 1,152 -14.2 17.4 26.0 24.6
and Zoladex supported
Crestor Cardiac 531 -3.1 8.0 2.5 -1.1
growth in Oct’21
Seloken Cardiac 495 4.1 7.5 2.5 3.7
Xigduo Anti-Diabetic 430 -16.4 6.5 -16.1 -21.6
Betaloc Cardiac 358 -9.4 5.4 -4.4 3.0
Tagrisso Anti-Neoplastics 308 -8.1 4.6 -8.9 3.3
Zoladex Hormones 305 39.0 4.6 39.9 29.9
Imdur Cardiac 268 -10.4 4.0 -9.2 -7.7
Kombiglyze Anti-Diabetic 212 -9.4 3.2 4.7 1.5
*Three-months: Aug-Oct’21 Source: AIOCD,
All therapies showed MOFSL
double-digit growth, except
Anti-Diabetic, driving the Share MAT growth (%) Three-months* Oct’21
outperformance v/s IPM in Total 100.0 -0.6 13.9 12.5
Oct’21 Cardiac 49.6 0.7 10.8 10.6
Anti-Diabetic 32.7 -11.7 10.4 7.8
Hormones 4.6 38.9 40.0 30.0
Growth in the top 10
brands more than offset the As a percentage of MAT Contribution to
decline in other brands on a sales growth (%) growth (%)
MAT basis in Oct’21 Total 100.0 -0.6 100.0
Top 10 brands 85.9 -3.6 542.2
11 to 25 brands 14.1 22.9 -442.5
Volumes declined by 3.1%, 26 to 50 brands 0.0 -87.3 0.3
offset by a 1.8%/0.7% Source: AIOCD, MOFSL
growth in new
products/price on a MAT
basis in Oct’21
14.2
5.9
0.7 1.8
-3.1
0.8 (2.3)
10 Sepy 2020 22
JB Chemicals
Value Growth (%) Market share Last Oct’21
(INR m) (%) three-
months
Secondary sales declined by Total 8,697 7.0 100.0 -2.8 -5.9
5.9% YoY in Oct’21 v/s a Cilacar Cardiac 1,979 4.6 22.8 -2.2 -2.9
3.4% growth in Sep’21. Rantac Gastrointestinal 1,874 7.7 21.5 -7.9 -11.7
Decline in Metrogyl IV, Metrogyl Gastrointestinal 879 15.9 10.1 -6.5 -16.7
Rantac, and Cilacar led to Nicardia Cardiac 835 -10.8 9.6 -1.2 -3.7
an overall decline in Oct’21 Cilacar T Cardiac 727 15.8 8.4 14.0 6.3
Rantac Dom Gastrointestinal 209 9.0 2.4 0.2 1.3
Cilacar M Cardiac 166 7.7 1.9 5.6 8.7
Contrapaque Others 156 -2.1 1.8 -31.5 -12.6
Metrogyl P Dermatology 156 11.5 1.8 2.7 -2.3
Rantac MPS Gastrointestinal 129 3.5 1.5 -5.9 -6.0
*Three-months: Aug-Oct’21 Source: AIOCD, MOFS

Cardiac was flat YoY, offset months*
by a fall in all other Total 100.0 7.0 -2.8 -5.9
Cardiac 47.4 4.3 2.5 0.0
therapies, which
Gastrointestinal 42.1 10.3 -7.8 -12.7
contributed to the decline
Others 2.3 3.9 -27.7 -18.5
in Oct’21 Dermatology 2.3 16.1 5.5 -2.9
Anti-Infectives 1.4 29.6 -22.4 -36.4
Gynecological 1.2 -6.6 -13.2 -19.7
The top 10 brands led most Exhibit 101: Brand-wise growth distribution
of the overall growth for As a percentage of MAT Contribution to
the company in Oct’21 sales growth (%) growth (%)
Total 100.0 7.0 100.0
Growth in price/new Top 10 brands 81.8 5.7 67.5
products stood at 11 to 25 brands 12.8 13.1 22.6
5.6%/2.1% YoY on a MAT 26 to 50 brands 4.6 18.7 11.1
Above 50 brands 0.8 -9.6 -1.3
basis in Oct’21, while
volumes declined by 0.6%
Exhibit 103: Growth distribution (%) on a MAT basis in

Exhibit 102: Acute v/s Chronic (MAT growth) Oct’21
8.7
5.6
4.5 5.3
2.1
4.2 -0.6
10 Sepy 2020 23
Eris Lifesciences
Secondary sales declined months
slightly YoY in Oct’21 v/s a Total 15,846 12.6 100.0 7.4 -0.5
9.7% growth in Sep’21. Glimisave M Anti-Diabetic 1,351 9.0 8.5 -5.5 -15.1
Almost all of the top 10 Renerve Plus VMN 1,091 12.6 6.9 -7.4 -12.8
brands saw a fall in sales, Glimisave MV Anti-Diabetic 936 9.7 5.9 14.1 3.9
leading to an overall decline Tendia M Anti-Diabetic 410 -6.9 2.6 -2.7 -12.9
Remylin D VMN 390 -15.6 2.5 -17.5 -17.2
Zomelis Met Anti-Diabetic 375 96.3 2.4 36.2 36.9
Eritel CH Cardiac 360 -16.0 2.3 -24.0 -32.7
Tayo 60K VMN 336 36.8 2.1 -28.0 -43.2
Decline in VMN and Lnbloc Cardiac 318 -4.1 2.0 -8.9 -10.7
Zayo Cardiac 313 0.0 2.0 NA NA
Gastrointestinal led to an
*Three-months: Aug-Oct’21 Source: AIOCD, MOFS
overall decline in Oct’21
Total 100.0 12.6 7.4 -0.5
Anti-Diabetic 31.8 14.7 11.9 3.5
Cardiac 25.6 6.3 11.2 6.0
VMN 21.2 23.2 -3.6 -14.0
Neuro/CNS 7.4 21.4 34.5 25.1
Gastrointestinal 5.6 4.5 -13.7 -21.8

contributed ~69% to overall As a percentage of MAT Contribution to
growth sales growth (%) growth (%)
Total 100.0 12.6 100.0
Growth in launches/prices Top 10 brands 37.1 13.9 40.7
11 to 25 brands 23.0 15.9 28.2
stood at 10.8%/4.5% YoY,
26 to 50 brands 18.3 9.6 14.4
offset by a 2.7% decline in Above 50 brands 21.5 9.5 16.7
volume on a MAT basis in Source: AIOCD, MOFSL
Oct’21
Exhibit 108: Growth distribution (%) on a MAT basis in

Exhibit 107: Acute v/s Chronic (MAT growth) Oct’21
14.2
11.6
10.8
4.5
10.1
5.7 -2.7
10 Sepy 2020 24
Explanation of Investment Rating

Investment Rating Expected return (over 12-month)
BUY >=15%
SELL < - 10%
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 is inconsistent with the investment rating legend for a continuous period of 30 days, the Research Analyst shall within
following 30 days 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 Financial Services Ltd. (MOFSL) is a SEBI Registered Research Analyst having registration no. INH000000412. MOFSL, 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
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though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report
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located in Hong Kong & are not conducting Research Analysis in Hong Kong.
For U.S.
Motilal Oswal Financial Services Limited (MOFSL) is not a registered broker - dealer under the U.S. Securities Exchange Act of 1934, as amended (the"1934 act") and under
applicable state laws in the United States. In addition MOFSL is not a registered investment adviser under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers
Act" and together with the 1934 Act, the "Acts), and under applicable state laws in the United States. Accordingly, in the absence of specific exemption under the Acts, any
brokerage and investment services provided by MOFSL , including the products and services described herein are not available to or intended for U.S. persons. This report is
intended for distribution only to "Major Institutional Investors" as defined by Rule 15a-6(b)(4) of the Exchange Act and interpretations thereof by SEC (henceforth referred to as
"major institutional investors"). This document must not be acted on or relied on by persons who are not major institutional investors. Any investment or investment activity to which
this document relates is only available to major institutional investors and will be engaged in only with major institutional investors. In reliance on the exemption from registration
provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the "Exchange Act") and interpretations thereof by the U.S. Securities and Exchange
Commission ("SEC") in order to conduct business with Institutional Investors based in the U.S., MOFSL has entered into a chaperoning agreement with a U.S. registered broker-
dealer, Motilal Oswal Securities International Private Limited. ("MOSIPL"). Any business interaction pursuant to this report will have to be executed within the provisions of this
chaperoning agreement.
The Research Analysts contributing to the report may not be registered /qualified as research analyst with FINRA. Such research analyst may not be associated persons of the U.S.
registered broker-dealer, MOSIPL, and therefore, may not be subject to NASD rule 2711 and NYSE Rule 472 restrictions on communication with a subject company, public
appearances and trading securities held by a research analyst account.
For Singapore
In Singapore, this report is being distributed by Motilal Oswal Capital Markets Singapore Pte Ltd (“MOCMSPL”) (Co.Reg. NO. 201129401Z) which is a holder of a capital markets
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Specific Disclosures
1 MOFSL, Research Analyst and/or his relatives does not have financial interest in the subject company, as they do not have equity holdings in the subject company.
2 MOFSL, Research Analyst and/or his relatives do not have actual/beneficial ownership of 1% or more securities in the subject company
3 MOFSL, Research Analyst and/or his relatives have not received compensation/other benefits from the subject company in the past 12 months
4 MOFSL, Research Analyst and/or his relatives do not have material conflict of interest in the subject company at the time of publication of research report
5 Research Analyst has not served as director/officer/employee in the subject company
6 MOFSL has not acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
7 MOFSL has not received compensation for investment banking/ merchant banking/brokerage services from the subject company in the past 12 months
8 MOFSL has not received compensation for other than investment banking/merchant banking/brokerage services from the subject company in the past 12 months
9 MOFSL has not received any compensation or other benefits from third party in connection with the research report
10 MOFSL has not engaged in market making activity for the subject company
********************************************************************************************************************************
10 Sepy 2020 25
The associates of MOFSL may have:

- financial interest in the subject company
- actual/beneficial ownership of 1% or more securities in the subject company
- received compensation/other benefits from the subject company in the past 12 months
- 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 MOFSL even
though there might exist an inherent conflict of interest in some of the stocks mentioned in the research report.
- acted as a manager or co-manager of public offering of securities of the subject company in past 12 months
- 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)
- received compensation from the subject company in the past 12 months for investment banking / merchant banking / brokerage services or from other than said services.
The associates of MOFSL has not received any compensation or other benefits from third party in connection with the research report
Above disclosures include beneficial holdings lying in demat account of MOFSL which are opened for proprietary investments only. While calculating beneficial holdings, It does not
consider demat accounts which are opened in name of MOFSL for other purposes (i.e holding client securities, collaterals, error trades etc.). MOFSL also earns DP income from
clients which are not considered in above disclosures.
Analyst Certification
The views expressed in this research report accurately reflect the personal views of the analyst(s) about the subject securities or issues, and no part of the compensation of the
research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report.
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The report and information contained herein is strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or
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The securities discussed and opinions expressed in this report may not be suitable for all investors, who must make their own investment decisions, based on their own investment
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expressed may not be suitable for all investors. Certain transactions -including those involving futures, options, another derivative products as well as non-investment grade
securities - involve substantial risk and are not suitable for all investors. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of
the information and opinions contained in this document. The Disclosures of Interest Statement incorporated in this document is provided solely to enhance the transparency and
should not be treated as endorsement of the views expressed in the report. This information is subject to change without any prior notice. The Company reserves the right to make
modifications and alternations to this statement as may be required from time to time without any prior approval. MOFSL, its associates, their directors and the employees may from
time to time, effect or have effected an own account transaction in, or deal as principal or agent in or for the securities mentioned in this document. They may perform or seek to
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Neither the Firm, not its directors, employees, agents or representatives shall be liable for any damages whether direct or indirect, incidental, special or consequential including lost
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accessing this information due to any errors and delays.
Registered Office Address: Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai-400025; Tel No.: 022 71934200/ 022-71934263;
Website www.motilaloswal.com.CIN no.: L67190MH2005PLC153397.Correspondence Office Address: Palm Spring Centre, 2nd Floor, Palm Court Complex, New Link Road,
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Registration Nos.: Motilal Oswal Financial Services Limited (MOFSL)*: INZ000158836(BSE/NSE/MCX/NCDEX); CDSL and NSDL: IN-DP-16-2015; Research Analyst:
INH000000412. AMFI: ARN - 146822; Investment Adviser: INA000007100; Insurance Corporate Agent: CA0579;PMS:INP000006712. Motilal Oswal Asset Management Company
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Management Ltd. (MOWML): PMS (Registration No.: INP000004409) is offered through MOWML, which is a group company of MOFSL. Motilal Oswal Financial Services Limited is
a distributor of Mutual Funds, PMS, Fixed Deposit, Bond, NCDs,Insurance Products and IPOs.Real Estate is offered through Motilal Oswal Real Estate Investment Advisors II Pvt.
Ltd. which is a group company of MOFSL. Private Equity is offered through Motilal Oswal Private Equity Investment Advisors Pvt. Ltd which is a group company of MOFSL.
Research & Advisory services is backed by proper research. Please read the Risk Disclosure Document prescribed by the Stock Exchanges carefully before investing. There is no
assurance or guarantee of the returns. Investment in securities market is subject to market risk, read all the related documents carefully before investing. Details of Compliance
Officer: Name: Neeraj Agarwal, Email ID: na@motilaloswal.com, Contact No.:022-71881085.
* MOSL has been amalgamated with Motilal Oswal Financial Services Limited (MOFSL) w.e.f Octust 21, 2018 pursuant to order dated Sepy 30, 2018 issued by Hon'ble National
Company Law Tribunal, Mumbai Bench.
10 Sepy 2020 26

PHARMA - Monthly 20211109 MOSL RU PG026

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Sector Update

Tushar Manudhane - Research Analyst(Tushar.Manudhane@MotilalOswal.com)

Source: AIOCD, MOFSL

Acute as % of total sales MATVALUE GR OCT 21

Source: MOFSL, AIOCD

Indian Pharma market – Oct’21

Exhibit 4: Performance of top therapies in Oct’21

Exhibit 6: Therapy mix (%)

The top 10 brands and Exhibit 7: Brand-wise growth distribution

MATVALUE OCT 21 SALESVALUE GR OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 11: Therapy mix (%)

MATVALUE OCT 21 MATVALUE OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

MATVALUE OCT 21 SALESVALUE GR OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL

Therapy mix (%)

Exhibit 21: Brand-wise growth distribution

SALESVALUE GR OCT 21 MATVALUE OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 25: Therapy mix (%)

MATVALUE OCT 21 SALESVALUE GR OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

MATVALUE OCT 21 SALESVALUE GR OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 35: Therapy mix (%)

Exhibit 36: Brand-wise growth distribution

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Dr. Reddy's Laboratories

Respiratory and Anti- Exhibit 40: Therapy mix (%)

Exhibit 41: Brand-wise growth distribution

MATVALUE OCT 21 SALESVALUE GR OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 45: Therapy mix (%)

Exhibit 46: Brand-wise growth distribution

MATVALUE OCT 21 SALESVALUE GR OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 50: Therapy mix (%)

MATVALUE OCT 21 SALESVALUE GR OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 55: Therapy mix (%)

Exhibit 56: Brand-wise growth distribution

MATVALUE OCT 21 SALESVALUE GR OCT 21

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 60: Therapy mix (%)

The top 50 brands Exhibit 61: Brand-wise growth distribution

MATVALUE OCT 21 SALESVALUE GR OCT 21

ACUTE CHRONIC Vol GR Price GR NP GR

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 65: Therapy mix (%)

The top 25 brands drove Exhibit 66: Brand-wise growth distribution

MATVALUE OCT 21 SALESVALUE GR OCT 21

Source: AIOCD, MOFSL Source: AIOCD, MOFSL

Exhibit 70: Therapy mix

Exhibit 71: Brand-wise growth distribution