Beruflich Dokumente
Kultur Dokumente
Health Check
Sector View
Positive
Index Performance as on September 21, 2016
Return (%)
Return (%)
1M
3M
YTD
1Y
CNX 500
1.3
8.8
11.4
12.7
Nifty
1.3
6.8
10.5
10.0
NSE Pharma
1.2
10.4
-1.9
-7.7
Stocks Performance
Mcap
Return (%)
Company
1M
3M
YTD
1Y 21-Sep
Sun Pharma.Inds.
-0.6
Lupin
-1.9
5.8
-5.0
-13.5 187445
6.6
-15.9
Dr Reddy's Labs
-17.8
69689
4.7
3.4
1.4
-20.3
52244
Cipla
8.0
24.4
-7.4
-7.4
48323
Aurobindo Pharma
5.6
12.0
-7.8
13.5
47261
Cadila Health.
4.9
24.1
19.5
-1.6
40069
Divi's Lab.
2.3
19.0
15.1
19.0
35287
Torrent Pharma.
4.2
21.6
12.7
13.8
27360
Glenmark Pharma.
4.0
18.1
-2.4
-12.0
25394
Glaxosmit Pharma
-10.0
-20.0
-15.2
-16.1
23806
Biocon
11.6
30.5
82.5
114.9
18911
Apollo Hospitals
-5.8
0.4
-10.5
-3.8
18251
Ajanta Pharma
-0.2
34.1
47.6
35.8
17298
Alembic Pharma
1.1
20.3
-6.2
-5.8
12310
Natco Pharma
-0.8
26.9
10.0
41.2
11094
Jubilant Life
24.1
84.3
52.7
81.3
10007
Wockhardt
11.8
-1.0
-41.7
-35.4
9851
Syngene Int.
13.8
17.9
15.7
49.7
9641
Strides Arcolab
4.6
-5.2
-20.0
-14.1
Pfizer
4.7
5.9
-15.3
-22.4
-22.2
Ipca Labs.
15.2
20.2
-20.3
Indoco Remedies
8.1
25.7
1.2
1.1
Unichem Labs.
-2.7
1.1
-1.6
-3.6
Price movement
15000
14000
13000
12000
11000
10000
9000
8000
7000
6000
5000
Sep-15
6000
4000
CNX Pharma
Glenmark has entered into a tie-up with US based Particle Sciences, Inc. to
develop and market a generic version of Celgenes oncology injection
7457
Abraxane (paclitaxel protein (albumin)-bound particles for injectable
3051
2389 M suspension). As per the agreement, Glenmark has obtained global exclusive
marketing and distribution rights of the product upon commercialization.
Particle Sciences will develop this product exclusively for Glenmark.
8000
Jun-16
The Indian pharmaceutical market (IPM) grew 15% YoY to | 9643 crore for
the month of August, the highest growth in nine months mainly due to
recovery in volume growth (albeit on lower base) and seasonality benefit.
The growth was largely driven by volumes increase 9.1% followed by
price hikes- 2.9% and new product launches- 2.9%. On a MAT basis, IPM
growth stood at 10.5% YoY to | 102537 crore.
9211
10000
Mar-16
9140
12000
Dec-15
Sep-16
Nifty (RHS)
Research Analyst
Siddhant Khandekar
siddhant.khandekar@icicisecurities.com
Mitesh Shah
mitesh.sha@icicisecurities.com
On a regulation front, Indocos Goa plant II (sterile and solid dosages facility)
received six 483 observations from USFDA. Inspection was conducted
between 31st August 31, 2016 to 4th September, 2016. The injectable ANDA
filings triggered this inspection. In Mar 2016, Goa plant received
establishment inspection report (EIR) for inspection conducted in July 2015.
No red flag on earnings front; regulatory worries waning
Despite pricing pressure and client consolidation in the US, which were
thought to be the significant headwinds post Q4FY16 numbers, most of the
players (barring few) managed to expand volumes in Q1 thereby
neutralising these headwinds. Regarding USFDA issues the Indian players
have moved on and seem better prepared than 12-18 months ago as
reflected by growing number of EIRs by the USFDA for Indian facilities. The
Indian formulations also did reasonably well despite NLEM / FDC issues. We
expect earnings momentum to continue on the back of incremental product
launches in the US and likely positive outcome from the USFDA reinspections besides normalising of Indian formulations growth. We expect
healthcare universe revenue, EBITDA and PAT to grow at a CAGR of 12%,
13% and 16%, respectively, in FY16-18E. The growth will be steered by US
(~13% CAGR over FY16-18E) and Indian formulations (~14% CAGR over
FY16-18E).
Regulatory approvals
Exhibit 1: Summary of USFDA approvals for Aug, 2016
[5
Company
Sun Pharma
Natco Pharma
Aurobindo Pharma
Sun Pharm
Aurobindo Pharma
Glenmark Pharma
Aurobindo Pharma
Dr Reddys Labs
Jubilant
Aurobindo Pharma
Jubilant
Cipla
Sun Pharm
Dr Reddys Labs
Ajanta Pharma
Drug Name
Metformin Hydrochloride
Oseltamivir Phosphate
Linezolid
Buprenorphine Hydrochloride; Naloxone Hydrochloride
Galantamine Hydrobromide
Triamcinolone Acetonide
Esomeprazole Sodium
Paricalcitol
Felodipine Er Tablets
Omeprazole; Sodium Bicarbonate
Telmisartan Tablets
Trospium Chloride
Morphine Sulfate
Nitroglycerin
Olanzapine
Company
Torrent Pharms
Lupin
Ajanta Pharma
Drug Name
Rosuvastatin Calcium
Paroxetine
Eletriptan Hydrobromide
Final Approvals
Therapeutic Area
Anti-Diabetic
Anti-Infective
Anti-Bacterial
Anti-Addictive
Anti-Alzheimer
Dermatology
GI
Hormonal
CVS
Gi
CVS
Cns
Pain Management
CVS
Cns
Tentative Approvals
Therapeutic Area
CVS
Anti-Depressant
Pain Management
Innovator company
Generic Version of
Santarus Inc
Glumetza
Roche
Tamiflu
Harmacia
Zyvox
Indivior Inc
Suboxone
Janssen Pharma
Razadyne
NA
NA
Astrazeneca
Nexium IV
Abbvie
Zemplar
Astrazeneca
Plendil
Santarus
Zegerid
Boehringer Ingelheim Pha Micardis
Valeant
Wellbutrin XL
Purdue Pharma
Ms Contin
Pfizer
Nitrostat
Lilly
Zyprexa
Market Size
US$ 1200 million
US$ 403 million
US$ 87 million
NA
NA
US$ 4.4 million
NA
US$ 110 million
NA
NA
US$ 250 million
US$ 792 million
NA
US$ 108 million
NA
Innovator company
Astrazeneca
Apotex
Pfizer
Market Size
NA
NA
NA
Generic Version of
Crestor
Paxil
Relpax
CNS: Central Nervous System; CVS: Cardiovascular,GI: Gastro Intestinal, NA: Not available;
Source: USFDA, ICICIdirect.com Research
Page 2
million capsules p.a. With this acquisition, Indoco will now have six
Page 3
Month
Sep-15
Sep-15
Sep-15
Sep-15
Oct-15
Oct-15
Oct-15
Oct-15
Oct-15
Oct-15
Oct-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Nov-15
Dec-15
Dec-15
Dec-15
Dec-15
Dec-15
Dec-15
Jan-16
Jan-16
Feb-16
Feb-16
Feb-16
Mar-16
Mar-16
Apr-16
May-16
Jun-16
Jun-16
Jun-16
Jun-16
Jun-16
Jul-16
Jul-16
Jul-16
Jul-16
Jul-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Aug-16
Innovator
ANDA Filer
Brand Name
Jazz Pharma
Gilead Sciences Inc.
Horizon Pharma
Bayer Pharma
Merck
Salix Pharmaceuticals, Inc.
Takeda Pharma
Janssen Pharma
Novartis Pharma
Otsuka Pharma
AstraZeneca
AstraZeneca
Novartis Pharma
Allergan
Shire Pharma
Dexcel Pharma
Dexcel Pharma
Cephalon Inc.
Cosmo Techs
Pfizer
Vanda Pharma
Forest Labs
Jazz Pharma
Otsuka Pharma
Symed Labs
UCB Inc.
Unimed Pharma
Helsinn Healthcare
Sanofi-Aventis
Otsuka Pharma
Merz Pharma
Dow Pharma
Cubist Pharma
Bayer Pharma
Bristol Myers Squibb
Janssen Products LP
Shire Canada
Daiichi Sankyo
Daiichi Sankyo
Daiichi Sankyo
Apicore
UCB, Inc.
Gilead
Janssen Biotech
Sanofi-Aventis
Sanofi-Aventis
Roche
AstraZeneca AB
Hyperion Therapeutics
Gilead Sciences, Inc.
Lupin
Gilead Sciences Inc
Shire LLC
AbbVie Inc.
Galderma Laboratories, LP
Reckitt Benckiser Inc.
Takeda Pharma
Dexcel
Shionogi Inc
Nestle Skin Health
Lupin
Lupin
Lupin
Alembic Pharma
Lupin
Taro Pharma
Aurobindo
Aurobindo
Natco Pharma
Zydus Pharma
Alembic Pharma
InvaGen Pharma
Dr. Reddy's Labs
Aurobindo Pharma
Lupin
Sun Pharma
Dr. Reddy's Labs
Aurobindo Pharma
Lupin
Dr. Reddy's Labs
Lupin
InvaGen Pharma
Sun Pharma
Alkem Labs
Glenmark Pharma
InvaGen Pharma
Dr. Reddy's Labs
Dr. Reddy's Labs
Glenmark Pharma
Ajanta Pharma
Taro Pharma
Taro Pharma
Dr. Reddy's Labs
InvaGen Pharma
Cipla
Lupin
Lupin
Torrent Pharma
Alembic Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Aurobindo Pharma
Glenmark Pharma
Cadila Healthcare
Cadila Healthcare
Cadila
Aurobindo
Lupin
Aurobindo
InvaGen Pharma
Hetero
Alkem Lab
Amgen Inc.
SEEGPharm
Sun Pharma
Dexcel Pharma
Aurobindo
Hi-Tech Pharmacal
Perrigo Co.
Xyrem
Tamiflu
Pennsaid
Staxyn
Beyaz
Moviprep
Prevacid
Xarelto
Gleevec
Abilify
Brilinta
Brilinta
Exelon Patch
Acular LS
Lialda
Omeprazole
Omeprazole
Nuvigili
Uceris
Toviaz
Fanapt
Viibryd
Xyrem
Abilify
Zyvox
Zyrtec-D
Androgel
Aloxi
Multaq
Abilify
Naftin
Onexton
Cubicin
Xarelto
Reyataz
Prezista
Daliresp
Benicar
Benicar
Benicar
LYMPHAZURIN
VIMPAT
EMTRIVA
ZYTIGA
MOZOBIL
MOZOBIL
Aloxi
Nexium 24HR
RAVICTI
Truvada
Antara
Complera
Fosrenol
Humira
Metrogel
Mucinex
Prevacid
Prilosec
Ulesfia
MIRVASO
API
Used for
Sodium Oxybate
Narcolepsy
Oseltamivir
Influenza
Diclofenac
Osteoarthritis
Vardenafil Hydrochloride
Sex Stimulant
Drospirenone
Birth control
Polyethylene glycol electrolyte soln
Gastro Intestinal
lansoprazole
Stomach ulcers
Rivaroxaban
Blood Thinner
Matinib Mesylate
Anti-cancer
Aripiprazole
Schizophrenia
Ticagrelor
CVS
Ticagrelor
CVS
Rivastigmine
Dementia
Ketorolactromethamine
Ocular Pain
Mesalamine
Ulcerative Colitis
Omeprazole
GI
Omeprazole
GI
Modafinil
CNS
Budesonide
GI
Fesoterodine
Urotherapy
Iloperidone
Schizophrenia
Vilazodone
Anti-depressant
Gamma-hydroxybutyric acid
CNS
Aripiprazole
Schizophrenia
Linezolid
Anti-Infective
Cetirizine
Respiratory
Testosterone
Low Testosterone
Palanosetron
Nausea
Dronedarone
Atrial Fibrillation
Aripiprazole
Schizophrenia
Naftifine Hydrochloride
Fungal Infection
Cindamycin Phosphate and Benzoyl Peroxide Acne
Daptomycin
Antibiotic
Rivaroxaban
Blood Thinner
Atazanavir
HIV
Darunavir
HIV
Roflumilast
Respiratory
Olmesartan
Anti-depressant
Olmesartan
Anti-depressant
Olmesartan
Anti-depressant
isosulfan blue
lymphatic imaging agent
lacosamide
partial-onset seizures
emtricitabine
HIV
abiraterone
Oncology
plerixafor
non-Hodgkin's lymphoma
plerixafor
non-Hodgkin's lymphoma
palonosetron hydrochloride
prevention of acute nausea
esomeprazole magnesium
treatment of acid reflux
Glycerol Phenylbutyrate
urea cycle disorders
emtricitabine / tenofovir disoproxil fumarate HIV
fenofibrate
hypercholesterolemia; dyslipidem
Emtricitabine; Rilpivirine Hydrochloride; TenofoHIV
lanthanum carbonate
end stage renal disease
adalimumab
immunosuppressant
metronidazole
rosacea
guaifenesin / pseudoephedrine hydrochloride bronchial congestion
lansoprazole
stomach ulcers
Omeprazole
Heartburn
benzyl alcohol
anti-parasite
brimonidine
Dermatology
Page 4
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
23.0 Oct-15
15.8
14.9
6.7
4.7
20
8.8
12.6
10.1
13.1
9.8
10
5
0
-5
34.0
35
30
(%)
Unichem
Torrent
Sun Pharma
Pfizer
Novartis
Lupin
Ipca Labs
19.7
20
10
34.5
28.0
25
15
Indoco
GSK Pharma
Glenmark
DRL
Cipla
40
Cadila
SubChronic,
18529.19,
20.3%
10.6
15
13.7
20
Alembic
Acute,
44636.31,
48.8%
Sep-15
25
Aug-15
Brand
Company Therapy
Aug' 16 Aug' 15 Gr. (%)
Corex
Pfizer
Respiratory
315.6
261.7
20.6
308.8
234.4
31.8
Spasmo Prox Wockhardt GI
Lantus
Sanofi
Anti Diabetic
304.5
241.2
26.2
Galvus Met Novartis
Anti Diabetic
295.8
216.4
36.7
Anti-Infectives 295.4
329.2 -10.3
Augmentin GSK
Clavam
Alkem
Anti-Infectives 255.9
221.7
15.4
Volini
Ranbaxy
Pain
236.8
204.3
15.9
Becosules Sun Pharma Vitamins
219.5
257.8 -14.9
Pan
Alkem
GI
205.8
182.3
12.9
Voveran
Novartis
Pain
205.1
161.0
27.3
Source: AIOCD data base
12.2
Ajanta
Therapy
Aug' 16 Aug' 15 YoY (%) July' 16 MoM (%)
Anti-Infectives
1562
1306
19.6
1409
10.9
GI
1138
997
14.2
1133
0.4
Cardiac
1119
1002
11.6
1084
3.2
Vitamins
848
761
11.4
824
2.9
Anti Diabetic
800
672
19.0
755
5.9
Respiratory
771
583
32.3
685
12.6
Pain
694
602
15.4
650
6.9
Derma
554
494
12.2
527
5.3
Neuro
552
504
9.5
527
4.7
Gynaecological
472
426
10.8
473
-0.2
Vaccines
163
163
0.1
172
-5.1
Ophthal
162
156
4.5
155
5.1
Hormones
159
139
14.0
149
6.7
Anti-Neoplastics
149
146
2.1
145
2.7
Others
117
87
35.2
108
8.4
Blood Related
111
102
8.4
107
3.2
Urology
105
91
15.0
101
3.4
Anti Malarials
77
56
38.6
60
28.1
Sex Stimulants
48
42
14.4
48
-0.3
Stomatologicals
43
38
13.4
43
-0.4
Source: AIOCD data base
(%)
12.3
11.9
8.8
19.9
15.6
8.2
12.4
13.5
7.2
2.9
5.8
7.3
Page 5
Sun Pharmaceuticals
Stock Performance
Chronic,
3570.21,
44.5%
150
130
110
90
70
50
SubChronic,
1072.35,
13.4%
Acute,
3376.53,
42.1%
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Sep-16
Sun Pharma
11 to 20
21 to 30
31 to 50
Aug-16
15.8
12.4
14.9
9.9
6.7
3.3
Others
Jul-16
Jun-16
May-16
4.7
4.5
5.2
8.8
7.0
12.3
8.2
9.9
12.6
10.1
13.1
20.3
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
9.8
10
10%
10.6
12.5
7%
11.6
(%)
56%
13.7
15
9%
18.1
20
18%
5.2
25
23.0Oct-15
Sep-15
Aug-15
Top 10
Jul-16
Volini
Pain
22.1
19.2
15.2
21.3
3.7
Gemer
Anti Diabetic
17.4
12.3
41.5
16.3
7.0
Rosuvas
Cardiac
17.0
13.0
30.3
16.1
5.1
7.8
Istamet
Anti Diabetic
16.6
12.1
37.4
16.2
2.6
7.2
Levipil
Neuro
14.3
11.7
22.7
14.3
0.4
6.6
Revital H
Vitamins
14.3
10.2
40.2
13.7
4.8
Pantocid
Gastro Intestinal
13.5
11.2
21.0
13.1
3.2
Susten
Gynaecological
12.8
11.5
10.8
12.8
-0.2
Pantocid Dsr
Gastro Intestinal
11.1
9.6
15.5
10.8
3.0
Mox
Anti-Infectives
10.1
8.2
23.3
9.9
1.1
9.6
9.0
8.4
(%)
(| crore)
Brand
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
6.0
Derma
7%
Cardiac
29%
Anti-Infectives
18%
Aug' 16
Aug' 15
YoY (%)
July' 16
MoM (%)
Cardiac
153.6
120.4
27.6
146.0
5.2
Neuro
141.4
117.4
20.5
136.0
3.9
Gastro Intestinal
102.2
87.9
16.2
100.0
2.2
96.5
86.8
11.2
90.8
6.2
Anti-Infectives
Gastro
Intestinal
19%
Neuro
27%
(| crore)
Therapy
Derma
41.0
32.7
25.4
73.1
-43.9
Anti Diabetic
76.3
61.6
23.9
57.3
33.0
Vitamins
35.4
28.6
23.7
38.2
-7.4
Pain
59.6
51.9
14.8
34.3
73.8
Respiratory
33.8
22.7
49.0
30.0
12.7
Gynaecological
29.9
28.2
6.0
30.3
-1.5
Page 6
Cipla
Stock Performance
Chronic,
1877.72,
Acute, 41.2%
2119.70,
46.5%
140
120
100
80
60
SubChronic,
556.57,
12.2%
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Cipla
11 to 20
21 to 30
31 to 50
Aug-16
14.9
15.8
Jul-16
Jun-16
May-16
12.3
14.2
6.7
8.8
8.8
2.0
Others
6.1
4.7
7.0
3.5
0
Top 10
Apr-16
Mar-16
Feb-16
12.6
4.6
11.5
10.1
Jan-16
Dec-15
Nov-15
21.0
10.0
11% 8%
10
11.0
(%)
13%
10.6
15
43%
13.7
20
25%
13.1
16.6
25
9.8
15.9
23.0Oct-15
Aug-15
Sep-15
Cipla
(| crore)
5.4
Brand
Therapy
5.2
Foracort
Respiratory
16.5
15.3
7.8
16.3
1.6
Duolin
Respiratory
12.4
9.4
31.5
10.8
15.0
Budecort
Respiratory
12.0
11.0
9.1
12.3
-2.5
Seroflo
Respiratory
11.4
10.7
6.7
10.9
5.1
Asthalin
Respiratory
11.4
10.6
7.8
10.3
10.3
Montair Lc
Respiratory
8.0
5.9
35.5
7.3
10.6
Aerocort
Respiratory
8.0
7.8
2.0
7.7
3.8
5.1
5.0
4.8
5.1
5.2
4.9 4.9
4.8
(%)
5.2
5.2
4.9
4.7 4.7
4.6
4.6
4.4
4.5
4.2
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
4.0
Cipla
Azee
Anti-Infectives
7.6
7.7
-0.4
7.9
-3.5
Advent
Anti-Infectives
7.3
5.5
32.6
5.4
35.0
Ibugesic Plus
Pain
7.0
5.4
30.3
6.4
9.7
Other
18%
Respiratory
30%
Urology
5%
Gastro
Intestinal
8%
Cardiac
12%
Anti-Infectives
27%
Therapy
Respiratory
Anti-Infectives
(| crore)
Aug' 16
132.2
Aug' 15
112.8
YoY (%)
1 7.2
July' 16
122.1
MoM (% )
8.3
113.4
109.6
3.5
110.9
2.3
Cardiac
51.1
46.9
8.9
52.0
- 1.7
Gastro Intestinal
37.5
32.3
1 6.0
38.2
- 1.8
Urology
Neuro
20.1
13.6
19.7
15.7
1.8
-1 3.6
20.1
13.2
- 0.1
3.1
Ophthal
13.4
13.8
- 2.8
13.8
- 2.8
Pain
15.8
13.6
1 6.0
14.8
6.9
Derma
V itamins
12.0
7.9
10.9
7.4
9.4
6.5
11.1
8.4
8.0
- 5.5
Acute,
1053.63,
50.0%
140
120
100
80
60
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Dr. Reddys
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
15.6
14.9
4.3
1.5
6.7
8.8
-1.4
4.1
4.7
7.0
6.7
15.8
31.7
12.6
26.5
10.1
9.8
7.5
13.1
27.4
23.6
23.0
30.7
10.6
14.6
(%)
10
16%
9%
13.7
20
29%
12%
Nov-15
40
30
34%
Oct-15
Aug-15
Sep-15
-10
Indian Pharma Market
Top 10
11 to 20
21 to 30
31 to 50
Others
2.8
2.7
2.7
(%)
2.6
2.6
2.5
2.5
2.4
2.3
2.3
2.2
2.2
2.6
2.3
2.3
2.3
2.2
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
2.1
Gastro
Intestinal
21%
Cardiac
14%
Anti-Infectives
8%
Respiratory
9%
Therapy
Omez D
Gastro Intestinal
9.1
7.2
26.1
8.6
5.7
Omez
Gastro Intestinal
8.9
10.7
-16.7
9.4
-5.5
Peggrafeel
Anti-Neoplastics
7.2
1.7
309.9
5.4
33.2
Grafeel
Anti-Neoplastics
6.3
5.7
12.0
7.9
-20.1
Nise
Pain
5.8
5.4
7.2
5.2
10.5
Atarax
Respiratory
5.6
3.3
70.1
5.1
9.6
Econorm
Gastro Intestinal
5.5
5.7
-4.2
6.5
-16.7
Docetere
Anti-Neoplastics
5.3
2.5
112.9
4.1
28.5
Razo D
Gastro Intestinal
5.2
4.4
19.3
4.7
11.3
Razo
Gastro Intestinal
5.1
3.7
37.7
4.8
6.1
(| crore)
Brand
AntiNeoplastics
11%
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
Gastro Intestinal
44.5
41.2
8.0
44.3
MoM (%)
0.5
Cardiac
27.7
27.1
2.0
25.6
8.1
Anti-Neoplastics
35.6
26.0
36.9
28.8
23.7
Respiratory
21.5
15.3
40.8
18.7
14.6
Anti-Infectives
21.1
15.1
39.8
16.3
29.4
Pain
14.5
13.3
9.4
13.4
8.6
Derma
11.4
10.1
12.1
10.7
6.6
Anti Diabetic
5.9
13.5
12.3
9.5
12.7
Urology
8.7
7.2
20.0
8.3
4.1
Neuro
7.3
6.7
7.8
6.6
10.7
Page 8
Lupin
Stock Performance
Acute,
933.57,
31.3%
Chronic,
1428.21,
47.9%
SubChronic,
617.73,
20.7%
140
120
100
80
60
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Lupin
13%
11 to 20
Aug-16
13.5
15.8
14.9
11.1
6.7
4.7
-4
21 to 30
31 to 50
Others
3.5
3.4 3.4
Lupin
Brand
Therapy
(| crore)
Gluconorm-G
Anti Diabetic
15.0
11.4
30.8
14.6
2.2
Budamate
Respiratory
8.4
6.1
39.0
7.6
11.4
Tonact
Cardiac
7.7
8.4
-8.1
7.5
3.6
Rablet-D
Gastro Intestinal
5.2
4.7
12.1
5.4
-3.5
2.7
Rablet
Gastro Intestinal
4.5
4.5
1.1
4.5
1.4
2.5
Tazar
Anti-Infectives
4.2
3.5
20.2
3.8
10.0
2.3
Esiflo
Respiratory
4.0
4.4
-7.5
3.6
11.4
3.3
3.1
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
2.9
Aug-15
(%)
Jul-16
May-16
8.8
11.7
7.0
9%
Indian Pharma Market
Top 10
Jun-16
Apr-16
Mar-16
20.5
Feb-16
12.6
18.4
10.1
12.9
14.5
13.1
Jan-16
Dec-15
Nov-15
21.8
4.7
9.9
11%
9.8
12
7.2
(%)
20%
12.1
47%
10.6
20
13.7
20.9
28
23.0 Oct-15
Aug-15
Sep-15
Lupin
Telekast-L
Respiratory
4.0
3.4
18.9
4.2
-4.4
Cetil
Anti-Infectives
3.9
3.4
14.2
4.2
-6.4
Ramistar
Cardiac
3.7
4.3
-15.2
3.5
3.7
Other
22%
Cardiac
24%
Gastro
Intestinal
8%
Anti Diabetic
12%
Anti-Infectives
21%
Respiratory
13%
(| crore)
Therapy
Aug' 16
Aug' 15
YoY (%)
July' 16
MoM (%)
Cardiac
71.9
70.0
2.8
68.5
5.0
Anti-Infectives
63.9
62.1
2.9
60.8
5.0
Respiratory
38.0
30.8
23.4
34.4
10.6
Anti Diabetic
38.2
29.5
29.4
36.9
3.5
Gastro Intestinal
25.4
23.0
10.2
25.1
1.3
Vitamins
15.8
16.8
-5.9
15.6
1.3
Neuro
14.4
14.0
2.9
13.8
4.4
Pain
13.2
12.8
3.3
12.7
3.4
Gynaecological
11.4
9.8
16.7
10.7
6.8
2.0
1.8
12.6
2.0
0.9
Ophthal
Page 9
Cadila Healthcare
Stock Performance
Acute,
933.57,
31.3%
Chronic,
1428.21,
47.9%
SubChronic,
617.73,
20.7%
140
120
100
80
60
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Cadila Healthcare
11 to 20
21 to 30
31 to 50
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
15.8
14.9
Others
6.4
8.2
6.7
7.0
8.4
4.7
7.0
8.8
12.6
12.8
10.1
7.6
2.1
4.1
0
Top 10
Dec-15
13.1
6.3
12.7
9.8
10
9%
10.6
15.8
15
14.2
(%)
11%
13.7
20
20%
13%
Nov-15
23.0
24.9
30
25
47%
Oct-15
Aug-15
Sep-15
Cadila Healthcare
4.2
4.1
4.0
3.9
3.8
3.7
3.6
3.5
3.4
4.1
3.9
4.0
4.0
3.9 3.9
3.9
3.9 3.9
3.9
3.8
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
3.7 3.6
Aug-15
(%)
Cadila Healthcare
Brand
Therapy
Skinlite
Derma
Mifegest Kit
Gynaecological
(| crore)
13.9
0.2
13.3
4.4
9.4
11.2
-16.4
10.7
-12.8
Deriphyllin
Respiratory
9.2
6.5
41.9
8.4
9.8
Pantodac
Gastro Intestinal
9.1
8.0
13.6
10.5
-12.9
Atorva
Cardiac
9.0
10.5
-13.8
8.4
7.3
Falcigo
Anti Malarials
6.5
7.9
-17.7
5.7
14.4
Zyrop
Blood Related
6.5
5.8
12.2
6.9
-6.5
Vivitra
Anti-Neoplastics
5.7
0.0
NA
6.4
-10.3
Thrombophob
Pain
5.6
4.7
20.0
5.0
12.8
Sovihep
Anti-Infectives
5.5
5.2
6.9
5.2
6.7
Cardiac
16%
Other
39%
Gastro
Intestinal
14%
Respiratory
11%
Pain
10%
Gynaecological
10%
(| crore)
Therapy
Aug' 16
Aug' 15
YoY (%)
July' 16
Cardiac
52.8
54.3
-2.6
51.4
MoM (%)
2.9
Gastro Intestinal
47.4
44.4
6.8
48.4
-2.0
13.4
Respiratory
38.5
31.3
22.7
33.9
Gynaecological
31.9
35.3
-9.7
32.8
-2.9
Pain
36.1
31.4
15.1
32.7
10.5
Derma
26.9
25.0
7.8
25.3
6.3
Anti-Infectives
30.9
27.1
14.2
28.0
10.4
-0.3
Anti-Neoplastics
23.0
21.3
7.9
23.0
Vitamins
17.5
13.3
30.9
16.7
4.4
8.3
10.1
-17.8
7.3
14.6
Anti Malarials
Page 10
GlaxoSmithKline
Stock Performance
Chronic,
411.83,
12.9%
Acute,
2117.94,
66.3%
140
120
100
80
60
SubChronic,
664.88,
20.8%
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
GSK Pharma
21 to 30
31 to 50
Aug-16
6.4
7.2
14.9
15.8
Jul-16
Jun-16
-6.7
0.3
-9.5
6.7
8.8
4.7
7.0
-10
-15
Top 10
May-16
Apr-16
Mar-16
Feb-16
12.6
2.2
6.9
10.1
13.1
Jan-16
Dec-15
Nov-15
23.0
Oct-15
-7.2
-5
16%
4.7
-1.1
9%
1.2
(%)
51%
9.8
10
10%
4.5
15
14%
10.6
20
13.7
25
21.2
Aug-15
Sep-15
Glaxosmithkline Pharmaceuticals
Others
3.5
3.4
3.3
3.4 3.4
3.3
3.1 3.1
3.0
3.0 3.0
3.0
2.9
2.8
3.0
(| crore)
Brand
Therapy
Augmentin
Anti-Infectives
25.7
27.2
-5.6
20.9
Calpol
Pain
23.5
14.9
57.8
23.4
0.7
Synflorix
Vaccines
18.3
14.6
25.0
16.2
13.1
Zinetac
Gastro Intestinal
13.1
12.6
3.4
14.8
-11.6
22.8
12.1
-16.6
9.2
9.6
Betnovate N
Derma
8.6
12.2
-29.2
9.2
-5.6
Betnesol
Hormones
8.6
8.0
7.4
8.1
6.0
T Bact
Derma
8.1
7.9
3.2
9.3
-12.5
Aug-16
10.1
Jun-16
Derma
May-16
Betnovate C
Apr-16
2.4
-5.1
Mar-16
7.3
12.2
Feb-16
11.4
2.8
Jan-16
9.9
11.3
Dec-15
11.1
11.6
Nov-15
12.2
Hormones
Oct-15
Anti-Infectives
Eltroxin
Sep-15
Ceftum
Aug-15
2.6
Jul-16
(%)
3.2
3.4
Glaxosmithkline Pharmaceuticals
Anti-Infectives
23%
Respiratory
8%
Pain
10%
Derma
18%
Vaccines
15%
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
Anti-Infectives
66.7
66.1
0.9
61.2
MoM (%)
9.0
Derma
45.4
53.3
-15.0
46.0
-1.4
Vaccines
43.2
34.6
24.6
39.9
8.2
Pain
34.5
25.5
35.4
34.9
-1.0
Respiratory
23.0
20.9
9.9
20.8
10.4
Hormones
20.9
20.1
4.4
21.0
-0.3
Vitamins
23.4
22.2
5.7
24.0
-2.6
Gastro Intestinal
-10.7
14.9
15.2
-1.8
16.7
Cardiac
4.5
6.1
-26.6
4.6
-3.3
Gynaecological
2.2
2.8
-21.5
3.4
-34.1
Page 11
Wockhardt
Stock Performance
Chronic,
223.03,
19.3%
Acute,
803.34,
69.7%
400
350
300
250
200
150
100
50
0
SubChronic,
126.85,
11.0%
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Wockhardt
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Aug-15
Sep-15
60
11 to 20
21 to 30
31 to 50
Others
15.8
9.2
14.9
14.4
6.7
8.8
9.4
1.8
2.5
0
Top 10
4.7
4.9
7.0
12.6
5.5
23.0
38.3
13.1
10.1
9.9
10
9.8
20
15%
13.7
24.7
54%
10.6
30
(%)
9%
42.6
40
8%
29.8
50.5
50
14%
Wockhardt
1.8
1.7
1.6
1.5
1.4
1.3
1.2
1.1
1.0
Therapy
Practin
1.28
1.29
Aug-16
Jul-16
Jun-16
1.28 1.25
1.22
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
1.35
Wockhardt
Intestinal
25%
Vitamins
15%
Anti-Infectives
7%
Neuro
8%
Vitamins
27.0
22.9
18.1
25.6
5.4
7.6
6.2
21.8
7.3
4.8
Tryptomer
Neuro
5.7
5.8
-0.2
5.1
12.9
Wepox
Blood Related
5.6
0.7
644.5
6.0
-6.3
Bro Zedex
Respiratory
4.8
3.5
37.9
4.7
2.7
Methycobal
Vitamins
4.5
4.6
-3.8
4.3
4.8
Biovac A
Vaccines
4.1
5.5
-24.7
2.7
52.3
Zedex
Respiratory
3.4
2.4
41.9
3.4
1.3
Biovac V
Vaccines
3.4
5.7
-40.0
3.5
-1.4
Wosulin
Anti Diabetic
2.7
2.0
32.7
2.3
15.5
(| crore)
Aug-15
(%)
Respiratory
12%
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
Gastro Intestinal
29.4
25.2
16.5
28.1
MoM (%)
4.5
Vitamins
19.4
17.9
8.5
18.5
5.3
Respiratory
2.2
15.7
10.4
51.7
15.4
Neuro
9.7
9.5
1.9
8.9
7.9
Anti-Infectives
8.6
8.7
-0.9
7.5
15.6
Anti Diabetic
8.0
7.0
14.9
7.2
11.3
Derma
8.3
7.4
12.1
7.4
12.6
Pain
6.3
8.4
-25.5
5.9
6.0
Vaccines
7.7
11.2
-31.4
6.2
24.2
Hormones
2.5
1.9
30.5
2.6
-3.1
Page 12
Glenmark Pharmaceuticals
Stock Performance
200
180
160
140
120
100
80
60
Chronic,
781.54, 37.2%
Sub-Chronic,
473.14, 22.5%
Acute, 844.70,
40.2%
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Glenmark
11 to 20
21 to 30
31 to 50
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
43.6
15.8
19.7
14.9
15.8
7.1
6.7
8.8
8.9
7.0
14.8
12.6
19.6
10.1
16.3
9.8
13.1
18.6
23.0
Indian Pharma Market
Top 10
4.7
8.6
12%
10%
11.5
13%
(%)
36%
10.6
29%
50
45
40
35
30
25
20
15
10
5
0
13.0
13.7
28.0
Sep-15
Aug-15
Glenmark Pharmaceuticals
Others
Telma
Cardiac
13.6
14.0
-3.0
12.5
Telma H
Cardiac
12.9
11.2
16.1
11.9
8.7
Ascoril Plus
Respiratory
11.4
7.1
59.8
10.0
14.1
Candid
Derma
9.1
7.6
20.1
10.0
-9.1
2.1
Candid-B
Derma
8.6
7.6
13.7
9.6
-10.5
Telma Am
Cardiac
6.9
5.9
15.8
6.4
7.0
1.9
Ascoril Ls
Respiratory
5.5
3.2
72.9
4.0
39.2
Onabet
Derma
4.9
3.2
49.8
Zitamet Plus
Anti Diabetic
3.8
0.0 NA
Lizolid
Anti-Infectives
3.5
2.7
2.7
2.5
2.3
2.3
2.4
2.6
2.5 2.5
2.5
2.4 2.4
2.4
2.4
2.3 2.3
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
2.2
Aug-15
(%)
(| crore)
Brand
Glenmark Pharmaceuticals
Derma
29%
Anti-Infectives
13%
Respiratory
16%
32.6
9.1
4.2
15.1
3.5
8.1
2.9
22.9
Other
12%
Cardiac
22%
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
Derma
63.2
56.1
12.8
61.3
MoM (%)
3.1
Cardiac
47.4
43.0
10.2
43.8
8.2
Respiratory
40.4
25.6
57.7
33.6
20.2
Anti-Infectives
36.9
28.1
31.4
32.0
15.5
Anti Diabetic
6.7
14.7
17.7
-17.1
13.7
Vitamins
5.2
5.7
-8.7
5.1
1.8
Gastro Intestinal
8.1
4.7
72.1
6.8
19.2
Gynaecological
5.9
4.7
26.3
5.9
-0.6
Pain
4.1
4.4
-7.2
3.9
5.8
Ophthal
4.4
3.9
15.2
3.9
14.4
Page 13
Torrent Pharmaceuticals
Stock Performance
Chronic,
1069.36,
50.1%
200
160
120
80
40
SubChronic,
509.42,
23.9%
Acute,
555.14,
26.0%
Sep-15
Nov-15
Jan-16
May-16
CNX Pharma
Jul-16
Sep-16
Torrent Pharma
Others
Aug-16
15.8
14.9
6.7
8.8
2.4
1.4
7.3
4.7
7.0
2.4
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
12.6
10.2
-5
-2.7
31 to 50
-3.0
21 to 30
10.1
13.1
0
11 to 20
Jan-16
Dec-15
Nov-15
5.4
9%
7.4
10
3.8
14%
12%
9.8
(%)
15
10.6
16.0
20
33%
13.7
21.7
32%
19.9
25
23.0Oct-15
Aug-15
Sep-15
Top 10
Mar-16
Torrent Pharmaceuticals
2.4
2.4
2.34
2.29
2.3
2.24
2.2
2.22
2.16
2.2
2.19
2.25
2.22
2.29
2.24
2.21
2.19
Therapy
Shelcal
Vitamins
17.5
14.5
20.4
17.6
Chymoral Forte
Pain
11.2
11.9
-5.6
10.6
6.2
Nikoran
Cardiac
7.6
7.2
5.8
7.2
6.4
Azulix-Mf
Anti Diabetic
6.1
4.5
36.9
5.7
7.1
-0.6
5.3
4.1
30.5
5.5
-2.9
Gastro Intestinal
4.7
3.9
19.1
4.6
2.2
Jan-16
Aug-16
Gastro Intestinal
Nexpro
Jul-16
Nexpro Rd
Jun-16
2.1
May-16
-1.2
Apr-16
7.2
5.5
Mar-16
5.3
10.9
Feb-16
19.9
4.9
Dec-15
4.7
5.4
Oct-15
5.7
Cardiac
Sep-15
Cardiac
Dilzem
Aug-15
Nebicard
2.1
Nov-15
(%)
2.3
2.32
(| crore)
Brand
Torrent Pharmaceuticals
Cardiac
29%
Pain
8%
Gastro
Intestinal
15%
Vitamins
16%
Vitamins
4.5
3.2
37.2
4.5
-0.3
Rozucor
Cardiac
3.6
3.1
16.3
3.3
7.1
Shelcal Ct
Neuro
16%
(| crore)
Therapy
Aug' 16
Aug' 15
YoY (%)
July' 16
MoM (%)
Cardiac
58.6
Neuro
33.9
54.3
8.1
56.7
3.4
30.1
12.4
32.4
Vitamins
4.5
33.8
27.5
23.0
33.9
-0.2
Gastro Intestinal
31.9
26.8
18.8
32.0
-0.3
Pain
17.8
16.9
4.9
16.9
5.4
Anti Diabetic
13.8
10.9
26.9
13.0
6.0
Anti-Infectives
8.7
9.3
-7.0
7.9
9.1
Derma
5.9
4.4
35.5
5.6
4.9
Gynaecological
3.0
3.2
-5.5
2.9
6.5
Urology
1.0
0.8
33.1
1.0
-1.9
Page 14
Ipca Laboratories
Stock Performance
150
125
100
75
50
Chronic,
325.51,
27.3%
Acute,
797.43,
66.9%
SubChronic,
68.40,
5.7%
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Ipca
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Aug-15
Sep-15
34.5
40
35
31 to 50
15.8
27.7
14.9
6.7
4.0
3.7
Ipca Laboratories
3.3
21 to 30
1.5
11 to 20
4.7
7.0
11.5
Top 10
8.8
12.6
10.1
13.1
11.8
9.1
3.0
16%
9.8
10
6.3
15
10.6
20
3.5
38%
13.7
(%)
25
12%
11%
23.0
25.8
30
23%
Others
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
1.4
1.5
Aug-16
1.4 1.4
Nov-15
Sep-15
1.3
Oct-15
2.0
1.8
1.6
1.4
1.2
1.0
0.8
0.6
Aug-15
(%)
Ipca Laboratories
Pain
25%
Anti-Infectives
6%
Gastro
Intestinal
8%
Brand
Therapy
Zerodol P
Pain
6.6
43.9
5.7
67.4
Rapither-Ab
Anti Malarials
9.2
3.8
139.9
7.0
30.6
Zerodol Sp
Pain
8.5
8.2
4.3
8.4
1.2
Larinate
Anti Malarials
8.2
4.3
89.9
6.0
37.4
Lariago
Anti Malarials
7.5
3.1
138.6
5.0
49.9
Hcqs
Anti Malarials
5.1
4.9
3.0
5.2
-2.6
Lumerax
Anti Malarials
4.6
3.0
55.7
3.4
36.8
Glycinorm M
Anti Diabetic
3.3
2.8
20.0
3.6
-7.1
Folitrax
Anti-Neoplastics
3.1
2.5
22.3
3.0
3.3
Malirid
Anti Malarials
2.5
1.5
66.9
2.0
28.3
(| crore)
Anti Malarials
20%
Cardiac
17%
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
Pain
34.6
29.0
19.3
29.8
MoM (%)
16.4
Anti Malarials
39.4
22.5
75.0
30.7
28.4
Cardiac
19.2
18.2
5.3
18.9
1.5
Gastro Intestinal
9.4
8.9
5.5
9.6
-2.3
Anti-Infectives
8.6
7.5
14.1
7.3
17.6
Anti Diabetic
6.1
5.6
10.3
6.3
-3.1
Respiratory
5.7
4.4
30.2
4.8
20.1
Anti-Neoplastics
5.0
4.0
26.0
4.7
5.6
Neuro
5.0
4.1
21.9
4.4
13.7
Derma
4.1
3.2
30.0
3.9
6.6
Page 15
Biocon
Stock Performance
Chronic,
234.38,
72.0%
140
120
100
80
SubChronic,
23.33,
7.2%
Acute,
68.01,
20.9%
60
Sep-15
Nov-15
Mar-16
May-16
Jul-16
Sep-16
Biocon
31 to 50
Aug-16
14.9
15.8
Jul-16
Jun-16
May-16
Apr-16
Mar-16
8.8
3.5
6.7
8.8
9.4
4.7
7.7
7.0
12.6
11.3
14.5
Feb-16
Jan-16
10.1
13.1
Dec-15
Nov-15
0.1
-10
Others
-0.8
-5
-11.2
21 to 30
23.0
Oct-15
2%
11 to 20
5.3
(%)
5.2
10
5%
5%
9.8
15
10%
7.3
78%
13.7
20
10.6
25
10.0
Aug-15
Sep-15
Top 10
Jan-16
CNX Pharma
-15
Biocon
Brand
0.38
0.37
0.36
0.35
0.33
0.33
0.33
0.34
0.34
Therapy
(| crore)
Insugen
Anti Diabetic
7.7
7.2
6.3
7.1
7.8
Basalog
Anti Diabetic
5.6
4.7
18.6
5.5
2.6
2.3
1.8
Erypro
Blood Related
2.4
2.0
19.2
Biomab Egfr
Anti-Neoplastics
1.9
0.2
938.6
0.29
Canmab
Anti-Neoplastics
1.8
1.7
4.4
1.7
6.1
0.27
Abraxane
Anti-Neoplastics
1.7
1.0
68.9
2.3
-27.7
Insugen R
Anti Diabetic
1.5
1.5
4.3
1.4
13.0
Blisto Mf
Anti Diabetic
1.3
1.4
-9.6
1.2
7.5
Insugen N
Anti Diabetic
0.6
0.8
-19.4
0.5
32.0
Psorid
Anti-Neoplastics
0.6
0.7
-10.4
0.7
-6.7
0.32
0.32
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
0.31
Jan-16
Dec-15
Nov-15
Sep-15
Oct-15
0.31
0.31
Aug-15
(%)
Biocon
Derma
3%
AntiNeoplastics
23%
0.1 1284.8
Other
4%
Anti Diabetic
59%
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
17.9
7.4
MoM (%)
16.9
6.3
16.8
6.5
5.1
44.6
6.2
19.3
Blood Related
2.4
2.0
21.7
2.4
1.9
Cardiac
1.3
1.3
-5.8
1.2
2.2
Derma
0.7
0.7
0.9
0.8
-7.8
Anti-Infectives
0.5
0.7
-24.6
0.6
-16.1
Others
0.2
0.2
17.4
0.2
-4.5
Gastro Intestinal
0.1
0.4
-74.5
0.1
-13.2
Vitamins
0.1
0.2
-40.8
0.1
-16.3
Pain
0.0
0.0
3.8
0.1
-61.7
Page 16
Pfizer
Stock Performance
Chronic,
433.18,
15.7%
SubChronic,
564.23,
20.5%
Acute,
1754.51,
63.8%
200
160
120
80
40
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Pfizer
21 to 30
31 to 50
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
15.8
5.8
14.9
8.9
6.7
-1.0
7.2
2.7
3.4
4.7
7.0
8.8
12.6
5.1
-3.5
-5
11 to 20
Feb-16
Jan-16
Dec-15
10.1
9.8
13.1
25.0
1.6
19%
3.3
(%)
10
10.6
15
50%
10%
8.9
20
10%
13.7
18.5
25
11%
Nov-15
23.0
30
Oct-15
Sep-15
Aug-15
-10
Others
Pfizer
2.90
2.93
2.8
2.95
2.88
2.84
(%)
2.73
2.79
2.72
2.6
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
2.4
Aug-15
Sep-16
Top 10
Jul-16
Pfizer
(| crore)
Brand
Therapy
Corex
Respiratory
24.4
27.4
-11.0
24.1
1.1
Becosules
Vitamins
20.8
21.7
-4.5
21.5
-3.2
Minipress Xl
Cardiac
13.1
9.6
36.9
16.3
-19.9
Magnex
Anti-Infectives
12.7
12.3
3.1
11.9
6.6
Gelusil Mps
Gastro Intestinal
12.3
11.6
5.6
12.3
0.0
Dolonex
Pain
12.1
11.4
5.7
12.8
-6.1
Mucaine
Gastro Intestinal
10.5
8.9
17.3
10.2
2.5
Wysolone
Hormones
10.4
9.0
15.1
9.6
7.8
Prevenar 13
Vaccines
7.1
3.0
133.8
6.0
17.8
Dalacin C
Anti-Infectives
6.6
6.6
0.6
5.7
16.8
Anti-Infectives
16%
Other
40%
Respiratory
14%
Gastro
Intestinal
11%
Hormones
9%
Vitamins
10%
Therapy
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
Anti-Infectives
37.7
39.6
-4.7
35.0
MoM (%)
7.9
Respiratory
33.5
32.6
2.8
31.6
6.0
Gastro Intestinal
27.6
25.7
7.5
27.7
-0.5
Vitamins
27.3
27.5
-0.8
27.9
-2.1
Hormones
23.7
22.0
7.4
22.2
6.4
Gynaecological
21.1
17.8
18.9
20.8
1.6
Neuro
16.4
17.1
-4.3
14.8
10.4
Cardiac
19.1
15.3
24.4
21.9
-12.8
Pain
17.3
15.9
8.8
16.9
2.2
Vaccines
12.3
6.9
77.7
11.2
9.6
Page 17
Novartis
Stock Performance
Chronic,
414.61,
41.3%
190
140
SubChronic,
162.81,
16.2%
Acute,
427.68,
42.6%
90
40
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Novartis India
31 to 50
Aug-16
Jul-16
Jun-16
15.8
14.9
2.9
4.4
3.9
Others
Novartis India
1.3
1.21
1.2
1.15 1.16
1.19 1.19
1.1
1.10 1.10
1.06
1.02
1.1
Brand
Therapy
Galvus Met
Anti Diabetic
(| crore)
24.7
9.2
26.6
1.2
Voveran
Pain
19.7
14.9
32.7
18.6
6.1
Galvus
Anti Diabetic
10.1
10.3
-2.6
9.6
5.0
Rabipur (Novartis)
Vaccines
8.2
7.0
16.5
5.6
45.7
6.2
Tegrital
Neuro
4.4
4.5
-2.5
4.2
1.0
Voveran
Pain
3.5
3.1
13.7
3.4
3.5
0.9
Regestrone
Gynaecological
2.5
2.9
-12.9
2.9
-14.1
Methergin
Gynaecological
2.4
3.0
-20.6
2.3
3.8
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
1.0
Aug-16
(%)
6.7
4.7
5
21 to 30
8.8
10.2
18.7
21.6
12.6
10.1
14.9
13.1
17.3
20.4
9.8
10
7.0
79%
15
10.6
15.3
(%)
20
13.7
21.7
25
25.1
23.0
27.4
30
2%
11%4%4%
11 to 20
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Aug-15
Sep-15
1.2
Sep-16
Top 10
Jul-16
Novartis India
Syntocinon
Gynaecological
2.4
2.2
9.0
2.2
6.0
Pybactum
Anti-Infectives
2.0
0.5
273.4
0.2
712.6
15%
Therapy
Gynaecological
8%
Anti Diabetic
35%
Vaccines
9%
Vitamins
10%
Pain
23%
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
MoM (%)
Anti Diabetic
37.6
35.7
5.3
36.8
2.2
Pain
24.6
19.8
24.5
23.4
5.3
Vitamins
8.8
9.9
-10.8
8.8
0.2
Vaccines
8.3
7.1
16.3
5.7
45.8
Gynaecological
7.4
8.3
-11.4
7.6
-2.8
Neuro
4.4
5.6
-20.5
4.2
6.2
Anti-Infectives
5.4
4.6
16.0
3.2
70.8
Respiratory
1.9
1.8
10.7
1.8
10.5
Anti-Neoplastics
0.5
0.5
2.5
0.4
33.7
Cardiac
0.7
1.2
-39.1
0.7
2.2
Page 18
Unichem Laboratories
Stock Performance
Chronic,
472.89,
56.7%
160
130
100
70
Sep-15
SubChronic,
48.43,
5.8%
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Unichem Labs
11 to 20
21 to 30
31 to 50
14.9
4.0
8.4
6.7
8.8
2.3
1.10
1.00
0.94
0.90
0.94
0.89 0.90 0.90
0.89
0.95
0.92
0.92
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
0.84 0.85
Nov-15
Oct-15
Sep-15
0.84 0.82
Aug-15
4.7
(%)
Unichem Laboratories
Others
0.80
0.6
3.1
Top 10
7.0
9.9
12.6
10.1
13.1
3.8
2.7
10.0
14%
9%
13.5
12%
11.3
10
9.8
15
10.6
(%)
33%
13.7
20
15.8
19.9
23.0
28.3
30
25
32%
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Oct-15
Aug-15
Nov-15
Sep-15
Acute,
312.14,
37.5%
Nov-15
Unichem Laboratories
Other
11%
Gastro
Intestinal
12%
Neuro
14%
(| crore)
Losar H
Cardiac
8.4
6.2
36.6
8.3
1.3
Ampoxin
Anti-Infectives
7.4
5.8
28.0
6.8
8.6
Losar
Cardiac
5.9
5.0
16.7
5.6
5.9
Unienzyme
Gastro Intestinal
5.5
4.6
18.7
5.3
3.5
Vizylac
Gastro Intestinal
3.5
3.1
14.2
3.2
10.7
Arkamin
Cardiac
2.1
1.2
86.0
2.1
0.1
Serta
Neuro
2.0
1.6
22.3
1.9
7.6
Trika
Neuro
1.9
2.1
-8.3
1.9
-1.4
Unistar (Unichem)
Cardiac
1.7
1.4
23.8
1.6
9.4
Linox
Anti-Infectives
1.7
0.9
90.4
1.5
8.6
Therapy
Cardiac
42%
Anti-Infectives
17%
(| crore)
Therapy
Aug' 16
Aug' 15
YoY (%)
July' 16
MoM (%)
Cardiac
34.8
28.5
22.1
34.2
1.8
Anti-Infectives
16.3
12.3
32.9
14.9
9.8
Neuro
11.9
9.3
28.9
11.2
6.9
Gastro Intestinal
10.7
9.1
18.4
10.1
6.6
Pain
4.0
3.0
33.9
4.0
1.0
Anti Diabetic
3.8
2.2
70.8
3.5
10.1
Respiratory
2.2
1.7
30.7
2.1
6.3
Vitamins
2.1
1.9
9.9
1.9
6.9
Derma
2.0
1.4
42.4
1.8
13.1
Gynaecological
0.4
0.5
-25.4
0.4
-7.9
Page 19
Indoco Remedies
Stock Performance
140
120
100
80
60
Chronic,
43.70,
6.5%
Acute,
547.10,
81.8%
Sep-15
SubChronic,
77.72,
11.6%
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Jul-16
Sep-16
Indoco
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Aug-15
Sep-15
40.9
50
11 to 20
21 to 30
31 to 50
-10
Others
15.8
14.9
6.7
11.5
8.8
5.2
0.7
4.7
7.0
12.6
5.6
5.4
10.1
13.1
11.0
0.9
0.8 0.8
0.8
0.8
0.7 0.7
0.7 0.7
0.7
0.7
0.7
0.6
0.7
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
0.6
Aug-15
Indoco Remedies
(%)
9.8
0.7
-0.9
-1.3
10.3
15%
Top 10
23.0
10
10.6
9%
20
-6.4
48%
13.7
10%
(%)
30
16.2
18%
34.0
40
Indoco Remedies
Brand
Therapy
Febrex Plus
Respiratory
(| crore)
5.3
106.0
9.0
20.5
Oxipod
Anti-Infectives
6.3
3.0
110.9
5.0
27.9
Cyclopam
Gastro Intestinal
4.6
4.1
12.7
5.6
-17.0
Atm
Anti-Infectives
3.7
2.4
54.6
3.0
20.9
-12.5
Sensodent-K
Stomatologicals
3.2
2.7
21.8
3.7
Cital
Urology
2.9
2.6
8.9
2.7
5.8
Cyclopam
Gastro Intestinal
2.5
1.8
39.4
3.0
-17.2
Cloben G
Derma
2.3
2.0
18.8
2.2
5.6
Karvol Plus
Respiratory
2.2
1.5
48.1
1.9
14.4
Sensodent-Kf
Stomatologicals
1.8
2.0
-8.3
2.1
-10.1
Respiratory
19%
Anti-Infectives
19%
Vitamins
7%
Gastro
Intestinal
14%
Stomatological
s
16%
(| crore)
Aug' 16
Aug' 15
YoY (%)
July' 16
MoM (%)
17.4
9.8
78.2
14.5
20.2
Anti-Infectives
16.7
10.5
58.1
13.8
20.3
Stomatologicals
10.5
9.2
13.8
11.7
-10.3
Gastro Intestinal
Respiratory
10.5
8.8
20.3
12.2
-13.8
Vitamins
5.5
4.3
26.4
5.3
3.0
Urology
3.3
3.0
11.8
3.2
6.1
Ophthal
3.5
3.1
13.5
3.1
12.6
Pain
3.0
2.4
23.9
3.0
-0.2
Derma
3.1
2.6
17.2
2.9
4.5
Anti Diabetic
2.2
1.8
17.9
2.2
-0.7
Page 20
Ajanta Pharmaceuticals
Stock Performance
Chronic,
215.14,
48.4%
290
240
190
140
90
40
SubChronic,
52.76,
11.9%
Acute,
176.88,
39.8%
Sep-15
Nov-15
Jan-16
Mar-16
May-16
CNX Pharma
Ajanta
23%
21 to 30
31 to 50
Others
0.5
0.51
0.5
0.51
Aug-16
Jul-16
Jun-16
15.8
14.9
10.9
6.7
0.51 0.50
0.50
0.49
0.48
0.48 0.48
0.460.46
0.46
0.45
0.4
0.4
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
0.4
Sep-15
Ajanta Pharma
Aug-15
11.4
13.1
(%)
8.8
4.7
7.6
7.0
7.6
12.6
10.5
0.5
May-16
Apr-16
Mar-16
Feb-16
Jan-16
10.1
6.9
6.5
5
11 to 20
Dec-15
13.1
14.3
9.8
10
12%
9.9
(%)
10.6
12.6
15
13%
10%
Nov-15
13.7
18.3
20
42%
11.9
25
23.0Oct-15
Aug-15
Sep-15
0.5
Sep-16
Top 10
Jul-16
Ajanta Pharma
(| crore)
Brand
Therapy
Met Xl
Cardiac
4.4
3.9
11.7
4.3
1.3
Melacare
Derma
3.2
3.4
-6.6
3.8
-16.4
Atorfit Cv
Cardiac
3.1
3.3
-3.6
2.9
9.2
Rosufit Cv
Cardiac
1.6
1.1
44.4
1.4
13.5
Feburic
Pain
1.4
1.3
13.8
1.3
10.1
Soft Drops
Ophthal
1.3
1.2
5.6
1.4
-4.1
Met Xl Am
Cardiac
1.2
0.9
33.4
1.2
6.6
Cinod
Cardiac
1.0
0.7
34.2
0.9
15.7
Rosutor Gold
Cardiac
0.9
0.6
44.6
0.9
-1.8
Peroclin
Derma
0.8
0.8
1.4
0.7
12.1
Pain
5%
Others
9%
Cardiac
34%
Vitamins
6%
Derma
22%
Ophthal
24%
(| crore)
Therapy
Aug' 16
Aug' 15
YoY (%)
July' 16
Cardiac
16.2
13.7
17.9
15.2
MoM (%)
6.7
Ophthal
10.2
9.6
5.4
10.2
-0.5
Derma
8.9
8.7
2.7
8.9
-0.1
Vitamins
2.2
2.5
-13.3
2.0
8.2
Pain
2.2
2.2
-0.3
2.0
6.0
Gastro Intestinal
1.0
1.1
-8.9
0.9
4.1
Neuro
1.0
0.8
12.9
0.8
12.5
Anti-Infectives
1.0
0.7
40.7
0.8
19.6
Anti Diabetic
0.8
0.0
1850.1
0.7
14.5
Respiratory
0.3
0.3
-3.6
0.3
9.3
Page 21
Alembic Pharmaceuticals
Stock Performance
200
180
160
140
120
100
80
60
40
Chronic
231.46,
18.8%
SubChronic
214.35,
17.4%
Sep-15
Nov-15
Jan-16
Mar-16
CNX Pharma
May-16
Jul-16
Sep-16
Alembic Pharma
Aug-16
Jul-16
Jun-16
May-16
Apr-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
Acute,
784.06,
63.8%
11 to 20
21 to 30
31 to 50
Others
28.0
15.8
14.9
11.4
6.7
8.8
11.3
4.7
5.6
8.1
7.0
12.6
13.7
23.3
24.1
13.1
19.0
6.0
5
Top 10
10.1
10
9.8
(%)
15
12%
10.6
20
13%
13.7
21.3
25
42%
10%
23.0
31.5
30
23%
29.3
35
Alembic Pharma
Therapy
Azithral
Anti-Infectives
14.3
11.6
Althrocin
Anti-Infectives
8.9
Roxid
Anti-Infectives
5.7
Gestofit
Gynaecological
Wikoryl
Respiratory
1.3
Ulgel
1.2
1.6
1.5
1.43
Apr-16
Mar-16
Feb-16
Jan-16
Dec-15
Nov-15
Oct-15
Sep-15
Aug-15
1.3
Aug-16
1.36
1.4
Jul-16
1.4
1.42 1.44
Jun-16
1.41
1.47
May-16
1.5
(%)
(| crore)
Alembic Pharma
12.1
8.3
6.9
8.5
4.5
4.7
21.2
4.6
25.3
5.1
4.4
17.3
5.4
-5.4
5.1
2.9
72.8
4.2
21.0
Gastro Intestinal
3.4
3.3
3.2
3.4
0.4
Rekool D
Gastro Intestinal
2.9
3.1
-4.3
3.1
-4.9
Richar
Gynaecological
2.7
2.0
34.8
2.7
2.1
Glisen Mf
Anti Diabetic
2.3
2.2
4.3
2.3
-1.8
Rekool
Gastro Intestinal
2.1
2.2
-5.1
2.3
-9.7
Other
25%
Anti-Infectives
23%
Gynaecological
11%
Respiratory
13%
Gastro
Intestinal
14%
Cardiac
14%
Therapy
Anti-Infectives
Cardiac
Gastro Intestinal
Respiratory
Gynaecological
Vitamins
Anti Diabetic
Pain
Urology
Derma
Aug' 16
34.5
18.8
18.7
19.4
14.9
11.0
9.0
5.1
3.1
2.3
Aug' 15
29.3
15.8
17.6
13.6
12.5
8.6
6.6
4.3
2.1
2.6
(| crore)
YoY (%)
17.7
19.3
6.5
41.9
19.9
27.7
37.6
18.9
46.5
-13.2
July' 16
29.7
18.1
18.8
15.8
14.8
11.1
8.7
4.6
2.8
2.1
MoM (%)
16.1
3.7
-0.8
22.3
0.7
-0.4
3.3
11.4
9.5
5.9
18.9
Page 22
TP
(|)
Ajanta Pharma
17298.3
45.4
52.8
63.6
43.3
37.2
30.9
29.9
25.0
21.2
42.9
37.1
35.0
34.2
30.2
Apollo Hospitals
18069.6
22.2
18.5
28.7
58.5
70.2
45.3
27.8
27.9
22.5
8.2
7.3
9.6
8.9
7.0
9.9
Aurobindo Pharma
AURPHA
Buy
47126.6
33.9
41.3
48.0
23.7
19.5
16.8
25.0
20.5
17.7
23.3
24.6
25.5
28.1
26.0
23.5
Alembic Pharma
ALEMPHA 652
Hold
12287.4
38.2
20.4
28.1
17.1
32.0
23.2
12.4
23.1
17.5
51.5
23.2
26.2
44.9
20.5
23.5
620
M Cap
(| Cr)
PE(x)
EV/EBITDA (x)
RoCE (%)
RoE (%)
FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E FY16 FY17E FY18E
I-Direct
Code
805 1,055
Rating
EPS (|)
FY16 FY17E FY18E FY16
Company
28.2
Biocon
BIOCON
959 1,030
Buy
19184.0
22.5
33.3
38.4
42.6
28.8
25.0
11.5
8.7
7.0
9.1
13.1
14.8
11.1
14.7
15.0
Cadila Healthcare
Cipla
CADHEA
CIPLA
393
602
Buy
Hold
40238.2
48405.4
15.0
18.5
15.8
17.6
20.3
25.4
26.3
32.5
24.9
34.2
19.4
23.7
17.1
20.3
17.5
18.5
13.8
13.7
26.7
12.0
22.9
11.1
26.8
15.2
28.6
12.5
24.7
10.8
25.6
13.8
Divi's Laboratories
DIVLAB
1340 1,415
Buy
35575.4
41.8
45.1
54.5
32.1
29.7
24.6
24.7
21.8
18.1
30.7
29.2
29.8
25.9
23.3
23.4
Dr Reddy's Labs
53942.7
142.1
86.5
143.5
20.9
34.4
20.7
13.2
17.6
11.8
17.3
10.9
17.8
20.7
11.4
16.3
Glenmark Pharma
GLEPHA
858 1,000
Buy
25565.9
32.2
41.4
49.8
26.7
20.7
17.2
17.8
14.9
12.1
16.2
18.7
20.6
21.2
21.7
20.9
Indoco Remedies
INDREM
329
Buy
3035.9
9.0
13.6
19.4
36.6
24.3
17.0
17.9
13.5
10.4
12.5
17.3
23.4
14.2
18.3
21.7
Ipca Laboratories
Jubilant Life Sciences
Lupin
405
510
365
IPCLAB
590
605
Buy
7447.1
10.0
21.9
30.2
58.9
27.0
19.5
23.0
14.5
11.5
5.7
11.5
14.4
5.5
11.0
13.5
VAMORG
591
635
Buy
9413.8
26.0
41.4
52.7
22.7
14.3
11.2
10.6
8.7
7.2
12.0
15.1
17.0
14.2
18.8
19.6
1549 1,890
Buy
69859.5
50.4
64.6
75.5
30.7
24.0
20.5
20.2
15.4
12.7
18.6
20.6
22.1
20.7
21.7
20.2
Natco Pharma
NATPHA
LUPIN
647
700
Buy
11273.4
8.9
11.6
13.8
72.7
55.8
46.9
41.7
36.0
30.2
16.0
17.3
18.0
11.9
13.7
14.3
Sun Pharma
SUNPHA
778
890
Buy
187341.7
23.4
29.9
35.5
33.2
26.1
21.9
20.9
16.8
14.2
18.6
20.7
21.2
18.0
19.3
19.2
Syngene International
SYNINT
473
550
Buy
9454.0
11.1
15.8
18.7
42.7
29.9
25.3
26.1
20.8
16.7
13.2
17.4
19.3
21.0
23.6
22.3
Torrent Pharma
Buy
27159.8
107.8
68.0
74.9
14.9
23.6
21.4
10.5
16.6
15.6
46.7
28.5
27.5
53.8
27.0
24.3
Unichem Laboratories
UNILAB
Buy
2434.4
12.3
15.3
21.1
21.8
17.6
12.7
14.9
12.0
8.6
13.8
15.7
18.9
11.7
12.9
15.5
268
340
Exhibit 90: One year forward P/E of CNX Pharma vs. Sensex
45
40
35
30
25
x
20
15
10
5
CNX Pharma
Sep-16
Mar-16
Sep-15
Mar-15
Sep-14
Mar-14
Sep-13
Mar-13
Sep-12
Sep-11
Mar-12
Mar-11
Sep-10
Mar-10
Sep-09
Mar-09
Sep-08
Mar-08
Sep-07
Mar-07
Sep-06
Sensex
Page 23
RATING RATIONALE
Pankaj Pandey
Head Research
pankaj.pandey@icicisecurities.com
Page 24
ANALYST CERTIFICATION
We /I, Siddhant Khandekar CA-INTER Mitesh Shah MS (Finance) Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report
accurately reflect our views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or
view(s) in this report.
Page 25