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MOSL: HEALTHCARE: Growth in non-COVID therapies slower than that of COVID therapies

HEALTHCARE: Growth in non-COVID therapies slower than that of COVID therapies; In Oct’21, YoY growth in IPM moderates further on a MoM basis

 

• IPM growth stood at 5% YoY in Oct'21 v/s 12.4% YoY in Sep'21 and 9.6% YoY in Oct'20.
• Respiratory/Analgesics/Gastrointestinal grew 26.3%/16.6%/9.8% YoY.
• At the therapy level, YoY growth was dragged down by VMNs (-3.7%), Cardiac (-1.1%), Dermatology (+0.6%), and Diabetes (+1.2%).
• Non-COVID drugs grew 3.6% YoY in Oct'21. COVID-related therapy drugs grew 7.7% YoY. 

For the quarter-ended Oct'21, IPM growth was spread across price/volume      

• For the quarter-ended Oct'21, YoY growth was 11.6% YoY.
• Price/volume growth stood at 5.6%/4.1% YoY. Growth in new products stood at 1.8% YoY. 

Ipca/Wockhardt/FDC/Merck outperform in Oct'21

• Among the top 30 corporates, Ipca Laboratories (+24.1% YoY), Wockhardt (+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% YoY), Ajanta Pharma (+13.4% YoY), AstraZeneca Pharma (+12.5% YoY), and Sun Pharmaceutical Industries (+10% YoY) grew notably higher v/s IPM.
• With a reduction in the number of COVID-19 cases, Glenmark Pharmaceuticals' sales declined by 18.2% YoY in Oct'21.
• Ipca posted a strong offtake in Pain products (Zerodol franchise, ~32% of sales), which grew 33% YoY.
• Torrent's growth was supported by the Gastrointestinal/Neuro-CNS segments (~18%/15% of sales), growing by ~27%/19% YoY.