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MOSL: HEALTHCARE: Growth momentum sustains in Sep’22

.  HEALTHCARE: Growth momentum sustains in Sep’22

• The IPM grew 13% YoY in Sep'22 v/s a 12.1%/12.6% YoY growth in Aug'22/Sep'21.
• Gynecology/Cardiac/Neuro/Dermatology were major growth drivers for the IPM at 24.7%/18.2%/17.8%/17.8% YoY.
• The growth was dragged lower by Anti-Infectives (flat YoY) and Vaccines (down 7.3% YoY).

 

For the quarter-ending Sep'22, prices and volumes drive IPM growth

• For the quarter-ending Sep'22, IPM grew 13% YoY.
• Prices grew 6.4%, aided by a 4.9% YoY growth in volumes.
• Low base and increased demand have led to a strong 25% YoY growth in Gynecology therapy for the quarter-ending Sep'22. While high base and reduced demand has led to a modest 2% YoY growth in Anti-Infective therapy for the quarter-ending Sep'22.

Merck, Natco, Biocon, Glenmark, and Intas outperform in Sep'22

• Among the top 30 corporates, Merck India (+59.7% YoY), Natco Pharma (+26.8%), Biocon (+23.1%), Glenmark Pharmaceuticals (+22.5% YoY), Intas Pharmaceuticals (+21%), and Torrent Pharmaceuticals (+19.2%) grew notably higher than IPM growth.
• Glenmark grew for the third quarter in a row, at 22.5% YoY, in Sep'22 after posting a decline in Feb-May'22.
• Eris Lifesciences posted a strong offtake in Anti-Diabetic therapy (~33As a percentage of sales), which grew by ~16% YoY.
• For Sun Pharmaceutical Industries, growth was broad based as major therapies posted strong double-digit growth, driving the outperformance against the IPM.
• Lupin, Dr. Reddy's Laboratories, and Cipla underperformed the IPM in Sep'22, dragged by Anti-Infectives in the case of Cipla, Anti-Infectives and Respiratory in the case of Lupin, and Respiratory and Pain in the case of Dr. Reddy's at the therapy level.
• On a MAT basis, Merck/Mankind Pharma/Ipca Laboratories/AstraZeneca Pharma India reported industry-leading volume growth at +33.9%/+18.3%/ +16.8%/+12.9% YoY. Eris posted the highest growth in new launches (+6.9% YoY).

 

On a MAT basis, Dermatology, Respiratory, Gynecology, Pain, and CNS drive YoY growth for the 12M ending Sep'22

• On a MAT basis, industry growth stood at 13% YoY.
• Gynecology/Dermatology/Cardiac/Respiratory/Pain grew 25%/16%/15.7%/ 15.3%/13.4% YoY.
• Vaccine sales declined by 11.7% YoY, impacting overall growth.

Sales of Anti-Infectives posted a decline of 27.5% YoY in Jun'22, but the same picked up with a 2% growth in Sep'22