Ipca, AstraZeneca, Torrent, Sun Pharma outshine Indian pharma market in Nov

Market


The Indian pharma market grew 6.1% during November led by continued traction in the chronic segment. The acute segment also grew on a low base of last year. 

Covid therapy drugs that contributed to the pharma market growth during the first half of the year continued to add to the rise. Non-covid drugs sales grew 6.7% year-on-year during November, surpassing the 6.3% sales growth of covid drugs, as per Motilal Oswal Financial Services data. Notably, the growth of the non-covid drugs improved month-on-month.

The recovery in therapies such as cardiac care and anti-diabetic drugs with a growth rate of 6% year-on-year each helped the rise in the chronic segment in November, suggested India Ratings data. Cardiac care drugs had declined 1% YoY during October, while anti-diabetics had seen a tepid 1% year-on-year growth in the month.

In the acute therapies, gastro, respiratory and pain & analgesics grew 13.1% YoY, 16.3% YoY and 17.3% YoY, respectively.

Growth in volume terms, however, remained flat year-on-year during November. It was the 5.4% rise in prices and new product launches, driven by acute therapy products, that helped the IPM grow in the month. Analysts at Nomura Research said that over the past 12 months, price growth has remained strong, while volume growth has remained weak except during April 2021 and May 2021 due to a low base of last year. 

Among companies, Ipca Laboratories with 24.7% YoY growth, AstraZeneca Pharma India Ltd with 22.1% growth and Torrent Pharmaceuticals with 19.1% growth were the outperformers. Ajanta Pharma with 17% growth, Sun Pharmaceutical with 15.4% growth, Aristo Pharmaceuticals with 13.9% growth also impressed.

Analysts at Nomura Research said, “We note that the average two-year CAGRs over the past four months have been ahead of IPM for Sun Pharma, Cipla Ltd, Torrent Pharmaceuticals, Dr. Reddy’s Laboratories and Ipca Laboratories.” On the other hand, for Cadila Healthcare Ltd, Lupin Ltd, Alkem Laboratories Ltd, GlaxoSmithKline Pharmaceuticals Ltd, Pfizer Ltd and Glenmark Pharmaceuticals Ltd, the average two-year CAGRs over the past four months have been below IPM, as per Nomura.

 

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