IDirect HealthCheck Apr15content.icicidirect.com/mailimages/IDirect_HealthCheck_Apr15.pdf ·...

ICICI Securities Ltd. | Retail Equity Research

April 17, 2015

Monthly Update

High base, fewer approvals to hit Q4… Companies under the I-direct healthcare coverage are expected to post 13.5% growth YoY to | 28790 crore in Q4 as lack of product approvals in the US and a higher Q4FY14 base may continue to have an impact on numbers as was the case in Q3. We expect good traction in domestic formulations (albeit on a lower base) and consolidation of acquisitions to be the main growth drivers in the quarter. Excluding acquisitions of Actavis, Elder, Natrol and Habitrol, growth is expected to be ~10% YoY to | 27842 crore. US core revenues (from select pack ex-acquisitions) are likely to grow 15.7% YoY mainly due to price hike (Taro), gain in market share (Cadila) and exclusivity launches (DRL). However, currency headwinds in other geographies like Europe, Japan and emerging economies like Russia, Brazil and Venezuela would drag overall growth. Indian formulations from a select pack are likely to grow 25.1% YoY to | 5921 crore on the back of new launches and normalcy in trade channels post NLEM price implementation. Among players, Ajanta Pharma, Aurobindo, Cipla, Dr Reddy’s and Sun are expected to do well on the back of strong growth in the domestic market, consolidation of the acquired businesses and expectation of strong US sales on exclusivity launches and price hikes. Apollo Hospitals is likely to clock ~20% YoY growth on the back of robust growth in the pharmacy business. On the filing front, Dr Reddy's filed three new drug applications (NDAs) DFD-01, DFD-09 and DFN-11 with the USFDA. These proprietary products are focused on developing therapies in dermatology and neurology. Quality related issues with regard to Ipca’s plant worsened as the USFDA put import alert on two of its facilities in Pithampur (Madhya Pradesh) and Piparia (Silvassa) as they failed to maintain good manufacturing practices. Ipca’s Ratlam facility has already been under import alert since January. On the acquisition front, Dr Reddy's Labs plans to acquire UCB's domestic portfolio of select established brands of Belgium-based UCB in India for ~| 800 crore to strengthen its presence in the dermatology, respiratory and paediatric segments. Finally, on the domestic formulations front, the Indian pharmaceutical market (IPM) registered strong growth of 20.9% YoY (2.7% MoM) to | 7389 crore for March. The YoY growth was mainly driven by robust YoY volume growth 12.0% (-0.2% in March 2014) followed by price hikes – 5.6% (1.5% in March 2014) and new product launches – 3.3%. In FY15, IPM registered growth of 12.9% YoY to | 86,410 crore. Pharma continues to ride on re-rating wave; consolidation looks inevitable A continued rally in healthcare stocks indicates a second re-rating wave in the current fiscal. This, we believe, is mainly on account of improved approval visibility, facility approvals for two major players Sun and Lupin despite Form 483 observations and return of a strong growth trend in domestic formulations. Strong visibility on the back of a good product basket and a reasonable base business growth continue to attract buying interest in the sector despite premium valuations. Having said that, we expect profit booking across the space, considering the recent rally.

Health CheckSector View

Outperformer

Index Performance as on April 15, 2015

Return (%) 1M 3M YTD 1Y

BSE 500 -2 6 5 41

Sensex -3 4 3 31

BSE Healthcare 11 22 19 71

Return (%)

Stocks Performance Mcap

Company 1M 3M YTD 1Y 16-Apr

Sun Pharma.Inds. 7 30 34 80 228557

Lupin 1 32 32 98 84771

Dr Reddy's Labs 12 12 14 46 62929

Cipla -1 6 9 72 54862

Aurobindo Pharma 15 19 21 152 40259

Ranbaxy Labs. 6 33 37 84 36599

Cadila Health. 13 9 12 83 36537

Glaxosmit Pharma 1 4 4 33 28107

Divi's Lab. 7 11 10 43 25170

Glenmark Pharma. 10 24 16 54 24319

Torrent Pharma. 16 20 16 138 22254

Apollo Hospitals -2 18 23 57 19397

Wockhardt -10 65 69 177 18843

Ajanta Pharma 13 40 48 252 12146

Pfizer 8 8 5 84 10343

Biocon 11 10 11 3 9460

Ipca Labs. -9 -7 -9 -15 8416

Natco Pharma 10 52 52 230 7750

Strides Arcolab 9 28 24 201 7088

Indoco Remedies 1 19 18 170 3404

Jubilant Life 4 15 40 -1 2708

Unichem Labs. 12 1 -3 7 2133

Return (%)

Mcap: Market cap in | crore

Price movement

150001700019000210002300025000270002900031000

750085009500

1050011500125001350014500155001650017500

Mar-14 Jul-14 Oct-14 Jan-15 Apr-15

BSE Healthcare Sensex (RHS) Research Analyst

Siddhant Khandekar [email protected] Mitesh Shah [email protected]

Nandan Kamat [email protected]


Regulatory approvals

Exhibit 1: Summary of USFDA approvals for March 2015

[5

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeLupin Amlodipine and Valsartan CNS Novartis Exforge US$ 415 millionTorrent Pharma Amlodipine and Valsartan CNS Novartis Exforge US$ 415 million

Company Drug Name Therapeutic Area Innovator company Generic Version of Market SizeAurobindo Pharma Lacosamide Epilepsy USB Inc. Vimpat US$ 365 millionCadila Ritonavir HIV Abbvie Norvir US$ 400 million

Final Approvals

Tentative Approvals

CNS: Central Nervous System; CVS: Cardiovascular, NA: Not available; Source: USFDA, ICICIdirect.com Research

Regulatory approvals/IP issues

Dr Reddy’s files new NDA applications Dr Reddy's has filed three new drug applications (NDAs) DFD-01, DFD-09 and DFN-11 with USFDA. These proprietary products are focused on developing therapies in dermatology and neurology. Biocon receives approval for insulin Glargine in Mexico Biocon’s insulin Glargine has been approved by COFEPRIS, the Mexican health authority, through its partner PiSA Farmacéutica (Pisa). The combined market for Insulin Glargine in Mexico is estimated to be in excess of US$40 million. Lawsuits/court rulings/settlements/USFDA regulations

Court blocks Glenmark’s bid to launch anti-diabetic drugs The Delhi High Court has restrained Glenmark from manufacturing and marketing anti-diabetes drugs Zita and Zita-Met due to infringement of MSD’s patent. The drug contributes ~| 94 crore (5% of domestic sales and 1.4% of overall sales) to the company. Glenmark to pay settlement amount Glenmark’s US subsidiary firm will pay Texas US$25 million under a settlement reached with the state’s Attorney General over the pricing investigation case under the Texas Medicaid Fraud Prevention Act. As per the settlement, the company will make the payment in 16 equal installments of US$1.56 million every fiscal quarter for the coming 16 fiscal quarters to the state of Texas. The case dates back to 2000 when the state started investigations on numerous pharmaceuticals companies for alleged inflated drug prices to the Medicaid programme. Another two facilities of Ipca under import alert The USFDA has put an import alert on two of Ipca’s facilities in Pithampur (Madhya Pradesh) and Piparia (Silvassa) as they failed to maintain good manufacturing practices. Ipca’s Ratlam facility has already been under import alert since January. Aurobindo to receive settlement money from Plethico Plethico Pharmaceuticals, the previous owner of Natrol Inc, has agreed to pay US$23.30 million in cash in addition to certain global intellectual property (IP) rights and other assets to settle financial fraud accusations levelled by Aurobindo. Aurobindo had acquired US-based neutraceutical company Natrol Inc, formerly owned by Plethico group, for US$132.5 million in November 2014 through a bidding process approved by the US bankruptcy court.


Sun in settlement agreement with US-based MDCO US based The Medicines Company (MDCO) has settled a litigation with Sun Pharma relating to MDCO’s US Patent Angiomax (bivalirudin; CVS). As a result of the settlement, MDCO will permit Sun to market a generic version in the US on June 30, 2019, or earlier in certain limited circumstances. However, MDCO remains in infringement litigation with Aurobindo and DRL among others.

Price cuts/new launches/recalls

Cipla to launch gSovaldi Cipla will introduce a generic version of Hepatitis C drug Sovaldi. The drug will be sold in India by Cipla under the brand name Hepcvir. This follows a non-exclusive licensing agreement between Cipla (among other players) and Gilead in September 2014.

M&As, demergers and JVs

Dr Reddy’s to buy UCB’s Indian and other brands Dr Reddy’s has proposed to buy select established brands of Belgium-based UCB in India for €118 million (| 800 crore) to strengthen its presence in the dermatology, respiratory and paediatric segments. The company has entered into an agreement to acquire the portfolio of established products of UCB, in India, Nepal, Sri Lanka and Maldives. The transaction includes approximately 350 employees engaged in India operations. The revenues of the acquired business are ~| 150 crore. Lupin acquires remaining stake in Pharma Dynamics in South Africa Lupin has acquired the balance 40% stake in South African drug firm Pharma Dynamics. In 2008, Lupin had acquired a 60% stake in this company. Pharma Dynamics had an annual revenue of | 380 crore in FY14 with a net profit of | 69 crore. Ipca makes open offer to Krebs Biochemicals shareholders Ipca Laboratories has made an open offer to Krebs Biochemical’s shareholders to acquire 26% in the company. In February FY15, Ipca had bought 18.9% of Krebs Biochemicals from its promoters. Krebs Biochemicals has expertise in chemical synthesis, fermentation and enzymatic technologies besides owning two US FDA facilities in Visakhapatnam and Nellore districts. Cipla acquires Brazilian company for | 2.6 crore Cipla has acquired Duomed Produtos Farmaceuticos Ltda in Brazil for a cash consideration of ~| 2.6 crore. Duomed has Anvisa (Brazilian health authority) approval to import & distribute pharmaceutical products in Brazil. Aurobindo divests loss making Australian subsidiary Aurobindo has divested its step-down subsidiary, Aurobindo Pharma (Australia) Pty Ltd to Eris Pharma Australia Pty Ltd. This subsidiary was not contributing any profit to the company. As per the agreement, APL will continue to manufacture and supply products to Eris Pharma for Australian and New Zealand market over the next few years. This divestment is in line with APL's strategy of focusing on the US, EU and key emerging markets.

Capex/investments/fund raising

Cadila buys out JV partner Cadila Healthcare has acquired the 50% stake held by partner Bharat Serums and Vaccines in JV Zydus BSV Pharma. Post the acquisition, Zydus BSV has become a 100% subsidiary of Cadila. Formed in 2005, the JV focuses on focus on the niche segment of targeted therapies in the area of oncology. It also offers contract manufacturing capabilities in the oncology injectable product manufacturing area. It has a finished dosage manufacturing facility at the pharmaceutical specific special economic zone – Pharmez near Ahmedabad.


Deals & alliances/tenders

DRL to market Hetero’s gSovaldi Dr Reddy's Laboratories has entered into an agreement with Hetero Drugs under which Dr Reddy's has been licensed to distribute and market Sofosbuvir tablets (gSovaldi) in 400 mg strength in India. The drug, to be sold under the Resof brand, is indicated for the treatment of chronic Hepatitis C. Hetero has received approval for Sofosbuvir 400 mg tablets from Drug Controller General of India. NLEM/NPPA

NPPA allows pharma companies to hike prices The National Pharmaceutical Pricing Authority (NPPA) has allowed pharmaceutical companies to hike rates of 509 essential medicines by 3.8% with effect from April 1, 2015. NPPA has issued a notification for price hike of drugs in line with the wholesale price index of 2014 under Drug Price Control Order (DPCO), 2013.


Exhibit 2: Patent litigations in FY15 [5

Month Innovator ANDA Filer Brand Name API Used for Apr-14 Kowa Aurobindo Pharma Livalo Pitavastatin CVSApr-14 Medicines co Aurobindo Pharma Angiomax Bivalirudin AnginaApr-14 Kowa Aurobindo Pharma Livalo Pitavastatin CVSMay-14 Senju Pharmaceuticals Aurobindo Pharma Zymaxid Gatifloxacin ConjunctivitisMay-14 Otsuka Pharmaceutical Co. Alembic Pharma Abilify Aripiprazole SchizophraniaMay-14 Dr Reddy's Labs Purdue Pharmaceutical Product Intermezzo Zolpidem InsomniaMay-14 Otsuka Pharmaceutical Co. Cadila Healthcare Abilify Aripiprazole SchizophraniaMay-14 Otsuka Pharmaceutical Co. Aurobindo Pharma Abilify Aripiprazole SchizophraniaMay-14 AstraZeneca AB Aurobindo Pharma Onlyza Saxagliptin Type 2 DiabetesMay-14 AstraZeneca AB Glenmark Generics Onlyza Saxagliptin Type 2 DiabetesMay-14 AstraZeneca AB Wockhardt Onlyza Saxagliptin Type 2 DiabetesMay-14 Otsuka Pharmaceutical Co. Wockhardt Abilify Aripiprazole SchizophraniaMay-14 Forest Laboratories Inc. Ranbaxy Labs Namenda XR Memantine Alzheimer's diseaseJun-14 AstraZeneca Pharmaceuticals LP Sun Pharma Global FZE; Onglyza Saxagliptin DiabetesJun-14 Bristol-Myers Squibb Co. Aurobindo Pharma Reyataz Atazanavir HIVJun-14 Teva Women's Health Lupin Quartette Levonorgestre ContraceptiveJun-14 Forest Laboratories Inc Aurobindo Pharma Namenda XR Memantine Alzheimer's diseaseJun-14 Senju Pharma Lupin Pharma Inc. Prolensa Bromfenac Ocular InflammationJul-14 Pfizer Inc Aurobindo Pharma Tygacil Tygecycline InfectionJul-14 GlaxoSmithKline LLC Glenmark Generics Inc. Coreg Carvedilol High Blood PressureJul-14 Allos Therapuetics Inc Dr Reddy's Folotyn Pralatrexate LymphomaJul-14 Acorda Therapeutics Inc.; Aurobindo Pharma Ampyara Dalfampridine Multiple SyrosysJul-14 Alcon Pharmaceuticals Ltd. Aurobindo Pharma Vigamox Moxifloxacin Eye InfectionJul-14 Gilead Sciences Inc. Lupin Ltd. Atripla Efavirenz/Emtricitabine/Tenofovir HIVJul-14 AbbVie Inc. Aurobindo Pharma Norvir Ritonavir HIVJul-14 Alkermes Pharma Ltd. Sun Pharmaceuticals Focalin XR Dexmethylphenidate ADHDJul-14 Otsuka Pharma Co. Torrent Pharma Abilify Aripiprazole SchizophreniaJul-14 Astrazeneca AB Cadila Healthcare Nexium Esomeprazole Acid RefluxAug-14 Janssen Products LP Cipla Ltd. Prezista Darunavir HIVAug-14 Forest Labs Lupin Ltd. Namenda Memantine Hydrochloride Alzheimer's diseaseAug-14 Senju Pharma Ltd. Lupin Ltd. Prolensa Bromfenac Ocular InflammationAug-14 Novartis Pharma Dr. Reddy's Labs Gleevec Imatinib Mesylate Organ RejectionSep-14 Millenium Pharmaceuticals Glenmark Pharma Valcade Bortezomib Multiple MylomaSep-14 Teva Pharma Dr. Reddy's Labs Copaxon Glatiramer Acetate Multiple SclerosisSep-14 Reckitt Benckiser LLC Aurobindo Pharma Mucinex Guaifenesin MucusSep-14 Cephalon Inc. Dr. Reddy's Labs Treanda Bendamustine LeukemiaSep-14 Cephalon Inc. Sun Pharma Treanda Bendamustine LeukemiaOct-14 Novartis Pharma Dr. Reddy's Labs Gleevec Imatinib LeukemiaOct-14 Braintree Laboratory Inc. Taro Pharma Suprep Sodium Sulphate Bowel PreparationOct-14 Cephalon Inc. Wockhardt Treanda Bendamustine LeukemiaNov-14 Biomarin Pharma Dr. Reddy's Labs Kuvan Sapropterin Dihydrochloride phenylketonuriaNov-14 Otsuka Pharma Cadila Healthcare Abilify Aripiprazole schizophreniaNov-14 Otsuka Pharma Alembic Pharma Abilify Aripiprazole schizophrenia

Jan-15 iCeutica Lupin Ltd. Zorvolex Diclofenac Anti-Inflammatory

Jan-15 Senju Pharma Lupin Ltd. Prolensa Bromfenac Eye Inflammation

Jan-15 Sheonogi & Co. Aurobindo Pharma Doribax Doripenem Infection

Jan-15 Teva Pharma Dr. Reddy's Labs Copaxone Glatiramer Multiple Sclerosis

Feb-15 Roxane Laboratories Lupin Ltd. Roxane Calcium Acetate CCalcium Acetate Serum phosphorous Reductio

Feb-15 Cephalon Inc. Glenmark Generics Treanda Bendamustine Leukemia

Feb-15 Cephalon Inc. Dr. Reddy's Labs Treanda Bendamustine Leukemia

Mar-15 Otsuka Pharma Indoco Remedies Abilify Aripiprazole Schizophrenia

Source: Bloomberg, ICICIdirect.com Research


Robust IPM growth on lower base, price hike… • The Indian pharmaceutical market (IPM) registered strong growth of

20.9% YoY (2.7% MoM) to | 7389 crore for March. YoY growth was mainly driven by robust YoY volume growth 12.0% (-0.2% in March 2014) followed by price hikes – 5.6% (1.5% in March 2014) and new product launches – 3.3%

• Drugs under the NLEM list witnessed growth of 17.6% YoY to | 917 crore due to strong volume growth and price hike while non-NLEM drugs posted growth of 21.7% to | 6136 crore

• Among our covered companies, Lupin has registered highest growth of 32.4% YoY followed by Torrent, Glenmark, Cipla, Dr Reddy’s and Sun Pharma clocking growth of 30.5%, 28.1%, 24.9%, 24.1% and 20.0%, respectively

• Therapy wise, eight therapies have outpaced IPM growth while all therapies registered double digit growth. Notable among them along with their growth rates are: anti-diabetic – 32.9%, respiratory – 27.8%, gastro intestinal – 23.4%, anti-infectives – 22.0%, dermatology- 19.2% and cardiac – 19.1%

• In all, 185 new brands were launched in March • On a MAT basis, IPM growth stood at 12.9% YoY to | 86410 crore • Domestic and MNC companies have both grown ~21% in March 2015 Exhibit 3: Domestic formulations - growth trend

5.8 7.

5

11.4 13

.2

9.8 10

.6 12.8

20.1

6.9

20

14.1

18.9

20.9

-5

0

5

10

15

20

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market [

Source: AIOCD data base, ICICIdirect.com Research

Exhibit 4: Companies growth in domestic market in March 2015

30.5

20.0 22.024.9

11.615.4

44.0

16.7

17.9

9.4

32.4

12.210.8

28.1 24.1

9.2

-10

0

10

20

30

40

50

Woc

khar

dt

Unic

hem

Torr

ent

Sun

Phar

ma

Pfize

r

Nov

artis

Lupi

n

Ipca

Lab

s

Indo

co

GSK

Phar

ma

Glen

mar

k

Dr. R

eddy

s

Cipl

a

Cadi

la

Bioc

on

Ajan

ta

(%)


Therapy wise performance (| crore) Therapy Mar'15 Mar'14 YoY (%) Feb'15 QoQ (%)Anti-Infectives 1150 943 22.0 1144 0.5Cardiac 921 773 19.1 895 2.9Gastro Intestinal 842 682 23.4 797 5.7Vitamins 637 554 14.9 617 3.2Respiratory 637 499 27.8 657 -3.0Anti Diabetic 597 449 32.9 580 3.0Pain 495 425 16.5 480 3.1CNS 444 395 12.5 432 2.6Derma 411 344 19.2 405 1.4Gynaecological 376 326 15.3 352 6.9Vaccines 134 111 21.2 134 -0.3Hormones 122 108 12.5 118 2.9Anti-Neoplastics 119 99 20.3 110 7.8Ophthal 111 91 22.3 103 7.9Others 99 67 48.4 91 8.8Blood Related 82 71 15.3 75 10.7Urology 78 61 29.5 74 6.4Anti Malarials 37 31 19.1 34 9.0Sex Stimulants 41 36 14.0 43 -4.3Stomatologicals 31 26 18.1 31 0.9

Source: AIOCD data base

Top brands in Indian pharma market Brand Company Therapy Mar'15 Mar'14 Gr. (%)Anti-Infective GSK Augmentin 319.7 264.0 21.1Vitamins Pfizer Becosules 243.8 228.4 6.8Respiratory Pfizer Corex 228.6 228.6 0.0Anti-Infective Alkem Clavam 225.4 205.0 10.0Anti Diabetic Sanofi Lantus 220.8 170.0 29.8Pain Ranbaxy Volini 212.1 223.9 -5.3Anti Diabetic Novartis Galvus Met 187.5 138.5 35.4Sex StimulantMankind Manforce 183.2 185.1 -1.0Derma Zydus Skinlite 182.7 144.4 26.5Taxim O Alkem Anti-Infectives 180.0 150.9 19.3

Source: AIOCD data base; Date as per MAT February 15 & February 14 Industry acute to chronic therapy ratio percentage…

Acute, 54007.2,

70.6%Chronic, 22479.2,

29.4%

Source: AIOCD data base ; As per AIOCD MAT February 2015


Q4FY15 IPM growth backed by robust volume and price hike • The Indian pharmaceutical market (IPM) registered growth of 17.5% YoY

to | 21849 crore in Q4FY15 • YoY growth was mainly driven by robust YoY volume growth of 8.8%

followed by price hikes – 5.5% and new product launches – 3.2% • Growth on account of a price hike of 5.5% was the steepest in the last

many quarters • Drugs under the NLEM list witnessed growth of 12% YoY to | 3058 crore

while non-NLEM drugs posted growth of 18% to | 18156 crore • Among our covered companies, Torrent registered highest growth of

27.3% YoY followed by Ipca, Glenmark, Lupin and Cipla clocking growth of 24.7%, 24.5%, 22.9%, 20.5% and 20.5%, respectively

• Therapy wise, 11 therapies have outpaced IPM growth. Notable among them along with growth rates: anti-diabetic – 30.1%, dermatology- 17.8%, cardiac – 16.6% and anti-infective – 15.8%

Therapy wise performance (| crore) Therapy Q4FY15 Q4FY14 YoY (%) Q3FY15 QoQ (%)Anti-Infectives 3109 2685 15.8 3137 -0.9Cardiac 2753 2360 16.6 2663 3.4Gastro Intestinal 2352 1986 18.4 2293 2.5Vitamins 1829 1619 13.0 1883 -2.9Respiratory 1843 1518 21.4 1783 3.4Anti Diabetic 1777 1366 30.1 1691 5.1Pain 1403 1227 14.3 1439 -2.5CNS 1325 1181 12.2 1302 1.8Derma 1217 1034 17.8 1263 -3.6Gynaecological 991 886 11.9 961 3.2Vaccines 391 329 19.0 324 20.9Hormones 361 325 11.0 361 -0.1Anti-Neoplastics 351 297 17.9 337 4.1Ophthal 313 266 17.6 314 -0.3Others 267 196 36.2 232 15.0Blood Related 229 210 9.1 228 0.7Urology 228 177 28.7 226 1.0Anti Malarials 91 72 25.6 123 -26.5Sex Stimulants 74 65 14.1 72 2.4Stomatologicals 91 78 15.5 89 1.5


Exhibit 5: Domestic formulations – quarterly growth trend

2.74.5

6.42.5

8.81.4

1.7

3.1

4.8

5.5

3.6

3.6

3.3

3

3.2

7.79.8

12.8

10.3

17.5

-113579

1113151719

Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15

(%)

Volumes 3.1 Price Increases 3.8 New Products 1.2

[


Exhibit 6: Company wise growth trends in Q4FY15

30.8

12.1

27.3

16.422.3

4.2

22.9 24.7

69.2

6.4

24.517.4 20.5

6.6

15.9 15.4

-

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

Woc

khar

dt

Unic

hem

Torr

ent

Sun

Phar

ma

Pfize

r

Nov

artis

Lupi

n

Ipca

Lab

s

Indo

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GSK

Phar

ma

Glen

mar

k

Dr. R

eddy

s

Cipl

a

Cadi

la

Bioc

on

Ajan

ta

(%)



Domestic growth recovery in FY15 • The Indian pharmaceutical market (IPM) registered growth of 12.9% YoY

to | 86410 crore in FY15 • YoY growth was mainly driven by robust YoY volume growth 5.6%

followed by price hikes of 3.8% and new product launches of 3.3% • Among our covered companies Ajanta registered highest growth of

28.6% YoY followed by Lupin, Biocon, Ipca, Glenmark, Torrent and Cipla clocking growth of 18.9%, 18.4%, 18.1%, 17.4%, 16.1% and 15.5%, respectively

• Therapy wise, nine therapies outpaced IPM growth. Notable among them along with growth rates: anti-diabetic – 25%, dermatology- 16.6%, gastro Intestinal – 14.2% and respiratory – 14.2%

Exhibit 7: Domestic formulations – Annual price volume break-up [

1.5

5.6

2.4

3.8

2.93.3

-

1.0

2.0

3.0

4.0

5.0

6.0

FY14 FY15

Volumes Price Increases New Products


Exhibit 8: Company wise growth trends in FY15 es

9.3 8.1

16.1 14.9 16.4

7.7

3.1

18.9 18.1 17.4

12.2 15.5

8.0

18.4

28.6

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

Woc

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Ipca L

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Dr. R

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Cipla

Cadil

a

Bioco

n

Ajan

ta

(%)

Source: AIOCD data base, ICICIdirect.com Research Exhibit 9: Annual IPM Sales

70,797 76,40286,410

63,190

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

FY12 FY13 FY14 FY15

| (C

rore

)


Therapy FY15 FY14 YoY (%)Anti-Infectives 13764 12546 9.7Cardiac 10708 9474 13.0Gastro Intestinal 9938 8700 14.2Vitamins 7798 6952 12.2Respiratory 6834 5987 14.1Anti Diabetic 6692 5353 25.0Pain 6038 5427 11.3CNS 5204 4761 9.3Derma 4955 4251 16.6Gynaecological 4347 4018 8.2Vaccines 1460 1437 1.6Hormones 1438 1345 6.9Anti-Neoplastics 1394 1133 23.1Ophthal 1257 1082 16.2Others 971 825 17.8Blood Related 964 910 5.9Urology 919 741 24.0Anti Malarials 552 518 6.6Sex Stimulants 473 447 5.9Stomatologicals 375 330 13.7



Sun Pharmaceuticals

Stock Performance

80

125

170

Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15

BSE Healthcare Sun Pharma

Source: NSE, ICICIdirect.com Research Exhibit 10: Company growth vis-à-vis Indian pharma market growth

5.8 7.

5

11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

15.8

10.0

16.5 17

.6

15.3

14.4

9.9

9.7

14.9

21.7

13.5 16

.0

20.0

0

5

10

15

20

25

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Sun Pharmaceutical Industries


Exhibit 11: Market share in Indian formulations market

5.7

5.3

5.5

5.2

5.35.2

4.9

5.4

5.7 5.7

5.9

5.4

5.7

4.8

5.0

5.2

5.4

5.6

5.8

6.0

6.2

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Sun Pharmaceutical Industries


Exhibit 12: Top 10 brands performance (| crore) Brand Therapy Mar'15 Mar'14 Var. (%) Feb'15 Var. (%)

Gemer Anti Diabetic 11.6 9.7 19 10.6 9

Istamet Anti Diabetic 11.5 7.3 56 10.8 6

Susten Gynaecological 11.4 9.1 26 10.6 7

Pantocid Gastro Intestinal 11.2 9.2 22 10.3 8

Levipil Neuro 10.7 8.1 33 10.1 7

Pantocid Dsr Gastro Intestinal 9.4 6.7 41 8.2 14

Aztor Cardiac 8.7 7.1 22 8.1 8

Montek-Lc Respiratory 6.5 4.9 31 6.6 -1

Glucored Anti Diabetic 5.7 5.4 6 5.5 5

Oxetol Neuro 5.4 4.6 19 5.0 8


Exhibit 13: Contribution of therapies to domestic sales (MAT March’15) z

Neuro , 34%

Cardiac, 23%

Gastro Intestinal, 19%

Anti Diabetic, 15%

Gynaecological, 9%


Exhibit 14: Therapy wise performance (| crore)

Therapy Mar'15 Mar'14 YoY (%) Feb'15 QoQ (%)

Neuro 113.1 91.4 24 104.3 8

Cardiac 76.0 65.4 16 70.5 8

Gastro Intestinal 63.2 48.0 32 57.9 9

Anti Diabetic 50.5 39.9 26 47.2 7

Gynaecological 27.0 28.3 -5 25.0 8

Pain 18.0 14.5 24 16.0 12

Ophthal 17.4 14.1 23 15.2 15

Respiratory 17.2 14.3 20 17.5 -2

Vitamins 11.6 9.2 26 11.0 6

Hormones 7.6 8.8 -14 7.8 -3


Acute : Chronic contribution (MAT March’15)

Acute, 89.3, 28%

Chronic, 229.3, 72%

Brands contribution to domestic sales (MAT March’15)

21%

11%8%

11%

49%

Top 10 11 to 20 21 to 30 31 to 50 Others


Rectangle


Ranbaxy Laboratories

Stock Performance

80120160200240


BSE Healthcare Ranbaxy


5.8 7.

5 11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

0.7

0.3

4.1

15.0

8.5

10.1

16.0

0.9 10

.7

8.2

8.5

3.8

6.8

-15

-10

-5

0

5

10

15

20

25

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Ranbaxy Laboratories



3.54 3.58 3.55 3.583.52

3.613.50 3.47

3.69

3.45 3.42

3.153.13

2.82.93.03.13.23.33.43.53.63.73.8

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Ranbaxy Laboratories



Volini Pain 15.6 15.9 -2 14.2 10

Rosuvas Cardiac 11.5 8.3 38 11.5 0

Mox Anti-Infectives 9.4 7.6 23 9.2 2

Storvas Cardiac 9.2 7.5 22 8.8 4

Moxclav Anti-Infectives 5.6 3.4 65 5.5 1

Cepodem Anti-Infectives 5.4 4.2 29 5.9 -7

Sporidex Anti-Infectives 5.0 3.4 48 5.1 -2

Oframax Anti-Infectives 4.2 1.5 189 3.9 7

Zanocin Anti-Infectives 3.7 2.8 30 3.5 5

Cifran Anti-Infectives 3.7 4.8 -23 3.7 0


Exhibit 18: Contribution of therapies to domestic sales (MAT March’15) z

Anti-Infectives31%

Cardiac15%Pain

12%Derma10%

Gastro Intestinal6%

Other26%




Anti-Infectives 75.7 61.9 22 74.6 1

Cardiac 38.8 30.0 30 37.9 2

Pain 27.3 26.2 4 25.7 6

Derma 24.2 21.0 16 23.4 4


Urology 10.4 7.5 38 9.8 6

Respiratory 8.9 8.8 2 9.4 -5

Anti Diabetic 7.8 4.8 61 7.3 7

Neuro 6.8 7.3 -7 7.2 -5

Vitamins 5.3 24.3 -78 5.9 -9



Acute, 2440.1, 82%

Chronic, 540.6, 18%


49%

19%

10%

10%

12%



Rectangle


Cipla

Stock Performance

80

110

140

170

200


BSE Healthcare Cipla

Source: NSE, ICICIdirect.com Research

Exhibit 20: Company growth vis-à-vis Indian pharma market growth

5.8 7.

5 11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

7.8 8.3

7.2 12

.4

10.4

15.4

38.8

10.3

8.3 13

.5

13.2

24.2

24.9

0

5

10

15

20

25

30

35

40

45

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Cipla



4.9 5.0

4.74.6

4.8

5.0

5.5

5.04.9

5.1 5.25.3

5.1

4.04.24.44.64.85.05.25.45.6

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Cipla



Foracort Respiratory 15.5 11.8 31 15.5 0

Budecort Respiratory 13.3 9.4 42 13.4 -1

Asthalin Respiratory 12.3 10.7 14 13.0 -6

Seroflo Respiratory 11.3 9.3 22 12.1 -7

Duolin Respiratory 9.7 8.0 20 10.8 -11

Aerocort Respiratory 7.8 7.3 8 8.3 -5

Azee Anti-Infectives 7.4 5.5 35 8.5 -13

Montair Lc Respiratory 6.5 4.7 38 6.9 -5

Novamox Anti-Infectives 6.4 5.3 21 8.0 -20

Advent Anti-Infectives 5.8 4.8 19 6.2 -7


Exhibit 23: Contribution of therapies to domestic sales (MAT March’15)

Respiratory, 31%

Anti-Infectives, 27%

Cardiac, 13%


Urology, 4%

Other, 18%



Therapy Mar '15 Mar'14 YoY (%) Feb'15 QoQ (%)Respiratory 119.8 96.7 24 124.3 -4Anti-Infect ives 96.9 76.0 28 101.1 -4

Cardiac 48.7 39.3 24 48.1 1Gastro Intestinal 25.9 22.3 17 27.0 -4

Urology 17.8 12.3 45 17.4 2Neuro 13.6 10.7 28 12.7 7

Pain 10.4 7.5 39 10.0 4

Ophthal 8.6 7.2 20 7.9 10

Derma 8.0 7.4 9 7.3 9

Vitamins 6.6 6.5 2 6.9 -4



Chronic, 1778.0, 41%

Acute, 2559.4, 59%


25%

12%

9%

12%

42%



Rectangle


Dr Reddy’s Laboratories

Stock Performance

70

100

130

160

Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15BSE Healthcare Dr. Reddys



5.8 7.

5

11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

0.6

5.0 8.

9

15.9

9.3

15.3 16.5

1.6

9.3 12

.8

12.3 16

.1

24.1

-10

0

10

20

30

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Dr. Reddys Laboratories



2.1

2.0

2.12.2

2.1

2.1 2.1

2.0

2.1

2.2

2.12.1

2.2

1.9

2.0

2.0

2.1

2.1

2.2

2.2

2.3

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Dr. Reddys Laboratories



Omez Gastro Intestinal 9.0 7.3 23 9.0 -1

Omez D Gastro Intestinal 6.3 5.2 22 5.6 13

Stamlo Cardiac 5.1 4.8 7 5.2 -3

Nise Pain 5.1 4.0 28 5.0 1

Econorm Gastro Intestinal 4.7 4.4 7 4.7 2

Stamlo Beta Cardiac 4.5 3.6 23 4.1 9

Mintop Derma 4.3 3.1 41 4.1 5

Razo D Gastro Intestinal 4.0 3.4 18 3.9 3

Clamp Anti-Infectives 3.9 3.1 25 4.5 -13

Reditux Anti-Neoplastics 3.9 3.2 21 3.0 32




Cardiac, 16%

Anti-Neoplastics, 1

1%Anti-Infectives, 9%

Anti Diabetic, 7%

Other, 34%





Cardiac 25.8 22.2 16 25.3 2

Anti-Neoplastics 18.4 12.3 50 15.4 20

Anti-Infectives 13.3 9.9 34 14.4 -8

Anti Diabetic 12.5 9.0 38 11.3 11

Derma 11.5 10.2 13 11.2 3

Pain 11.5 10.4 11 11.2 2

Respiratory 9.0 6.9 31 9.0 0

Urology 6.4 5.0 27 5.7 13

Stomatologicals 5.9 5.2 12 5.3 10



Acute, 1267.7, 70%

Chronic, 555.6, 30%


32%

16%

9%

12%

31%



Rectangle


Lupin

Stock Performance

75

115

155


BSE Healthcare Lupin



5.8 7.

5 11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

18.9

-6.6

20.8 23

.0

13.3

8.5

19.8

10.5 13

.7 18.3

15.0

23.3

12.8

20.9

-12-8-4048

1216202428

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Lupin



2.8

3.6 3.7 3.7

3.4

3.23.3 3.4 3.5 3.4 3.4

3.33.1

2.32.52.72.93.13.33.53.73.9

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Lupin



Gluconorm-G Anti Diabetic 9.5 7.5 27 9.6 -1

Budamate Respiratory 7.2 3.8 92 7.0 2

Tonact Cardiac 6.9 5.1 35 7.3 -5

R-Cinex Anti-Infectives 4.3 3.1 38 3.4 24

Ramistar Cardiac 3.8 3.2 17 4.0 -4

Rablet-D Gastro Intestinal 3.6 2.6 40 3.7 -3

Esiflo Respiratory 3.5 2.4 47 4.3 -19

Rablet Gastro Intestinal 3.4 2.6 32 3.3 2

Telekast-L Respiratory 3.2 2.3 40 3.4 -7

Merotrol Anti-Infectives 3.0 2.4 23 2.6 14



Cardiac, 25%


Respiratory, 12%

Anti Diabetic, 10%


Other, 22%




Cardiac 56.9 43.6 31 57.9 -2


Respiratory 30.1 20.0 51 32.6 -7

Anti Diabetic 23.9 17.7 35 24.9 -4

Gastro Intestinal 16.8 12.6 33 17.2 -2

Vitamins 12.7 10.1 25 12.8 -1

Neuro 10.9 9.0 21 12.6 -14

Pain 10.6 7.5 42 10.8 -1

Gynaecological 6.2 4.7 31 6.6 -6

Derma 1.4 1.0 40 1.6 -14



Acute, 1553.6, 53%

Chronic, 1390.8, 47%


21%

12%

9%

13%

45%



Rectangle


Cadila Healthcare

Stock Performance

5080

110140170200230


BSE Healthcare Cadila Healthcare



5.8 7.

5

11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

6.5

9.2

8.3 10

.7

8.5

8.5

11.9

0.7

7.0

11.3

5.1 5.5

9.2

0

5

10

15

20

25

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Cadila Healthcare



4.2

4.1

3.9 3.9

3.83.8

3.6

3.8

4.0

3.9 3.9

3.7 3.8

3.6

3.8

4.0

4.2

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)



Skinlite Derma 15.6 12.9 21 16.6 -6

Atorva Cardiac 10.4 8.1 29 9.4 10

Mifegest Kit Gynaecological 10.0 12.4 -20 8.4 19

Deriphyllin Respiratory 8.8 8.1 8 8.3 6

Pantodac Gastro Intestinal 7.3 6.2 18 7.3 0

Amlodac Cardiac 6.1 5.6 9 5.7 7

Aten Cardiac 6.0 5.5 10 4.5 33

Primolut N Gynaecological 4.4 4.1 9 4.6 -4

Formonide Respiratory 4.2 3.0 38 3.9 6

Clopitorva Cardiac 4.1 2.8 49 3.9 4



Cardiac, 18%


Gynaecological, 12%

Respiratory, 11%

Derma, 8%

Other, 37%




Cardiac 52.9 45.3 17 48.7 9


Gynaecological 34.2 33.4 2 31.8 7

Respiratory 31.7 26.1 21 31.2 2

Derma 24.0 19.7 22 24.6 -2

Pain 20.4 20.6 -1 20.4 0

Anti-Infectives 16.0 17.7 -10 16.4 -2

Vitamins 12.5 9.7 29 11.9 5


Others 6.5 5.2 26 6.1 7



Chronic, 113.9, 17%

Acute, 564.3, 83%


27%

13%

8%11%

41%



Rectangle


GlaxoSmithKline Pharmaceuticals

Stock Performance

80110140170200


BSE Healthcare GSK Pharma



5.8 7.

5 11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

-11.

0

-12.

2 -7.0

-4.5

-6.0

1.4

12.9

12.1

5.5

0.8 2.6 6.

7

10.8

-15

-10

-5

0

5

10

15

20

25

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Glaxosmithkline Pharmaceuticals



3.8

3.53.6 3.6 3.6

3.7

3.63.5 3.5 3.4

3.3 3.33.5

3.0

3.2

3.4

3.6

3.8

4.0

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Glaxosmithkline Pharmaceuticals



Augmentin Anti-Infectives 30.1 21.1 42 30.8 -2

Synflorix Vaccines 14.4 9.5 52 13.4 7

Calpol Pain 13.4 11.0 22 12.5 7

Zinetac Gastro Intestinal 12.3 11.5 7 12.2 1

Ceftum Anti-Infectives 10.6 9.7 9 9.6 11

Eltroxin Hormones 10.6 10.2 3 9.2 14

Betnovate C Derma 10.6 8.3 27 9.7 9

Betnovate N Derma 9.6 8.2 16 9.7 -2

Betnesol Hormones 9.3 5.3 76 7.8 20

Havrix (Pead.) Vaccines 7.0 6.7 5 5.8 21




Derma, 19%

Vaccines, 12%Pain , 9%

Hormones, 7%

Other, 27%





Derma 50.6 42.0 21 46.8 8

Vaccines 31.1 28.0 11 28.2 10

Pain 22.0 20.0 10 21.3 3

Hormones 20.7 16.4 27 17.6 18

Vitamins 17.7 17.2 3 16.4 8

Respiratory 16.6 13.1 27 16.5 1

Gastro Intestinal 14.5 14.9 -3 14.2 2

Cardiac 6.2 6.7 -7 6.2 0




Acute, 2643.4, 87%

Chronic, 393.8, 13%


47%

16%

9%

11%

17%



Rectangle


Wockhardt

Stock Performance

050

100150200250300350400


BSE Healthcare Wockhardt


5.8 7.5 11

.4 13.2

9.8 10.6

20.1

6.9 11

.6 14.1

12.8 18

.9 20.9

-6.2

-5.9

-2.4

5.0

-6.1

14.6

18.0

8.5

-5.1 -2

.6

19.0

31.2

44.0

-10

0

10

20

30

40

50

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Wockhardt



1.18 1.18 1.151.10

1.201.25

1.09

1.171.11

1.17

1.38

1.47

1.40

1.01.11.11.21.21.31.31.41.41.51.5

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Wockhardt



Spasmo Proxyvon PluGastro Intestinal 22.3 8.2 173 18.7 19

Biovac V Vaccines 7.6 0.0 NA 11.4 -33

Practin Vitamins 7.1 4.6 54 6.4 11

Bro Zedex Respiratory 5.2 4.9 5 5.5 -6

Tryptomer Neuro 4.0 3.9 2 4.4 -8

Zedex Respiratory 3.6 3.2 10 4.2 -16

Biovac A Vaccines 3.3 1.2 174 2.4 37

Methycobal Vitamins 3.0 3.3 -11 3.0 1

Depiwhite Derma 3.0 0.5 499 2.5 17

Ace Proxyvon Pain 2.5 2.3 9 2.7 -6




Vitamins , 18%

Respiratory, 15%Vaccines, 5%

Derma, 9%

Other, 35%





Vitamins 15.9 15.3 4 15.9 0

Respiratory 15.2 12.8 18 16.8 -9

Vaccines 11.0 1.3 775 13.9 -21

Derma 7.6 5.5 39 7.7 -2

Neuro 6.3 6.1 3 7.0 -11

Pain 5.9 4.6 28 5.9 1


Anti Diabetic 5.1 4.7 8 5.5 -7

Hormones 1.9 3.5 -46 1.8 2



Acute, 840.4, 80%

Chronic, 212.5, 20%


51%

17%

9%

8%15%



Rectangle


Glenmark Pharmaceuticals

Stock Performance

60

100

140

180

Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15BSE Healthcare Glenmark



5.8 7.

5

11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

12.4

11.4

15.0 18

.0

9.9

9.1

27.2

2.6

20.4 21

.5

21.4 24

.2

28.1

0

5

10

15

20

25

30

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Glenmark Pharmaceuticals



2.12.1

1.92.0

2.12.1

2.4

2.2

2.4 2.52.4

2.32.3

1.9

2.1

2.3

2.5

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Glenmark Pharmaceuticals



Telma Cardiac 12.8 10.2 26 12.2 5

Telma H Cardiac 9.8 8.6 14 9.8 0

Ascoril Plus Respiratory 8.8 6.6 32 9.5 -7

Zitamet Anti Diabetic 6.2 2.8 127 5.7 10

Candid-B Derma 5.6 5.0 12 5.5 2

Candid Derma 5.0 3.9 29 4.3 15

Telma Am Cardiac 4.9 3.6 35 4.9 0

Zita(Glenmark) Anti Diabetic 4.3 1.9 132 4.1 4

Ascoril Ls Respiratory 3.9 2.1 88 4.2 -7

Milibact Anti-Infectives 3.0 0.6 439 2.5 20



Derma, 28%

Cardiac, 23%Respiratory, 16%


Anti Diabetic, 8%

Other, 11%




Derma 42.4 38.0 12 42.0 1

Cardiac 38.8 31.4 24 37.5 4

Respiratory 28.6 19.7 45 31.9 -10


Anti Diabetic 14.8 9.9 49 14.1 5


Vitamins 3.6 3.0 21 3.6 0

Pain 3.4 3.1 10 3.3 3


Otologicals 2.4 1.9 24 2.5 -5



Acute, 1213.1, 63%

Chronic, 706.5, 37%


37%

13%10%

12%

28%



Rectangle


Torrent Pharmaceuticals

Stock Performance

80

170

260


BSE Healthcare Torrent Pharma



5.8 7.

5

11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

3.1

1.1

4.7

12.2

10.9

8.4

18.5

6.0

23.2

30.7

21.1

30.9

30.5

0

5

10

15

20

25

30

35

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Torrent Pharmaceuticals



2.16

2.24 2.212.27 2.28

2.13 2.13

2.252.32

2.45

2.37

2.42

2.34

1.9

2.0

2.1

2.2

2.3

2.4

2.5

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Torrent Pharmaceuticals



Shelcal Vitamins 14.7 8.1 83 16.8 -12

Chymoral Forte Pain 9.8 4.7 110 9.5 4

Nikoran Cardiac 6.3 5.3 20 6.5 -3

Dilzem Cardiac 5.1 4.8 7 5.1 1

Nebicard Cardiac 4.3 3.9 9 4.2 1

Azulix-Mf Anti Diabetic 4.2 3.1 35 3.8 12

Nexpro Rd Gastro Intestinal 4.2 2.7 53 4.1 3

Nexpro Gastro Intestinal 4.1 2.7 52 3.6 12

Alprax Neuro 2.9 2.6 11 2.8 4

Veloz D Gastro Intestinal 2.8 1.6 70 2.8 0



Cardiac, 30%

Neuro , 16%


Vitamins , 13%

Pain , 7%

Other, 18%




Cardiac 51.1 42.3 21 50.2 2

Neuro 27.2 21.9 24 26.8 1


Vitamins 24.2 16.8 44 27.1 -11

Pain 13.9 7.3 90 13.5 3


Anti Diabetic 10.1 7.6 33 9.5 6

Derma 3.8 2.7 40 3.7 2

Gynaecological 3.0 3.0 3 3.3 -9

Blood Related 0.7 0.4 51 0.6 5



Acute, 970.8, 49%

Chronic, 1002.5, 51%


32%

14%

9%

12%

33%



Rectangle


Ipca Laboratories

Stock Performance

60

120

180


BSE Healthcare Ipca



5.8 7.

5 11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

16.2

13.9

22.2

23.1

15.5

16.3

9.2 13

.0

12.9

28.6

35.9

21.4

12.2

0

5

10

15

20

25

30

35

40

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Ipca Laboratories



1.31.4

1.5 1.51.5 1.5

1.61.4

1.31.2 1.2 1.2 1.2

1.0

1.2

1.4

1.6

1.8

2.0

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Ipca Laboratories



Zoryl M Anti Diabetic 7.9 6.9 14 8.1 -2

Levera Neuro 6.5 5.1 29 6.7 -2

Epofit Blood Related 5.1 2.8 80 3.7 39

Gabapin Nt Neuro 3.5 1.9 78 3.4 2

Lipicure Cardiac 3.4 2.8 23 3.4 1

Looz Gastro Intestinal 2.9 2.5 18 3.0 -1

Valprol Cr Neuro 2.9 2.1 37 2.4 21

Neukine Anti-Neoplastics 2.6 2.3 12 1.5 79

Veltam-Plus Urology 2.5 1.5 68 2.1 15

Ceftas Anti-Infectives 2.4 2.3 4 2.6 -10



Pain , 23%

Cardiac, 17%

Anti Malarials, 21%


Anti-Infectives, 7%

Other, 24%




Pain 20.8 19.2 8 19.9 4

Cardiac 16.4 15.5 6 15.6 5

Anti Malarials 16.1 14.0 15 15.5 4



Anti Diabetic 4.8 5.2 -6 4.6 5


Neuro 4.5 2.9 55 3.7 20

Respiratory 4.3 4.1 5 5.1 -15

Derma 2.8 3.0 -7 3.2 -12



Acute, 872.9, 73%

Chronic, 327.2, 27%


35%

16%11%

13%

25%



Rectangle


Biocon

Stock Performance

6080

100120140160180

Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15BSE Healthcare Biocon



5.8 7.

5 11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 12.8

18.9 20

.9

34.4

26.8

14.1

33.8

43.1

20.3

11.4

31.3

9.8

1.0

7.2

18.8

17.5

11.6

05

101520253035404550

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Biocon



0.39

0.36

0.37

0.40

0.360.36

0.39

0.38

0.36 0.36

0.38

0.36

0.35

0.330.340.350.360.370.380.390.400.41

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Biocon



Insugen Anti Diabetic 6.9 5.3 31 6.2 12

Basalog Anti Diabetic 4.5 3.0 47 3.9 15

Canmab Anti-Neoplastics 2.0 0.2 1185 1.8 12

Blisto Mf Anti Diabetic 1.6 1.8 -12 1.5 2

Abraxane Anti-Neoplastics 1.3 1.6 -15 1.3 2

Insugen R Anti Diabetic 1.3 1.0 31 1.2 4

Erypro Blood Related 1.2 1.0 26 1.0 24

Insugen N Anti Diabetic 0.8 0.7 10 0.7 8

Metadoze-Ipr Anti Diabetic 0.5 0.7 -25 0.5 6

Statix Cardiac 0.4 0.6 -19 0.4 12



Anti Diabetic, 59%

Anti-Neoplastics, 2

0%

Cardiac, 9%

Blood Related, 3%

Derma, 3% Other , 6%




Anti Diabetic 16.4 13.4 23 15.0 10


Cardiac 1.9 3.3 -42 1.9 -2

Blood Related 1.2 1.0 26 1.0 24

Derma 0.7 0.8 -3 0.7 -3

Anti-Infectives 0.7 1.8 -60 0.8 -8

Vitamins 0.3 0.2 46 0.2 19

Others 0.2 0.2 -2 0.4 -36

Gastro Intestinal 0.0 0.0 -21 0.1 -31

Hormones 0.0 0.0 5112 0.0 43



Chronic, 229.3, 72%

Acute, 89.3, 28%


72%

12%

7%

6%

3%


Rectangle


Pfizer

Stock Performance

80110140170200230


BSE Healthcare Pfizer


5.8 7.5 11

.4 13.2

9.8 10

.6

20.1

6.9 11

.6 14.1

12.8

18.9 20

.9

8.9

8.8

11.0

9.9

6.7

3.3

24.1

10.0

34.1

24.8

26.1

22.8 17

.9

-10-505

10152025303540

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Pfizer



3.073.01

2.922.84 2.89 2.83

2.94 2.89

3.08

3.273.36

3.063.00

2.4

2.6

2.8

3.0

3.2

3.4

3.6

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Pfizer



Corex Respiratory 22.7 20.8 9 20.4 11

Becosules Vitamins 20.2 16.3 24 19.9 1

Magnex Anti-Infectives 12.2 7.6 59 14.2 -15

Gelusil Mps Gastro Intestinal 11.3 8.8 29 11.2 1

Dolonex Pain 8.9 9.0 -1 9.6 -8

Minipress Xl Cardiac 8.9 8.3 7 9.4 -6

Mucaine Gastro Intestinal 7.7 6.2 23 7.1 8

Wysolone Hormones 7.3 5.8 27 7.3 1

Folvite Blood Related 5.8 3.8 54 5.3 11

Claribid Anti-Infectives 5.5 4.3 28 6.1 -10




Respiratory, 12%

Vitamins , 11%


Hormones, 9%

Other, 41%




Anti-Infectives 37.3 29.9 25 40.8 -9

Respiratory 29.6 25.2 18 27.7 7

Vitamins 24.8 19.9 25 24.3 2


Hormones 18.8 15.3 23 18.8 0


Neuro 15.3 14.0 9 15.3 0

Cardiac 15.2 13.8 10 16.1 -6

Pain 13.3 13.8 -4 13.8 -3

Vaccines 7.4 7.0 5 6.3 17



Acute, 2205.7, 85%

Chronic, 392.1, 15%


49%

19%

10%

10%

12%


Source: AIOCD data base l

Rectangle


Novartis India

Stock Performance

80

130

180


BSE Healthcare Novartis India



5.8 7.

5

11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

-4.7

0.1

-0.9

-1.9

-2.4

-0.5

13.4

5.9

5.1

1.1

2.6

9.4

6.7

-10

-5

0

5

10

15

20

25

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Novartis India



1.441.47

1.36 1.36 1.351.31

1.35

1.43

1.33

1.391.35

1.271.30

1.2

1.2

1.3

1.3

1.4

1.4

1.5

1.5

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Novartis India



Galvus Met Anti Diabetic 16.1 12.0 34 15.1 6

Voveran Pain 9.5 9.8 -2 9.4 1

Rabipur (Novartis) Vaccines 8.6 7.4 15 8.2 5

Galvus Anti Diabetic 8.0 6.7 20 7.7 5

Otrivin Respiratory 5.8 5.3 9 6.4 -10

Tegrital Neuro 4.1 4.8 -15 4.3 -4

Regestrone Gynaecological 3.9 2.4 65 4.0 -3

T-Minic (Unspecified Respiratory 3.8 0.9 306 0.6 494

Genteal Ophthal 2.7 2.1 30 2.1 28

Methergin Gynaecological 2.7 2.6 4 2.3 14



Anti Diabetic, 25%

Pain , 19%

Respiratory, 12%

Vaccines, 8%

Gynaecological, 9%

Other, 27%




Anti Diabetic 25.1 19.6 28 23.4 7

Pain 16.4 17.0 -3 16.7 -2

Respiratory 13.6 11.3 21 11.8 16

Vaccines 8.7 7.7 14 8.2 6


Vitamins 8.2 8.7 -6 8.0 2

Neuro 6.7 7.6 -12 6.9 -3


Ophthal 3.1 2.4 27 2.5 24

Cardiac 1.0 1.4 -25 1.0 4



Acute, 757.165%

Chronic, 414.0, 35%


64%15%

7%7%

7%



Rectangle


Unichem Laboratories

Stock Performance

70

100

130

160


BSE Healthcare Unichem Labs



5.8 7.

5 11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

6.4

6.5

16.9

10.3 13

.9

13.0

13.8

-15.

9

2.9

3.8 6.6

13.6

16.7

-20

-15

-10

-5

0

5

10

15

20

25

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Unichem Laboratories



1.010.99

1.01

0.940.98

0.91

0.98

0.86

0.96 0.940.99 0.970.95

0.80

0.90

1.00

1.10

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Unichem Laboratories



Losar H Cardiac 7.6 5.9 30 9.4 -19

Unienzyme Gastro Intestinal 6.8 5.1 33 4.5 49

Ampoxin Anti-Infectives 6.1 5.1 20 5.7 7

Losar Cardiac 5.3 4.3 24 4.9 8

Vizylac Gastro Intestinal 2.9 1.9 54 2.1 39

Trika Neuro 2.6 2.1 26 3.1 -17

Serta Neuro 1.9 1.6 20 1.5 33

Unistar (Unichem) Cardiac 1.3 1.4 -3 1.3 -1

Telsar Cardiac 1.3 1.3 0 1.2 5

Telsar-H Cardiac 1.3 1.0 20 1.0 20



Cardiac, 43%

Anti-Infectives, 18

%


Neuro , 12%

Pain , 4% Other, 10%




Cardiac 30.0 27.0 11 30.5 -2



Neuro 9.3 7.7 20 8.9 5

Pain 2.3 2.1 11 2.3 1

Anti Diabetic 2.1 2.2 -7 1.9 8

Respiratory 1.9 1.6 21 2.0 -3

Vitamins 1.7 1.2 42 1.5 11

Derma 1.0 0.9 5 1.0 -4

Gynaecological 0.3 0.5 -29 0.4 -7



Acute, 350.4,42%

Chronic, 475.4, 58%


48%

13%

10%

11%

18%



Rectangle


Indoco Remedies

Stock Performance

80

180

280


BSE Healthcare Indoco



5.8 7.

5

11.4 13

.2

9.8 10

.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

2.3

11.7

19.0

19.0

8.5

17.5

34.4

22.0

6.1 4.

8

8.6

8.9

18.9

0

5

10

15

20

25

30

35

40

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Indoco Remedies



0.7

0.8

0.70.8 0.8

0.8

0.9

0.8

0.70.7

0.70.8

0.7

0.70.70.70.80.80.80.80.80.90.9

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indoco Remedies



Febrex Plus Respiratory 6.2 4.9 27 6.5 -5

Sensodent-K Stomatologicals 3.2 2.5 31 3.4 -4

Cyclopam Gastro Intestinal 3.1 2.8 10 3.2 -4

Cital Urology 2.6 2.1 24 2.3 16

Oxipod Anti-Infectives 2.5 2.0 26 2.4 2

Atm Anti-Infectives 2.3 1.8 29 2.3 0

Sensodent-Kf Stomatologicals 1.8 1.2 45 1.7 7

Sensoform Stomatologicals 1.8 1.2 50 2.0 -11

Karvol Plus Respiratory 1.5 1.0 51 1.9 -21

Cyclopam Gastro Intestinal 1.5 1.2 21 1.5 1



Respiratory, 19%

Stomatologicals, 17%



Vitamins , 6%

Other, 28%




Respiratory 11.0 8.5 29 12.2 -10

Stomatologicals 9.4 6.9 36 9.4 0



Vitamins 3.1 2.2 42 3.0 3

Urology 2.8 2.3 25 2.5 15

Pain 2.1 2.2 -4 2.0 3

Ophthal 1.9 1.7 13 1.8 5

Derma 1.9 1.7 10 1.9 0

Anti Diabetic 1.9 1.8 2 2.0 -6



Acute, 620.2, 93%

Chronic, 45.6, 7%


48%

17%

8%

10%

17%



Rectangle


Ajanta Pharma

Stock Performance

50100150200250300350400


BSE Healthcare Ajanta



5.8 7.5 11

.4 13.2

9.8 10.6

20.1

6.9

11.6 14

.1

12.8

18.9 20

.9

36.1

45.6

44.8

23.2

39.6

41.5

27.5

36.0

33.1

19.9

14.6 16.2

15.4

05

1015

2025

3035

4045

50M

ar-1

4

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Indian Pharma Market Ajanta Pharma



0.50 0.50 0.50 0.500.49

0.470.46

0.51

0.53

0.51 0.510.52

0.48

0.4

0.4

0.4

0.5

0.5

0.5

0.5

0.5

Mar

-14

Apr-1

4

May

-14

Jun-

14

Jul-1

4

Aug-

14

Sep-

14

Oct-1

4

Nov

-14

Dec-

14

Jan-

15

Feb-

15

Mar

-15

(%)

Ajanta Pharma



Met Xl Cardiac 3.6 3.5 4.7 3.6 0.4

Melacare Derma 3.6 3.6 0.8 3.0 21.0

Atorfit Cv Cardiac 2.4 2.1 13.8 2.6 -7.9

Soft Drops Ophthal 1.0 0.9 9.0 1.0 -0.2

Met Xl Am Cardiac 1.0 0.9 10.3 1.1 -12.0

Rosufit Cv Cardiac 0.9 0.6 55.3 0.8 12.4

Feburic Pain 0.8 0.7 18.6 0.9 -6.4

Cinod Cardiac 0.7 0.3 105.5 0.6 12.6

Olopat Ophthal 0.6 0.5 21.7 0.6 10.3

Metaspan Vitamins 0.6 0.6 3.1 0.6 -9.6



Cardiac, 33%

Derma, 24%

Ophthal, 22%

Vitamins , 6%

Pain , 5%

Others, 10%




Cardiac 11.8 9.4 26 12.0 -1

Derma 8.4 8.7 -4 8.8 -5

Ophthal 8.2 6.7 22 8.7 -6

Vitamins 2.1 1.5 36 2.6 -20

Pain 1.7 1.2 36 1.7 -1


Neuro 0.8 0.8 -1 0.8 -8

Ophthal 0.5 0.4 11 0.5 -9

Respiratory 0.4 0.4 -7 0.4 0




Acute, 220.3, 51%

Chronic, 210.1, 49%


44%

14%

9%

12%

21%



Rectangle


Exhibit 95: One year forward P/E of BSE Healthcare Index vs. Sensex

0

5

10

15

20

25

30

35

Mar

-06

Aug-

06

Jan-

07

Jun-

07

Nov

-07

Apr-0

8

Sep-

08

Feb-

09

Jul-0

9

Dec-

09

May

-10

Oct-1

0

Mar

-11

Aug-

11

Jan-

12

Jun-

12

Nov

-12

Apr-1

3

Sep-

13

Feb-

14

Jul-1

4

Dec-

14

x

BSE Healthcare Index Sensex

[

Source: Company, ICICIdirect.com Research

Exhibit 96: Two year forward P/E of BSE Healthcare Index vs. Sensex

0

5

10

15

20

25

30

Mar

-07

Aug-

07

Jan-

08

Jun-

08

Nov-

08

Apr-0

9

Sep-

09

Feb-

10

Jul-1

0

Dec-

10

May

-11

Oct-1

1

Mar

-12

Aug-

12

Jan-

13

Jun-

13

Nov-

13

Apr-1

4

Sep-

14

Feb-

15

x

BSE Healthcare Index Sensex

Source: Company, ICICIdirect.com Research

ICICIdirect.com coverage universe (Healthcare) ICICIdirect Healthcare coverage Universe

I-Direct CMP TP Rating M CapCode (|) (|) (| Cr) FY14 FY15E FY16E FY14 FY15E FY16E FY14 FY15E FY16E FY14 FY15E FY16E FY14 FY15E FY16E

Ajanta Pharma AJAPHA 1377 1288 BUY 12128.2 66.2 75.0 85.6 20.8 18.4 16.1 32.9 28.7 23.8 44.9 40.6 38.1 39.4 32.8 28.9

Apollo Hospitals APOHOS 1388 1455 BUY 19332.8 22.8 26.8 36.8 60.9 51.8 37.7 30.1 26.7 19.0 11.6 12.0 15.5 10.6 11.5 14.2

Aurobindo Pharma AURPHA 1361 1303 BUY 39784.4 47.3 57.4 70.5 28.8 23.7 19.3 20.3 16.8 13.7 24.1 23.4 24.4 31.3 31.6 28.6

Biocon BIOCON 478 410 HOLD 9572.1 22.4 22.0 22.6 21.4 21.7 21.1 14.2 14.1 12.5 13.4 11.6 12.9 13.7 12.3 12.9

Cadila Healthcare CADHEA 1778 1634 HOLD 36447.8 39.2 51.1 66.2 45.3 34.8 26.9 32.1 24.0 18.7 15.9 19.0 21.7 23.4 24.6 25.4

Cipla CIPLA 693 648 HOLD 55719.3 17.3 15.9 21.7 40.1 43.5 31.9 26.5 24.0 19.3 15.5 14.8 17.2 13.8 11.5 13.7

Dr Reddy's Labs DRREDD 3237 3332 HOLD 64048.8 126.7 130.7 150.5 29.6 28.7 24.9 19.3 17.9 15.7 19.2 18.7 20.1 23.7 19.9 19.5

Glenmark Pharma GLEPHA 907 824 HOLD 24642.8 20.0 22.1 34.7 45.3 41.1 26.2 20.7 22.0 14.6 16.0 17.4 23.8 18.3 17.7 23.1

Indoco Remedies INDREM 372 375 BUY 3432.6 6.3 9.5 13.3 59.2 39.2 27.9 29.0 19.7 15.2 16.6 21.8 28.1 12.6 16.4 19.4

Ipca Laboratories IPCLAB 676 622 HOLD 8538.6 37.9 25.6 31.8 17.8 26.4 21.2 11.2 14.7 14.2 27.6 16.1 17.8 24.4 14.7 16.0

Jubilant Life Sciences VAMORG 173 138 SELL 2752.5 6.8 -6.5 20.0 25.2 -26.6 8.6 6.6 12.0 5.8 10.1 4.5 7.6 4.2 -3.5 7.6

Lupin LUPIN 1951 1866 BUY 87845.0 41.0 54.4 61.0 47.6 35.9 32.0 30.2 23.1 20.7 34.5 34.7 32.0 26.5 27.4 24.6

Natco Pharma NATPHA 2352 1354 HOLD 7828.7 30.3 32.5 44.9 67.6 63.0 45.6 44.9 37.4 30.2 15.3 16.7 18.7 14.1 13.5 16.1

Sun Pharma SUNPHA 1117 1036 BUY 269233.1 29.0 34.8 39.9 38.5 32.1 28.0 27.9 27.3 23.5 32.4 31.2 28.8 27.0 25.3 23.1

Torrent Pharma TORPHA 1304 1165 HOLD 22094.2 39.2 47.2 50.4 33.2 27.6 25.9 23.4 20.7 16.6 28.5 21.4 26.7 34.9 32.4 28.0

Unichem Laboratories UNILAB 208 206 HOLD 1890.7 18.7 6.4 13.2 11.1 32.7 15.8 10.5 17.3 10.8 15.7 6.5 12.8 20.7 7.1 14.0

RoNW (%)Company

EPS (|) PE(x) EV/EBITDA (x) RoCE (%)


RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Add, Reduce and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Sector view: Over weight compared to index Equal weight compared to index Under weight compared to index Index here refers to BSE 500

Pankaj Pandey Head – Research [email protected]

ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No. 7, MIDC, Andheri (East) Mumbai – 400 093

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