Indian Pharma Market closing the year on a high note

Transcription

1 Performance of top companies: March 2015 Company YoY Growth (%)_ 4Q FY15 Mar- 15 IPM Abbott India Sun Pharma Cipla Zydus Cadila Mankind Alkem GSK Pharma Lupin Sanofi Torrent Pharma Glenmark Pharma Dr Reddy Labs Ipca Labs Alembic Pharma Biocon Sector Update 15 Healthcare April 2015 Sector Update Healthcare Indian Pharma Market closing the year on a high note Indian Pharma Market (IPM) grew 20.9% YoY to INR74b in March 2015, resulting in an annual growth of 12.9% for the industry (FY15), valued at INR864b. 4QFY15 growth stood at 17.3% YoY, the highest in last two years. Lupin, Sanofi, Torrent and Glenmark grew in excess of 25% Lupin reported the highest growth in March at 32.4% while 4Q growth stood at 21% YoY on improved traction in Respiratory, CVS and Anti-Diabetic space. Sanofi (30.8% YoY), Torrent (30.5% YoY), Mankind (28.7%) and Glenmark (28.1%) also outperformed IPM s growth in March (4Q growth was also in excess of 20% YoY). Post Sun+Ranbaxy merger, the combined entity s (Sun) sales grew 15% YoY in March and 12.6% in 4Q. Acute portfolio of Ranbaxy dragged the overall growth for the combined entity. Sun Pharma s domestic sales grew 20%, while Ranbaxy s sales rose by 6.8% in March Anti-diabetic therapy continued to dominate therapies (in growth) Insulin and Gliptins continue to lead the overall growth in Anti-diabetic therapy, making it the fastest growing therapy in India. Derma segment also grew 18.6% YoY in 4Q (19.2% YoY in March), registering the seventh consecutive quarter of double digit growth. Other therapies which grew in excess of 20% YoY (in March) include Antiinfective (22% YoY), Gastro (23.4% YoY) and Respiratory (27.8% YoY). DPCO v/s non-dpco Market (March 2015) In value terms, DPCO listed products grew at 1.6% YoY, while the non-dpco products registered 21.7% YoY growth. Volume-wise, DPCO and non-dpco categories registered unit growth at 9.5% and 13% respectively. DPCO brand growth for the following companies exceeded expectations: Pfizer (+25.6%), Ranbaxy (+27.6%), GSK (+12.2%) and Abbott (+15.5%). Exhibit 1: Volume and price increase drive IPM (quarterly trend) Volume growth (%) Price growth (%) New Product growth (%) Dec-13 Mar-14 Jun-14 Arvind Bothra (Arvind.Bothra@MotilalOswal.com); Amey Chalke (Amey.Chalke@MotilalOswal.com); Investors April 2015 are advised to refer through disclosures made at the end of the Research Report. 1 Motilal Oswal research is available on Bloomberg, Thomson Reuters, Factset and S&P Capital.

2 Indian Pharma Market - March 2015 Exhibit 2: Performance of top companies: March 2015 Monthly MAT Last 8 quarters in growth (%) growth Company Value Market Growth (INR m) Share (%) (%) Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 IPM 864, Sun Pharma 76, Abbott India 53, Cipla 43, Zydus Cadila 36, Mankind 31, (0.1) Alkem 30, GSK Pharma 30, (0.2) (10.9) (16.5) (9.1) (8.0) Lupin 29, Sanofi 21, (0.8) (4.6) (5.7) Torrent Pharma 19, (0.6) Glenmark Pharma 19, Dr Reddy Labs 18, Ipca Labs 12, (14.6) (10.2) (19.4) (8.9) Alembic Pharma 11, Biocon 3, Exhibit 3: Performance of top therapies: March 2015 Value (INR m) MAT Last 8 quarters in growth (%) Market Growth Share (%) (%) Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Monthly growth IPM 864, Anti-Infectives 137, (2.4) (2.5) Cardiac 107, Gastro Intestinal 99, Vitamins / Minerals / Nutrients 77, Respiratory 68, Anti Diabetic 66, Pain / Analgesics 60, Neuro / Cns 52, Derma 49, Gynaecological 43, (0.1) Ophthal And Otologicals 15, Hormones 14, Anti-Neoplastics 13, April

3 Story in charts: Sun + Ranbaxy = Dominant player in IPM Exhibit 4: Overall leadership in IPM therapies Therapies Rank Sun Pharma Sun + Ranbaxy Ranbaxy MAT MAT MAT Growth MAT Growth MAT Value (%) Rank Value (%) Rank Value MAT Growth (%) Neuro/CNS 1 12, , , Cardiac 1 8, , , Anti-Infectives , , Gastro Intestinal 1 6, , , Anti-Diabetic 3 5, , Pain / Analgesics 8 1, , , Vitamins 22 1, , , Derma , , Gynaecological 3 3, , Respiratory 9 1, , , Ophthal 2 1, , Urology , , Hormones 5 1, , Blood Related Anti-Neoplastics Sex Stimulants Others Anti Malarials Vaccines Exhibit 5: mix (Sun Pharma) Exhibit 6: mix (Sun + Ranbaxy) 7% 3% 0% 4% 14% 12% 15% Sun Pharma 27% 18% 0% Neuro/CNS Cardiac Anti-Infectives Gastro Intestinal Anti-Diabetic Pain / Analgesics Vitamins Derma Gynaecological Others 13% 4% 18% 4% 5% 17% 7% 8% 12% 12% Sun + Ranbaxy Neuro/CNS Cardiac Anti-Infectives Gastro Intestinal Anti-Diabetic Pain / Analgesics Vitamins Derma Gynaecological Others 15 April

4 Exhibit 7: Top 12 products of combined entity Brand MAT Value Sun/Ranbaxy Volini Pain / Analgesics 2,121 Ranbaxy Revital Vitamins 1,596 Ranbaxy Gemer Anti Diabetic 1,318 Sun Pharma Rosuvas Cardiac 1,290 Ranbaxy Pantocid Gastro Intestinal 1,257 Sun Pharma Susten Gynaecological 1,202 Sun Pharma Istamet Anti Diabetic 1,165 Sun Pharma Levipil Neuro / Cns 1,159 Sun Pharma Mox Anti-Infectives 1,067 Ranbaxy Storvas Cardiac 1,034 Ranbaxy Aztor Cardiac 970 Sun Pharma Pantocid DSR Gastro Intestinal 940 Sun Pharma Exhibit 8: Last 9 quarters growth (%) Sun Pharma Ranbaxy Sun + Ranbaxy IPM (5) Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Exhibit 9: Monthly growth trend of Revital (Ranbaxy) and Istamet (Sun Pharma) Revital (%) Istamet (%) Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug April

5 Sun Pharma After merging with Ranbaxy, Sun s overall growth reduced to 12% YoY (on MAT basis) 5 out of top 10 brands are coming from Ranbaxy portfolio Volini, Revital, Rosuvas, Mox and Strovas Chronic mix reduced to 43%, post Ranbaxy merger Exhibit 10: Top 10 s Value(INR Growth(%) Mkt Share 3M Total 76, Volini Pain / Analgesics 2,121 (5.3) 0.4 (2.9) (2.0) Revital Vitamins 1,596 (39.9) 0.3 (91.1) (97.5) Gemer Anti Diabetic 1, Rosuvas Cardiac 1, Pantocid Gastro Intestinal 1, Susten Gynaecological 1, Istamet Anti Diabetic 1, Levipil Neuro / Cns 1, Mox Anti-Infectives 1, Storvas Cardiac 1, Exhibit 11: Mix (%) Total Neuro / Cns Cardiac Anti-Infectives Gastro Intestinal Anti Diabetic Pain / Analgesics Source: Exhibit 12: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 13: Acute v/s Chronic (MAT growth) Exhibit 14: Growth distribution (%) (MAT Mar 15) April

6 Cipla March 2015 growth at 25% YoY for Cipla, much ahead of market growth at 20.9% YoY Respiratory therapy (31% of sales) continues to dominate Cipla s domestic portfolio Smaller brands (above top 50) are contributing 41% of overall MAT growth Exhibit 15: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Total 43, Foracort Respiratory 1, Asthalin Respiratory 1,398 (0.2) Budecort Respiratory 1, Seroflo Respiratory 1, Duolin Respiratory 1, Aerocort Respiratory Azee Anti-Infectives Novamox Anti-Infectives 817 (2.3) Montair Lc Respiratory Dytor Cardiac Exhibit 16: Mix (%) Total Respiratory Anti-Infectives Cardiac Gastro Intestinal Urology Neuro / Cns Source: Exhibit 17: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 18: Acute v/s Chronic (MAT growth) Exhibit 19: Growth distribution (%)(MAT Mar 15) April

7 Cadila Healthcare March growth at 9.1% for Cadila, much below the market growth of 20.9% Gastro intestinal portfolio has been consistently underperforming the company growth 75% of growth is coming from brands above 25 (smaller brands) Exhibit 20: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Total 36, Skinlite Derma 1, Atorva Cardiac 1, Mifegest Kit Gynaecological 1, (27.3) (19.7) Deriphyllin Respiratory Pantodac Gastro Intestinal 912 (4.0) Amlodac Cardiac 693 (1.9) 0.1 (1.6) 8.8 Aten Cardiac 641 (16.1) 0.1 (7.1) 10.3 Falcigo Anti Malarials Ampilox Anti-Infectives Dexona Hormones 519 (24.7) 0.1 (36.5) (40.8) Exhibit 21: Mix (%) Total Cardiac Anti-Infectives Gastro Intestinal 12.7 (3.4) (0.3) 3.1 Gynaecological Respiratory Derma Source: Exhibit 22: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 23: Acute v/s Chronic (MAT growth) Exhibit 24: Growth distribution (%)(MAT Mar 15) April

8 GSK Pharma In March 2015, Augmentin (NLEM brand) grew 42.5% YoY, 4Q growth stood at 30% YoY Derma, 20% of sales, supports overall growth for GSK Pharma Most of the smaller and medium sized brands are showing de-growth on MAT basis Exhibit 25: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Total 30, Augmentin Anti-Infectives 3, Calpol Pain / Analgesics 1,560 (2.9) Synflorix Vaccines 1, Zinetac Gastro Intestinal 1,496 (0.2) Ceftum Anti-Infectives 1, Betnovate N Derma 1, Eltroxin Hormones 1,174 (5.3) 0.2 (1.3) 3.1 Betnovate C Derma 1, T Bact Derma Betnesol Hormones Exhibit 26: Mix (%) Total Anti-Infectives Derma Vaccines 12.0 (2.0) (0.3) 11.2 Pain / Analgesics 8.7 (7.2) Vitamins / Minerals / Nutrients 7.2 (2.2) Hormones Source: Exhibit 27: Brand-wise growth distribution Total Top 10 Brands to 25 Brands 21.3 (5.8) (95.5) 26 to 50 Brands 15.1 (1.7) (19.3) Above 50 Brands 16.5 (16.0) (228.4) Exhibit 28: Acute v/s Chronic (MAT growth) Exhibit 29: Growth distribution (%) (MAT Mar 15) (12) (8) (6) (4) (3) (1) 1 (6) (3) (1) (1) April

9 Lupin In March, Lupin grew at 32.4% YoY, the highest in companies under our coverage Most of the top therapies Respiratory, CVS, Anti Diabetic and Gastro - grew in excess of 30% YoY for March 55% of MAT growth is coming from smaller brands (above 50) for Lupin Exhibit 30: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Mar 15 Total 29, Gluconorm-G Anti Diabetic 1, Tonact Cardiac Budamate Respiratory Ramistar Cardiac R-Cinex Anti-Infectives Rablet-D Gastro Intestinal Rablet Gastro Intestinal Esiflo Respiratory Merotrol Anti-Infectives (3.6) 22.8 Tazar Anti-Infectives 389 (0.1) Exhibit 31: Mix (%) Total Cardiac Anti-Infectives Respiratory Anti Diabetic Gastro Intestinal Vitamins / Minerals / Nutrients Source: Exhibit 32: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 33: Acute v/s Chronic (MAT growth) Exhibit 34: Growth distribution (%) (MAT Mar 15) April

10 Sanofi India In March, Sanofi grew at 30.8% YoY, much higher than the market growth of 20.9% YoY Vaccines portfolio reported highest growth for the company at 145% YoY in March and 98% YoY in 4Q 80% of growth is driven by volumes Exhibit 35: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Total 21, Lantus Anti Diabetic 2, Combiflam Pain / Analgesics 1, Pentaxim Vaccines 1,440 (23.8) Allegra Respiratory 1, Clexane Cardiac 1, Cardace Cardiac 1,048 (11.1) 0.2 (18.4) (15.1) Amaryl M Anti Diabetic Frisium Neuro / CNS Avaxim Vaccines Targocid Anti-Infectives Exhibit 36: Mix (%) Total Anti Diabetic Cardiac Vaccines 14.7 (2.9) Pain / Analgesics Neuro / CNS Respiratory Source: Exhibit 37: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands 8.4 (7.9) (5.9) Exhibit 38: Acute v/s Chronic (MAT growth) (12) (11) (7) (5) (2) 3 9 Exhibit 39: Growth distribution (%)(MAT Mar 15) April

11 Torrent Pharma. Shelcal and Chymoral continue to grow in excess of 100% for the quarter Torrent had taken 10% price hike for both these brands in November 2014 and is expected to take one more hike in April 2015 Volume and price hike are key growth drivers for Torrent Exhibit 40: Top 10 s Value(INR m) Growth Mkt Share 3M Total 19, Shelcal Vitamins / Minerals / Nutrients 1, Chymoral Forte Pain / Analgesics Nikoran Cardiac Dilzem Cardiac Nebicard Cardiac Nexpro Rd Gastro Intestinal Azulix-Mf Anti Diabetic Nexpro Gastro Intestinal Alprax Neuro / Cns 355 (15.4) 0.1 (3.0) 11.1 Domstal Gastro Intestinal Exhibit 41: Mix (%) Total Cardiac Neuro / Cns Gastro Intestinal Vitamins / Minerals / Nutrients Anti-Infectives (1.6) 4.3 Pain / Analgesics Source: Exhibit 42: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 43: Acute v/s Chronic (MAT growth) Exhibit 44: Growth distribution (%)(MAT Mar 15) (2) (1) April

12 Glenmark Pharma Glenmark continues to outperform market growth for March 2015, 4Q and on MAT basis Zitamet and Zita, antidiabetic drugs, continue to show extraordinary growth for Glenmark Overall MAT growth is driven by volumes Exhibit 45: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Total 19, Telma Cardiac 1, Telma H Cardiac 1, Ascoril Plus Respiratory Candid-B Derma Candid Derma Zitamet Anti Diabetic Telma Am Cardiac Zita(Glenmark) Anti Diabetic Ascoril Ls Respiratory Candid Mouth Derma Exhibit 46: Mix (%) Total Derma Cardiac Respiratory Anti-Infectives Anti Diabetic Gastro Intestinal Source: Exhibit 47: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 48: Acute v/s Chronic (MAT growth) Exhibit 49: Growth distribution (%)(MAT Mar 15) April

13 Dr Reddy s Labs Dr Reddy s Labs grew 24.1% YoY in March 2015 Anti-neoplastic portfolio grew at 50% YoY rate in March and 14% YoY in 4Q All three constituents price, volume and new products contributing equally to overall growth Exhibit 50: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Total 18, Omez Gastro Intestinal 976 (1.3) Omez D Gastro Intestinal Nise Pain / Analgesics Stamlo Cardiac 570 (1.8) Econorm Gastro Intestinal Mintop Derma Stamlo Beta Cardiac Razo D Gastro Intestinal Reditux Anti-Neoplastics (3.7) 20.7 Razo Gastro Intestinal Exhibit 51: Mix (%) Total Gastro Intestinal Cardiac Anti-Neoplastics Anti-Infectives Pain / Analgesics Anti Diabetic Source: Exhibit 52: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 53: Acute v/s Chronic (MAT growth) Exhibit 54: Growth distribution (%)(MAT Mar 15) April

14 IPCA labs IPCA underperformed the IPM growth for March However, 4Q growth stood at 25% YoY All top 6 therapies are growing in double digits for IPCA Top 10 brands contribute 38% of overall company growth for MAT Exhibit 55: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Total 12, Zerodol Sp Pain / Analgesics Zerodol P Pain / Analgesics Hcqs Anti Malarials Larinate Anti Malarials Rapither-Ab Anti Malarials 399 (5.2) Lariago Anti Malarials Glycinorm M Anti Diabetic (7.3) Folitrax Anti-Neoplastics Lumerax Anti Malarials (18.1) Azibact Anti-Infectives Exhibit 56: Mix (%) Total Pain / Analgesics Anti Malarials Cardiac Gastro Intestinal Anti-Infectives Anti Diabetic (6.4) Source: Exhibit 57: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 58: Acute v/s Chronic (MAT growth) Exhibit 59: Growth distribution (%)(MAT Mar 15) April

15 Alembic Pharma Alembic Pharma grew 19.1% YoY in March 2015 Respiratory, Cardiac and Gynaec portfolios grew in excess of 20% for March and 4Q Chronic segment continues to grow in double digit for Alembic. Exhibit 60: Top 10 s MAT Feb 15 Growth (%) Value(INR m) Growth (%) Mkt Share 3M Total 11, Azithral Anti-Infectives 1, Althrocin Anti-Infectives (0.2) 4.4 Roxid Anti-Infectives Wikoryl Respiratory 428 (8.9) 0.1 (9.6) (4.1) Gestofit Gynaecological Ulgel Gastro Intestinal Rekool D Gastro Intestinal (0.3) Zeet Respiratory Rekool L Gastro Intestinal Sharkoferrol Vitamins Exhibit 61: Mix (%) Total Anti-Infectives Gastro Intestinal Respiratory Cardiac Gynaecological Vitamins (2.1) 0.3 Source: Exhibit 62: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 63: Acute v/s Chronic (MAT growth) Exhibit 64: Growth distribution (%)(MAT Mar 15) April

16 Biocon Overall company growth at 11.6% YoY for March and 15.7% YoY for 4Q Newly-launched product, Canmab, entered the top 10 products and became a INR100m brand in the first year On MAT basis, volume growth at 11.1% has been the main growth driver for Biocon Exhibit 65: Top 10 s Value(INR m) Growth (%) Mkt Share (%) 3M Total 3, Insugen Anti Diabetic Basalog Anti Diabetic Abraxane Anti-Neoplastics (14.9) Blisto Mf Anti Diabetic (4.2) (12.2) Insugen R Anti Diabetic Erypro Blood Related Canmab Anti-Neoplastics 112 5, , ,184.9 Insugen N Anti Diabetic Biomab Egfr Anti-Neoplastics 83 (32.8) 0.0 (44.6) (91.3) Metadoze-Ipr Anti Diabetic 63 (20.5) 0.0 (21.4) (24.9) Exhibit 66: Mix (%) Total Anti Diabetic Anti-Neoplastics Cardiac 9.3 (19.9) (36.2) (42.5) Blood Related Anti-Infectives 3.2 (62.8) (63.5) (60.3) Derma (5.0) (2.9) Source: Exhibit 67: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands 9.5 (30.8) (27.5) Above 50 Brands 2.7 (47.0) (15.6) Exhibit 68: Acute v/s Chronic (MAT growth) Exhibit 69: Growth distribution (%)(MAT Mar 15) April

17 Abbott (Abbott ltd + Abbott India) Abbott registered 23.9% growth for March 2015 Anti-diabetic, Gastro intestinal and Vitamins portfolios continue to grow in excess of 15% Price and volume growth have been the major growth drivers for Abbott Exhibit 70: Top 10 s Value(INR m) Growth (%) Mkt Share 3M Total 53, Mixtard Anti Diabetic 4, Phensedyl Cough Linctus Respiratory 1, Duphaston Gynaecological 1, Thyronorm Hormones 1, Novomix Anti Diabetic 1, (13.3) Udiliv Gastro Intestinal 1, Duphalac Gastro Intestinal 1, Actrapid Anti Diabetic Vertin Neuro / Cns 751 (33.6) 0.1 (10.0) (3.7) Eptoin Neuro / Cns 717 (1.4) Exhibit 71: Mix (%) Total Anti Diabetic Gastro Intestinal Vitamins / Minerals / Nutrients Neuro / Cns 9.8 (4.2) Anti-Infectives 9.6 (7.7) Cardiac Source: Exhibit 72: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 73: Acute v/s Chronic (MAT growth) Exhibit 74: Growth distribution (%) (MAT Mar 15) April

18 Mankind Pharma Mankind grew 28.7% for March, 20.2% for 4Q and 16.4% on MAT basis, led by good performance across therapies Anti-infective and Vitamins grew in excess of 20% for March 2015 and 4Q Overall growth is equally divided between volumes, price and new products Exhibit 75: Top 10 s Value(INR Growth Mkt 3M Total 31, Manforce Sex Stimulants / Rejuvenators 1,832 (1.0) Moxikind Cv Anti-Infectives 1, Unwanted Kit Gynaecological Gudcef Anti-Infectives Amlokind-At Cardiac Prega News Others Nurokind Plus Vitamins / Minerals / Nutrients 474 (10.6) 0.1 (12.9) (11.7) Zenflox Oz Gastro Intestinal Unwanted 72 Gynaecological Glimestar M Anti Diabetic Exhibit 76: Mix (%) Total Anti-Infectives Vitamins / Minerals / Nutrients Gastro Intestinal Cardiac Respiratory Gynaecological Source: Exhibit 77: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 78: Acute v/s Chronic (MAT growth) Exhibit 79: Growth distribution (%)(MAT Mar 15) April

19 Alkem Anti-infectives contribute 44% of overall growth, grew 29.4% YoY in March 2015 Anti-infective, Gastro and Pain/analgesic grew in excess of 15% for 4Q Top 10 brands are contributing 50% of overall growth Exhibit 80: Top 10 s Value(INR Growth(%) Mkt 3M Total 30, Clavam Anti-Infectives 2, Taxim Anti-Infectives 1, Taxim O Anti-Infectives 1, Pan Gastro Intestinal 1, Pan D Gastro Intestinal 1, Xone Anti-Infectives Gemcal Vitamins / Minerals / Nutrients Sumo Pain / Analgesics Ondem Gastro Intestinal A To Z Ns Vitamins / Minerals / Nutrients Exhibit 81: Mix (%) Total Anti-Infectives Gastro Intestinal Vitamins / Minerals / Nutrients Pain / Analgesics Neuro / Cns 3.9 (4.0) (5.0) 0.7 Gynaecological 3.3 (12.8) (20.9) (17.3) Source: Exhibit 82: Brand-wise growth distribution Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 83: Acute v/s Chronic (MAT growth) Exhibit 84: Growth distribution (%)(MAT Mar 15) April

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