Indian pharma market Monthly performance tracker

Transcription

1 Sector Update 15 January Healthcare 2015 Sector Update Healthcare Indian pharma market Monthly performance tracker Sustained growth recovery, expect momentum to pick up Performance of top companies: December 2014 MAT gr Company (%) 3QFY15 gr (%) Abbott India Sun Pharma Cipla Zydus Cadila Ranbaxy Mankind Alkem GSK Pharma Lupin Sanofi Torrent Pharma Glenmark Pharma Dr Reddy Labs Ipca Labs Alembic Pharma Biocon IPM Dec 2014 growth was at 13.6%, 3QFY15 growth at 10.3% IPM grew 13.6% YoY to INR74b for December, higher than the 11% YoY and 6% YoY growth registered in November and October respectively. 3QFY15 growth was in double digit for the second consecutive quarter at 10.3% YoY (12.8% YoY in 2QFY15), reflecting the continued recovery in India pharma market, aided by price hikes undertaken on NLEM drugs and a favorable base effect (6.8% YoY in 3QFY14). Overall on MAT (Moving Annual Total) basis, IPM growth was at 10.2% YoY (INR830b). 3QFY15: Company-wise performance Ranbaxy posted the highest growth at 21.2% YoY in our coverage, attributed to the price hikes taken in NLEM brands. Sun Pharma (15.3% YoY) and Glenmark (14.8% YoY) also grew in double digits, supported by a high volume growth (9% YoY) during the quarter. Torrent Pharma (19.7% YoY) also grew in excess of 15%, with a price hike taken in key Elder brands Shelcal and Chymoral (10% price hike). Anti-diabetic and Respiratory led in therapies In 3QFY15, Anti-Diabetic therapy grew 19.7% YoY, with good growth seen in drugs like Glargines, Sitagliptins, Vildagliptins and Glimepride+Metformin products. Respiratory, 8% of IPM, grew at 15% YoY, with big brands like Allegra, Foracort and Duolin growing in excess of 15% for the quarter. Anti-infectives, 16% of IPM, reported double digit growth for this quarter at 12.2% YoY (11.1% YoY in 2QFY15). The resurgence seen in Anti-infectives for the last two quarters is a combination of 1) lower base of last year (-2.1% YoY growth for 3QFY14), 2) price hike taken in NLEM affected brands and 3) seasonality. DPCO v/s non DPCO market (Dec 2014) DPCO listed products grew at 8% YoY, while non DPCO products registered 14.8% YoY growth in December. DPCO and non DPCO category showed unit growth at 0.7% and 3.2% respectively. The DPCO 2013 portfolio for Pfizer grew at 13.9% YoY, GSK 1.7% and Ranbaxy 41.9% for December. MAT performance analysis IPM has grown at 10.2% for MAT Dec Growth is primarily driven by a volume growth of 4.6% and new products growth of 2.9%. From therapy perspective, Acute drugs grew 9% YoY for MAT Dec 2014, while chronic growth was at 13% YoY. Arvind Bothra (Arvind.Bothra@MotilalOswal.com); Amey Chalke (Amey.Chalke@MotilalOswal.com); January Investors are advised to refer through disclosures made at the end of the Research Report.

2 Indian pharma market - Dec 2014 Exhibit 1: Performance of top companies - Dec 2014 Company MAT DEC-14 Last 8 quarters in growth (%) Dec-14 Value Market Gr. Monthly Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 (INR m) Sh. (%) (%) Gr IPM 830, Abbott India 51, Sun Pharma 45, Cipla 41, Zydus Cadila 36, Ranbaxy 30, Mankind 29, Alkem 29, GSK Pharma 27, Lupin 27, Sanofi 20, Torrent Pharma 18, Glenmark Pharma 18, Dr Reddy Labs 17, Ipca Labs 14, Alembic Pharma 11, Biocon 3, Exhibit 2: Performance of top therapies - Dec 2014 MAT DEC-14 Last 8 quarters in growth (%) Dec-14 Value Market Gr. Monthly Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 (INR m) Sh (%) (%) Gr IPM 830, Anti-Infectives 132, Cardiac 103, Gastro Intestinal 95, Vitamins/Minerals/Nutrients 75, Respiratory 64, Anti Diabetic 62, Pain / Analgesics 59, Neuro / Cns 50, Derma 47, Gynaecological 42, Ophthal / Otologicals 15, Hormones 14, Anti-Neoplastics 13, January

3 Sun Pharma Apart from Gemer and Glucored, all the top 10 brands grew in excess of 15% YoY for 3QFY15 CNS, Gastro intestinal and Anti-diabetic show good growth for 3QFY15 On MAT basis, 70% of company s overall growth is volume driven Exhibit 3: Top 10 drugs Value (INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 45, Gemer Anti Diabetic 1, Pantocid Gastro Intestinal 1, Susten Gynaecological 1, Levipil Neuro / Cns 1, Istamet Anti Diabetic 1, Aztor Cardiac Pantocid Dsr Gastro Intestinal Glucored Anti Diabetic (2.8) 6.2 Montek-Lc Respiratory Oxetol Neuro / Cns Exhibit 4: mix (%) Total Neuro / Cns Cardiac Gastro Intestinal Anti Diabetic Gynaecological (9.0) (6.2) Ophthal / Otologicals Source: Exhibit 5: Brand wise growth distribution % to sales MAT growth (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 6: Acute v/s Chronic Exhibit 7: Growth distribution (%) (MAT Dec 2014) January

4 Cipla Exhibit 8: Top 10 drugs 3QFY15 growth at 10.4% YoY for Cipla, in line with market growth of 10.2% YoY CVS (15.3% YoY) and Antiinfectives (11.9% YoY) support overall company growth as respiratory portfolio grew 4.8% YoY for 3QFY15 On MAT basis, 80% of company s growth is coming from volumes Value(INR m) Gr. (%) Mkt Sh (%) 3QFY15 Dec-14 Total 41, Foracort Respiratory 1, Asthalin Respiratory 1,359 (3.2) 3.3 (7.0) (0.8) Seroflo Respiratory 1, Budecort Respiratory 1, Duolin Respiratory 1, Aerocort Respiratory Novamox Anti-Infectives 792 (11.4) 1.9 (12.4) (6.6) Azee Anti-Infectives Montair Lc Respiratory Ciplox Anti-Infectives 604 (3.7) 1.5 (11.8) (22.5) Exhibit 9: mix (%) Total Respiratory Anti-Infectives Cardiac Gastro Intestinal Urology Ophthal / Otologicals Source: Exhibit 10: Brand-wise growth distribution % to sales MAT growth (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 11: Acute v/s Chronic Exhibit 12: Growth distribution (%)(MAT Dec 2014) January

5 Cadila Healthcare 3QFY15 growth at 8.4% for Cadila, much below the market growth of 10.3% Apart from Anti-infectives and Derma, all other top 6 therapies are growing at a slow pace New products introduction has been the major growth driver for Cadila Exhibit 16: Acute v/s Chronic Exhibit 13: Top 10 drugs Value(INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 36, Skinlite Derma 1, Mifegest Kit Gynaecological 1, (33.1) (31.6) Atorva Cardiac 1, Deriphyllin Respiratory Pantodac Gastro Intestinal 903 (6.1) 2.5 (2.3) (0.6) Amlodac Cardiac (7.9) (2.7) Aten Cardiac 653 (19.6) 1.8 (24.7) (19.6) Dexona Hormones 579 (19.3) 1.6 (35.9) (33.0) Ampilox Anti-Infectives Falcigo Anti Malarials (0.9) 23.5 Exhibit 14: mix (%) Total Cardiac Anti-Infectives Gastro Intestinal 12.9 (5.3) Gynaecological Respiratory Derma Source: Exhibit 15: Brand-wise growth distribution % to sales MAT growth (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 17: Growth distribution (%)(MAT Dec 2014) January

6 Ranbaxy Anti Infective, Cardiac and Derma portfolios led 21.2% growth this quarter In 3QFY15, all top 10 drugs have grown in double digits, except Revital, Volini and Cifran New products introduction and volume growth have been the major growth drivers for Ranbaxy Exhibit 18: Top 10 drugs Value(INR m) Gr. (%) Mkt She (%) 3QFY15 Dec-14 Total 30, Volini Pain / Analgesics 2,206 (1.8) Revital Vitamins 2,203 (18.6) 7.2 (35.8) (51.5) Rosuvas Cardiac 1, Mox Anti-Infectives 1, Storvas Cardiac 1, Cifran Anti-Infectives Sporidex Anti-Infectives Cepodem Anti-Infectives Moxclav Anti-Infectives Zanocin Anti-Infectives Exhibit 19: mix (%) Total Anti-Infectives Cardiac Pain / Analgesics Derma Vitamins / Minerals / Nutrients 9.4 (13.6) (25.5) (39.3) Gastro Intestinal Source: Exhibit 20: Brand-wise growth distribution % to sales MAT growth (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 21: Acute v/s Chronic Exhibit 22: Growth distribution (%)(MAT Dec 2014) January

7 GSK Pharma In 3QFY15, Augmentin (NLEM brand) grew 14% YoY led by a price hike and volume growth Derma portfolio grew at a healthy rate 20.7% YoY for 3QFY15, 16.7% YoY for December and 10.7% for MAT Dec 2014 On MAT basis, GSK saw negative price growth at 3.3% YoY Exhibit 23: Top 10 drugs Val (INR m) Growth(%) Mkt Share (%) 3QFY15 Dec-14 Total 27,796 (4.0) Augmentin Anti-Infectives 2,851 (1.4) Calpol Pain / Analgesics 1,504 (10.5) Zinetac Gastro Intestinal 1,466 (5.2) Ceftum Anti-Infectives 1, Eltroxin Hormones 1,178 (4.4) (10.1) Betnovate N Derma 1, Betnovate C Derma 1, T Bact Derma Betnesol Hormones Phexin Anti-Infectives 620 (10.4) (2.3) Exhibit 24: mix (%) Total (4.0) Anti-Infectives 27.6 (3.7) 2.8 (2.3) Derma Pain / Analgesics 9.3 (14.1) (5.0) 2.3 Vitamins 7.8 (7.0) Hormones 7.2 (4.8) Gastro Intestinal 6.6 (9.0) Source: Exhibit 25: Brand-wise growth distribution % to sales MAT gr (%) Total (4.0) Top 10 Brands to 25 Brands 20.9 (4.5) 26 to 50 Brands 16.1 (3.2) Above 50 Brands 17.2 (16.2) Exhibit 26: Acute v/s Chronic Exhibit 27: Growth distribution (%) (MAT Dec 2014) January

8 Lupin In 3QFY15, Lupin grew at 8.7% YoY against market growth of 10.3% YoY On MAT basis, Chronic growth is at 16% YoY v/s acute growth of 9% YoY Exhibit 28: Top 10 drugs MAT Dec 14 Gr. (%) Value (INR Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 27, Gluconorm-G Anti Diabetic 1, Tonact Cardiac Budamate Respiratory Ramistar Cardiac R-Cinex Anti-Infectives Rablet-D Gastro Intestinal Rablet Gastro Intestinal Merotrol Anti-Infectives 422 (1.9) 1.5 (5.6) (27.3) Esiflo Respiratory Tazar Anti-Infectives 381 (2.8) 1.4 (19.1) (26.9) Exhibit 29: mix (%) Total Cardiac Anti-Infectives (5.1) (7.8) Respiratory Anti Diabetic Gastro Intestinal Vitamins / Minerals / Nutrients Source: Exhibit 30: Brand-wise growth distribution % to sales MAT gr (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 31: Acute v/s Chronic Exhibit 32: Growth distribution (%) (MAT Dec 2014) January

9 Sanofi India In 3QFY15, Sanofi grew at 15.1% YoY, much higher than the market growth of 10.3% YoY However, MAT growth remains in single digit at 5.8% YoY Cardace and Amaryl suffered 20-30% price cut in July 2014; registered a decline during the quarter Overall company growth is driven by its Anti-diabetic and Cardiac portfolio Exhibit 33: Top 10 drugs MAT Dec 14 Gr (%) Value (INR Gr (%) Mkt Share 3QFY15 Dec-14 Total 20, Lantus Anti Diabetic 2, Combiflam Pain / Analgesics 1, Pentaxim Vaccines 1,169 (48.2) 5.7 (20.4) (7.5) Cardace Cardiac 1,100 (5.0) 5.3 (26.0) (19.8) Allegra Respiratory 1, Clexane Cardiac Amaryl Anti Diabetic 814 (0.4) 3.9 (41.4) (33.7) Amaryl M Anti Diabetic Frisium Neuro / Cns Enterogermina Gastro Intestinal Exhibit 34: mix (%) Total Anti Diabetic Cardiac Vaccines 13.2 (31.1) Pain / Analgesics Neuro / Cns Respiratory Source: Exhibit 35: Brand-wise growth distribution % to sales MAT growth (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands 8.4 (24.4) Exhibit 36: Acute v/s Chronic Exhibit 37: Growth distribution (%)(MAT Dec 2014) January

10 Torrent Pharma In 3QFY15, all the top 10 drugs grew in double digit for Torrent, except Alprax and Dilzem Shelcal and Chymoral reported high growth at 69% and 72% YoY for this quarter Torrent has taken a 10% price hike on both these Elder brands during the last quarter Volume and price growth are the key growth drivers for Torrent Exhibit 38: Top 10 drugs Value(INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 18, Shelcal Vitamins 1, Nikoran Cardiac Chymoral Forte Pain / Analgesics Dilzem Cardiac Nebicard Cardiac Nexpro Rd Gastro Intestinal Azulix-Mf Anti Diabetic Nexpro Gastro Intestinal Alprax Neuro / Cns 357 (17.0) 1.9 (11.1) 10.4 Domstal Gastro Intestinal Exhibit 39: mix (%) Total Cardiac Neuro / Cns Gastro Intestinal Vitamins / Minerals / Nutrients 12.8 (3.5) Anti-Infectives (4.6) (1.2) Pain / Analgesics Source: Exhibit 40: Brand-wise growth distribution % to sales MAT growth (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 41: Acute v/s Chronic Exhibit 42: Growth distribution (%)(MAT Dec 2014) January

11 Glenmark Pharma In 3QFY15, Glenmark grew much ahead of the market growth (10.3% YoY) at 14.8% YoY Zitamet and Zita, anti diabetic drugs, posted extraordinary growth for Glenmark Overall MAT growth is driven by new product introductions Exhibit 43: Top 10 drugs Value(INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 18, Telma Cardiac 1, Telma H Cardiac 1, Ascoril Plus Respiratory 911 (0.2) 5.0 (8.0) 0.2 Candid-B Derma Candid Derma Telma Am Cardiac Zitamet Anti Diabetic Zita(Glenmark) Anti Diabetic Ascoril Ls Respiratory Candid Mouth Derma (6.0) Exhibit 44: mix (%) Total Derma Cardiac Respiratory Anti-Infectives Anti Diabetic Pain / Analgesics Source: Exhibit 45: Brand-wise growth distribution % to sales MAT growth (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 46: Acute v/s Chronic Exhibit 47: Growth distribution (%)(MAT Dec 2014) January

12 Dr Reddy s Labs Dr Reddy s Labs grew in single digit for 3QFY15 Anti infective portfolio outperformed company growth for MAT and 3QFY15 Volume growth has been the primary driver for Dr Reddy s Exhibit 51: Acute v/s Chronic Exhibit 48: Top 10 drugs Value (INR Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 17, Omez Gastro Intestinal 933 (10.4) 5.3 (0.3) 11.9 Omez D Gastro Intestinal Nise Pain / Analgesics Stamlo Cardiac 553 (8.5) 3.2 (6.0) 10.2 Econorm Gastro Intestinal Stamlo Beta Cardiac Mintop Derma Reditux Anti-Neoplastics (7.6) (18.4) Razo D Gastro Intestinal Razo Gastro Intestinal (3.6) 2.2 Exhibit 49: mix (%) Total Gastro Intestinal Cardiac Anti-Neoplastics Anti-Infectives Pain / Analgesics Derma (4.7) (4.5) Source: Exhibit 50: Brand-wise growth distribution % to sales MAT gr (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 52: Growth distribution (%)(MAT Dec 2014) January

13 IPCA Labs IPCA grew at a dismal 3% YoY for this quarter All top 6 therapies are growing in single digit or at negative rate for the last three months On MAT basis, 70% growth is volume driven Exhibit 53: Top 10 drugs Value(INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 14, Zerodol Sp Pain / Analgesics Zerodol P Pain / Analgesics Hcqs Anti Malarials Larinate Anti Malarials Rapither-Ab Anti Malarials 483 (11.0) 3.3 (13.4) (14.6) Lariago Anti Malarials 447 (3.4) 3.0 (7.3) (24.6) Glycinorm M Anti Diabetic Folitrax Anti-Neoplastics Lumerax Anti Malarials (9.0) (26.5) Azibact Anti-Infectives (8.0) Exhibit 54: mix (%) Total Pain / Analgesics Anti Malarials (1.7) (4.8) Cardiac Gastro Intestinal (0.3) Anti-Infectives (4.4) (3.3) Anti Diabetic (3.8) 2.2 Source: Exhibit 55: Brand-wise growth distribution % to sales MAT gr. (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 56: Acute v/s Chronic Exhibit 57: Growth distribution (%)(MAT Dec 2014) January

14 Alembic Pharma Azithral grew in double digit over a low base Overall growth has been driven by volume and price growth Chronic segment grew in double digit for Alembic. Exhibit 58: Top 10 drugs Value(INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 11, Azithral Anti-Infectives 1, Althrocin Anti-Infectives Roxid Anti-Infectives (1.0) (10.5) Wikoryl Respiratory 440 (5.9) 3.9 (13.2) (14.1) Gestofit Gynaecological Ulgel Gastro Intestinal Rekool D Gastro Intestinal Zeet Respiratory Rekool L Gastro Intestinal Sharkoferrol Vitamins Exhibit 59: mix (%) Total Anti-Infectives 29.3 (1.7) (0.4) (3.4) Gastro Intestinal Respiratory Cardiac Gynaecological Vitamins / Minerals / Nutrients (0.5) 1.8 Source: Exhibit 60: Brand-wise growth distribution % to sales MAT gr (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 61: Acute v/s Chronic Exhibit 62: Growth distribution (%)(MAT Dec 2014) January

15 Biocon Overall company growth at 0.9% YoY for 3QFY15 and 25% YoY on MAT basis Biocon s Anti diabetic and oncology portfolio grew in higher double digit for 3QFY15 On MAT basis, volume growth at 24% has been the main growth driver for Biocon Exhibit 63: Top 10 drugs Value(INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 3, Insugen Anti Diabetic Basalog Anti Diabetic Abraxane Anti-Neoplastics Blisto Mf Anti Diabetic (6.3) (11.1) Insugen R Anti Diabetic Erypro Blood Related (47.6) (47.9) Insugen N Anti Diabetic Clotide Cardiac Metadoze-Ipr Anti Diabetic 67 (16.9) 2.2 (47.5) (39.0) Statix Cardiac 56 (30.3) 1.8 (46.6) (42.3) Exhibit 64: mix (%) Total Anti Diabetic Anti-Infectives 4.6 (44.0) (82.0) (83.4) Anti-Neoplastics Blood Related (47.6) (47.9) Cardiac 10.7 (9.0) (34.2) (35.4) Derma (14.7) Source: Exhibit 65: Brand-wise growth distribution % to sales MAT gr (%) Total Top 10 Brands to 25 Brands 15.2 (7.8) 26 to 50 Brands 9.8 (4.4) Above 50 Brands 2.5 (29.0) Exhibit 66: Acute v/s Chronic Exhibit 67: Growth distribution (%)(MAT Dec 2014) January

16 Abbott (Abbott Ltd + Abbott India) Abbott registered 9.2% growth for 3QFY15 and 6.9% on MAT basis Price growth has been the major driver for Abbott Exhibit 68: Top 10 drugs MAT Dec 14 Gr (%) Value(INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 51, Mixtard Anti Diabetic 3, Phensedyl Cough Linctus Respiratory 1,547 (1.3) Duphaston Gynaecological 1, Thyronorm Hormones 1, Novomix Anti Diabetic 1, Udiliv Gastro Intestinal 1, Duphalac Gastro Intestinal 1, Actrapid Anti Diabetic Vertin Neuro / Cns 777 (31.8) 1.5 (38.8) (33.4) Pediasure Vitamins Exhibit 69: mix (%) Total Anti Diabetic Gastro Intestinal Vitamins / Minerals / Nutrients Neuro / Cns 10.1 (8.2) (3.1) 3.6 Anti-Infectives 9.8 (11.3) (14.8) (10.3) Cardiac Source: Exhibit 70: Brand-wise growth distribution % to sales MAT gr (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 71: Acute v/s Chronic Exhibit 72: Growth distribution (%)(MAT Dec 2014) January

17 Mankind Pharma Mankind grew 13.8% for 3QFY15 and 12.5% on MAT basis, led by good performance in Vitamins, Gastro Intestinal and Cardiac therapies Amlokind grew in double digit for Mankind Overall growth is equally divided between volumes, price and new products Exhibit 73: Top 10 drugs Value(INR m) Gr (%) Mkt Sh (%) 3QFY15 Dec-14 Total 29, Manforce Sex Stimulants 1,784 (3.7) Moxikind Cv Anti-Infectives 1, Unwanted Kit Gynaecological (9.0) Amlokind-At Cardiac Gudcef Anti-Infectives Nurokind Plus Vitamins 489 (18.2) 1.6 (13.7) (10.9) Prega News Others Zenflox Oz Gastro Intestinal Unwanted 72 Gynaecological Glimestar M Anti Diabetic Exhibit 74: mix (%) Total Anti-Infectives Vitamins / Minerals / Nutrients Gastro Intestinal Cardiac Respiratory Gynaecological 6.4 (3.8) 0.0 (3.3) Source: Exhibit 75: Brand-wise growth distribution % to sales MAT growth (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 76: Acute v/s Chronic Exhibit 77: Growth distribution (%)(MAT Dec 2014) January

18 Alkem Anti-Infectives contributes 44% to overall revenue, grew 2.7% YoY in 3QFY15 Taxim, Pan, Pan D and Gemcal registered more than 20% growth in 3QFY15 On MAT basis, 63% of overall company growth is coming from volumes Exhibit 78: Top 10 drugs Value(INR m) Gr (%) Mkt Sh(%) 3QFY15 Dec-14 Total 29, Clavam Anti-Infectives 2, (8.5) (4.5) Taxim Anti-Infectives 1, Taxim O Anti-Infectives 1, Pan Gastro Intestinal 1, Pan D Gastro Intestinal 1, Xone Anti-Infectives (1.6) (7.5) Gemcal Vitamins Sumo Pain / Analgesics Ondem Gastro Intestinal A To Z Ns Vitamins (4.6) (4.6) Exhibit 79: mix (%) Total Anti-Infectives Gastro Intestinal Vitamins Pain / Analgesics Neuro / Cns 4.1 (0.8) (14.8) (19.5) Gynaecological 3.6 (7.1) (20.4) (20.1) Source: Exhibit 80: Brand-wise growth distribution % to sales MAT gr (%) Total Top 10 Brands to 25 Brands to 50 Brands Above 50 Brands Exhibit 81: Acute v/s Chronic Exhibit 82: Growth distribution (%)(MAT Dec 2014) January

19 N O T E S 15 January

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