Pharmaceuticals

Company                                    Sales( Figurein Crores)                        Adj.PAT(Figure in Crores)

Chg%                                                      Chg%

Q3FY21E (YoY) (QoQ) Q3FY21E (YoY) (QoQ)
Abbott India 1,143 6 8.4 200 7.3 10.9
Alembic Pharma 1,441 19.2 -1.1 255 9 -23.4
Alkem 2,364 8.3 0.1 389 1.9 -17.5
Aurobindo Pharma 6,310 7 (-2.7) 789 11.3 -1.6
Biocon 1,948 11.4 11.6 240 18.3 41.7
Cadilla 3,848 6.2 0.4 450 25.4 -23.4
Cipla 4,803 9.9 -4.7 543 40.2 -18.3
Divi’s Lab 1,671 19.6 -4.5 456 26.9 -12.3
Dr.Reddy’s 5,007 14.2 2.3 619 18.4 -25.5
Glenmark 2,856 4.4 -3.3 218 14.1 -19.7
JB Chemicals 518 20.7 16.7 90 35.3 21.3
Lupin 4,011 6.4 4.6 366 236.1 73.6
Shilpa Medicare 257 8.7 -7.7 39 -29.7 -14.8
Sun Pharma 8,862 8.7 3.6 1,090 19.3 -31.5
Torrent pharma 2,054 4.5 1.8 339 35 9.3

(Source: AWACS. ICICI Securities, Bloomberg,IBEF)

Key Points:

  • India is the largest provider of generic drugs globally. Indian pharmaceutical sector supplies over 50% of global demand for various vaccines, 40% of generic demand in the US and 25% of all medicine in the
  • In Q3FY21, The Indian Pharma Market has seen the growth of 6.4% in value and declined by 1.9% in volumes. on the other hand, Prices and new introductions witnessed the growth of 4.9% and 3.4%
  • Data for Dec’20 shows Indian Pharma Market (IPM) had a growth rate of 3.1% in value terms over the year (MAT Dec’20). Adjusting for seasonality and free samples, industry grew at similar levels (3.2%) for the 12 months ended Dec’20. Chronic products portfolio grew at 8.5%, while acute portfolio remained flattish with a growth of 0.4% over the year in MAT

Key Categories Performance (MAT Dec, 2020)

  • Anti-infectives declined 2.1%, while respiratory grew 0.2%,
  • Chronic products segment continued to drive sales in the markets growing at an overall 8.5% rate with 13.4% YoY growth in cardiovascular and 7.8% YoY growth in anti-diabetic
  • Gastro-intestinal and derma sales grew 2.7% and 0.7% YoY, respectively, while VMN and Neuro/CNS grew 6.6% and 5.4%,
  • Pain/Analgesics, anti-neoplastics and gynaec declined 2.8%, 3.2% and 3.5% YoY,
  • Urology grew 7.8%, while ophthalmology declined 8.0% YoY, respectively

Companies to Consider: 

JB Chemicals: In Q3FY21, It is expected that JB chemicals would be seen an improvement of 16.7% in sales Q-o-Q that would result Growth in PAT of 21.3%. Q-o-Q

Biocon: with new product launches in the US. In Q3FY21, It is expected that Biocon could register the growth in sales of 11.6% Q-o-Q that would result Growth in PAT of 41.7%. Q-o-Q

Divi’s Lab: Led by strong demand for APIs from India. In Q3FY21,It is expected that company would report growth in sales and PAT of 19.6% Y-o-Y and 26.9% Y-o-Y

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Ltd. does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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