India Pharma - IPM Exhibits Recovery In April, After A Dip In March: Motilal Oswal

Motilal Oswal Report

The India pharma market grew 8.8% YoY in April 2024 (versus 1.4% in March 2024 and 11% in April 2023). Chronic category remains a key growth driver for IPM.

Cardiac/Derma/Gastro-intestinal therapies registered healthy YoY growth of 15.0%/11.8%/10.6%, offset by a decline in respiratory (-1.2% YoY) in Apr-24.

For the 12 months ending in Apr-24, IPM grew 7.4% YoY. This growth was led by volume/new launches, which contributed +4% YoY/2.9% YoY to the overall growth over the same period.

Out of top 10 brand, Electral/PAN/LIV-52 registered a high double-digit growth of 28%/19%/17% YoY to Rs 720 million/Rs 590 million/620 million in Apr-24.

Although anti-infective/anti-diabetic segments registered growth in Apr-24, key brands like Calpol (Rs 390 million)/Azithral (Rs 350 million) experienced a decline of 15%/10% YoY. Additionally, Mixtrad (Rs 750 million)/Lantus (Rs 530 million) declined 2%/4% YoY in Apr-24.

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