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India Equity Research Reports, IPO and Stock News
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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
The domestic pharma market has delivered strong growth of 16% during FY12, despite weakness in H1FY12 due to erratic/delayed monsoon. In fact, growth was the highest in past three years and in-line with our on-ground survey findings where we argued higher traction in the domestic market going forward. Chronic segment continues to outpace industry growth (21% for FY12), while acute segment growth was steady at 14-15%. In FY12, companies like Sun Pharma, Pfizer, Aventis, and Glenmark have significantly outpaced market growth, while Dr. Reddy's and Unichem were laggards.
Key takeaways from trends during March:
· IPM ends on a strong note with 21.9% growth for March, the highest over past 18 months.
· Growth build-up over past two months is led by acute segments such as anti-infectives, gastro and multi-vitamins which have been depicting strong traction.
· Chronic segment continued to remain on a firm trajectory (26% growth in March) . Diabetes continues to witness strong growth momentum, driven by higher prevalence and improved contribution from higher value new products.
· The MNC pack has been outdoing its Indian peers and outperformed relative to industry (GSK 24%, Pfizer 19%, Novartis 22%, Aventis 20%).
· Price increase has been the key growth driver for Pfizer and Glenmark.
· Cipla is improving consistently and gaining market share. Other highlights are positive turnaround of Cadila and improvement in Unichem.
· Ranbaxy has positively surprised with 19% growth vs 5-6% over past two months.
· Freebies as % of sales have been coming down consistently, which highlights industry’s focus on prescription generation.
· Outperformers: Glenmark, Sun Pharma, IPCA, and GSK.
· Underperformers: Dr. Reddy's, Unichem, and Lupin.
Regards,
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