CLSA on Cipla, Glenmark, Cadila Healthcare, IPCA Labs and Lupin | What did not work for them and what did
CLSA highlights that it was a muted month for pharma companies as November sales disappoint for the Domestic Market. CLSA says it was a strong month for IPCA Labs; gains from integration of acquired brands for Dr Reddy. Falling active cases meant sales of Covid treatment drugs moderated for Glenmark / Cipla (+16%/-24% MoM). Glenmark saw the highest growth in its coverage in November, but excluding these products, its portfolio fell 1% YoY. Cipla’s core growth was a smaller 5.9% YoY.
India’s pharma market (IPM) grew a tepid 1.1% YoY in November 2020, albeit on a high base. This muted growth meant TTM (trailing twelve months) slipped by 1.3ppts to 4.2% YoY as at Nov 20: Reuters