Pharmaceuticals - India: Reading IQVIA data: Trends in Gx, specialty and biosims

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Pharmaceuticals - India: Reading IQVIA data: Trends in Gx, specialty and biosims

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Pharmaceuticals - India

Reading IQVIA data: Trends in Gx, specialty

and biosims

Industry Overview

Gx flattish, SUNP/BIOS new launch tract key to watch 30 June 2026

IQVIA data indicates flattish trend in US gx sales ex-lumpy products (gRevlimid, Equity

gTolvaptan) for coverage. Further, the pricing trends indicates some deterioration, but India

we will monitor this over next few months for clear trend given fluctuations in the past. Pharmaceuticals

We continue to see momentum in SUNP’s existing specialty portfolio but expect focus Neha Manpuria >>

on ramp-up in Leqselvi/Unloxcyt. Similarly, BIOS existing biosim are tracking well with Research Analyst

focus on share gain in recent launches to improve revenue momentum in FY27. BofAS+91 22India6632 8307

neha.manpuria@bofa.com

Generics: QoQ growth moderation for coverage Charul Agrawal >>

Within our coverage, Zydus saw QoQ sales uptick supported by higher mirabegron sales ResearchBofAS IndiaAnalyst

(+25% QoQ) despite marginal market share loss post Amneal’s launch (~80bps). LPC on +91 22 6632 8255 charul.agrawal2@bofa.com

the other hand, witnessed mid-single digit lower sales QoQ partly on moderation in

Albuterol HFA sales (though share intact). IQVIA data also indicates ~250bps MoM

market share decline in mirabegron for LPC (largely to Amneal), which will be watched

Exhibit 1: QoQ flattish trends for

closely. Cipla’s 10% QoQ ex-gRevlimid sales decline is largely on the back of Lanreotide coverage

disruption & factored in 4Q sales, while its recently launched gOfev saw strong market IQVIA sales trend for coverage companies

share trends (40%+ in last 4 weeks). DRRD’s base sales were flattish QoQ, however 1Q Rolling Rolling