Pharmaceuticals: IPM: 11% Growth in Mar-26; 10% in FY26
By Prime Research | Updated at: Apr 15, 2026 06:16 PM IST
As per IQVIA, IPM recorded growth for Feb-26 at 11% YoY (vs 12% in Feb-26); unit decline by 0.2% YoY (0.9%% in Feb-26). Growth was led by CVS, anti-diabetes, pain, VMN, and oncology segments, while growth in anti-infective and respiratory was below IPM growth. For Q4FY26, IPM grew 12% YoY and FY26 grew 10% YoY, led by ~2.7% volume, 4.4% price, and 2.8% new products.
Therapy-Wise Performance for Mar-26:
- Overall, chronic growth was strong for Mar-26 at ~14% YoY, and the acute segment saw ~8% YoY growth.
- In chronic space, CVS grew 15% YoY (FY26: +14%) in Mar-26, anti-diabetic at 14% (FY26: +12%), and CNS at +11% (FY26: +11%).
- In acute, anti-infectives grew by 2% YoY (FY26: +5%), gastro grew 9% YoY (FY26: +6%), and VMN was up 13% YoY (FY26: +10%).
- Other therapies: Respiratory grew 7% YoY (FY26: +12%), derma was up 9% YoY (FY26: +7%), pain was up 12% (FY26: +8%), and oncology grew 28% YoY (FY26: +24%).
Company Wise Performance:
- Outperformers in Mar-26: Dr Reddy’s, Glenmark, Lupin, Sun Pharma, Ajanta Pharma, and Intas Pharma.
- Underperformers in Mar-26: Alembic, Cipla, Eris Life, Emcure, FDC, Indoco, Macleods, Micro Labs, USV, and Glaxo.
- At par with IPM in Mar-26: Alkem, IPCA, Torrent Pharma, Zydus Life, Aristo Pharma, Mankind, Abbott, Pfizer, and Sanofi.
Our view: IPM growth was steady at 11% YoY in Mar-26, largely led by price growth and traction in chronic therapies. Volume recovery (+2.7% YoY) and steady price growth led to growth recovery in FY26. Within our coverage, Dr Reddy’s, Lupin, and Sun Pharma outperformed IPM; Eris underperformed IPM; and Alkem, IPCA, Mankind, Torrent Pharma, and Zydus grew at par with IPM. The ramp-up in generic semaglutide (~INR 100mn sales in just 10 days) is encouraging and should help drive IPM growth in FY27. Base drivers: steady performance in chronic, recovery in acute, and new launches are intact.
Coverage Companies’ Performance
| YoY growth % |
FY20 |
FY21 |
FY22 |
FY23 |
FY24 |
FY25 |
FY26 |
Q4’26 |
Mar’26 |
| Value | |||||||||
| Alkem |
17 |
0 |
28 |
13 |
5 |
6 |
9 |
11 |
11 |
| Dr Reddy’s |
7 |
3 |
22 |
4 |
9 |
8 |
12 |
15 |
18 |
| Eris Life |
7 |
11 |
10 |
9 |
8 |
5 |
7 |
8 |
8 |
| IPCA |
19 |
11 |
22 |
14 |
13 |
13 |
11 |
14 |
11 |
| Lupin |
10 |
3 |
15 |
6 |
6 |
8 |
10 |
15 |
15 |
| Sun Pharma |
10 |
5 |
16 |
11 |
9 |
10 |
12 |
14 |
12 |
| Torrent Pharma |
8 |
8 |
11 |
51 |
9 |
9 |
10 |
12 |
11 |
| Zydus |
8 |
5 |
15 |
7 |
5 |
10 |
10 |
11 |
11 |
| Mankind |
13 |
11 |
18 |
9 |
8 |
8 |
8 |
9 |
12 |
| IPM |
11 |
5 |
18 |
8 |
7 |
8 |
10 |
12 |
11 |
| Unit growth | |||||||||
| Alkem |
10 |
(5) |
21 |
3 |
(4) |
0 |
(1) |
(2) |
(3) |
| Dr Reddy’s |
(2) |
(4) |
16 |
(5) |
0 |
(2) |
3 |
3 |
5 |
| Eris Life |
2 |
3 |
(1) |
(1) |
(5) |
(3) |
(3) |
(0) |
(2) |
| IPCA |
8 |
(0) |
12 |
1 |
2 |
2 |
2 |
3 |
(0) |
| Lupin |
(3) |
(10) |
9 |
(3) |
0 |
(0) |
(0) |
3 |
2 |
| Sun Pharma |
1 |
(3) |
7 |
3 |
1 |
(0) |
2 |
4 |
4 |
| Torrent Pharma |
(3) |
(1) |
2 |
58 |
(3) |
(3) |
(2) |
(1) |
0 |
| Zydus |
1 |
(7) |
11 |
(6) |
(6) |
(2) |
(1) |
(4) |
(7) |
| Mankind |
5 |
5 |
8 |
2 |
0 |
1 |
1 |
2 |
5 |
| IPM |
3 |
(4) |
12 |
(0) |
(2) |
(0) |
0 |
1 |
(0 |
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