Pharmaceuticals IPM: Strong 15% Growth in Dec-25

As per IQVIA, IPM recorded strong growth for Dec-25 at 15% YoY (vs 8.6% in Nov-25); unit grew by 4.4% YoY (-2.8% in Nov-25). Growth was led by CVS, anti diabetes, CNS, and oncology segments, while growth in anti-infective, gastro, respiratory, and pain grew at par or marginal below compared to IPM growth. For Q3FY26, IPM grew 11.8% YoY and unit growth was at 1.6% YoY.

Therapy-Wise Performance for Dec-25

• Overall chronic growth accelerated for Dec-25 to ~19% YoY, and the acute segment saw 12% growth.
• In chronic space, cardiac continues to drive IPM growth in Dec-25 at 19% YoY (+17% in Q3FY26), anti-diabetic at 18% (+16% in Q3FY26), led by continued traction from GLP-1 molecules (ex-Mounjaro growth was at 10% YoY), and CNS at +15% (+13% in Q3FY26).
• In acute, anti-infectives grew by 9% YoY (+4% in Q3FY26), gastro grew 12% YoY (+9% in Q3FY26), and VMN was up 16% YoY (+12% in Q3FY26).
• Other therapies: Respiratory grew 16% YoY (+12% in Q3FY26), derma was up 11% YoY (+9% in Q3FY26), pain was up 13% (+9% in Q3FY26), and oncology grew 33% YoY (+29% in Q3FY26).

Company-Wise Performance

• Outperformers in Dec-25: Glenmark, Lupin, Sun Pharma, Zydus, Aristo Pharma, Intas Pharma, and Pfizer.
• Underperformers in Dec-25: Alkem, Alembic, Ajanta Pharma, Emcure, FDC, Indoco, JB Chemicals, Macleods, Mankind, Micro Labs, USV, Abbott, GSK, and Sanofi.
• At par with IPM in Dec-25: Cipla, Dr Reddy’s, Eris, IPCA, and Torrent.

Our view: IPM growth was strong at 15% YoY in Dec-25, largely led by price growth and traction in chronic therapies. Traction in GLP-1 therapy was led by Mounjaro (Eli Lilly). Within our coverage, Lupin, Sun, and Zydus outperformed IPM; Alkem and Mankind underperformed IPM; and Dr Reddy’s, Eris, IPCA, and Torrent grew at par with IPM. For FY26, IPM is expected to see 8-9% YoY growth, driven by growth in chronic, recovery in acute, and new launches