Rx and market share trends for key US products: IIFL Securities

12 Jul 2022 , 11:47 AM

Key takeaways include:

• Cipla’s steady ramp-up in Albuterol continued in Q1FY23, with its market share (MS) improving to 18.5% (till 24-Jun) versus 17.6% in Q4FY22; however, over the last 5 weeks, Hikma’s MS improved sharply from 0.5% to 2.3% largely at the expense of Cipla’s MS.

 

• Within 4 months of launch, Cipla captured 4.2% MS in Lanreotide through its 505(b)(2) product.

 

• Lupin’s MS in Brovana declined from ~25% to ~22% during the first six months of 2022.

 

• Sun and Alembic received USFDA approval for generic Brovana in May 2022. While Sun will manufacture Brovana at its Baska facility, Alembic will source the same from Holopack (CMO).

 

• Sun’s specialty products are showing robust traction, with Ilumya/Cequa’s integrated units (IU) volumes growing 50%/63% YoY and 4.4%/11% QoQ, resp., while Winlevi’s weekly TRx runrate improved 6% QoQ. Sun’s US generic business will be aided by recent complex generic approvals of Ambisome and Pentasa.

 

• Dr Reddy’s has the highest 16.7% MS among generics in Vascepa, followed by Hikma/Apotex with 12.3%/7.9% MS, respectively.

 

• Generic Suboxone from Apotex can further accelerate Dr Reddy’s declining MS in US. During 1HCY22 (till 24-Jun), Dr Reddy’s MS is down from 20.5% to 19%.

 

• Within 4 months of launch in the US, Torrent Pharma captured 50% of IU volumes in Aczone through its own and Mayne Pharma’s distribution network.

 

• To arrest declining MS in Insulin Glargine in the US, Sanofi launched unbranded version of Lantus, which can potentially slow down Biocon’s MS ramp-up.

 
IIFL Securities’ top picks: Cipla, Gland Pharma, JB Pharma and Alkem.