*MACQUARIE ON PHARMA* January IPM data growth accelerates moderately at 8.4% YoY vs 6.5% YoY in Dec 2024 Believe Q4 expectations for pharma companies is derisked Ipca (+15%), Sun Pharma (+12%), Zydus Life (+10%), and Dr Reddy's (+9%) outperformed market growth Cipla (+7%), Lupin (+6%), Eris Life (+5%), Mankind Pharma (+5%), and Alkem (+6%) underperformed the IPM Other notable outperformers were JB Pharma (+13%), Abbott India (+11%), and Pfizer India (+12%) Torrent Pharma (+8%) was in line with IPM growth Alert All Growth in YoY