The updated numbers are below. Some of the major highlights for me were:
- ANDA filing rate has been maintained. US revenue per launch reduced drastically from 23.5 cr. in FY21 to 15.87 cr. in FY22
- Gross margins were at ~73%, with all the pricing pressure they were able to maintain good gross margins
- Domestic market is doing very well which is a reflection of change in strategy (MR productivity increased from 30 lakh in FY21 to 35 lakhs in FY22 + 500 new MRs were added).
- Alembic Pharma was able to get one new brand in top 300. Domesti market share has increased slightly from 1.4% in FY21 to 1.5% in FY22 (mostly because of very strong growth in azithral which crossed 450 cr. sales in 2021)
- Changed 3PL distributor in USA
- In domestic markets, company doesn’t focus on new to market launches. The approach is to gain market share gradually in already existing molecules
- US growth has been due to increase in market share in some products + few shortages
- Indian brands are currently valued very highly, not ready to acquire at these multiples
- High R&D is because of accelerated amortization of R&D costs from Aleor
| FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | |
|---|---|---|---|---|---|---|---|
| Cumulative ANDA filed | 76.00 | 96.00 | 132.00 | 161.00 | 183.00 | 212.00 | 230.00 |
| Cumulative ANDA approved (tentative excluded) | 42.00 | 46.00 | 61.00 | 77.00 | 107.00 | 123.00 | 138.00 |
| Products commercialized | 34.00 | 37.00 | 44.00 | 53.00 | 76.00 | 92.00 | 105.00 |
| Products commercialized (own frontend) | 86.00 | ||||||
| DMF filing | 81.00 | 90.00 | 94.00 | 100.00 | 109.00 | 117.00 | 125.00 |
| Consolidated revenue | 3’181.20 | 3’134.00 | 3’131.00 | 3’935.00 | 4’606.00 | 5’393.00 | 5’306.00 |
| US revenues (mn $) | 130.38 | 177.56 | |||||
| India | 1’103.60 | 1’254.00 | 1’274.00 | 1’382.00 | 1’425.00 | 1’497.00 | 1’926.00 |
| International formulations | 1’461.50 | 1’236.00 | 1’206.00 | 1’782.00 | 2’473.00 | 2’942.00 | 2’441.00 |
| International generics | |||||||
| International branded | |||||||
| US | 1’227.66 | 919.00 | 920.00 | 1’288.00 | 1’976.00 | 2’163.00 | 1’666.00 |
| Non-US | 233.84 | 317.00 | 286.00 | 494.00 | 497.00 | 779.00 | 775.00 |
| Export incentives | |||||||
| APIs | 524.90 | 643.00 | 651.00 | 771.00 | 708.00 | 955.00 | 939.00 |
| R&D expense | 10.88% | 13.72% | 13.09% | 12.66% | 14.00% | 12.42% | 15.80% |
| R&D (cr.) | 346.00 | 430.00 | 410.00 | 498.00 | 645.00 | 670.00 | 838.35 |
| CAPEX | 320.00 | 480.00 | 600.00 | 626.00 | 697.00 | 687.00 | 467.00 |
| EBITDA margin | 31.62% | 19.56% | 20.50% | 22.24% | 26.34% | 30.24% | 18.00% |
| PAT margin | 22.61% | 12.73% | 13.06% | 14.84% | 18.00% | 21.84% | 10.29% |
| Debt | |||||||
| ROCE (excluding new projects) | 53.00% | 27.00% | 25.00% | 30.00% | 32.00% | 41.00% | 19.00% |
| Indian MR count | 5’000.00 | 5’000.00 | 5’000.00 | 5’000.00 | 5’000.00 | 5’000.00 | 5’500.00 |
| India acute share | 37.00% | 33.00% | 34.00% | 33.00% | 36.11% | ||
| India specialty share | 54.00% | 58.00% | 56.00% | 57.00% | 52.78% | ||
| India vet share | 9.00% | 9.00% | 10.00% | 10.00% | 11.11% | ||
| India market share | 1.73% | 1.50% | 1.57% | 1.50% | 1.40% | 1.50% | |
| India (brands in top 100) | |||||||
| India (brands in top 300) | 5.00 | 5.00 | 5.00 | 5.00 | 3.00 | 2.00 | 3.00 |
| India revenue per MR (lakh / year) | 22.07 | 25.08 | 25.48 | 27.64 | 28.50 | 29.94 | 35.02 |
| US revenue (mn $) per launch | 2.96 | 3.35 | |||||
| US revenue (cr) per launch | 36.11 | 24.84 | 20.91 | 24.30 | 26.00 | 23.51 | 15.87 |
| US revenue (cr) per accepted | 29.23 | 19.98 | 15.08 | 16.73 | 18.47 | 17.59 | 12.07 |
Disclosure: Invested (position size here, no transactions in last 30-days)