Anuh pharma came with a presentation after a year. They have commercialized their new capacity which now stands at 2200 MTPA. They seem to be getting more registrations in Europe which can hopefully drive margin improvement in the future. My presentation notes below
FY25Q2
- H1FY25 exports were largely driven by Africa and ROW markets, Europe saw decline
- Erythromycin drove growth
- Capex of 20 cr. increased capacity from 1800 MTPA to 2200 MTPA (commercialized in November 2024)
- New approvals: CEP from EDQM for Allopurinol (Anti gout)
- Registrations: CEPs: 8, WHO Geneva Prequalifications: 4, NMPA (China): 3
- Market share gains in recently launched products like Acebrophylline, Vildagliptin, Moxifloxacin, Allopurinol, Amodiquine hcl,and Sulfadimethoxine
- Expect continued momentum driven by launch of new products like Dapagliflozin, Ticagrelor, Linagliptin, Acefylline piprazine, etc.
- Customers increased to 360 in over 59 countries
- Pipeline: Bilastine HCl, Pyronaridine Tetraphosphate, Vonoprazon Fumarate
They are largely into commodity APIs, their model is invest in capacity, then debottleck for a very long time, and only increase capacity sporadically. As their main end markets are unregulated or India, it requires lesser maintenance capex. They have always had the highest fixed asset turns, however their margins are also much lower than regulated API cos.
They are now increasing capacity more regularly as seen in the 22% capacity increase in 2024. Maybe management is becoming more growth focused.
Disclosure: Invested (no transactions in last-30 days)