- Revenues for the quarter were ₹9814 Cr (11% growth YoY). Material cost as a percentage of revenues was 27%. Staff cost was up by 8% YoY and stands at 18.9% of revenues. Other expenses were up 13% YoY and stands at 28.1% of revenues. The increase is attributed towards higher selling & distribution and traveling expenses while in Q3 of last year, these expenses were lower on account of COVID.
- Specialty R&D accounted for approximately 22% of total R&D spend for the quarter. Forex loss for the quarter was ₹10.6 Cr compared to a gain of ₹71.6 Cr for Q3 last year.
- EBITDA was at ₹2557.4 Cr (7.5% growth YoY) with EBITDA margin at 26.1%. They were able to record EBITDA growth despite a significant increase in other expenses and a negative swing in forex. PAT for the quarter was at ₹2058.8 Cr (11% growth YoY)
- Branded formulation business in India and Emerging Markets together now account for about 50% of global consolidated revenues.
- Global specialty revenues for the first nine months have already crossed previous full-year revenues. For Q3, global specialty revenues were approximately $183 million across all markets, up about 21% YoY. The global specialty revenues do not include Ilumetri end-market revenues.
- Launched Ilumya in Canada and Winlevi in the US during the quarter. They also announced the launch of Cequa in Canada.
- Revenue from India formulation business was ₹3167.6 Cr(15% growth YoY). India business accounted for about 32% of consolidated revenues for Q3.
- They have been able to grow faster than the industry and have increased their market share. For Q3, their market share was 8.6% compared to 8.1% in Q2 as per AIOCD AWACS data
- The growth was driven by a combination of factors like, improved demand for non-Covid treatments which led to higher growth in the chronic and semi-chronic segments, better patient flow to doctor clinics and increased healthcare awareness.
- They have outperformed the industry in key therapies like CNS, CVD and Gastro. Growth in CNS was 7.8% compared to 7.5% segment growth. In CVD, their growth was 12% compared to 3.3% segment growth. In Gastro their growth was 15.7% compared to 10.8% segment growth.
- Field force operations were near to normal in Q3 with almost all doctor clinics operational. The productivity of the new field force has started improving and about 70% of the territories for the new field force are performing as per expectations while the performance for the remaining 30% is likely to improve going forward.
- They launched 25 new products in the Indian market during the quarter.
- Formulation revenues from the US were $397 million (6% growth YoY). The main driver of growth was the specialty business mainly driven by Ilumya, Cequa, & Levulan. The US accounted for about 30% of consolidated revenues for the quarter.
- While doctor clinics were open in the US during the quarter, the situation is yet to fully normalize. Patient flow to doctor clinics as well as frequency of doctor calls by medical representatives, are still both below pre-Covid levels.
- Launched Winlevi in the US in Nov 2021. They have received a good response from doctors for the product as there is a need in the market for a new mechanism of action to treat acne, which Winlevi is addressing. It is the first time that an androgen inhibitor is being used for treating acne. Their established presence in the dermatology market will help in ramping up Winlevi going forward.
- They launched 5 new generic products in the US during the quarter. While the US generic business continues to be competitive, the Sun ex-Taro generics business has stabilized. They are facing price erosion but have been able to counter it by a combination of new launches and better supply chain management.
- Branded formulation revenues in Emerging Markets were at $239 million(17% growth YoY). Emerging Markets accounted for about 18% of total revenues for Q3. Amongst the larger markets, in local currency terms, Romania has grown by about 25%, Russia by 17%, South Africa by 33% and Brazil by 29%.
- Formulation revenues in Rest of World markets excluding US and Emerging Markets, were $181 million(3% growth YoY). RoW markets accounted for approximately 14% of revenues for Q3.
- API revenues for Q3 were ₹471 Cr (5% growth YoY)
- Of the doctors that they covered for the product in the first three months, 80% of them have given at least one prescription for WINLEVI, which is a very good indicator that the interest level at the customers for a new mode of action is very high.
- Their major capex plan has been completed till their volumes go up significantly. Till then, they will be doing marginal capex for maintenance only.
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