- Revenue growth was at 6%. EBITDA margins were at 22.7% which tracks with their full year guidance despite increased RM and freight costs. The cost increases were offset by increased share of the complex and chronic launches, continuous rigor on cost control and operating efficiencies.
- One India reported 13% growth YoY. The core prescription business in India excluding COVID grew strongly by 16% YoY. The branded prescription business is on track to achieve the $1 Billion mark
- The US revenue for the quarter was $150 million, one of the highest in recent quarters led by strong fraction in the respiratory and other portfolio. South Africa private business maintains a market meeting trajectory driven by steady launch momentum.
- Q4 is a seasonally reverse quarter for India and EBITDA will respond to the change in mix.
- The COVID portfolio declined by almost 10% YoY and 17% sequentially. They do expect to see some traction in the coming quarter in line with the caseloads amid the ongoing third wave in India.
- Total R&D investment for the quarter is at ₹262 crores. All the priority projects continue to be on track. Expenditure is expected to increase as the respiratory assets progress in the clinical trials.
- During the quarter the company unlocked a major peptide asset in the US with the approval of Lanreotide. They are expecting a sustainable ramp up over the medium term. They will continue to expand the peptide portfolio through internal development and partnerships
- On Advair they remain closely engaged with the US FDA on their file. They are waiting to hear from the FDA on the inspection schedule for the Goa plant.
- Lanreotide will be manufactured at their partner’s site. Although they are not ready to disclose where that is yet
- Next year R&D is expected to be higher around 7-7.5%.
- They are aware that large epharmacy players can cause disruption in the business and they are working on a strategy around it.
- Europe is more sensitive to market entry than the US is on this product. So in the US if you are even third or fourth player because of the volumes in the market, people can carve out their own shares and stay sustainable. Whereas in Europe the equation changes very rapidly after the second or third entrant, the market begins to be more responsive on price than you have seen in the US.
- If you really want to bring more products and more innovative products into the market which are patent protected and innovation driven, you have to partner with a multinational corporation. There is no other way to get innovation into India. For example yesterday there was news that Novo Nordisk is launching the oral Semaglutide in India, now that is a great product. If it was not Novo themselves and supposing Novo would be looking for a partner, many Indian companies would have offered to partner for this. The therapy is a game changer, right? So why would anyone sit out when there is innovation that we can bring to this market which can spurt the market growth and create the unmet need demand.
- The infrastructure requirement of launching products from innovators isn’t anything new for the top 10 or 15 Indian companies, because everyone will have a cardiac field force, everyone will have a diabetic field force and every time there is a new product that comes in, they kind of eliminate the tail products so that productivity is maintained.
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