Laurus Labs Q3FY23 Concall
5 ANDAs filed in last 9M, filed first NDA for pediatric HIV delivery
We have a total of 64 products in R&D, TAM 40 billion
2000cr CAPEX in FY23-24
Power issues resolved and now we don’t have higher private power rates.
Gross-Margins decreased due to ARV API & Formulations. It will not go down further as non-ARV businesses that are growing have a higher margin than ARV
Hope to meet FY23 revised guidance.
ARV- API
In 9MFY23, ARV business in API and formulation together was 35%. By FY25 we hope to bring down that to 25% of overall business
Laurus has won a 3-year ARV business tender from a Global Fund. ARV pricing still depressed, will have a gradual uptick only
2Million capacity added in API will be used in non-ARV and CDMO business
ARV API & FORMULATION on a annual basis will have 2500cr revenues
FORMULATION
In 9M- 45% decline in business due to ARV business
No decline in non-ARV business
Current capacity utilization is 60% (6B of 10b tablet capacity) out of this, 25% of capacity is for CMO (1.5b tablets).
CDMO
60 active products in CDMO business, R&D center and two manufacturing division going on well. We will qualify one animal healthcare facility in the mid of FY24
One facility will be for Animal health and the other is for Agro-Chemicals pilot plant construction over and validation is going on in the pilot plant
Animal & Human health will have similar ratios , Agro will have lesser margins but higher asset turns
Human health growing well with many NCEs, Agro revenues will come in FY25-26
BIO
We are debottlenecking R2 unit and that lead to increased downtime
Initiated process for Land acquisition for bio business in Mysore, in animal origin proteins
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