Alembic Pharma –
Company overview & Q3 FY 24 concall highlights –
Company’s manufacturing base –
Formulation facilities –
F1 @ Panelav – General oral solids
F2 @ Panelav – Oncology oral solids, Injectables
F3 @ Kharkhadi – General injectables, Ophthalmic products
F4 @ Jarod – General Oral solids
F5 @ Kharkhadi – Various Derma product forms
API facilities –
02 facilities at Panelav
01 facility at Kharkhadi
Company is ranked @ 20th position in the IPM
Supplying APIs to 60+ countries
Division wise sales mix for Q3 –
India formulations – 36 pc – 596 cr, up 9 pc
US formulations – 28 pc – 474 cr, up 9 pc
RoW formulations – 17 pc – 272 cr, up 32 pc
APIs – 19 pc, 326 cr, down 11 pc
India sales breakup –
Acute – 30 pc
Vet – 16 pc ( operating in Livestock and Poultry market )
Speciality – 54 pc
In India, 04 of company’s brands clock sales > 100 cr / yr
03 of company’s Veterinary brands clock sales > 30 cr / yr
No large capex is lined up for the US business in the foreaeable future
RoW growth driven by various partnerships that the company got into. Key RoW mkts include – EU, Canada, Australia, Brazil, RSA. Commenced ops from Chile. Aiming to expand to Mexico, ME and North Africa in near future
Company has been spending > 12 pc of their topline on R&D for last 5 yrs !!!
Veterinary and RoW businesses grew by 32 pc each in Q3
Company is sitting on a lot of operating leverage as its US facilities are under-utilised. As their utilisation goes up, return ratios, margins should get a good bump
Fall in API sales is due to slower off take by a few customers. Should correct in 2-3 Qtrs
Aim to launch 05 new products in US in Q4 followed by 10-15 launches in FY 25. These launches should help take the plant utilisation to higher levels
Company’s R&D focus these days is greater on Injectables vs Oral solids, Derma products
Company is working on GLP-1 products. These are complex generics. Launches are some time away
Company feels it has $ 230 million/yr kind of base business in US ( unless there r some major disruptions ). The Mkt is looking better now vs the last few yrs. The US business is already profitable
Disc: planning to take up a tracking position, biased, not SEBI registered
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