I think what really happened in Q2:
a) We saw a global correction in base chemicals and KSM’s – Ami had to eventually sell at a price where competition killed pricing due to having access to cheaper RM whereas Ami had stored RM’s for 3 months in advance (high cost RM)
b) Contribution of one of their key anti-coagulants is almost negligible to zero in FY24 (Apixaban)
Some updates on Apixaban
-Apixaban’s patent was rendered invalid by UK Court (they mentioned- gave entry to Teva and Sandoz who are the generic filers (Ami’s clients).
The expectation was that rest of Europe would follow. However, in July 2023 the Apixaban patent was upheld in Netherlands and France, to an extent where generic versions of Apixaban were removed.
-However, the Irish government has sided with the decision of the UK government and render the patent invalid.
-Apixaban’s global patent expiry is at the end of CY26 meaning generic filers get access to the product in 2027.
-Though Apixaban’s contribution in FY24 was negligible to zero – it could make a comeback for Ami in FY25 (as UK and Ireland volume may be re-stocked)
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