Tried to decipher and digest all the useful information in the last concall. Due to the great questions, a lot more details on the healthcare business came out in this call – especially regarding the active ongoing accounts, molecules and platforms. Although its not complete, its a good start and I’ve tried to capture the information here.
Healthcare revenue at 107.7 Cr in FY24 (~17% of revenue) up from 57.6 Cr in FY23 (~9% of revenue). The growth in healthcare is 87% and is expected to grow 50-60% in FY25.
In this 107.7 Cr, the difference in standalone and consol. is 28 Cr in topline and 22 Cr in EBITDA. We know that this 28 Cr is all in healthcare business of Shaily UK (platform access fee) which means the standalone entity has a revenue of 80 Cr in healthcare.
We know that standalone entity does contract manufacturing and own IP pens and we know from this concall that the ratio by value is 70:30 or 60:40… lets take it as 65:35 which makes the contract manufactured insulin pen revenue at 52 Cr and own IP pen at 28 Cr (excluding the platform access fee of 28 Cr)
Volume growth in pens to be around ~45% (17 million pens vs 11.5 million pens). This growth is expected to come from Insulin pens as well as GLP-1 pens. Insulin pen growth could be driven by Ypsomed getting out of contract manufacturing which could be Shaily’s gain (and also since insulin pen base is still considerably small as compared to Ypsomed). Since value growth is guided for 50-60%, GLP-1 volume could be bit higher than the Insulin pen volume.
New business wins in last quarter – 2 Sema and 1 Lanreotide
Platforms
| Platform | Molecules | Clients | Misc |
|---|---|---|---|
| Maxim | Insulin, GLP-1 | ||
| Protean | Insulin, Victoza (Lira) | Low-cost platform. Insulin in non-regulated markets. Good scale-up expected here | |
| Axiom | Teriparatide | 7 | Approval expected by end of year in regulated markets |
| Neo | Saxenda (Lira) | ||
| Toby & Tristan (Auto-injectors) | Wegovy (Sema), Mounjaro/Zepbound (Tirze) | 4 | |
| Shaily safe lab | Lanreotide | 2 | Under discussion for adding 2 more. |
There’s also ongoing work on on-body injectors with electronics that will be used in Onco and pain management (under development).
Molecules
| Molecule | Clients | Misc |
|---|---|---|
| Lira (GLP-1) | 5-6 | |
| Sema (GLP-1) | 6 | |
| Tirze (GLP-1) | 2 | Looking at adding fair bit of new clients in NCE-1 filing. Maybe 4-5 total (2-3 more new expected this year then). Supply of clinical batches by Nov this year. |
| Teri (PTH) | 7 | |
| Insulin | 2 | |
| Total | 23 | 12-15 added in last FY in this |
Approval expected in US/EU regulated market for Liraglutide and Teriparatide this year (Lira second half and Teri maybe first half but Teri will hit the market by end of year if all goes well). IMO, this could be a huge trigger as it opens up large opportunity size in the long run to work with Novo or Eli Lilly. We also know for certain that there are 4 new accounts in the pipeline (2 for Tirze and 2 in Lanreotide).
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