Ipca Corporate Presentation

8/3/2019 Ipca Corporate Presentation

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Corporate PresentationCorporate Presentation

Partnering Healthcare Globally Partnering Healthcare Globally

July July ’’ 1111

Ipca Laboratories Limited



Company Overview

Fully integrated Pharmaceuticalcompany producing Branded &

Generics Formulations, APIs &Intermediates.

Business Model

Over 8,900Number of Employees

Rs. 10,252 Mn.USD 225 Mn.

Exports F.Y. 2010-11

Rs. 18,895 Mn.USD 415 Mn.Total Income F.Y. 2010-11

1975Present Management since

1949Incorporation



UK - MHRA, US - FDA.TGA-Australia, HPB Canada

Tablets &Capsules

Silvassa

UK- MHRA,MCC – South Africa,

Betalactum –Tablets, Capsules& Dry Syrups.

Kandla (Gujarat)

MCC-S.AfricaTablets, Liquids &Injectables

Ratlam(Madhya Pradesh)

UK-MHRA, TGA-Australia,MCC-South Africa, HPBCanada, WHO-Geneva

Tablets &Capsules

Athal (Silvassa)

Approvals / InspectionsDosage FormLocation

FormulationsFormulations

Manufacturing FacilitiesManufacturing Facilities



UK – MHRATablets & CapsulesIndore (SEZ)(MadhyaPradesh)

WHO - GMPTablets & Cephalosporin

Injectables

Dehradun

(Uttaranchal)

Approvals / InspectionsDosage FormLocation

FormulationsFormulations




WHO - GMPAurangabad (Maharashtra)

WHO - GMPIndore(Madhya Pradesh)

US – FDA ,TGA – AustraliaEDQM, Danish Regulatory Authority,

PMDA-Japan, WHO-Geneva

Ratlam(Madhya Pradesh)

Approvals / InspectionsLocation

Active Pharmaceutical Ingredients (APIs)Active Pharmaceutical Ingredients (APIs)


The company has taken effective steps for setting up a new greenThe company has taken effective steps for setting up a new greenThe company has taken effective steps for setting up a new greenThe company has taken effective steps for setting up a new greenfield API manufacturing facility atfield API manufacturing facility atfield API manufacturing facility atfield API manufacturing facility at VadodaraVadodaraVadodaraVadodara (Gujarat)(Gujarat)(Gujarat)(Gujarat)



-Dosage Form –Tablets &Capsules

Sikkim

Approvals / Inspections

Dosage Form / CapacityLocation

Projects Under ImplementationProjects Under Implementation


Sikkim formulations manufacturing Plant started commercialSikkim formulations manufacturing Plant started commercialSikkim formulations manufacturing Plant started commercialSikkim formulations manufacturing Plant started commercialProduction in July 2011.Production in July 2011.Production in July 2011.Production in July 2011.



Revenue Break-up (2010-11)

Formulations 74% APIs 26% Domestic 46%Exports 54%

Formulations 67% APIs 33%

T o

t a l R e v e n u e

B r e a

k u p

T o

t a l R e v e n u e

B r e a

k u p

E x p o r t s

B r e a

k u p

D o m e s

t i c B r e a

k u p

Formulations 83% APIs 17%



Revenue Break-upRs. Mn. Domestic Exports Total Domestic Exports Total

BrandedFormulations 6964 1558 8522 5898 1298 7196 18.4%

GenericFormulations 5359 5359 80 3594 3674 45.9%

TotalFormulations 6964 6917 13881 5978 4892 10870 27.7%

API /Intermediates 1443 3335 4778 1416 3169 4585 4.2%

Others 236 236 200 200

Total Income 8643 10252 18895 7594 8061 15655 20.7%

Growth 13.7% 27.2% 20.7%

2010-11 2009-10 Growth



Financials

(Rs. Mn.) USD (Mn.) (Rs. Mn.) USD (Mn.) % Growth

Total Income 18895 415 15655 343 20.7%

EBIDT 3785 83 3319 73 14.0%

EBIDT % 20.12% 21.37%PBT # 3437 75 2717 60 26.5%

PBT % 18.27% 17.50%

PAT # 2554 56 2092 46 22.1%PAT % 13.58% 13.47%

FY 2010-11 FY 2009-10

# After forex gain of Rs.433Mn as against forex gain of Rs.58Mn for previous year.



Financials

Profitability to Net Income FY 2010-2011 FY 2009-2010 FY 2008-2009

PBIDT 20.12% 21.37% 21.03%

PBT 18.27% 17.50% 9.79%PAT (before exceptional items) 14.11% 13.47% 7.96%

Net Profit (after exceptional items) 13.58% 13.47% 7.16%



FinancialsBusiness Characteristics FY 2010-2011 FY 2009-2010 FY 2008-2009

Return on Capital Employed %

(PBIT/Capital Employed) 26.14% 24.82% 16.35%Return on Net Worth % (PAT/NetWorth) 25.18% 23.91% 15.88%

Fixed Asset Turnover Ratio (TotalIncome/Net Fixed Assets) 2.33 2.32 2.20

Capital Employed Turnover Ratio(Total Income/ Capital Employed) 1.35 1.33 1.36

Asset Coverage Ratio (to term loan)(Net Fixed Assets/Long Term Loans) 3.04 3.07 2.51Long Term Debt Equity Ratio (Long

Term Loan/ NetWorth) 0.25 0.25 0.36Debtors Turnover Ratio (Days)(Debtors/ Turnover)x365 91 93 99Creditors Turnover Ratio (Days)(Creditors/ Purchases)x365 56 60 62Inventory Turnover Ratio (Days)

(Inventory/ Turnover)x365 90 88 86



Financials

Growth FY 2010-2011 FY 2009-2010 FY 2008-2009

Total Income 20.7% 22.7% 20.4%

Domestic Sales 13.7% 26.4% 15.6%

Export Sales 27.2% 18.5% 26.9%

PBIDT 14.0% 23.9% 45.8%

PBT 26.5% 118.0% -29.5%

PAT (before exceptional items) 26.8% 106.3% -28.1%

Net Profit (after exceptional items) 22.1% 129.3% -35.4%



Financials

(Rs. Mn.) USD (Mn.) (Rs. Mn.) USD (Mn.) % Growth

Total Income 5326 117 4205 92 26.7%

EBIDT 952 21 712 16 33.7%

EBIDT % 17.96% 17.04%

PBT # 832 18 511 11 62.8%

PBT % 15.62% 12.15%

PAT # 617 14 388 9 59.0%

PAT % 11.58% 9.22%

Q1 2011-12 Q1 2010-11

# After forex gain of Rs.91Mn as against forex loss of Rs.29Mn for previous year.



Contribution of Therapeutic GroupsGroups

1%-Nutraceuticals--

100%100%Total100%100%

1%4%Others1%8%

4%-Dermatology4%-4%1%Cough Preparations4%1%

4%3%Neuro psychiatry4%1%

6%1%Gastro-intestinal (GI) products7%2%

8%11%Anti-bacterials9%19%17%19%Anti-malarials17%7%

28%20%Non steroidal anti-inflammatory drugs(NSAID)26%21%

27%41%Cardiovasculars & Anti-diabetics28%41%

DomesticExportsTherapeutic SegmentDomesticExports

2010-112009-10

Revenue Break-up (Formulations)



Branded Formulations – Domestic



Formulations Business - Domestic

All India Rank ORG-IMS : 26th (MAT June’11).

23 Depots & 2 C&F agents.

13 Therapy Focused Marketing Divisions including 2 newdivisions - Ipca Pain Management & Ipca Dynamix.

Field Strength - 5400

1500 Wholesalers.

4 brands among top 300 brands (HCQS, Lariago, Perinorm &Rapither)Market leaders in Anti-malarials & Rheumatoid Arthritis.



95

105

131153

2007-08 2008-09 2009-10 2010-11


Sales Rs.Mn .Sales USD Mn.CAGR = 17%

4766

4319

5978 6964



New Product SalesNew Product Sales


Value

(Rs. Mn.)Before 2006-07 5827 86%

2006-07 203 3%

2007-08 433 6%2008-09 104 2%

2009-10 98 1%

2010-11 149 2%New products launched inlast 5 yrs 987 14%

Grand Total 6814 100%

Year of Launch %

Contribution



Formulations Business - DomesticFuture Growth DriversFuture Growth Drivers

The company introduced 25 new Brands in the domestic market

during 2010-11Increased penetration through field force expansion.

Clinical research as a tool to launch innovative combination

formulations / NDDS.Strong Brand building with focused promotion.

In licensing/ out licensing to build business in the promoted therapy.

Portfolio optimization, strategies to identify need gaps to build, enter,maintain and exit approach.



Domestic API Business



Domestic API Business

Sales Rs.Mn.Sales USD Mn.CAGR = 25%

API sales does not include captive consumption (FY 2010-11 Rs. 2271 Mn / USD 50 Mn.)

16

24

3132

2007-08 2008-09 2009-10 2010-11

741

1083

14161443



International Business



Exports to over 110 countries.

Recognised Trading House.Among Top 10 Pharma exporter from India.

54% sales from exports.

Field-force to promote brands in 40 countries of CIS,South East Asia, Middle East, Latin America andAfrica.




Marketing offices in Russia, Ukraine, Vietnam, Phillipines,Kenya, Columbia, Sri Lanka, Malaysia & Nigeria

(subsidiary company).Formulation Dossiers for Branded formulations registeredin 70 countries.

Forbes Asia has selected Ipca for 3 consecutive years–2003, 2004 ,2005 as one of the Best under a billioncompanies outside US.

Forbes Inc. selected Ipca as one of the ‘Best under aBillion Forbes Global’s 200 Best Small companies’ in 2007.




118

149

177

225

2007-08 2008-09 2009-10 2010-11

Sales Rs.Mn .

Sales USD Mn.

CAGR = 24%

10252

8061

5363

6804




Continent FormulationsBulk drugs/

IntermediatesTotal Cont.%

EUROPE 2800 1080 3880 38%

AFRICA 1716 329 2045 20%

ASIA 258 858 1116 11%

CIS 742 38 780 8%

AMERICAS 1159 951 2110 20%

AUSTRALASIA 242 79 321 3%

Total 6917 3335 10252 100%

International BusinessContinent-wise Exports 2010-11 (Rs(Rs MnMn ))



International Formulations Business



International Business - FormulationsSales Rs.Mn.Sales USD Mn.CAGR = 27%

75

96

107

152

2007-08 2008-09 2009-10 2010-11

6917

3420

4372

4892



International Business –

Branded Formulations

I t ti l B i



International Business –Branded Formulations

Sales Rs.Mn.Sales USD Mn.CAGR 12%

25

37

28

34

2007-08 2008-09 2009-10 2010-11

1558

1129

1684

1298

I t ti l B i



International Business –Branded Formulations

Future Growth DriversFuture Growth Drivers

Thrust on brand building in Pain, CVS, CNS, Anti-infective and Anti-malarial segments.

Geographical expansion in covered countries through additional fieldforce.

New geographies – South & Central American and West African countries.

Expansion in business lines - Institutions and Distributors.Introduction of new products. About 50 existing developed formulationsare identified for registration and launch across all continents.

The company’s wholly owned subsidiary in Mexico has started activities of

filing the formulation Dossiers for registration in the said countryThe company has started marketing its branded formulations inVenezuela, Colombia and Peru in the Latin American Market



International Generic Business




International Business –Generics (developed market)

1037South Africa

1414U.S. /Canada

527Australia /New Zealand

1044UnitedKingdom /EU

ProductsUnder

Registration

ProductsRegistered

CountrySales Rs.Mn.Sales USD Mn.CAGR 33%

2291

5359

2688

3594

50

59

79

118

2007-08 2008-09 2009-10 2010-11

5359




Future Growth DriversFuture Growth Drivers

International Business -Generic Formulations

Dossiers developed by company approved in UK are being takenfor MRP registration in other EU countries.

Own Dossier filings in Portugal.

Most formulations registered to be backed by own API.

Sale of Generic Dossiers with or without supply agreements.

Contract manufacturing arrangements.

Focus on Institutional business especially for Anti-malarials.

Approval for Anti-malarial finished dose combination formulation – Artemether + Lumefantrine under WHO’s PrequalificationProgramme. Ipca is the 4 th Company in the World to haveprequalification for this product.

International Business –



International Business Generic FormulationsFuture Growth Drivers – North America

Strategic tie up with Ranbaxy Inc. to market around 25 Genericformulations in U.S. In all the company has signed agreements

with 3 marketing partners for sale/ distribution of Genericformulations.

23 ANDAs filed of which 12 ANDAs are approved.

12 ANDA filings planned in FY 2011-12 and 10 to 12 ANDAstargetted for filing every year for next 3 years.

US Generic business commenced from September, 2008.

Many Generic products in pipeline for potential tie ups.

Exploring contract development and manufacturing opportunities.

Marketing arrangements signed for Canada.Generics export to Canada commenced in FY 2011-12.

International Business -



International Business Generic Formulations

Most ANDAs to be backed by own APIs.

Formulations manufacturing facility at SEZ Indorecommercialized and awaiting US-FDA inspection.

Future Growth DriversFuture Growth Drivers -- United StatesUnited States



International API Business

API B i I i l



API Business - International

Sales Rs.Mn.Sales USD Mn.CAGR 20%

43

53

7073

2007-08 2008-09 2009-10 2010-11

3335

1943

2432

3169

API DMF



API - DMFs

Sr. No. Name of the APIUS

FDAUK

MHRACanada

HPFB WHO PMDA Japan Australia EDQM

1 Atenolol a a a a a a

2 Artemether a a

3 Artesunate a a

4 Amodiaquine Hcl a a

5 Amlodipine Besylate a

6 Allopurinol a a a

7 Balsalazide Disodium Dihydrate a

8 Bendroflumethiazide a a

9 Bisoprolol Fumarate a

10 Carvedilol a a a

11 Cetrizine Dihydrochloride a a a

12 Chloroquine Phosphate a a a

13 Chloroquine Sulphate a

14 Chlorthalidone a a a

15 Cilostazolea

API DMF ( td )



API – DMFs (contd..)


FDAUK

MHRACanada


16 Citalopram HBR a

17 Clopidogrel Bisulfate a

18 Etodolac a a

19 Fenofibrate a a

20 Fluconazole a a

21 Flumequine a

22 Furosemidea a a a a a

23 Glimeperide a a

24 Hydrochlorothiazide a a a a a a

25 Hydroxyzene Di Hcl a

26 Hydroxychloroquine Sulphate a a a a

27 Indapamide a a a

28 Isotretinoin a a

29 Losartan Potassium a a a a a

30 Lumefantrine a a

API DMF ( td )





FDAUK

MHRACanada


31 Methylphenidate a a a

32 Mesalamine/ Mesalazine a a

33 Metformin HCL a a

34 Metoclopramide HCl a a a a a

35 Metoprolol Succinate a a

36 Metoprolol Tartrate a a a a a

37 Nabumetonea a

38 Ondansetron Hydrochloride a a a

39 Ondansetron Base a

40 Paroxetine Hcl a

41 Perindopril a

42 Probenecid a

43 Proguanil Hydrochloride a a

44 Propranolol HCl a a a a

45 Pyrantel Pamoate a a a a a

API DMFs (contd )





FDAUK

MHRACanada


46 Pyrantel Tartrate a

47 Pyrimethamine Hcl a a

48 Quetiapine Fumarate a

49 Resperidone a a

50 Resindronate Sodium a

51 Sodium Alendronate a a

52 Sulfadoxine a a

53 Torsemidea

54 Tramadol Hydrochloride a a a

55 Trimethoprim a a a a a a

56 Triamterene a

57 Triclabendazole a

58 Valsartan a a

59 Warfarin Sodium Clathrate a a

60 Warfarin Sodium a a

61 Zoledronic Acid a

Total 58 13 16 4 9 9 34

API Business Future Growth Drivers



API Business – Future Growth Drivers

17 new APIs were commercialized in 2010-11

Aggressively pursuing MNC tie ups for supply agreements.

API source change / ANDA approvals of major US customers based on ourAPIs – Atenolol, Furosemide, Propranolol, Hydroxychloroquine Sulphate,Balsalazide, Hydrochlorthiazide to add nearly USD 10 mn. Business in next2 years.

Non-infringing process Patent filed for APIs – Losartan, Clopidogrel form 1,Metoprolol Succinate, Valsartan, Glimepride, Carvedilol, Isotretinoin and

Perindopril.Targeting 1 DMF filing per month.

Own API manufacturing to back formulations, especially for the Genericmarket.

Exploring strategic business relationship with smaller API manufacturersfor increasing product basket.

Management control of Tonira Pharma Ltd; an export oriented API companywith US-FDA approved manufacturing facility acquired in May 2008.



Research & Development(APIs & Formulations)

Research & Development



4%7132010-11

4%5022008-09

4%5732009-10

429

328

Rs. Mn.

4%2007-08

4%2006-07

% to SalesYear


R & D SpendingR & D Spending





New Division COVENANCE to undertake Contract Research andManufacturing Activities (CRAMS)

Current scientist manpower of over 350.

Research focus on developing APIs with non-infringing processand development of finished dosage forms.

Development of NDDS for Domestic and International market.

196 patent applications filed.

75 Patents granted (Indian – 58, US PTO - 11, EU- 6)




Working out strategy to start drug discovery program and to build infrastructure.

Bio-tech / fermentation research Laboratory established.

The company has subscribed to the capital of a newly incorporated subsidiarycompany Prayas Bio Lifescience Limited which will be engaged in Researchand Development of Biotech/Recombinant DNA Technology products.

2 in licensing arrangements with CSIR labs - NCE 97 / 78 CDRI compound nowentering into phase 1 Clinical trial.

Pursuing relationship and technical collaboration with CSIR Labs like CDRI,CIMAP & Universities like BITS Pilani. Working for more tie ups with academicinstitutions.

Undertaking contract research activities for APIs & Formulations forInternational clients.


Future StrategyFuture Strategy



Thank YouThank You

No part of this Corporate Presentation may be re-produced, quoted or circulated without prior approvalof Ipca Laboratories Limited.

This presentation may include forward looking statements based on our current business expectations.Our actual results may differ from what is projected in this Corporate presentation. The viewers of thispresentation may use their own judgements and calculations before making any decision on any matterbased on the informations given herein.

The Company also disclaims any obligation to revise any of the information given in this presentation.

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