Slide 1: Investor Presentation Q4FY23 and FY23
Q4FY23 and FY23 May 30, 2023 Investor Presentation Creating a Global Company BSE: 524404 | NSE: MARKSANS | ISIN: INE750C01026 ©2021 – Marksans Pharma Limited, All Rights Reserved.
Slide 2: Safe Harbor
Safe Harbor Certain statements in this presentation concerning our future growth prospects are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The company's results may
Slide 3: Table of Content
Table of Content 1. Q4FY23 and FY23 Highlights………………………………………………………………………………………………………………………………………………………………………….………....04 2. About the company…………………………………………………………………………………………………………………………………………………………………………………………………..17 3. Key strengths ………………………………………………………………………………………………………………………………………………..........
Slide 4: Q4FY23 and FY23 Highlights
Q4FY23 and FY23 Highlights 4
Slide 5: Management Commentary
Management Commentary "Our consistent growth trend continues in the quarter, driven by gains in existing store brands, products, and markets, as well as normalization of freight expenses. We have completed the acquisition of Teva Pharma manufacturing unit in Goa which will enable us to accelerate th
Slide 6: Q4FY23 Highlights
Q4FY23 Highlights Operating Revenue US & North America UK & Europe Australia & NZ Rs 486.0 cr Rs 193.5 cr Rs 206.3 cr Rs 63.4 cr (+16.3% YoY) (+12.8% YoY) (+33.1% YoY) (-10.9% YoY) (+1.3% QoQ) (-10.8% QoQ) (+10.5% QoQ) (+27.6% QoQ) Gross Profit EBITDA PAT EPS Rs 242.1 cr Rs 109.5 cr Rs 82.7 cr Rs 2.
Slide 7: FY23 Highlights
FY23 Highlights Operating Revenue EBITDA PAT Rs 1,852.1 cr Rs 339.3 cr Rs 265.3 cr (+24.2% YoY) (+31.1% YoY) (+42.0% YoY) 18.3% margin 13.9% margin R&D Net Cash Capex Rs 29.5 cr Rs 715.0 cr Rs 53.6 cr (1.6% of sales) As of March 31, 2023 7
Slide 8: Financial Highlights
Financial Highlights Q4 FY23 FY23 • Operating revenue was ₹486.0 cr. compared to ₹418.0 cr. in Q4FY22, • Operating revenue increased by 24.2% YoY to ₹1,852.1 cr., the growth an increase of 16.3% YoY. is driven by market share gains in the existing store brands & markets and the launch of new product
Slide 9: Business Highlights
Business Highlights Business ▪Strong growth across all markets, US, UK and Europe, Australia and New Zealand and Growth Markets ▪Added 50+ new SKUs in existing store brands in FY23 and 50+ SKUs in pipeline for next financial year ▪Total R&D Expenditure for FY23 was ₹29.5 cr., constituting ~1.6% of r
Slide 10: Conversion of warrants issued to OrbiMed and the Promoter
Conversion of warrants issued to OrbiMed and the Promoter Warrant OrbiMed’s stake conversion by increased to Promoter’s stake OrbiMed and the at ~43.80% Continued ~10.88% Promoter strengthening Strong commitment of the balance Raised total amount Warrant to the company sheet of Rs. 372.40 cr in conv
Slide 11: Completed Acquisition of manufacturing capacity from Tevapharm India
Completed Acquisition of manufacturing capacity from Tevapharm India Scalable capacity with plan to double the existing Addition to the three existing manufacturing sites in Indian capacity from 8bn units per annum Southport (UK), Farmingdale (US) and Goa (India) Manufacturing site is spread across
Slide 12: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Particulars (₹ cr.) Q4FY23 Q4FY22 Q3FY23 YoY QoQ FY23 FY22 YoY Operating Revenue 486.0 418.0 479.8 16.3% 1.3% 1,852.1 1,490.8 24.2% Gross Profit 242.1 206.4 240.3 17.3% 0.7% 930.8 774.0 20.3% Gross Margin % 49.8% 49.4% 50.1% 40bps -30bps 50.3% 51.9% -170bps EBI
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet Particulars(₹ Cr.) FY23 FY22 Particulars(₹ Cr.) FY23 FY22 ASSETS EQUITY AND LIABILITIES NON-CURRENT ASSETS EQUITY Property, Plant & Equipment 379.6 341.6 Share Capital 45.3 40.9 Capital work-in-progress 7.2 0.7 Reserves and Surplus 1,699.8 1,161.3 Goodwill 38.5 30.0 Non-Co
Slide 14: Quarterly Performance
Quarterly Performance Operating Revenue (₹ cr.) Gross Profit (₹ cr.) & Gross Profit Margin (%) 50.5% 50.7% 50.1% 49.8% 49.4% 53.8% 229.4 240.3 242.1 206.4 218.9 195.1 452.6 479.8 486.0 418.1 433.8 362.7 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 EBITDA (₹ cr.
Slide 15: Quarterly Region wise Performance
Quarterly Region wise Performance US & North America (₹ cr.) Europe and UK (₹ cr.) 217.0 190.3 193.5 206.3 193.5 186.8 171.6 173.9 181.0 157.4 149.0 155.0 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Q3FY22 Q4FY22 Q1FY23 Q2FY23 Q3FY23 Q4FY23 Australia and New Zealand (₹ cr.) Rest of the World (₹ cr.) 7
Slide 16: 6-Year Financial Performance
6-Year Financial Performance Operating Revenue (₹ cr.) Gross Profit (₹ cr.) & Gross Profit Margin (%) 1,852.1 56.8% 50.2% 49.9% 51.9% 930.8 50.3% 1,490.8 1,376.2 42.7% 781.1 774 1,134.2 1,000.1 566.4 912.7 502.1 389.6 FY18 FY19 FY20 FY21 FY22 FY23 FY18 FY19 FY20 FY21 FY22 FY23 EBITDA (₹ cr.) & EBITD
Slide 17: 6-Year Financial Ratios
6-Year Financial Ratios ROE (%) ROCE (%) 26.3% 32.6% 18.6% 24.6% 14.6% 15.3% 15.0% 19.1% 16.7% 15.5% 7.5% 10.4% 2.6% 3.2% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY17 FY18 FY19 FY20 FY21 FY22 FY23 Net Debt to EBITDA (x) Fixed Asset Turnover Ratio (x)* 2.5 1.9 4.4 2.0 4.0 1.5 1.0 3.6 3.5 3.7 0.5 3.3 1.0 2
Slide 18: About the company
About the company 18
Slide 19: Marksans Pharma - Snapshot
Marksans Pharma- Snapshot India’s leading pharmaceutical company with a focus on regulated markets, specializing in research, manufacturing and marketing of generic pharmaceutical formulations Market Reach Products Global footprint- Present in 50+ countries 300+ products in the form of tablets ~95%
Slide 20: Marksans Today – Reinvented through disciplined acquisitions
Marksans Today – Reinvented ourselves through disciplined and successful acquisitions creating a forward integrated model USA Australia and New UK and Europe Zealand • Contributes ~41.8% to the revenue in FY23 • Contributes ~41.4% to • Contributes ~11.3% to • Presence in the USA the revenue in FY23
Slide 21: Offering quality affordable healthcare products
Offering quality affordable healthcare products • Presence across 10+ therapeutic areas Product Portfolio – FY23 Revenue (₹ Cr.) • OTC – Pain Management, Cough and Cold, Gastrointestinal, Vitamin & supplements, Anti-Allergic Pain Management 815.3 Cough & Cold 260.1 • Rx – CVS, CNS and Anti-Diabetic
Slide 22: Segmental Mix
Segmental Mix Therapeutic Segment-Wise Split Segment Revenue Split 6.8% 8.2% 11.7% 13.9% 12.7% 14.6% 7.5% 8.3% 8.6% 7.3% 6.6% 8.5% 6.0% 44.1% 8.8% 20.6% 1.6% 51.0% 18.4% 10.9% 3.6% 54.7% 8.1% 58.6% 11.7% 6.0% 11.4% 68.6% 6.3% 74.4% 6.7% 14.0% 9.0% 8.5% 12.4% 13.8% 13.1% 9.0% 9.2% 15.4% 14.5% 15.4% 5
Slide 23: Most active in Softgel segment with limited competition
Most active in Softgel segment with limited competition Differentiated Offerings Focused on softgel capsules to build a differentiated set of offerings in the crowded generics market Limited Competition Given the challenges in preparing softgel formulations and other economic, technical and patent c
Slide 24: OTC
OTC Continued increase in the revenue share from OTC segment In OTC, the revenue comes from store brands and own label over the last five years 68.6% 74.4% 51.0% 54.7% 58.6% 44.1% Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Store Brands Own Labels Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Store Brands
Slide 25: Own Label and Private label stores brand
Own Label and Private label stores brand Bells Healthcare, UK Time-Cap Labs, US Nova Pharmaceuticals, Australia and New • Bell’s Healthcare specializes in own label Zealand • TCL manufactures and sells finished products products and provides to supermarkets, high street retailers, pharmacy chains an
Slide 26: Rx
Rx ~26% revenue derived from Rx products In Rx, revenue comes Relonchem, UK and Time-Cap Labs, US 55.9% 49.0% 45.3% 41.4% 31.4% 25.6% Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Relonchem,UK Time-Cap Labs Relonchem, UK Time-Cap Labs, US Relonchem has over 160
Slide 27: Has led to high growth track record
Has led to high growth track record Over 2018-2023, Marksans has seen high growth (CAGR) across the key parameters % % % % 15 34 49 28 Revenue EBITDA PAT OTC 27
Slide 28: Leveraging our key strengths
Leveraging our key strengths 28
Slide 29: Becoming a high performing healthcare company by leveraging our key strengths
Becoming a high performing healthcare company by leveraging our key strengths Focus on OTC Store Brand Strategy Low-cost Manufacturing R&D is a major strength 29
Slide 30: 1) Focus on OTC Store Brand Strategy
1) Focus on OTC Store Brand Strategy 30
Slide 31: What do we do?
What do we do? • Marksans Pharma manufactures more than 1500+ SKUs and 300+ products • We manufacture and sell products through store and own brand model • We are the preferred store brand partners where our long-lasting retailers’ have partnered with us for manufacturing of OTC products for them •
Slide 32: Our store brand products are available through e-commerce as well
Our store brand products are available through e-commerce as well… Store Brand OTC e-Commerce page: Our products for the retailers are available in outlets and ecommerce as well With almost full range of Store brand OTC products available online today through the retailers 32
Slide 33: Why is Marksans retailers preferred partner for store brand OTC growth
Why is Marksans retailers preferred partner for store brand OTC growth Regulatory Consumer Quality Marketing Expertise expertise Expertise 1 3 5 Mass 2 4 6 Customization Low-cost New Product Expertise manufacturing Pipeline 33
Slide 34: Marksans edge over competition
Marksans edge over competition STORE BRAND OTC COMPETITORS: • Do not have the critical scale to support • Long Lasting Consumer Rx COMPETITORS: Relationship • Experience in NATIONAL BRAND OTC Lack of resources, infrastructure COMPETITORS: manufacturing store or experience to handle the brands Low pr
Slide 35: 2) Low-cost Manufacturing
2) Low-cost Manufacturing 35
Slide 36: Low-cost manufacturing base across key regions
Low-cost manufacturing base across key regions • Manufactures non-sterile liquids, ointments and powder sachets • Supplies to UK, West Africa & Middle East • Spread across 7,300 sq. meters C A PAC I T Y AC C R E D I TAT I O N S 2 bn bottles per annum 1 bn tubes per annum Farmingdale, USA 1 bn sachet
Slide 37: 3) R&D is a major strength
3) R&D is a major strength 37
Slide 38: R&D and Product Launches Highlights
R&D and Product Launches Highlights R&D % to sales Brand Composition Therapy Segment Market LOSARTAN LOSARTAN 25 MG, 50 MG, 100 MG TABLETS Anti-Diabetic UK Expected to increase to ~4-5 % over the next few years ONDANSETRON ONDANSETRON 4MG, 8 MG TABLETS Gastrointestinal UK 35.0 4.0% CARVEDILOL CARVED
Slide 39: 2023 and Beyond
2023 and Beyond 39
Slide 40: Core Growth Strategies for the future
Core Growth Strategies for the future OTC store brand / market share gains Backward Integration for sustained margin development Growth Investing in new low-cost Strategies manufacturing capabilities Supplement growth through acquisitions Continued product launches through a healthy product pipeline
Slide 41: Backward Integration for sustained margin development
Backward Integration for sustained margin development API manufacturing for top 10 core molecules Timeline • CDO for next 12-18 months • Filing of DMF by CDMOs over the next 6 months Rationale Target Implication API manufacturing for captive consumption Three phases of API manufacturing: • Begin wit
Slide 42: Investing in new low-cost manufacturing capabilities
Investing in new low-cost manufacturing capabilities ➢ Target – Adding new capacity of 8bn units per annum ➢ Products manufactured in new capacity - Oral solids, tablets, hard and softgels, ointments, liquids, creams Current Capacity (per annum) Location 8 bn Goa 4 bn UK 6 bn USA 18 bn Overall capac
Slide 43: Supplement growth through acquisitions
Supplement growth through acquisitions Marksans will continue to supplement its growth profile: Marksans Pharma has reinvented itself and witnessed growth momentum supported by organic and inorganic route. • Planning to acquire ANDAs to cut short development time • Expansion in growing markets throu
Slide 44: Continued product launches through a healthy product pipeline
Continued product launches through a healthy product pipeline Strong product pipeline followed by successful launches led by continued focus on R&D • Planned 34 new filings over the next three years • In addition, 16 products are already filed and awaiting • 10 products are in the pipeline approval
Slide 45: Global overview
Global overview 45
Slide 46: US consumer healthcare
US consumer healthcare 46
Slide 47: United States of America | Operations Overview
United States of America | Operations Overview Summary • The US pharmaceutical market is one of the key focus areas 5 22.0% • The US constitutes over 30-40% of the global pharmaceutical market, ANDAs Y-o-Y and the strategic acquisition of Time Cap Labs allows us to expand Pipeline Rx growth offering
Slide 48: Time-Cap Laboratories, USA | Overview
Time-Cap Laboratories, USA | Overview Key Highlights Marksans Pharma INC - Key Financials (USD mn) Summary 71.0 85.3 94.8 • Founded in 1981, TCL is engaged in the manufacturing of solid dose generic 52.5 53.0 55.1 38.7 pharmaceutical products • TCL manufactures and sells finished products in bulk qu
Slide 49: Capitalizing on the distribution and e-commerce
Capitalizing on the distribution and e-commerce 49
Slide 50: UK Consumer Healthcare
UK Consumer Healthcare 50
Slide 51: United Kingdom | Operations Overview
United Kingdom | Operations Overview Summary • We have served the UK market since 2007 ₹ 767.6cr. • UK is one of the largest generic markets in Europe FY23 revenue • The Company services this region through Marksasn Pharma Ltd. and its wholly owned subsidiary Marksans Pharma (UK) Ltd that includes 2
Slide 52: Rx-to-OTC Switch Trend in the UK has been advantageous for Marksans
Rx-to-OTC Switch Trend in the UK has been advantageous for Marksans Trends in the category Marksans Presence • UK is one of the largest Rx-to-OTC switch markets in Europe • The UK permits a great number of registered Strong OTC presence in Geography remedies to be, sold outside pharmacies Europe, wi
Slide 53: Bell Sons & Co. (Druggists), UK | Overview
Bell Sons & Co. (Druggists), UK | Overview Key Highlights Key Financials (GBP mn) Summary 38.9 36.4 45.8 33.0 • Established in 1848 and acquired by Marksans in 2008, Bell Sons & Co is an 16.0 18.1 22.1 established manufacturer and distributor of broad range of OTC products • Largest manufacturer of
Slide 54: Relonchem Limited, UK | Overview
Relonchem Limited, UK | Overview Key Highlights Key Financials (GBP mn) Summary 41.4 • Established in 2002, Relonchem Limited (referred as “Relonchem” or “Company” 24.1 23.8 26.2 25.5 29.1 in this section) is engaged in licensing, marketing & supply of generic 10.1 pharmaceutical products to wholesa
Slide 55: Australia and New Zealand Consumer Healthcare
Australia and New Zealand Consumer Healthcare 55
Slide 56: Nova Pharmaceuticals, Australia and New Zealand | Overview
Nova Pharmaceuticals, Australia and New Zealand | Overview Key Highlights Key Financials (AUD mn) Summary • Founded in 2003, engaged in R&D and marketing of generic OTC products and is 35.1 the leading supplier of Branded Generic and Private Label products in Australasia. 30.8 26.9 25.5 • In 2005, M
Slide 57: Nova Pharmaceuticals | Product Offerings
Nova Pharmaceuticals, Australia and New Zealand | Product Offerings Anti-Histamines Analgesics Nova’s Own Brand - Medix Anaesthetic / Analgesics Anti-Fungal Essential Oils Dermatology Gastrointestinal Essential Oils Gastrointestinal 57
Slide 58: Pharmacy Value Propositions
• Pharmacy Value Propositions • Quality • Affordability • Continuity of supply Build Nova Brands Pharmacy Focus • Currently 26 products within the pharmacy portfolio and rapidly growing the range • Niche and highly sought-after products and categories 58
Slide 59: Highlights - Pharmacy Business
Highlights - Pharmacy Business Key Nova brands Wholesaler 3500 Over 20% Glucoboost, pharmacy Of Total Elactalyte, Bubs & partnerships: stockists Revenue API, Symbion, Sigma, Co, Medi-Choice, CH2, DHL Proctocaine 26 products with in the Niche & Supported End-consumer by 44 Pharmacy Highly Marketing s
Slide 60: Pharmacy Group Support…
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Slide 61: Pharmacy Group Support…
; Pharmacy Group Support... y BARONEPHARMACY|_ (ce rnannacy 0 SINCE 1967 | GREENLEAF the Diffe ACIES SHEMIST KING 5 | Pharmacist Advice (Ml WIZARD ‘Guardian ERCITid AJ CHEMIST aS FS PHARMACIES ty |] D mac Advanta SREESISIMIPLY PLARVAC YS =i oat , MH Ramsa a» @)Supercicm BS Bhatmacy (© rharmacytynx
Slide 62: Nova Pharmacy Range
Nova Pharmacy Range g Marksans Pharma Le. 62
Slide 63: Outlook
Outlook 63
Slide 64: Where Are We Heading?
Where Are We Heading? Become a truly global company Expanding in other geographies by acquiring companies with the same strategy of distribution of OTC Products through store br ands Expanding in other geographies by acquiring companies with Rx capabilities Expanding to have significant internationa
Slide 65: Long term goals
Long term goals • Increasing presence in EU • Adding new delivery systems • Expanding across geographies • Backward Integration • 100% coverage- across strategic therapeutic segments To add new 10-12 new products in UK and USA every year Generate 10% of the revenue from Rest of World (RoW) EBITDA Ma
Slide 66: Marksans - A Compelling Investment
Marksans - A Compelling Investment Best-in-Class Store Brand Partner for Focused on OTC segment in Growing Robust and consistent financial Traditional Retailers Categories performance Headroom for Significant Multiple Strong and deleveraged balance Cost effectiveness through backward Expansion sheet
Slide 67: Marksans – Committed for growth in future
Marksans – Committed for growth in future • Growing demand in OTC store brand • Proven track record of successful • Continued growth in sales and EBITDA segment across the regions manufacturing and distribution in the future through OTC- Store brands and Own • Rise in OTC to Rx switch labels and Rx
Slide 68: We are delivering on the promises we made
We are delivering on the promises we made Growing towards INR 2,000 crore revenue target Effectively utilizing the cash through buyback, dividends, disciplined acquisitions and capacity expansion Focus on enhancing shareholder’s value Improving margins – Through fully integrated business model - add
Slide 69: Unique Sustainable Competitive Position
Unique Sustainable Competitive Position >76 products in pipeline Disciplined track record of M&A and integration Low-cost manufacturing Long-term customer partnerships across 3 global sites Creating Shareholder Value Mass customization capabilities Planning backward integration for key with 1500+ SK
Slide 70: Share price and Shareholding Pattern
Share price and Shareholding Pattern 170.0 160.0 Marksans , 154.8 150.0 140.0 130.0 120.0 110.0 100.0 Sensex, 100.7 90.0 S&P BSE Healthcare , 90.0 80.0 Marksans Sensex S&P BSE Healthcare Price Data (31st March 2023) Shareholding Pattern as on March 31, 2023 Face Value (INR) 1.0 38.05% Promoters Mark
Slide 71: Business structure
Business structure 100% 100% 60% 100% 100% 100% 100% Distribution of quality Engaged in the business generic pharma of marketing of medicines Manufacture 162+ in the UAE and r of OTC product neighboring countries. Liquids & licenses; Only OTC Ointments Manufacturer of range Supplies products Wholesa
Slide 72: ESG
ESG BSE: 524404 | NSE: MARKSANS | ISIN: INE750C01026 ©2021 – Marksans Pharma Limited, All Rights Reserved. 72
Slide 73: ESG Philosophy
ESG Philosophy ENVIRONMENTAL SOCIAL GOVERNANCE • Efficient use of resources to • Company is actively contributing • Committed to good corporate minimize the waster generation. to the social and economic governance to achieve long development and build a better term corporate goals and to • Priority
Slide 74: ESG
ESG Provided Covid-19 Provided Covid-19 related, antibody testing, and other medical requirements like medicines , Relief Supplies sanitizers, masks, gloves and PPE kits to the frontline workers in Goa Free Food To Needed Joined hands with NGO’s to serving meals, ration, grocery kits for migrant fam
Slide 75: Corporate Governance Philosophy
Corporate Governance Philosophy BSE: 524404 | NSE: MARKSANS | ISIN: INE750C01026 ©2021 – Marksans Pharma Limited, All Rights Reserved. 75
Slide 76: Corporate Governance Philosophy
Corporate Governance Philosophy Conducting Business in Ethical, Transparent and Business continues to create value for customer and Accountable manner consumer in a responsible manner. Producing goods which have a Application of Best management sustainable life cycle. practices. We at Marksans Pharm
Slide 77: Experienced Team
Experienced Team BSE: 524404 | NSE: MARKSANS | ISIN: INE750C01026 ©2021 – Marksans Pharma Limited, All Rights Reserved. 77
Slide 78: Board with Global Expertise
Board with Global Expertise Mark Saldanha Sandra Saldanha Varddhman Jain Seetharama Raju Buddharaju Founder, Chairman & Promoter, Whole-Time Director Independent Director Managing Director Whole-Time Director ▪ Science Graduate ▪ MA in Arts (Sociology) ▪ M. Pharm (Pharmaceuticals) ▪ B.Sc., PGDBM, PG
Slide 79: Board with Global Expertise (Continued)
Board with Global Expertise (Continued) Abhinna Sundar Mohanty Digant Mahesh Parikh Dr. Meena Rani Surana Dr. Sunny Sharma Independent Director Independent Director Independent Director Non-Executive Director • M.Sc., Mathematics • MBA, Finance • B. Pharm., Ph.D in Pharmaceutics - • MBA, MBBS. India
Slide 80: Experienced Leadership Team
Experienced Leadership Team Mark Saldanha Varddhman Jain Sathish Kumar Anjani Kumar David Mohammed Jitendra M Sharma Founder, Chairman & Whole-Time Director MD – Marksans Pharma COO – Global Operations MD- Pharmaceuticals Chief Financial Officer Managing Director and USA Australasia Pty Ltd UK Ltd.
Slide 81: For more information please contact
For more information please contact: Jitendra Sharma Corporate Office (CFO) 11th Floor Grandeur, Off Veera Desai Road, Opp Gundecha Symphony, Andheri (W), Marksans Pharma Ltd Mumbai – 400 053, Maharashtra - India Tel: +91 022 40012000 jitendra@marksanspharma.com © 2021 Marksans Pharma Limited, All R