Shilpa Medicare Limited · NSE:SHILPAMED
Shilpa Medicare — Q4 FY24 Earnings Presentation
32 slides from Shilpa Medicare's earnings presentation, May 24, 2024
Slide 1: Cover letter to stock exchanges
Shilpa Medicare Limited Corporate & Admin Office: “Shilpa House”, # 12-6-214/A-1, Hyderabad Road, Raichur – 584 135, Karnataka, India Tel: +91-8532-238704, Fax: +91-8532-238876 Email: info@vbshilpa.com, Web: www.vbshilpa.com CIN: L85110KA1987PLC008739 Date: 24 May 2024 To To Corporate Relationship D
Slide 2: Shilpa Medicare Limited Q4 & FY24 Investor Presentation
Shilpa Medicare Limited (SML) Q4 & FY24 Investor Presentation May 2024 1
Slide 3: Table of content
Table of content Company Overview Business Updates Performance Insights Financial Performance 2
Slide 4: Company Overview
Innovating for affordable healthcare Company Overview
Slide 5: Business Overview
Business Overview NBE - Recombinant Albumin Biosimilars Synthetic product for significant global shortage Select high value low plasma product competition molecules Manufacturing plant set- Finished Dosage World class developmental up with large capacities Form & manufacturing Differentiated portfol
Slide 6: Group Overview – Major Entities
Group Overview – Major Entities Company Name Product line Plant location Approvals Shilpa Medicare a) Formulation - Onco & Adjuvent Oral & Inj a) Jadhchelra a) USFDA (under IA), EUGMP, (Parent listed entity) b) Formulation – ODF & Transdermal + R&D ANVISA, TGA, Health Canada, center b) Bangalore COF
Slide 7: R&D Competence
R&D Competence Multi location R&D teams to tap into right talent pool • Multi disciplinary R&D team across APIs, Finished Dosage Formulation (including NDDS products) & Biological products • Raichur • Consists of highly qualified and well trained 35+ Doctorates, • Ahmedabad 30+ PhDs and 200+ MSc / M
Slide 8: API - Overview
API - Overview Oncology Non-Oncology CDMO Peptides Polymers ▪ Started off with in 2004 ▪ Started off in 2003 ▪ Leveraging expertise in ▪ Invested in last 3 years ▪ Focus on high end manufacturing oncology and non- specialty & bio polymers ▪ Leadership Gemcitabineposition in 2004in ▪ Product selectio
Slide 9: Finished Dosage - Overview
Finished Dosage - Overview Carefully selected differentiated portfolio of Onco & Non-Onco products incl. 505(b)(2) opportunities Focus on ease of administration & patient compliance Venturing into NDDS platforms with ODFs & TDS product pipeline Global supplier focusing on B2B model ensuring licensin
Slide 10: Biosimilar - Overview
Biosimilar - Overview CAPABILITIES ▪ World class manufacturing & R&D facility at Dharwad – Karnataka ▪ Handle mammalian, microbial & fermentation products ▪ End to end capability from clone development to upstream development to down stream developments ▪ Front end sales team established – 4 product
Slide 11: Business Updates
Innovating for affordable healthcare Business Updates
Slide 12: Managing Director’s Message
Managing Director’s Message Commenting on Q4 & FY’24 performance, Mr. Vishnukant Bhutada, Managing Director Shilpa Medicare Limited said “I am pleased to inform you that our unwavering focus on building a sustainable and resilient business has allowed us to navigate the challenging period of the pas
Slide 13: API Update
API Update 2 molecules in the portfolio at validation stage which are expected to be completed in Q1 FY 25 Methotrexate – part of Oncology portfolio as an import substitute molecule Developments Liraglutide – our 3rd peptide molecule - trial batch successfully completed meeting global grade quality
Slide 14: API - DMF Filings
API - DMF Filings New product introduction and increase in geographical coverage replicated with 244 DMF filings done with major regulatory authorities 61 45 30 27 23 21 17 10 8 2 US FDA EU/ EMEA TPD-Canada PMDA Japan TGA MEDSAFE-NZ EDQM KFDA-Korea GCC / ROW WHO As on 31st March 2024 13
Slide 15: Formulation Update
Formulation Update Oral Product for the treatment of NAFLD – as unaddressed market need SMLNUD07 Phase III study initiated – dosing to be completed by Q1FY25 and study likely to be completed by Q2FY25 Transdermal Patch for the treatment of parkinson disease SMLTDP08 Skin irritation study ongoing and
Slide 16: Finished Dosage Form - Regulatory Filings
Finished Dosage Form - Regulatory Filings Robust regulatory filings to strength the base for growth in the formulation segment 500 70 258 22 27 13 48 242 14 3 1 2 US ANDA (SML) US NDA (SML) EU Filings ROW As on 31st March 2024 Approved Pending 15
Slide 17: Biologics - Update
Biologics - Update Adalimumab Albumin High Concentration Adalimumab injection Recombinant Albumin ▪ Increasing the volumes in the India ▪ Phase I initiated for the product and market completed ▪ Executed Licensing and supply ▪ Phase I data shall be submitted to CDSCO agreements for Emerging markets
Slide 18: Biologics Update
Biologics Update Aflibercept CDMO ▪ First CDMO project for ▪ Phase III approval received from CDSCO and plans microbial fermentation with underway to initiate the clinical trial - a significant Korean client has moved to milestone in the development second stage ▪ Second CDMO project signed with ‒ M
Slide 19: Performance Insights
Innovating for affordable healthcare Performance Insights
Slide 20: Q4 FY24 Performance
Q4 FY24 Performance Revenues INR 294.2 Cr EBITDA INR 72.6 Cr Revenue Break-up Q4FY24 (Consolidated, INR Cr) Biologicals Others Particulars Q4 FY24 VS Q4 FY23 Vs Q3 FY24 4% 1% Total Revenue 294.2 11% 2% Formulation EBITDA 72.6 80% 6% 33% EBITDA Margin 24.6% PAT 24.5 API 62% PAT Margin 9.2% 19
Slide 21: FY24 Financial Performance
FY24 Financial Performance Revenues INR 1,159.8 Cr EBITDA INR 252.7 Cr Revenue Break-up FY24 (Consolidated, INR cr) Biologicals Actuals VS FY23 3% Others 1% Total Revenue 1,159.8 9% Formulation 30% EBITDA 252.7 111% EBITDA Margin 21.7% PAT 32.0 API PAT Margin 3% 66% 20
Slide 22: Consolidated Performance – Quarterly Trends
Consolidated Performance – Quarterly Trends (INR in Cr.) 25% 350.0 Revenue 80.0 EBITDA 30% 314.8 70.0 24% 288.7 294.2 25% 300.0 20% 262.1 60.0 68.2 72.6 19% 250.0 20% 50.0 62.1 200.0 49.9 40.0 15% 150.0 30.0 10% 100.0 20.0 5% 50.0 10.0 - 0.0 0% Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY24 Q2 FY24 Q3 FY24
Slide 23: API Business Highlights Q4FY24
API Business Highlights Q4FY24 (INR(INR in Cr.) in Cr.) 19% 2% 5% 56% 50% 10% Oncology Non Oncology CDMO Polymer Others Total 93.8 91.5 88.3 203.2 71.9 183.3 13.1 12.5 3.2 5.0 4.8 2.4 Q3 FY24 Q4 FY24 Q3 FY23 Q4 FY24 39% of API 50% of API 7% of API 3% of API 1% of API Business Business Business Busin
Slide 24: API Business Highlights FY24
API Business Highlights FY24 (INR (INR in Cr.)in Cr.) 4% 13% 99% 162% 73% 2% Oncology Non Oncology CDMO Polymer Others Total 368.5 355.4 347.9 772.2 757.5 307.6 55.8 42.0 21.1 11.8 15.1 4.5 FY23 FY24 FY23 FY24 46% of API 45% of API 5% of API 2% of API 2% of API Business Business Business Business Bu
Slide 25: Formulation Business Highlights Q4 FY24
Formulation Business Highlights Q4 FY24 (INR (INR in Cr.)in Cr.) 4% 292% 3% 8% 4% 35% Europe US ROW Domestic Licensing Total 96.6 32.9 33.9 32.7 71.8 19.6 18.9 8.4 6 6.2 5.1 4.7 Q3 Q4 Q3 FY24 Q4 FY24 19% of 34% o 6% of 5% of 36% of Formulation Formulation Formulation Formulation Formulation Business
Slide 26: Formulation Business Highlights FY24
Formulation Business Highlights FY24 (INR (INR in Cr.) in Cr.) 30% 27% 1% 202% 130% 28% Europe US ROW Domestic Licensing Total 152.7 345.9 126.3 270.5 88.1 67.2 66.4 53 18.3 18.4 19.5 6.5 Q3 Q4 FY23 FY24 25% of 19% o 5% of 6% of 44% of Formulation Formulation Formulation Formulation Formulation Busi
Slide 27: Financial Performance
Innovating for affordable healthcare Financial Performance
Slide 28: Balance Sheet - Consolidated
Balance Sheet - Consolidated (INR in Cr.) Particulars 31-Mar-24 31-Dec-23 31-Mar-23 Fixed Assets 1,384.9 1,359.8 1,368.3 Tangible Assets 1,193.2 1,162.4 1,179.4 Intangible Assets 191.7 197.5 188.9 Capital WIP 718.8 726.4 655.3 Tangible Assets 403.0 420.7 358.0 Intangible Assets 315.8 305.7 297.3 Oth
Slide 29: P&L - Consolidated
P&L - Consolidated (INR in Cr.) Particulars Q4 FY24 Q4 FY23 % change Q3 FY24 % change FY24 FY23 % change Revenues 294.2 265.7 11% 288.7 2% 1,159.8 1,067.5 9% Gross Margin 197.1 176.3 12% 192.2 3% 752.2 651.1 16% Gross Margin % 67% 66% 100 bps 67% - 65% 61% 400 bps Employee Cost 66.5 72.4 -8% 69.1 -4
Slide 30: Balance Sheet – SML Standalone
Balance Sheet – SML Standalone (INR in Cr.) Particulars 31-Mar-24 31-Dec-23 31-Mar-23 Fixed Assets 586.3 588.6 608.9 Tangible Assets 504.1 503.5 517.0 Intangible Assets 82.2 85.1 92.0 Capital WIP 228.2 235.5 226.4 Tangible Assets 9.9 24.3 41.8 Intangible Assets 218.3 211.2 184.6 Other Non-current As
Slide 31: P&L – SML Standalone
P&L – SML Standalone (INR in Cr.) Particulars Q4 FY24 Q4 FY23 % change Q3 FY24 % change FY24 FY23 % change Revenues 110.7 74.6 48% 86.3 28% 398.9 316.3 26% Gross Margin 78.2 61.3 28% 67.8 15% 309.7 234.1 32% Gross Margin % 71% 82% -1100 bps 79% -800 bps 78% 74% 400 bps Employee Cost 24.3 26.3 -8% 25
Slide 32: Thank You
Thank You Shilpa Medicare: EY IR : Mr Dilip Kankani Mr Nachiket Kale Contact: +91 8532 238704 Contact: +91 9920 940808 Email: dilipkankani@vbshilpa.com Email: nachiket.kale@in.ey.com 31