Jubilant Pharmova Limited · NSE:JUBLPHARMA
Jubilant Pharmova — Investor Presentation (April 2025)
77 slides from Jubilant Pharmova's investor presentation, Apr 9, 2025
Slide 1: Investor Presentation Apr'25
Investor Presentation Apr’25
Slide 2: Forward-looking statements disclaimer
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product
Slide 3: Strong presence in diverse sectors
Strong presence in diverse sectors • Pharmaceuticals • Contract Research & Development Services • Life Science Ingredients • Therapeutics • Performance Polymers • Auto Dealerships • Food Service (QSR) • Oil and Gas services Global presence through investments • India • Europe • Africa • USA • Singap
Slide 4: Radiopharma, Allergy Immunotherapy, CDMO, CRDMO, Generics, Novel Drugs
Radiopharma Allergy Immunotherapy CDMO Sterile Injectables Leading manufacturer 2nd largest player Leading contract manufacturer of Radiopharmaceuticals in the US Allergenic extract market in North America in North America Sole supplier of Venom Serves top global innovator pharma 2nd largest radioph
Slide 5: Business wise and geography wise revenue split
Business wise Revenue Split Geography wise Revenue Split FY24 FY24 India, 3% Generics, Rest of 12% World, Europe, 7% 9% Allergy Immunotherapy, 10% Radiopharma, 45% CRDMO, North 16% America, 80% CDMO - SI, 17% Specialty Products (Radiopharma, Allergy Immunotherapy) and Specialty Services (CDMO & CRDM
Slide 6: Manufacturing and research facilities
Kirkland, Montreal, Canada Spokane, Washington, US CDMO – SteriIe Injectables Radiopharmaceuticals CDMO – SteriIe Injectables Allergy Immunotherapy NORTH AMERICA 6 Manufacturing facilities Roorkee, Uttrakhand, India - Generics Nanjangud, Karnataka, India - CDMO API 2 Research facilities INDIA 46 Rad
Slide 7: 2x Revenue, 25% EBITDA Margin, Zero Net Debt
From To FY24 FY30* 2x Revenue Rs. 6,703 Cr. Rs. 13,500 Cr. 25% EBITDA Margin ~ 15 % 23% to 25% Zero Net Debt Rs. 2,457 Cr. Zero High Teens RoCE High Single digit High Teens * Future numbers projected on constant currency basis 7
Slide 8: Business Growth Drivers
Business Growth Drivers Leadership in Ruby-Fill® Radiopharma Launch New PET, SPECT and Therapeutic products (MIBG) Invest in 6 high margin PET Radiopharmacies in US Allergy immunotherapy Strengthen competitive position and develop new products CDMO - Sterile Injectables Double capacity in Spokane, U
Slide 9: Radiopharma
Radiopharma
Slide 10: Radiopharmaceuticals growing role in treatment of diseases
SPECT PET Radiopharmaceutical Imaging Imaging Therapeutics Low Energy High Energy Systemically or Locally gamma rays positrons Delivered detected by SPECT cameras detected by a PET scanner radiation using pharmaceuticals Isotopes - Tc99m Isotopes - Rb82, F18, Ga68 Isotopes – I131, Lu177, Ac225 MAA,
Slide 11: Growth Drivers & Trends
US Radiopharmaceutical Market Growth Drivers & Trends USD Bn. ~ 20 Launch of advanced • PSMA Therapeutic, Pluvicto for Prostrate Cancer ~USD 2.0 Bn. Therapies CAGR: New • PSMA Diagnostics for Prostrate Cancer ~ USD 1.5 Bn. 20%+ • Broad range of applicability e.g. Alzheimer’s products in • Special re
Slide 12: Stringent regulation, time sensitive logistics, forward integration
Stringent manufacturing & regulatory environment Adherence with extensive license framework. Stringent manufacturing set up required to handle isotopes Managing time sensitive Forward integration logistics with radiopharmacies Radioactive isotope decays Forward integration with exponentially. The ha
Slide 13: PET Dx, SPECT Dx and therapeutics products
Organ Key Indication Product PET Dx Cardiac Coronary Artery disease Ruby - Fill® Breast Lymph nodes detection Sulfur Colloid Cardiac blood pool imaging Tc99m-Gluceptate Cardiac • Diversified across diagnostics & therapeutics Coronary Artery Disease Tc99m-Sestamibi • Current TAM at USD 400 Mn. Gastro
Slide 14: Draximage MAA, DTPA, Ruby-Fill, HICON
Draximage ® MAA Draximage ® DTPA Ruby-Fill ® HICON® Sodium Iodine I 131 Solution USP It is used for Cardiac PET scan, MAA is used in the perfusion DTPA is used to assess HICON® is a radioactive to evaluate regional myocardial phase of a ventilation/perfusion pulmonary ventilation function in therape
Slide 15: Radiopharmaceuticals quarterly results
Particulars ( Rs. Cr.) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y • Q3’FY25 revenue grew 10% YoY on back of growth in Ruby-Fill ® and new product, Sulphur Colloid Revenue 241 251 265 10% 696 778 12% • Q3’FY25 EBITDA flattish YoY due to change in EBITDA 126 120 125 (1%) 352 370 5% product mi
Slide 16: Radiopharmaceuticals FY30 targets
Revenue: More than 2x of FY24 EBITDA Margin: More than 50% Growth drivers: • Ruby-Fill® Revenue: Rs. 952 Cr. • New PET & EBITDA Margin: 50% Revenue: Rs. 872 Cr. SPECT products EBITDA Margin: 53% • MIBG FY23 FY24 FY30 16
Slide 17: Ruby-Fill Rubidium generator and Elusion System
Ruby-Fill ® Rubidium 82 generator and Elusion System Growth drivers: Competitive advantage • Ruby-Fill® • Longer life per generator (7 weeks vs 6 weeks for peer) • New PET & SPECT • Better image quality and consistency products • Saline Push feature • MIBG Current Position • Market Size ~ USD 160 Mn
Slide 18: New products in SPECT and PET imaging
Developing new products in SPECT Imaging to maintain leadership & in PET Imaging for growth Growth drivers: • Ruby-Fill® Incremental TAM Potential Peak Annual Timeline No. of launches • New PET & SPECT USD Mn. Sales - USD Mn. products FY27 50 20 2 • MIBG FY28 250 60 3 FY29 250 40 4 Total 550 120 9 1
Slide 19: HICON and MIBG
HICON® Sodium Iodide I 131 - Commercialised MIBG - Undergoing Clinical trials Growth drivers: • Ruby-Fill® • Potential peak sales • New PET & SPECT USD 70 - 100 Mn. products • Data package to FDA • MIBG by H2’FY26 • Iodine I 131, HICON® is standard care for patients • Used in imaging & treatment for
Slide 20: Radiopharmacy
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Slide 21: Growth Drivers & Trends
Growth Drivers & Trends SPECT Radiopharmacy PET Radiopharmacy • Consolidated market in the US. Large M&A transactions in Radiopharmacies • Increasing demand for novel PET products driving PET radiopharmacies growth • Stringent USP 825 regulations to drive increase in therapeutics dispensing through
Slide 22: Consolidated market and barriers to entry
Consolidated Market Barriers to Entry 1 Stringent Regulations # of radio SPECT PET # of hospitals Each treatment site is required to obtain a license pharmacies in the US pharmacies pharmacies served in the US from Nuclear Regulatory Commission and comply with additional state, local, and hospital r
Slide 23: Radiopharmacy network
nd 46 Current SPECT Current Cyclotron 6 New PET SITES Radiopharmacies USP<825> JDR network is USP 825 with ~ 20% WD compliant Portland volume market MT ND ME share OR MN VT ID Saginaw NH SD Minneapolis WI NY Business moat 1,800 Boston Detroit Wilkes WY MI Barre Phila- RI Unique combination of delphi
Slide 24: Radiopharmacies quarterly results
Particulars ( Rs. Cr.) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y • Q3’FY25 revenue grew 13% YoY on the back of increase in volume from new products, however revenues growth got impacted by Industry wide Revenue 511 568 576 13% 1,488 1,715 15% Technetium shortage in Q3’FY25 EBITDA 10 6 5 (4
Slide 25: Radiopharmacies FY30 targets
Revenue: 2x of FY24 EBITDA Margin: ~ 7% to 8% Revenue: Rs. 2,050 Cr. EBITDA Margin: 3% Revenue: Rs. 1,681 Cr. EBITDA Margin: (5%) FY23 FY24 FY30 25
Slide 26: PET expansion
Growth driver: • PET expansion • Strengthened network to enable long term contracts with PET radiopharmaceutical manufacturers • Fully operational by FY28. Funding through internal accruals and long-term credit • Expect Asset turnover of 1.0x and RoCE 20% + on the USD 50 Mn. investment 26
Slide 27: Allergy Immunotherapy
Allergy Immunotherapy
Slide 28: Allergies, testing and treatment
• 20% + global population have allergies e.g. Asthma and Allergenic Rhinits • Allergy Immunotherapy requires repeated shots of allergic antigens to develop immunity Allergies Testing Treatment 28
Slide 29: Global Allergy Immunotherapy Market
Global Allergy Immunotherapy Market Growth Drivers and Trends USD Bn. • Concentrated US market with 3 players 3.0 • Complex supply chain from sourcing to processing 2.2 2.7 • Grandfathered approvals, new product needs BLA 2.0 0.2 0.3 • Market increasing in Sub-Lingual delivery 2023 2028 Non-US US •
Slide 30: HollisterStier venom and allergenic extracts
nd • 100-year-old ‘HollisterStier’ brand • Onshore US FDA approved manufacturing • Sole Supplier of Venom extracts in the US • Dedicated sales force in the US • 200+ allergenic & 6 venom extracts • 2,000+ Allergists / ENTs as customers Venom Extracts Allergenic Extracts Skin Testing Devices Venom ex
Slide 31: Allergy Immunotherapy quarterly results
• Q3’FY25 revenues grew by 7% on YoY basis. Particulars ( Rs. Cr.) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y • Q3’FY25 EBITDA margin decreased YoY due to Revenue 161 170 171 7% 491 509 4% weakness in exports and production challenges for specific SKU’s. EBITDA 62 46 48 (23%) 198 157 (21%)
Slide 32: Allergy Immunotherapy FY30 targets
Revenue: ~1.5x of FY24 EBITDA Margin: 35% to 40% Revenue: Rs. 679 Cr. EBITDA Margin: 40% Revenue: Rs. 603 Cr. EBITDA Margin: 34% FY23 FY24 FY30 32
Slide 33: Allergy Immunotherapy growth strategy
Strengthen competitive Grow outside US Increase investment position in US business in R&D • Retain and grow Venom • Develop new products & customers & patient base • Increase outside US technologies Venom sales through strategic partnerships in • Increase US revenue in • Build treatment European mar
Slide 34: CDMO - Sterile Injectables
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Slide 35: Growth Drivers & Trends
Global CDMO-SI Market Size Growth Drivers & Trends USD Bn 20 17 16 14 • Increasing number of drugs in Biologics 13 pipeline and Loss of exclusivity • Consolidation in supply due to large acquisitions - Catalent Inc. by Novo Holding 2023 2024 2025 2026 2027 Vial filling ( Units in Billions ) Year 202
Slide 36: Long contracts, high switching costs, regulatory barriers
• Majority of commercial contracts are typically long duration (typically 3 years or more with auto renewal) • Greenfield expansion is considerably difficult due to high up-front capex required with ongoing opex to support initial product commercialization • Innovator companies prefer onshore North
Slide 37: Top pharma customers and fill-finish services
• 5 of the top 20 pharma companies as customers • 25+ customers across the world with multiple products having patent protection and limited competition • 5+ years average relationship time with Top 10 Customers • 90%+ repeat customer business • 24 months of switching timelines for customers • Full
Slide 38: CDMO Sterile Injectables quarterly results
• Q3’FY25 revenue stable YoY. Montreal facility Particulars ( Rs. Cr.) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y restarted operations in Q3’FY25 and operated for partial quarter. Revenue 303 302 306 1% 858 932 9% • Q3’FY25 EBITDA margins increased YoY EBITDA 37 89 51 38% 134 197 47% howeve
Slide 39: CDMO Sterile Injectables FY30 targets
Revenue : More than 2x of FY24 EBITDA Margin : More than 25% Revenue : Rs. 932 Cr. EBITDA Margin : 21% Revenue : Rs. 1,117 Cr. Revenue : Rs. 1,155 Cr. EBITDA Margin : 17% EBITDA Margin : 30% FY23 FY24 TTM Dec'24 FY30 39
Slide 40: Doubling capacity timeline
Growth driver: • Doubling Capacity Timeline FY’24 FY’25 FY’26 FY’27 FY’28 LINE 3 Installation Media Fill Tech Transfer Commercial Production LINE 4 Design Construction Installation Media Fill Commercial Production • Total investment at USD 285 Mn. ( RoCE > 20%) including US Govt. funding of USD 150
Slide 41: CRDMO: Drug Discovery Services, CDMO API
CRDMO: Drug Discovery Services, CDMO API
Slide 42: Growth Drivers & Trends
Drug Discovery Services Market Size USD Bn. Growth Drivers & Trends 10 8 Drug Discovery Market • Biosecure Act advantage • Rise in specialized technologies such as ADCs and oligonucleotides 2023 2028 CDMO API Market Size USD Bn. CDMO API Market 130 95 • Rising interest in custom generics • Rapid mom
Slide 43: Top pharma customers in drug discovery
• 8 of the top 20 pharma companies as customers with 5x increase in revenue share from large pharma • Indian Leader for “Integrated Drug Discovery”, with a track record of +85 programs and Big pharma strategic partnership • Strengthen European penetration, with multifold revenue increase • Fully int
Slide 44: Drug discovery services, early and late CDMO, APIs
Drug Discovery Services & Early CDMO Late CDMO & APIs Integrated Chemistry Research Contract Development & Advanced Intermediate CoE Biologics Drug Discovery Centre Innovation Centre Manufacturing Centre & ( St. Julien, France ) (IDDC, Bengaluru) (CIRC, G. Noida) (API CDMC) API Manufacturing ~ 35 Sc
Slide 45: Drug Discovery Services quarterly results
Particulars ( Rs. Cr.) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y • Q3’FY25 revenue increased 32% YoY due to increase in revenue from new contracts from large Pharma customers Revenue 114 151 150 32% 332 414 25% • Q3’FY25 EBITDA increased 27% YoY on the EBITDA 30 36 39 27% 78 96 24% back of
Slide 46: Drug Discovery Services FY30 targets
Revenue: ~ 3x of FY24 EBITDA Margin: More than 25% Revenue: Rs. 531 Cr. EBITDA Margin: 24% Revenue: Rs. 449 Cr. EBITDA Margin: 24% Revenue : Rs. 522 Cr. EBITDA Margin : 31% FY23 FY24 TTM Dec'24 FY30 46
Slide 47: Biosecure Act
Growth driver: • Add large pharma • Executing strategy on large pharma Biosecure Act • Footprint in EU • Act passed in Sep’24 by US House of Representatives • Introduction of ADCs, mAbs, and Biologics platforms • American pharma companies to look for alternatives besides China 47
Slide 48: Capacity expansion at Greater Noida and Bengaluru
Expansion at current sites, Greater Noida & Bengaluru Expansion at new site, Devanahalli, Bengaluru Capacity : 1,000 FTE’s ( FY25 ) 2,000 FTE’s ( FY26 ) 4,000 FTE’s ( FY27 ) Total Capex USD 150 Mn. ( Expect RoCE > 20% ) 48
Slide 49: Expanded TAM in mAbs and ADCs
• Expanded TAM by USD 1.4 Bn. in mAbs and ADCs • Added strategic footprint in the EU • Enhanced domain expertise in ADC • Unique & cost-effective delivery model 49
Slide 50: CDMO API quarterly results
Particulars ( Rs. Cr.) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y • Q3’FY25 revenue stable YoY. Industry wide pricing pressure continues Revenue 138 127 142 3% 480 399 (17%) • Q3’FY25 EBITDA margins increased YoY due to cost optimization efforts and improvement in EBITDA 11 12 20 82% 39 49
Slide 51: CDMO API FY30 targets
Revenue: 2x of FY24 EBITDA Margin: More than 15% Revenue: Rs. 663 Cr. Revenue: Rs. 645 Cr. EBITDA Margin: 5% EBITDA Margin: 10% FY23 FY24 FY30 51
Slide 52: Grow CDMO API
Growth driver: • Grow CDMO API • Further Strengthen CDMO: Leverage GMP manufacturing capabilities for Innovative New Chemical Entities • Custom Manufacturing: Partner with large pharma to manufacture products requiring life cycle management • China plus one strategy: Resilient supply chain through i
Slide 53: Generics
Generics
Slide 54: Generics Market Growth Drivers and Trends
Generics Market Growth Drivers and Trends USD Bn ~ 532 Developed Market 19 • US market to grow at 2%, signs of decrease in price reductions ~ 406 15 203 • Non-US market to grow by 5 - 7% 149 India Market 310 242 • India market to grow in excess of 8% • Brand building, in-clinic effectiveness of sale
Slide 55: Non-US international, US and Indian markets
Non-US international market • Broad therapeutic coverage - CVS, CNS, GI and multi specialty • 1 key markets with triple digit revenue in INR Cr., Build total of 3 - 4 markets (B2B2C) • Global presence in 50+ markets - US, Europe, Canada, Japan, Australia • CMO to few large branded generics customers
Slide 56: Generics quarterly results
Particulars ( Rs. Cr.) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y • Q3’FY25 revenue stable YoY • Q3’FY25 EBITDA sharply improved YoY due to Revenue 199 173 200 0% 573 528 (8%) overhead cost savings & profitable product mix. EBITDA (31) 21 30 198% (102) 40 139% EBITDA Margin (%) (15%) 12% 15
Slide 57: Generics FY30 targets
Revenue : ~2x of FY24 EBITDA Margin : 15% to 17% Revenue : Rs. 729 Cr. EBITDA Margin : Breakeven Revenue : Rs. 775 Cr. Revenue : Rs. 762 Cr. EBITDA Margin : (18%) EBITDA Margin : (30%) FY23 FY24 TTM Dec'24 FY30 57
Slide 58: Launch new products and grow non-US market
Launch Grow the profitable Build branded new products Non-US international market business • Relaunch dormant ANDAs from • Launch 6 to 8 new products • Build presence in Diabetes, Roorkee and CMO network every year Dyslipidemia and Hypertension • Secure ANDAs (33) approvals • Scale 3 to 4 key market
Slide 59: Proprietary Novel Drugs
Proprietary Novel Drugs
Slide 60: Precision oral medicines in oncology
• Develop precision oral medicines with enhanced safety and therapeutic efficacy • Focused on specific set of patients, not responding to other therapies • Low-cost in-house discovery engine to generate drug candidates, validated through partnerships • Guided by world’s leading oncologists from Memo
Slide 61: JBI-802
• Company sponsored Phase II trial underway Blood Cancer • Highly differentiated for safety and efficacy than peers ET/MPN • Total Addressable Market in US: USD 3.3 Bn. • Investigator led trial under planning Lung Cancer JBI-802 NSCLC • Demonstrated clinical efficacy in two NSCLC patients in phase 1
Slide 62: JBI-802 patient responses
• Non small cell lung cancer patient progressed to last stage after immunotherapy. Post taking JBI-802 treatment, patient has been doing very well even after two years. Major symptoms have disappeared with confirmed partial response with ~40% tumor reduction • Over 50% shrinkage of the patient’s liv
Slide 63: JBI-778
Lung Cancer • Company sponsored First-in-human Phase I trial ongoing in India NSCLC with EGFR mutation • Total Addressable Market in US: USD 2.0 Bn. Brain Tumor • High unmet need with no effective treatment option JBI-778 HGG • Total Addressable Market in US: USD 1.7 Bn. Phase I trial underway Head
Slide 64: Proprietary Novel Drugs quarterly results
• Continue to invest in a calibrated manner in two Particulars ( Rs. Cr.) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y lead programs Revenue 0 0 0 0 0 EBITDA (5) (3) (5) (13%) (23) (14) 37% 64
Slide 65: Clinical readouts and monetization
• Expect clinical data readouts from CY 2025 to CY 2026 • Explore monetization through licensing or external fund raising 65
Slide 66: Consolidated Q3 FY25 results
Particulars ( Rs. Cr. ) Q3’FY24 Q2’FY25 Q3’FY25 Y-o-Y 9M'FY24 9M'FY25 Y-o-Y • Q3’FY25 Revenue grew by 9% YoY on the back of growth in revenue across all segments Revenue 1,677 1,752 1,822 9% 4,944 5,306 7% • Q3’FY25 EBITDA increased 11% YoY due to Other Income 36 22 9 54 45 improved performance in C
Slide 67: Net debt and leverage
Particulars ( Rs. Cr. ) Mar 31, 2024 Dec 31, 2024 • Net Debt / Ebitda continues to improve Net Debt ( On constant currency, Net of DIC ) 2,457 1,654 • USD 125 million voluntary prepayment in YTD FY25, including USD 25 million in Jan’25 Net Debt / Equity 0.46 0.29 Net Debt / EBITDA (TTM) 2.5 1.4 Exch
Slide 68: Sustainability Performance
Climate B Water B Supply Chain B Achieved 93 percentile Achieved 85 percentile 12,895 patients consulted through 37 % reduction in Specific Greenhouse 23% reduction in Specific Water Jubicare Tele-clinic Gas Emissions v/s FY 19* Consumption v/s FY 19* Sustainability Performance Collaborated with 22%
Slide 69: Business highlights by segment
Radio Pharmaceuticals : New products and Ruby-Fill® maintaining growth momentum 1 Radio Pharmacies : Industry wide Technetium shortage impacted business, Commercial distribution of PLYARIFY® started 2 Allergy Immunotherapy : Q3’FY25 revenue grew YoY; EBITDA margins have started to improve 3 CDMO Ste
Slide 70: Total income, revenue and EBITDA by segment
Total Income ( Rs. Cr. ) Q3’FY24 Q2’FY25 Q3’FY25 9M'FY24 9M'FY25 FY24 Revenue (A) 1,677 1,752 1,822 4,944 5,306 6,703 a. Radiopharma 752 820 841 2,184 2,493 3,001 Radiopharmaceuticals 241 251 265 696 778 952 Radiopharmacies 511 568 576 1,488 1,715 2,050 b. Allergy Immunotherapy 161 170 171 491 509 6
Slide 71: FY30 targets: 2x revenue, 23-25% EBITDA margin, zero net debt
Revenue Reach 2x from FY24 to FY30 EBITDA Margin 23% to 25% by FY30 Net Debt Zero by FY30 RoCE High Teens by FY30 71
Slide 72: Annexure
Annexure Arvind Chokhany Group CFO, Whole-time Director
Slide 73: Leadership team
Shyam S Bhartia Hari S Bhartia Priyavrat Bhartia Arjun S Bhartia Chairman Co-Chairman Managing Director Joint Managing Director Arvind Chokhany Shantanu Jha Dr Tushar Gupta Group CFO, Whole-time Director Group CHRO Head - Corporate Strategy 73
Slide 74: Business CEOs
Harsher Singh Chris Preti Giuliano Perfetti CEO - Jubilant Radiopharma CEO - CDMO Sterile Injectables CEO - CRDMO, Biosys Dr Jaidev Rajpal Kyle Ferguson Dr Syed Kazmi CEO - Jubilant Generics CEO - Allergy Immunotherapy CEO - Jubilant Therapeutics 74
Slide 75: Shareholding pattern
0.6% 24.8% Promoter and Promoter Group Domestic Institutions 50.7% Foreign Institutions Non - Institutions 17.0% Employee Benefit Trust 7.0% 75
Slide 76: Abbreviations
Abbreviation Details Abbreviation Details CVS Cardiovascular System MEA Middle East Africa CNS Central Nervous System LATAM Latin America CDMO Contract Development Manufacturing Organization LOE Loss of exclusivity CRDMO Contract Research & Development Manufacturing Organization FDA (US) U.S. Food a
Slide 77: Thanks!
Thanks!
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