Jubilant Pharmova Limited · NSE:JUBLPHARMA
Jubilant Pharmova — Investor Day (February 2025)
67 slides from Jubilant Pharmova's investor day presentation, February 2025
Slide 1: Investor & Analyst Meet Feb'25
Investor & Analyst Meet Feb’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: Management 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 3
Slide 4: 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 4
Slide 5: Agenda
Overview Arjun Bhartia Vision 2030 Priyavrat Bhartia Radiopharma Harsher Singh CDMO Sterile Injectables Chris Preti CRDMO Giuliano Perfetti Allergy Immunotherapy Kyle Ferguson Generics Dr Jaidev Rajpal Proprietary Novel Drugs Dr Syed Kazmi Summary Arvind Chokhany Q&A – starts at 7 pm Management Pane
Slide 6: Overview
Overview Arjun S Bhartia Joint Managing Director
Slide 7: 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 8: Business portfolio overview
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 9: 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 10: 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 11: US FDA status of sites
Business Location US FDA Status Radiopharmaceutical Montreal, Canada VAI Apr, 2024 Allergy Immunotherapy Spokane, US VAI Relentless focus on quality Sep, 2024 • Anytime audit readiness CDMO-Sterile Injectables Spokane, US VAI Sep, 2024 • Bottoms - up quality culture VAI • Continuous investments in i
Slide 12: Vision 2030
Vision 2030 Priyavrat Bhartia Managing Director
Slide 13: FY23 - TTM Dec'24 Progress
FY23 - TTM’Dec’24 Progress Revenue : Rs. 7,064 Cr. EBITDA Margin : 16.3% Net Debt/ EBITDA : 1.4x Revenue : Rs. 6,282 Cr. EBITDA Margin : 13.1% Net Debt/ EBITDA : 2.9x • Strengthened quality culture • Investment in people and leadership • Transformed Generics and Radiopharmacies FY23 TTM Dec'24 13
Slide 14: 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 14
Slide 15: 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 CDMO - Sterile Injectables Double capacity in Spokane, US Add large pharma customers CRDMO Grow CDMO and custom manufacturing in API Al
Slide 16: Radiopharma
Radiopharma Harsher Singh CEO - Jubilant Radiopharma
Slide 17: Radiopharmaceuticals have a growing role in treatment of life-threatening 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 18: 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 19: 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 20: Radiopharma revenue and EBITDA outlook
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 20
Slide 21: 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 22: Developing 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 2
Slide 23: HICON Sodium Iodide I 131 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 24: Radiopharmacy
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Slide 25: Radiopharmacy Growth Drivers & Trends
SPECT Radiopharmacy PET Radiopharmacy Growth Drivers & Trends • 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 Pharmacy 25
Slide 26: 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 27: Radiopharmacy revenue and EBITDA outlook
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 27
Slide 28: 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 28
Slide 29: CDMO - Sterile Injectables
CDMO - Sterile Injectables Chris Preti CEO - CDMO Sterile Injectables
Slide 30: Growth Drivers & Trends: demand supply gap in vials
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 31: 5 of the top 20 pharma companies as customers
• 5 of the top 20 pharma companies as customers • 5+ years average relationship time with Top 10 Customers • 90%+ repeat customer business • 24 months of switching timelines for customers • 10+ years of US FDA compliant status at flagship site in Spokane 31
Slide 32: CDMO-SI revenue and EBITDA outlook
Revenue : More than 2x of FY24 EBITDA Margin : More than 25% Revenue : Rs. 1,117 Cr. EBITDA Margin : 17% Revenue : Rs. 1,155 Cr. EBITDA Margin : 30% FY23 FY24 FY30 32
Slide 33: Capacity doubling 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 34: CRDMO: Drug Discovery Services, CDMO API
CRDMO: Drug Discovery Services, CDMO API Giuliano Perfetti CEO - CRDMO, Biosys
Slide 35: 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 36: 8 of the top 20 pharma companies as customers
• 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 37: Drug Discovery Services & Early CDMO; 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 38: CRDMO revenue and EBITDA outlook
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 38
Slide 39: 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 39
Slide 40: Capacity expansion at Bengaluru and Greater Noida
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% ) 40
Slide 41: 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 41
Slide 42: CDMO API revenue and EBITDA outlook
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 42
Slide 43: 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 44: Allergy Immunotherapy
Allergy Immunotherapy Kyle Ferguson CEO – Allergy Immunotherapy 44
Slide 45: Allergies, Testing, 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 45
Slide 46: Global Allergy Immunotherapy Market and Growth Drivers
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 47: HollisterStier brand and 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 48: Allergy Immunotherapy revenue and EBITDA outlook
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 48
Slide 49: 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 50: Generics
Generics Dr Jaidev Rajpal CEO - Jubilant Generics
Slide 51: 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 52: 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 53: Generics revenue and EBITDA outlook
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 53
Slide 54: Generics growth levers
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 55: Proprietary Novel Drugs
Proprietary Novel Drugs Dr Syed Kazmi CEO - Jubilant Therapeutics
Slide 56: Precision oral medicines approach
• 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 57: 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 58: 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 59: 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 60: Clinical readouts and monetization
• Expect clinical data readouts from CY 2025 to CY 2026 • Explore monetization through licensing or external fund raising 60
Slide 61: Summary
Summary Arvind Chokhany Group CFO, Whole-time Director
Slide 62: Industry tailwinds and differentiation
1 Supportive Industry tailwinds in Radiopharma, CDMO & CRDMO 2 High entry barriers or clear differentiation in each business 3 Specialist management to drive each business 4 Robust risk management with specific focus on quality & compliance 62
Slide 63: Jubilant Pharmova stock return
Jubilant Pharmova Limited Stock Return FY23 - FY24 - 9M’FY25 JPM - 169% NIFTY - 34% Apr-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 63
Slide 64: Sustainability is at the core of our operations
Sustainability is at the core of our operations Environment Social • 42% reduction1 in greenhouse gas emission • 23%+ women in global workforce • 23% reduction1 in specific water consumption • Assessment of new suppliers on sustainability • Zero Liquid Discharge at all Indian plants • 23,709 patient
Slide 65: Vision 2030 targets
Revenue Reach 2x from FY24 to FY30 EBITDA Margin 23% to 25% by FY30 Net Debt Zero by FY30 RoCE High Teens by FY30 65
Slide 66: Thanks! We are open to questions
Thanks! We are open to questions
Slide 67: 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