Morepen Laboratories Limited · NSE:MOREPENLAB
Morepen Laboratories — Q1 FY2024 Earnings Presentation
45 slides from Morepen Laboratories's earnings presentation, Aug 7, 2023
Slide 1: Exchange filing cover letter for investor presentation
Date: 07/08/2023 To, National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Bandra Kurla Complex, Floor 25, Phiroze Jeejeebhoy Towers, Bandra (East), Mumbai- 400 051 Dalal Street, Mumbai- 400 001 Symbol: MOREPENLAB Scrip Code: 500288 Subject: Investors Presentation (Q1’FY24) August, 2023
Slide 2: Morepen Laboratories Q1'FY24 Earnings Presentation
MOREPEN LABORATORIES LIMITED Q1'FY24 earnings Presentation - aug 2023
Slide 3: Disclaimer/ Confidentiality
Disclaimer/ Confidentiality This presentation has been prepared by Morepen Laboratories Limited (“Company”) solely for information purposes without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation contains expressed or implied
Slide 4: Quarterly Highlights
CONSOLIDATED Q1'FY24 performance QUARTERLY HIGHLIGHTS Rs. in crores Rs. in crores ^33% ^147% 404 388 Net Revenue Profit before303Tax 259 303.31 403.46 8.31 20.51 Q1'FY23 Q1'FY24 Q1'FY23 Q1'FY24
Slide 5: Quarterly Highlights
CONSOLIDATED QUARTERLY HIGHLIGHTS Business is on growth path once again, last year there was contraction of 22% in Q1FY' 23 revenues. Quarterly revenues of Rs. 403 Cr. from Rs. 303 Cr Q1'FY23 revenues, up 33% on y-o-y basis on account of: 135% jump in Exports to US market with new orders post US FDA
Slide 6: Consolidated Quarterly Performance
CONSOLIDATED quarterly performance
Slide 7: Revenue Growth
CONSOLIDATED REVENUE GROWTH 18% CAGR Rs. in crores Rs. in crores 2,000 16% CAGR 1557 500 1,500 1424 1200 400 403 1,000 388 33% 863 300 303 259 200 500 100 0 FY'20 FY'21 FY'22 FY'23 0 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Annual performance Q1'FY24 performance
Slide 8: Business Segments
CONSOLIDATED BUSINESS SEGMENTS API BUSINESS MEDICAL DEVICES FORMULATIONS OTC (SUBSIDIARY)
Slide 9: Segments Wise Performance
CONSOLIDATED SEGMENTS WISE PERFORMANCE API DIAGNOSTICS FORMULATIONS DR.MOREPEN -OTC ^34% ^48% ^12% -20% 250 125 60 30 200 100 114.83 28.85 203.22 50.11 150 75 40 44.88 20 22.94 151.29 77.71 100 50 20 10 50 25 0 0 Q1'FY23 Q1'FY24 Q1'FY23 Q1'FY24 0 0 Q1'FY23 Q1'FY24 Q1'FY23 Q1'FY24
Slide 10: Segment Wise Breakup
STANDALONE SEGMENT WISE BREAKUP Formulations FY'23 change in share q1'FY24 13.6% revenue share API 61.6% 55.2% 6.40% API Diagnostic Devices 55.2% 31.2% Diagnostics 24.5% 31.2% 6.70% revenue split Q1'FY'24 formulations 13.9% 13.6% 0.30%
Slide 11: API Business
API BUSINESS leadership through quality
Slide 12: API Revenues
api business 19% CAGR API REVENUES Rs. in crores Rs. in crores 1,000 858 823 250 823 750 683 200 203 500 474 190 189.97 150 162 34% 151 250 100 0 50 FY'20 FY'21 FY'22 FY'23 Annual performance 0 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Q1'FY24 performance
Slide 13: API Export
api business 19% CAGR API EXPORT Rs. in crores Rs. in crores 600 565 553 473 125 125 400 117 112 341 100 99 27% 75 200 50 0 25 FY'20 FY'21 FY'22 FY'23 Domestic 37.4% 0 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Annual performance Export 62.6% Q1'FY24 Q1'FY24 performance
Slide 14: Continent Wise Growth
api business Rs. in crores Q1'FY24 CONTINENT WISE GROWTH 1269 customers ^135% ^1% ^38% ^50% -27% -2% 300 25 15 40 20 50 19.47 19.72 76.22 23.42 30 36.82 40 20 15 40.57 200 10 11.05 10.83 30 50.89 15 17.16 20 10 20 29.33 10 5 100 10 15.69 5 5 10 0 0 0 0 0 Q1 FY23 Q1 FY24 0 Q1 FY23 Q1 FY24 Q1 FY23 Q1
Slide 15: Continent Wise Share
api business CONTINENT WISE SHARE Others MENA USA MENA 0.1% 12.1% 12.9% 8.5% USA S. America 18.3% S. America 5.4% 4.6% Europe 18% Europe 9.8% India 30.6% India 37.8% Asia Asia 20.1% 21.9% FY23 Q1'FY24
Slide 16: Key Growth Contributors
api business KEY GROWTH CONTRIBUTORS FEXOFENADINE MONTELUKAST ^802%* ^51% ATORVASTATIN ROSUVASTATIN ^38% ^52% *with major growth coMING from US market with start of supplies for regulatory customers post uSFDA of the product
Slide 17: Loratadine: Revenue
api business LORATADINE : REVENUE Others 12M'JUN'23 S5 S3 3.2% 1% 300 3.2% 265 267 268 S2 9.1% 200 166 72% S1 9.8% 100 Domestic Morepen 8.5% 71.6% 0 FY20 FY21 FY22 FY23 annual sales export market share Export 91.5% of Morepen out of india morepen exports- FY'23
Slide 18: Montelukast: Revenue
api business MONTELUKAST : REVENUE Others 12M'JUN'23 S6 5.8% 400 3.2% S5 5.8% 310 300 S4 Morepen 8.5% 38.4% 236 200 142 188 S3 38% 9.2% 100 S2 9.3% 0 Domestic FY20 FY21 FY22 FY23 45.7% Export S1 54.3% 19.8% annual sales export market share morepen exports- FY'23 of Morepen out of india
Slide 19: Atorvastatin: Revenue
api business ATORVASTATIN : REVENUE Others 12M'JUN'23 S7 5.8% Morepen 1.5% 13.3% 150 S5 137 3.2% 123 S4 104 11.7% 100 84 13% S1 23.2% 50 S3 17.3% Domestic 14.8% 0 FY20 FY21 FY22 FY23 S2 21.3% annual sales Export 85.2% export market share morepen exports- FY'23 of Morepen out of india
Slide 20: Intellectual Property
api business INTELLECTUAL PROPERTY USA Europe Japan 92 26 11 korea active patents* US DMFs CEP China Taiwan Australia 8 174 38 china idls non-Us DMFs new products Brazil * 33 patents granted
Slide 21: Capacity Expansions
api business CAPACITY EXPANSIONS FEXOFENADINE 40mT to 120MT PA ATORVASTATIN 72 mt to 144 mt * increasing customer demand
Slide 22: New APIs Developed
api business NEW APIs DEVELOPED VORTIOXETINE* TOFACITINIB ANTI-DEPRESSANT ANTI-PLATELET NINTEDANIB TRELGLIPTIN CHRONIC FIBROSIS ANTI- DIABETIC *route -II ** These products are not offered for sale in any country where there is patent protection
Slide 23: New DMF Approvals
api business NEW DMF* APPROVALS LINAGLIPTIN SAXAGLIPTIN hungary- malta taiwan DAPAGLIFLOZIN APIXABAN korea nine eu countries EMPAGLIFLOZIN SITAGLIPTIN taiwan china *Drug master file ** These products are not offered for sale in any country where there is patent protection
Slide 24: New Patents Granted
api business NEW PATENTS GRANTED CANAGLIFLOZIN APIXBAN NEW POLYMORPH NOVEL PROCESS - PURIFICATION ROSUVASTATIN EDOXABAN NEW POLYMORPH/ PROCESS AMORPHOUS FORM/ PROCESS ** These products are not offered for sale in any country where there is patent protection
Slide 25: POC Medical Devices
POC MEDICAL DEVICES market leadership
Slide 26: POC Revenue
POC medical devices POC REVENUE 25% CAGR Rs. in crores Rs. in crores 150 500 134.46* 400 419 114.83 100 300 327 287 48% 200 77.71 168 50 100 46.56* 0 FY'20 FY'21 FY'22 FY'23 0 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Annual performance Q1'FY24 performance *including COVID related products in Q1'FY21 & Q1'FY2
Slide 27: Gluco Meter Revenue
POC medical devices GLUCO METER REVENUE 28% CAGR Rs. in crores Rs. in crores 300 100 279 254 91.76 200 84.47 75 180 45% 63.42 50 100 120 25 25.44 0 FY'20 FY'21 FY'22 FY'23 0 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Annual performance Q1'FY24 performance
Slide 28: Gluco Meter Installed
POC medical devices GLUCO METER INSTALLED 29% CAGR Million Meters 2.5 2.167 2.123 2 1.693 1.5 9.86 MILLION 1.28 BILLION 0.979 1 meters installed strips sold so far 0.5 q1'Fy24 0.54 MILLION q1'Fy24 97 MILLION 0 FY'20 FY'21 FY'22 FY'23 million meter installed
Slide 29: BP Monitor Revenue
POC medical devices BP MONITOR REVENUE 26% CAGR Rs. in crores Rs. in crores 100 84 25 75 20 63 20.58 20.35 58 50 15 59% 29 12.83 10 25 5 7.33 0 FY'20 FY'21 FY'22 FY'23 0 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Annual performance Q1'FY24 performance
Slide 30: Other Products
POC medical devices OTHER PRODUCTS Rs. in crores Rs. in crores 60 56 30 29.40* 40 44 20 20 20 13.79* 15 10 0 FY'20 FY'21 FY'22 FY'23 2.73 0 1.45 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Annual performance Q1'FY24 performance *including COVID related products in Q1'FY21 & Q1'FY22
Slide 31: R&D Initiatives
POC medical devices R&D INITIATIVES IMMUNO DIAGNOSTICS INDUSTRIAL DESIGN lateral flow- HCG, LH, Dengue, malaria thermometer, pregnancy cassette CELL CULTURE MECHANICAL SECTION anti- serra reagent development stethoscope performance improvement ELCTRONICS NANO MATERIALS thermometer performance improv
Slide 32: New Products Launched
POC medical devices NEW PRODUCTS LAUNCHED manufactured at baddi site
Slide 33: Ongoing Marketing Initiatives
POC medical devices ONGOING MARKETING INITIATIVES blood pressure monitor weighing scale blood glucose meter
Slide 34: Formulations
FORMULATIONS brandeD formulations in india
Slide 35: Formulations Revenue
FORMULATIONS FORMULATIONS REVENUE 10% CAGR Rs. in crores Rs. in crores 200 185 169 60 150 138 131 50.11 40 44.88 100 39.90 12% 30.65 50 20 0 FY'20 FY'21 FY'22 FY'23 0 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Annual performance Q1'FY24 performance
Slide 36: Growth Drivers
FORMULATIONS GROWTH DRIVERS ^36% ^7% antibiotics vitamins ^79% -3% gastro others
Slide 37: Planned Capacity Upgradation
FORMULATIONS PLANNED CAPACITY UPGRADATION export markets* DOMESTIC markets** 1.08 BILLION 1.62 BILLION tablets tablets 0.18 BILLION 0.12 BILLION capsules capsules * export to regulatory markets like usa-new capacity/ new plant. ** domestic markets capacity being built up to this level. note: above C
Slide 38: OTC & Nutrition
Dr. Morepen® OTC & NUTRITION
Slide 39: Gross Revenue
GROSS REVENUE 13% CAGR Rs. in crores 125 Rs. in crores 106 30 100 93 28.85 86 75 65 23.66 22.94 20 21.69 50 25 10 0 FY'20 FY'21 FY'22 FY'23 0 Annual performance Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Q1'FY24 performance
Slide 40: Growth Drivers
GROWTH DRIVERS ^170% ^41% Burnol ORAL Rehydration/ORS ^48% -55% General Health 0nline Sales
Slide 41: R&D Spend
R&D SPEND increasing investment in R&D 23% CAGR Rs. in crores 15 Rs. in crores 4 12.10 3.50 10 3 9.50 8.94 2.42 2 5 2.09 5.06 1.62 1 FORMULATIONS 0 22.8% FY'20 FY'21 FY'22 FY'23 0 Annual performance AP1 Q1'FY21 Q1'FY22 Q1'FY23 Q1'FY24 Devices 59% 18.2% Q1'FY24 SPENDS FY'23
Slide 42: Financial Highlights Q1'FY24
FINANCIAL highlights Q1'FY24
Slide 43: Revenue Highlights
CONSOLIDATED REVENUE HIGHLIGHTS (Rs. in crores) net revenue EBIDTA PROFIT BEFORE TAX PROFIT AFTER TAX ^33% ^84% ^ 146% ^160% 30 15 500 25 28.51 14.63 400 20 38.53 403.46 20 20.51 10 300 15 303.31 10 200 10 15.46 5 5 8.31 5.63 100 0 0 0 0 Q1'FY23 Q1'FY24 Q1'FY23 Q1'FY24 Q1'FY23 Q1'FY24 Q1'FY23 Q1'FY2
Slide 44: Team Connect, Love Heals
team connect love heals
Slide 45: Thank you
Thank you love heals
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