Jubilant Pharmova Limited · NSE:JUBLPHARMA
Jubilant Pharmova — Investor Day (June 2021)
79 slides from Jubilant Pharmova's investor day presentation, June 2021
Slide 1: Analyst Day Presentation
Analyst Day Presentation June 2021
Slide 2: Disclaimer
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 f
Slide 3: Agenda
Agenda Topic Presenter Designation Initial Address Mr Shyam Bhartia, Mr Hari Bhartia Chairman and CCMD GCFO address Mr Arvind Chokhany Group CFO Jubilant Pharma, Evolution and Strategy Mr Pramod Yadav CEO, Jubilant Pharma Radiopharma Mr Sergio Calvo President, Radiopharmaceuticals Allergy Mr Chris P
Slide 4: Jubilant Pharmova Limited – Overview
Jubilant Pharmova Limited – Overview Jubilant Pharmova Limited Jubilant Life FY21 Revenue Split (Continuing Business) Sciences Limited renamed as Segment Wise Region Wise 100% Jubilant Pharmova China and ROW India CRDS Limited on Feb 1, 7% 5% Jubilant Pharma Limited 5% 2021. Company Europe & Japan S
Slide 5: Jubilant Pharmova – Business Overview
Jubilant Pharmova – Business Overview Pharmaceuticals Contract Research and Development Services Specialty Pharmaceuticals Fully integrated Drug Discovery services provider 1 #3 radiopharmaceutical manufacturer in the US Facilities in Noida and Bangalore Radio Manufacturing facility based in
Slide 6: Experienced Management Team
Experienced Management Team Shyam S Bhartia Hari S Bhartia Chairman Co-Chairman & Managing Director 41 industry years in pharma, specialty 35 industry years in pharma, specialty chemicals, chemicals, foods, oil and gas, aerospace and IT foods, oil and gas, aerospace and IT Arvind Chokhany Rohini Set
Slide 7: Pharmaceuticals Business - Jubilant Pharma
Pharmaceuticals Business - Jubilant Pharma
Slide 8: Pharmaceuticals Business Structure and Evolution: Strong M&A track record
Pharmaceuticals Business Structure and Evolution: Strong M&A track record FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY21 JLL acquired API Acquired Created R&D Acquired a majority Acquired Acquired Draxis Commissioned Acquired Consolidation of Completed JPL enter
Slide 9: High-Quality Manufacturing Footprint
High-Quality Manufacturing Footprint Spokane, Washington, USA Contract manufacturing of Sterile injectable and Allergy therapy Roorkee, Uttarakhand Generics manufacturing Noida Montreal, Canada Corporate Office Contract Manufacturing of Sterile Injectables and non- Sterile Products Salisbury,
Slide 10: Each of the businesses operate in growing markets with considerable headroom for growth
Each of the 6 businesses operate in growing markets with considerable headroom for growth Market Growth Segments Business Units Market Dynamics Size, $Bn Outlook High barriers to entry (complex manufacturing, customer Specialty Radio- stickiness, and stringent regulations) and limited price 6-8% Pha
Slide 11: Each of the six businesses are at different stages of evolution
Each of the six businesses are at different stages of evolution Stages of Evolution Sustain Momentum Scale-up Turnaround Maintain growth rates and protect Leverage robust platforms and market Restructure for profitability margins to generate cash tailwinds to drive profitable growth Radiopharmaceuti
Slide 12: Looking ahead, markers are in place for sustained/accelerated growth across portfolio
Looking ahead, markers are in place for sustained/accelerated growth across portfolio Stages of Evolution Sustain Momentum Scale-up Turnaround Maintain growth rates and protect Leverage robust platforms and market Restructure for profitability margins to generate cash tailwinds to drive profitable g
Slide 13: Sustained out-performance to be driven by five key differentiators
Sustained out-performance to be driven by five key differentiators • Businesses with different market dynamics and stage of evolution 1 • US-centric front-end and manufacturing help drive innovation and is supported by robust operations from India 1 2 • Specialty businesses have leadership in the US
Slide 14: Business and Industry Overview
Business and Industry Overview
Slide 15: Radiopharma – Radiopharmaceuticals, Radiopharmacies
Radiopharma – • Radiopharmaceuticals • Radiopharmacies
Slide 16: Nuclear Medicine Plays a Major Role in the Diagnostic and Treatment of the Most Challenging Diseases
Nuclear Medicine Plays a Major Role in the Diagnostic and Treatment of the Most Challenging Diseases Anatomy vs Physiology SPECT Imaging PET Imaging Radiopharmaceutical • Nuclear medicine uses therapies radioactive drugs, also known as radiopharmaceuticals, to diagnose and treat disease. • Over 40 m
Slide 17: Radiopharmaceuticals – Value Chain and Competitive Landscape in the US
Radiopharmaceuticals – Value Chain and Competitive Landscape in the US 1 2 3 4 5 Medical Isotopes Radiopharmaceutical Radiopharmacies for Nuclear medicine Nuclear Reactors Processors Manufacturers patient specific doses Department SAFARI (South Africa) BWXT (Canada) Jubilant Radiopharma Jubilant Rad
Slide 18: Radiopharmaceuticals – Global Market
Radiopharmaceuticals – Global Market USD Bn • The radiopharmaceutical therapeutics market will 30 exceed the imaging market in 2026, and grow faster in the second half of 25 the decade • The SPECT market will continue to grow slowly, 20 21.3 but will remain a strong 18.9 business opportunity 15 16.1
Slide 19: Radiopharmaceuticals – Market Share
Radiopharmaceuticals – Market Share • There are more than 80 Global Market in 2020 USA Market in 2020 sizeable companies in the US$ 5.5 Billion US$ 2.7 Billion nuclear medicine market • There are over 100 companies developing and Cardinal still not yet selling 14% radiopharmaceuticals. Cardinal Othe
Slide 20: Radiopharmaceuticals – Business Overview
Radiopharmaceuticals – Business Overview Uncompromised Quality Innovation Leadership • Founded in 1955, acquired by Jubilant Pharma in 2008 • The essence of Jubilant Radiopharma is a • #3 radiopharmaceutical manufacturer in commitment to the highest quality. Our the US based on revenue • Headquarter
Slide 21: Radiopharmaceuticals – Portfolio
Radiopharmaceuticals – Portfolio Brain Imaging DTPA Gluceptate Thyroid Imaging Iodine I-131 Thyroid Disorders and Cancers Iodine I-131 Myocardial Perfusion Sestamibi RUBY-FILL Rb-82 Gluceptate Diagnostic Therapeutic Pulmonary MAA DTPA Kidney Imaging Neuroblastoma DTPA I-131 MIBG* Gluceptate Skeletal
Slide 22: Radiopharmaceuticals – Key Products
Radiopharmaceuticals – Key Products RUBY-FILL® DRAXIMAGE® MAA and DTPA Theranostics Iodine-131 Myocardial Perfusion PET Ventilation Perfusion • Rb-82 Chloride is used to non-invasively • Used primarily to diagnose pulmonary • Radioactive iodine, such as iodine-131, is image and evaluate the myocardi
Slide 23: Radiopharmaceuticals – Moving Further Towards Innovation
Radiopharmaceuticals – Moving Further Towards Innovation Innovative Branded High Pipeline Stable High Growth Portfolio Margin Generics SPECT Imaging and Use Case PET Imaging Theranostics Therapeutic Iodine MAA, DTPA, I-131, I-131 MIBG, novel imaging Key products Exametazime, MDP, RUBY-FILL tracers a
Slide 24: Radiopharmaceuticals – Expanding Our Playfield
Radiopharmaceuticals – Expanding Our Playfield 2020 2025 2030 Served Market Market Potential Market Potential US$ 400M > US$ 1.5B > US$ 5B Current Portfolio • MAA Planned and Under Execution • DTPA Under Development • MDP • New Generics • Sestamibi • RUBY-FILL (Global Market) • Proprietary • Exameta
Slide 25: Radiopharmaceuticals – Strategy Going Forward
Radiopharmaceuticals – Strategy Going Forward Expand the Core Grow the Cardiac PET I-131 MIBG[2] for Strategic Inorganic Portfolio market Neuroblastoma Partnerships Opportunities SPECT Market in the USA[1] Cardiac PET Procedures in the Before After World in Thousands[1] 9.9 9.6 900+ 1.3 1.3 2x 420 2
Slide 26: Jubilant Radiopharma acquired 25% of equity holding and became a strategic partner to SOFIE Biosciences
Jubilant Radiopharma acquired 25% of equity holding and became a strategic partner to SOFIE Biosciences • 14 commercial radiopharmacies in the Synergies with Jubilant United States focused on PET tracers. • Complementary portfolio of • Third largest supplier of FDG in the SPECT and PET imaging trace
Slide 27: Jubilant Radiopharma entered into a strategic partnership with Isotopia Molecular Imaging
Jubilant Radiopharma entered into a strategic partnership with and Isotopia Molecular Imaging • Isotopia Molecular Imaging, based in Synergies with Jubilant Israel, is a leading company in the field of nuclear medicine diagnostic and • As Part of the agreement, therapies. Jubilant will have an exclu
Slide 28: With Strategic Partners, Jubilant Radiopharma is the Most Integrated Radiopharmaceuticals Company
With Strategic Partners, Jubilant Radiopharma is the Most Integrated Radiopharmaceuticals Company API Syntesis and Scale up Capabilities √ Analitical Method Development and Validation √ PET and SPECT Lyophilised Cold Kit Development √ √ Therapeutic Cold Kit Development √ Generator Development √ Ga-6
Slide 29: Radiopharma – Radiopharmaceuticals, Radiopharmacies
Radiopharma – • Radiopharmaceuticals • Radiopharmacies
Slide 30: Radiopharmacies – Play a critical role in the nuclear medicine value chain
Radiopharmacies – Play a critical role in the nuclear medicine value chain Logistics and Distribution Specialized service Wide geographical coverage Radiopharmacies operate within a close Handling, preparation, and storage of Radiopharmacies help to efficiently distance of the healthcare provider du
Slide 31: Radiopharmacies – Several tailwinds support market growth
Radiopharmacies – Several tailwinds support market growth even with increased market competitiveness and pricing pressure Aging Population Increasing Disease • Population aged >65 years Prevalence (requiring more medical • Prevalence for diseases treatments) growing by ~3% which are the target areas
Slide 32: Radiopharmacies – High Barrier to Entry
Radiopharmacies – High Barrier to Entry • To set up a new mid large size • Each treatment site requires to obtain a license from NRC pharmacy location • Additional state, local, and hospital regulations (from US • Thus, setting up a new chain of Department of transportation, US FDA, US Board of phar
Slide 33: Radiopharmacies – Competitive Landscape
Radiopharmacies – Competitive Landscape Company Name Number of Pharmacy in US Presence in Number of States in US Number of Hospitals served in US 129 45 2,347 1,700 48 22 (1) 42 29 744 31 18 532 26 / Isologic 12 227 14 10 111 There are another 81 independent radiopharmacies across the country primar
Slide 34: Radiopharmacies – Business Overview
Radiopharmacies – Business Overview # 2 commercial radiopharmacy network in the US Facilities also include three operational cyclotrons Multi-year agreements with GPOs in place 48 SPECT radiopharmacies spread across 22 states Access to 13 PET radiopharmacies via SOFIE 750+ employees c.2.8 mn+
Slide 35: Radiopharmacies – Key sources of differentiation
Radiopharmacies – Key sources of differentiation Vertical integration with Jubilant Radiopharmaceuticals: enables Jubilant 1 Radiopharmacies to offer supply chain security to its customers, especially in complex products like MAA, I-131 which have faced supply shortages in the past 1 2 Strategic par
Slide 36: Radiopharmacies – Strategy Going Forward
Radiopharmacies – Strategy Going Forward Drive Operational Excellence Drive Commercial Drive Network Optimization & Excellence Expansion At Network Level Grow Market Share Optimize Current Network • Reduction in generator cost through • Target contract wins in existing • Hub spoke model i.e. convert
Slide 37: Allergy Immunotherapy (AIT)
Allergy Immunotherapy (AIT)
Slide 38: Allergy Immunotherapy (AIT) – Industry Overview
Allergy Immunotherapy (AIT) – Industry Overview Market Overview Allergen Immunotherapy Market Size 2,000 (US$ Mn) 1,760 1,880 1,640 222.9 1,430 1,530 210.1 216.4 1,240 1,330 204.0 1,080 1,170 1,200 184.4 192.0 151.2 167.8 126.2 133.7 110.7 1,664 1,777 1,436 1,550 1,162 1,246 1,338 969 1,044 1,066 1,
Slide 39: Allergy Immunotherapy (AIT) – Business Overview
Allergy Immunotherapy (AIT) – Business Overview Products Product range includes portfolio of 100+ different allergenic extracts, six insect venom products and exclusive skin diagnostic testing devices #2 player in the allergenic SCIT extract market in the US and the sole supplier for venom immun
Slide 40: Allergy Immunotherapy (AIT) – Key products
Allergy Immunotherapy (AIT) – Key products Allergenic Non-Venom extracts Venom products ComforTen Skin Test System Jubilant has a broad & diverse portfolio across all the More than 16 million Americans are at risk for a Unique skin test devices with the only self- major allergen extracts (100+
Slide 41: Allergy Immunotherapy (AIT) – Key sources of differentiation
Allergy Immunotherapy (AIT) – Key sources of differentiation Sole Venom Supplier • Portfolio based sales approach across categories • Potential to double the venom doses even with 50% share of additional untapped market • JHS has also started BeeAware campaign for building patient awareness on VIT i
Slide 42: Allergy Immunotherapy (AIT) – BeeAware content
Allergy Immunotherapy (AIT) – BeeAware content 42
Slide 43: Allergy Immunotherapy (AIT) – Strategy Going Forward
Allergy Immunotherapy (AIT) – Strategy Going Forward Leverage Existing Capabilities Enhance US Footprint & Portfolio Expand Target Markets & Portfolio • Grow new, differentiated products • Change Customer mindset from • Expand product portfolio through and expand capacities in non-venom “Made to Sel
Slide 44: Contract Manufacturing of Sterile Injectables and Non-Sterile Products (CMO)
Contract Manufacturing of Sterile Injectables and Non-Sterile Products (CMO)
Slide 45: CMO – Industry Overview
CMO – Industry Overview Global Pharmaceutical CMO Industry Size ($Bn) Key Trends and Growth Drivers 6.3% CAGR Outsourcing relationships are now much more 40 35.57 33.9 strategic 35 32.07 30.16 28.21 30 26.26 24.35 25 22.64 20 Consolidation in injectable CDMO Space because of 15 increasing acquisitio
Slide 46: CMO – Business Overview
CMO – Business Overview Overview CMO Services across product segments Sterile injectables accounts for 80% CMO revenue while non-sterile products Full suite of services to our customers including supply chain support, account for the balance 20% CMO revenue lab testing services, regulatory submiss
Slide 47: CMO – Strategy Going Forward
CMO – Strategy Going Forward Enhance and Expand Capacity to Achieve Operational Efficiencies New Customer Targets expand margins Unlock Existing Capacity • Continue to build on First Time Right • New customer targets for sterile • Business Excellence initiatives to (FTR) customer service injectables
Slide 48: Active Pharmaceutical Ingredients (APIs)
Active Pharmaceutical Ingredients (APIs)
Slide 49: API – Global Market Overview
API – Global Market Overview Global API Market 5-year CAGR (USD billion | 2015–2020) 204 7.8% 176 188 152 163 140 121 121 7.6% 98 105 84 91 61 65 71 76 83 8.2% 56 2015 2016 2017 2018 2019 2020 Outsourced Captive Total Global Outsourced API Market Key Takeaways (% | USD billion | 2020) • The global A
Slide 50: API – Business Overview
API – Business Overview Highlights Top Products1 • ~60% API sales are to regulated markets, resulting in high customer retention levels Jubilant’s Market Share Product • 75–80% sales to third-party customers and balance to internal generics business (FY2020)1 • ~80% of the commercialized portfolio i
Slide 51: API Business – Key Sources of Differentiation
API Business – Key Sources of Differentiation Among global leaders in several products (e.g., Carbamazepine, Oxcarbazepine, Pinaverium Bromide) complemented by diversified bets with strategic share across multiple products (e.g., Valsartan, Azithromycin, Irbesartan, Lamotrigine) Strong R&D capabilit
Slide 52: API Business – Strategy Going Forward
API Business – Strategy Going Forward Achieve Sustainable Growth Invest in Expansion and New Continue to be a Preferred Product Pipeline Supplier • Robust portfolio management with • Debottlenecking initiatives underway • Initiatives aimed at increasing the differentiated strategy for key to increas
Slide 53: Generics (Dosage Formulations)
Generics (Dosage Formulations)
Slide 54: Generics – Global Market Overview
Generics – Global Market Overview Global Generics Pharmaceutical Market Size by Region (Billion USD) Global Generics Market Trends CAGR Total 329 475-500 • While volume growth in generics segment will be driven by patent expiry of new molecules, pricing pressure on this segment, especially in develo
Slide 55: Generics – Global Market Overview
Generics – Global Market Overview Global Pharmaceutical Spending Breakdown Global Pharmaceutical Spending Breakdown by Type of Products, 2020 (%) by Type of Products, 2025 (%) Global 63% 26% 11% Global 60% 30% 10% RoW 35% 59% 7% RoW 36% 56% 8% Pharmerging Markets 29% 58% 12% Pharmerging Markets 32%
Slide 56: Generics – Global Market Overview (US$ bn)
Generics – Global Market Overview Global Patent Expiry for Prescription Drugs Generics Market Trends US$ 145 bn • Increase in affordability and access (especially in emerging 57 markets) driving spend in healthcare ; Shift towards complex 52 generics • U.S. generics market faced pricing headwinds fr
Slide 57: Generics – Business Overview
Generics – Business Overview Overview Jubilant's Market Share in select products in US Products Market Share No Of Competitors Market leader in the US in select products(1) Prochlorperazine 100% 0 Capabilities in multiple dosage forms Terazosin 96% 1 Methylprednisolone 29% 5 Vertical integrati
Slide 58: Generics – Key Sources of Differentiation
Generics – Key Sources of Differentiation Strategic Portfolio Selection • Enables presence in molecules with low competition Vertical Integration • Vertically integrated for key products such as Valsartan, Risperidone, Atorvastatin, Esomeprazole, Azithromycin, Oxcarbazepine (in-house API for 60% of
Slide 59: Generics – Strategy Going Forward
Generics – Strategy Going Forward Leveraging R&D Capabilities Sustainable Manufacturing Market Expansion • Enter underserved product markets • Properly balance cost, supply • Expand business into emerging through opportunity identification reliability and speed to market markets through on-time port
Slide 60: Jubilant Pharma - Financials
Jubilant Pharma - Financials
Slide 61: Financial Performance | P&L
Financial Performance | P&L Revenue from Operations Revenue by Segment 20% 26% 27% (US$ Mn) 35% 803 782 53% 40% FY20 FY21 FY20 FY21 Total Revenue Specialty Pharma CDMO Generics EBITDA Profit after tax 26.2% 22.7% 11.4% 8.8% ((US$ Mn) ((US$ Mn) 211 92 69 177 FY20 FY21 FY20 FY21 Margin 61
Slide 62: Contract Research and Development Services - Jubilant Biosys
Contract Research and Development Services - Jubilant Biosys
Slide 63: Industry Overview
Industry Overview Global CRO Market Size 45 7% CAGR 40 40 38 35 (US$ bn) 35 33 31 28 29 30 25 25 20 15 10 5 - 2013 2014 2015 2016 2017 2018 2019 2020 Global CRO market has grown at a CAGR of 7% between 2013-20 Increasing per unit R&D cost for pharma 8x increase in cost per Novel Molecular Enti
Slide 64: Business Overview
Business Overview Overview Discovery Services up to IND & GMP Provides new Drug Discovery services to global innovators in US, EU, Full suite of services to our customers including supply chain support, lab testing services and project management Japan & APAC. Computational & medicinal chemistry
Slide 65: Strategy: Transformational new Site Investments will propel the business onto the stage of Global TOP Tier CRO's
Strategy: Transformational new Site Investments will propel the business onto the stage of Global TOP Tier CRO’s 1 2 3 4 Expand Capacity & Capability in Greater ML/AI platform development along with Operational Efficiencies New Customer Targets Noida & Bengaluru chemistry & biology Technologies New
Slide 66: Proprietary Novel Drugs - Jubilant Therapeutics
Proprietary Novel Drugs - Jubilant Therapeutics
Slide 67: Drug Discovery and Development Process
Drug Discovery and Development Process There are several core “steps” carried out during drug discovery and development 67
Slide 68: Rise of Biotechs in New Drug pipeline
Rise of Biotechs in New Drug pipeline • More new drugs in pipeline of biotech companies than traditional pharma MNCs • External innovation/ partnering with biotech increasingly important for Pharma • Over two-thirds of Big-pharma’s late stage pipeline derived from external innovation/ partnering wit
Slide 69: Biotech IPO Valuations have grown significantly in recent years
Biotech IPO Valuations have grown significantly in recent years • There’s significantly more demand for biotech IPOs today compared to few years back, as seen in IPO pricing and post money valuations • Earlier stage companies are going public • Increasingly companies at preclinical to Phase 1 stages
Slide 70: Jubilant Therapeutics: private biotech transitioning from preclinical to clinical stage
Jubilant Therapeutics: private biotech transitioning from preclinical to clinical stage • Advancing potent and selective small molecule modulators in late preclinical development to address unmet medical needs in oncology and autoimmune diseases Business • Launched in 2019 in Bedminster, NJ with dis
Slide 71: Powerful integrated R&D platform to generate a differentiated clinical portfolio
Powerful integrated R&D platform to generate a differentiated clinical portfolio in genetically defined patient populations Dual LSD1/HDAC6 • Novel dual mechanism to address limitation of existing approaches SBDD1 Platform • Selective inhibition of two validated oncology targets leads to improved th
Slide 72: Market Comps
Market Comps Market potential of key indications Est. Market size (7 major Key indications markets- US, 5 EU, Japan) AML $4.5B (in 2029) LSD1-HDAC6 SCLC $1.8B (in 2029) RA $29 B (in 2029) PAD4 HS $1.8B (in 2028) GBM $1.4B (in 2027) PRMT5 MCL $1B (in 2027) Asset-wise comparable companies Comparable J
Slide 73: Summary
Summary • Transitioning to clinical stage in early 2022 with dual LSD1/HDAC6 inhibitor IND filing and Phase-I thereafter in subsets of AML, MPN and select solid tumors with specific gene signatures • Next two IND filings in 1H 2022 • Differentiated PRMT5 inhibitor with high brain exposure for gliobl
Slide 74: Jubilant Pharmova - Financials
Jubilant Pharmova - Financials
Slide 75: Financial Performance | P&L
Financial Performance | P&L Revenue from Operations Revenue by Segment 4.2% 5.0% 19.4% 24.2% (Rs Crore) 25.7% 33.0% 5,976 6,099 50.5% 37.8% FY20 FY21 FY20 FY21 Total Revenue Speciality Pharma CDMO Generics CRDS EBITDA PAT 26.5% 23.2% 11.3% 9.4% (Rs Crore) (Rs Crore) 1,585 1,414 678 574 FY20 FY21 FY2
Slide 76: Financial Performance | Balance Sheet
Financial Performance | Balance Sheet Return On Capital Employed (ROCE) Leverage Net Debt/ EBITDA 1.41x 1.36x 16.3% (% age) 3,361 (Rs Crore) 2,600 14.2% 2,237 1,928 FY20 FY21 FY20 FY21 Gross Debt Net Debt Capital Expenditures Working Capital 5.0% 4.5% 94 86 296 1540 (Rs Crore) (Rs Crore) 276 1429 FY
Slide 77: Financial Performance | FY21
Financial Performance | FY21 Particulars1 FY20 FY21 YoY (%) Revenue Pharmaceuticals 5,714 5,790 1% LSI business demerged from February 1, 2021 into Jubilant Ingrevia. Specialty Pharma 3,019 2,303 (24%) Continuing business revenue was Rs 6,099 Crore versus Rs 5,976 Crore CDMO 1,536 2,010 31% in FY2
Slide 78: Abbreviations
Abbreviations AIT Allergen Immunotherapy GPO Group Purchasing Organization ANDA Abbreviated New Drug Application I-131 Iodine-131 API Active Pharmaceutical Ingredient IND Investigational New Drug ATP Allergy Therapy Business MAA Macro Aggregates of Albumin CDMO Contract Development and Manufacturing
Slide 79: Thank You
Thank You Corporate Office 1-A, Sector-16A, Noida-201301, UP, India Email: support@jubl.com | For more Info : www.jubilantpharmova.com 79