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Aurobindo Pharma Q1 FY22 Conference Call Highlights

Aurobindo Pharma Q1 FY22 Conference Call Highlights

Published on 16 August 2021 Views 33 Comments 0

Financial Highlights

  • Revenue from operations took a downtrend from 5925 crores to 5702 crores a degrowth of 4% YOY, & 5% degrowth sequentially.
  • EBITDA also followed the same path and stood at 1319 crores from 1373 crores YOY, a degrowth of 4% YOY & 3% QOQ
  • EBITDA margin stood at 23%, growth rate being flat YOY & QOQ.
  • PAT also tumbled by 1% YOY from 781 crores to 770 crores, a degrowth of 4% QOQ
  • PAT margin stood at 14%, a slight improvement of 1% YOY & QOQ
  • Research & Development (R&D) spend at 358 crores, 6.3% of revenues
  • Net organic capex for the quarter ~US$6.4 crores. Net cash including investments at the end of June 2021 was at US$1.5 million
  • Constant currency US sales ~ US$36.4 crores.
  • Free Cash Flow is currently at -10.6 crores for Q1 FY 2022

Business Highlights

  • Revenue Mix: Orals:71%, Over The Counter :5%, Branded Oncology:7.6%, Injectables:17%

US Formulations

  • US revenue in Q1FY22 declined by 1.5% YoY to Rs. 2,681 crore, accounting 47% of consolidated revenue
  • Largest generics Company in the US by Rx dispensed (Prescriptions)
  • The company filed 8 ANDAs including 2 injectables with USFDA in Q1FY22 & received final approval for 4 ANDAs including 3 injectables in Q1FY22
  • The company has launched 5 products during the quarter
  • Europe revenue in Q1FY22 increased by 19.7% YoY to INR 1,583 crore, accounting 27.8% of consolidated revenue.
  • Revenue from Growth markets formulations in Q1FY22 increased by 13.7% YoY to INR 329 crore and accounted for 5.8% of revenue.
  • ARV business revenue for Q1FY22 was at INR 296 crore, decrease of 30.3% YoY and accounted for 5.1% of revenue
  • In Q1FY22, API business posted a revenue of INR 812 Cr and contributed 14.2% to the consolidated revenues
  • The company filed 1 DMF with the USFDA during the quarter.
  • The management is expecting US$3-3.5 crores in the first month from OTC brands, with revenue contribution not present in Q1. They expect US$3 crores per annum from ANDAs
  • Aurobindo acquired Cronus Pharma, focused on veterinary pharma products for 420 crores
  • Cronus has pipeline of 67 products (61 organically developed) out of which 40 are injectables and 27 are non-injectable. By April, 2023, the management expects the entire product line to be operationalized
  • Cronus generating sales of US$1.3 crores from six outsourced products and the management expects to grow this to US$2 crores
  • Cronus has an existing debt of 165 crore
  • Q1 global injectable sales: US$10.2 crores, FY22 target: US$60-70 crores
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