STRIDES PHARMA SCIENCE LIMITED Mumbai, July 30, 2015: Strides Arcolab (BSE: 532531, NSE: STAR) today announced its financial results for the quarter ending June 30, 2015 (FY16)
Consolidated Financial & Performance Highlights (Pharma & Biotech)INR Mn
Q1 FY15 | Q1 FY16 | Growth vs. Q1 FY15 | |
Revenues | 2,596 | 2,761 | 6% |
EBITDA | 523 | 533 | 2% |
EBITDA % | 20% | 19% | |
PAT | 190 | 419 | 120% |
EPS | 3.19 | 7.02 | 120% |
Commenting on the results, Arun Kumar, Founder and Group CEO, stated "In version 2 of Strides, we focus on achieving key strategic and operational goalposts. Quarterly performance is not a guidance of near term financial results. We continue to ramp up R&D initiatives with the focus on building a disruptive model. Having stated that, Q1 FY16 was a challenging quarter for the business mainly led by a
subdued performance in our emerging market operations in Africa."
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INR Mn
Q1 FY15 | Q1 FY16 | Growth vs. Q1 FY15 | |
Revenues | 2,596 | 2,761 | 6% |
EBITDA | 543 | 572 | 5% |
EBITDA % | 21% | 21% |
Q1 FY16 revenues at INR 2,761 Mn, growth of 6% YoY
EBITDA for the quarter at INR 572 Mn, growth of 5% YoY. EBITDA margins consistent at 21%
Pharma R&D and Regulatory Update
R&D spend for Q1 FY16 at INR 86 Mn, against INR 56 Mn in Q1 FY15
34 cumulative ANDA filings (non-PEPFAR) with USFDA , 1 ANDA filing made during the quarter
17 ANDA filings pending approval from USFDA, 2 product approvals received during the quarter
18 cumulative PEPFAR filings with 17 tentative approvals
Biotech R&D spend during the quarter at INR 40 Mn, against INR 20 Mn in Q1 FY15
The two products that reached animal toxicity stage in last fiscal are on track to move into the next phase of development
The bio-pharmaceutical manufacturing facility is now being constructed in India instead of
Malaysia. The Karnataka State Government has allocated land for the purpose in Doddaballapur, Bangalore
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INR Mn
Q1 FY15 | Q1 FY16 | YoY % | Composition | |
Regulated Markets | 884 | 899 | 2% | 33% |
Institutional Business | 787 | 986 | 25% | 35% |
Emerging Markets | 925 | 877 | -5% | 32% |
Total Revenues | 2,596 | 2,761 | 6% | 100% |
Regulated Markets
Revenues at INR 899 Mn in Q1 FY16, representing 33% of total revenues
Revenues grew 2% YoY to INR 899 Mn against INR 884 Mn in Q1 FY15
North America front end operations delivered a strong quarter. Growth during the quarter impacted by lower revenues in Europe
Received 2 product approvals during the quarter. Cumulative market size of approved products at US$ 140 Mn
Institutional Business
Revenues at INR 986 Mn in Q1 FY16, representing 35% of total revenues
Revenues grew 25% YoY to INR 986 Mn against INR 787 Mn in Q1 FY15
Signed a sub-licensing agreement with the Medicines Patent Pool (MPP) to develop Dolutegravir
(DTG) for treatment of HIV in developing countries
Emerging Markets
Revenues at INR 877 Mn in Q1 FY16, representing 32% of total revenues
Revenues declined 5% YoY to INR 877 Mn in Q1 FY16 against INR 925 Mn in Q1 FY15
Exchange rate volatility impacted demand for products during the quarter
Initiated actions to improve ROE's for our channel partners by matching primary and secondary sales in our branded business
Corporate Updates
Acquisition of generic pharmaceutical business in Australian business from Aspen
Received no objection letter from Foreign Investment Review Board, Australia and Australian
Competition & Consumer Commission
Transaction expected to close in Q2 FY16
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Merger with Shasun Pharmaceuticals Ltd
Received approvals from Hon'ble High Court of Madras
Awaiting approvals from FIPB and Hon'ble High Court of Bombay
Transaction expected to close in Q2/Q3 FY16
About Strides Arcolab
Strides Arcolab, listed on the Bombay Stock Exchange Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical company headquartered in Bangalore, India that develops and manufactures a wide range of IP-led niche pharmaceutical products. The Company has 8 manufacturing facilities and presence in more than 85 countries in developed and emerging markets.
Additional information is available at the Company's website at www.stridesarco.com.
Strides
PR Consultancy
Badree Komandur, CFO
+91 80 6784 0747
Investors:
Kannan. N: +91 98450 54745
Vikesh Kumar: +91 80 6784 0827
Sandeep Baid : +91 80 6784 0791
Fortuna PR
K Srinivas Reddy: +91 9000527213 srinivas@fortunapr.in
K Priya: +91 9535425418 priya@fortunapr.in
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