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1
Lupin LimitedCorporate Presentation
November 2007
2
Safe Harbour StatementSafe Harbour Statement
Materials and information provided during this presentation may contain ‘forward-looking statements’. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements.
Risks and uncertainties include general industry and market conditions, and general domestic and international economic conditions such as interest rate and currency exchange fluctuations. Risks and uncertainties particularly apply with respect to product-related forward-looking statements. Product risks and uncertainties include, but are not limited, to technological advances and patents attained by competitors, challenges inherent in new product development, including completion of clinical trials; claims and concerns about product safety and efficacy; obtaining regulatory approvals; domestic and foreign healthcare reforms; trends toward managed care and healthcare cost containment, and governmental laws and regulations affecting domestic and foreign operations.
Also, for products that are approved, there are manufacturing and marketing risks and uncertainties, which include, but are not limited, to inability to build production capacity to meet demand, unavailability of raw materials, and failure to gain market acceptance.
The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
3
Introduction . . .Introduction . . .
Section 1Section 1
4
VisionVision
• To be an Innovation-led Transnational Pharmaceutical Company
ValuesValues
• Superior Performance
• Entrepreneurship
• Customer Orientation
• Working Together
• Respect for People
• Integrity
5
ContentsContents
– Global Pharmaceutical Industry Overview– Indian Pharmaceutical Industry– Lupin -Business Update
Pharmaceutical Industry OverviewPharmaceutical Industry Overview
Section 2Section 2
7
Global Pharmaceutical Industry OverviewGlobal Pharmaceutical Industry Overview
Global Pharmaceutical market at about US$650 billion market in 2006
Market expected to grow at a rate of 6-7%Ten major markets account for over 80% of the market in terms of revenue
Expected to experience growth ranging between 5-8%Growing importance of generics in regulated markets
Pressure from healthcare providers and insurance companies to reduce healthcare costs driving usage of generic drugs
Increasing patent expirations driving generic drug availabilityIncreasing healthcare spend in emerging markets
Advancement in infrastructure
Awareness and affordability
Longevity
8
Indian Pharma – Emerging ScenarioIndian Pharma – Emerging Scenario
DOMESTIC FORMULATIONS
IPR RegimeAccent on Brand buildingExperiencing high growthPartnerships
Contract Mfg (API + FD)
•Cost Quality Leadership•JV/ Alliances
INDIGENOUS R&D
• ANDA/NDDS/NCE• Out Licensing
GENERICS BUSINESS
• Pricing pressure Aggressive build up of products Cost, Quality, Regulatory knowhow
Domestic Market: US$ 5.5bn Exports: US$ 3.0bn Total: US$ 8.5bn
Indian Pharma
9
ApproachApproach
Section 3Section 3
10
Lupin’s Business ModelLupin’s Business Model
Technology
•ANDA / NDDS
•Vertical Integration
•NCE
Alliances
•JV in select markets
•Long term partnership with customers
•In-Licensing
Sustainable Earnings
Accelerated Growth
Fulfilling Stakeholder Aspirations
Sustainable Earnings
Accelerated Growth
Fulfilling Stakeholder Aspirations
Markets
•US: Generic and Branded (Paediatric) marketing
•Geographical Expansion
• Enhance market penetration
11
Advanced MarketsAdvanced Markets
Section 4Section 4
12
Advanced Markets: Lupin ApproachAdvanced Markets: Lupin Approach
Branded
•NDDS
•Promotion Strategy
•Brand Life Management
Generics
•Products•Vertical integration•Para IV
•Trade•Fill Rates & Service•Quality •Competitive Price
Partnered
•Physicians Office
•Hospitals
13
USUS
Branded Suprax continues strong growth: over 8500Rx per week in peak season Launched Line extension : Suprax DS
Generics 6 products launched in the US in FY07 Market share as indicated by IMS data:
Lisinopril – 33 % - Market Leader Cefprozil Tabs – 25 % Cefprozil Susp – 25 % Among top 3 in each segment in MS terms
Cefdinir: Complete range launched Over 50 ANDA’s filed; 20 approved to date
14
Other Advanced MarketsOther Advanced Markets
Europe• Cefpodoxime Proxetil: Approval for France • Ramping up MAA/ Dossier filings • Alliances in progress
• Revenues commenced
• Product launches to begin in mid FY08Japan• Acquisition of Kyowa
• Among the top 10 generic pharma companies
Australia & LA• Expressions of interest moving forward• MDR-TB sales commenced in LASouth Africa• Aspen (Anti-TB FDC) for Africa
15
Robust pipelineRobust pipeline
Country Total submissions
US 51
EU 24
Australia/ NZ 20
16
Emerging MarketsEmerging MarketsSection 5Section 5
17
Emerging Markets: India Region - Lupin ApproachEmerging Markets: India Region - Lupin Approach
Critical
•Enhanced Focus
•Niche Intensive Therapies
•Super-Specialty
Acute
•Innovation
•Leadership
Acute
•Innovation
•Leadership
Chronic
•New Products
•New Therapies
•Exponential Growth
Chronic
•New Products
•New Therapies
•Exponential Growth
In-licensing
•Marketing
•Distribution
In-licensing
•Marketing
•Distribution
Rural
•Reach
•Penetration
Rural
•Reach
•Penetration
18
India RegionIndia Region
• 30% in FY07 (14 % Industry IMS Mar 07 MAT) FY06 Growth 23% vs 7-8% industry average
• Anti-Asthma range launched in Aug 04, already number 2 in its segment and growing (80%+)
• Lupenox (Enoxaparin), Eugraf (EGF): In-licensed• Lupinova driving foray into rural and less penetrated regions • Top 8 brands
Rs. Mn. YTD Mar 07
Tonact 415 R-Cinex 364
AKT 325 Rablet 237
Odoxil 231 Ramistar 201
Ceff 196 L-Cin 191
19
Emerging Markets : Others - Lupin ApproachEmerging Markets : Others - Lupin Approach
Branded Generics
•Registrations
•NDDS
•On-shore Presence
Branded Generics
•Registrations
•NDDS
•On-shore Presence
Institutional
•Approved Facilities
•Economies of Scale
Institutional
•Approved Facilities
•Economies of Scale
20
Other Emerging MarketsOther Emerging Markets
CIS• Posted a healthy growth – 69%• Expanding Field Force –
• Russia, Ukraine, Azerbaijan, Kazakhstan, Uzbekistan
• Increased market penetration• Around 20 Products Registered in each; around 10 under RegistrationMiddle East• Will be shared as Alliances progress Africa• Alliance with RanbaxyLATAM• Revenues commenced in PeruGTB• Continues steady growth – 24%
21
API & IntermediatesAPI & Intermediates
Section 6Section 6
22
API & IntermediatesAPI & Intermediates
• One of the most profitable API business in Indian Pharma
– Robust operating performance
– ROCE comparable to the best in the segment
• Focus on Cost & Quality Leadership and Reliability
• Effective asset utilization
• Sustained revenues and profits
• Efforts on to widen therapeutic presence
– Acquisition of Rubamin provides a step up to the CRAMS initiatives
– OABBs growing
• Strategic input to formulations business
– About 70% backward integration
• Global Leadership in chosen therapies
23
API & IntermediatesAPI & Intermediates
1Cephalosporin - Intermediate7ADCA
1CardiovascularLisinopril
1Cephalosporin - Intermediate7ACCA
1Anti-TBPyrazinamide
1Anti-TBRifampicin
1Anti-TBEthambutol
Global RankTherapeutic SegmentProduct
24
Research & DevelopmentResearch & Development
Section 7Section 7
25
R&DR&D
• Over 400 scientists
• Expenditure (FY0607) : Rs.1359mn – 6.7% of Sales
– Continue investing incrementally
• IP Generation: Commercial potential– Perindopril IP sale
• Research Interests
– NDDS platforms
– Products of Paediatrics range
– ANDAs
– NCEs• Anti Migraine - In Phase III
• Anti Psoriasis (Chemical) - In Phase II
• Anti Psoriasis (Herbal) - Completed Phase II
• Anti TB - In Phase I
26
PatentsPatents
Patents Issued, Allowed & Pending557
Issued, Allowed 70
Pending487
US15
EU
RoW44
EU11
US52
EU38
RoW397
27
Business UpdateBusiness Update
Section 8Section 8
28
2006-072006-07
8896 106867714 9603
16610
20289
0
5000
10000
15000
20000
25000
Domestic Exports Total
2005-06 2006-07
20%24%
22%
(Rs
Mn)
Sales Growth
Fml Ind37%
Fml Reg16%
API SR18%
API Reg6%
API Ind15%
Fml SR8%
Revenue Composition
29
• Revenue Growth : 22%
• EBITDA margin : 24%
• PBT % : 20%
• PAT % : 15%
• ROCE % : 32 %
1827
30213009
4802
0
1000
2000
3000
4000
5000
Net Profit EBITDA
2005-06 2006-07
60%(R
s M
n)
Profit Growth
65%
2006-072006-07
30
CoverageCoverage
Geographic Therapeutic
Anti Asthma3%
Anti Diabetics2%
Others19%
Cephs33%
NSAIDS2%
CVS18%
Anti TB20%
GI3%
Exports46%
Domestic54%
API vs FD
FD61%
API39%
31
10120
12669
0
2000
4000
6000
8000
10000
12000
14000
Sales
H1 FY0607 H1 FY0708
1055
1314
0
200
400
600
800
1000
1200
1400
Net Income
H1 FY0607 H1 FY0708
2007-08 – H1(R
s M
n)
25%
25%
(Rs
Mn)
*Sales and Net income at Consolidated level
32
Facilities Facilities
Section 9Section 9
33
Lupin’s FacilitiesLupin’s Facilities
Manufacturing
Research Center
Goa
Pune
Tarapur
Ankleshwar
Mandideep
Aurangabad
JammuLOCATION PRODUCTS APPROVALS
Mandideep,
Madhya Pradesh
Cephalosporins
Prils
USFDA, UK MHRA, TGA
USFDA
Tarapur,
Maharashtra
Rifampicin
Lovastatin
USFDA, UK MHRA
-
Ankleshwar,
Gujarat
Ethambutol
Intermediates
USFDA
USFDA
Aurangabad,
Maharashtra
Rifampicin
Pyrazinamide
Ethambutol
Lisinopril
WHO, MCC (South Africa)
WHO, MCC (South Africa)
WHO, MCC (South Africa)
WHO, MCC (South Africa)
Verna,
Goa
Non-cephalosporin Oral Formulations
USFDA, UK MHRA
Jammu,
J&K
Formulations -
Pune, Maharashtra
R&D
Mumbai,
Maharashtra
Head OfficeHead Office
Mumbai
34
Year 2007-08 and Beyond . . .Year 2007-08 and Beyond . . .
Section 11Section 11
35
Going ForwardGoing Forward
New Markets/ Initiatives
• Enter Advanced Markets EU Japan Australia South Africa
• Establish On-shore presence in 5 select markets
• Acquisition: Brands in US Businesses in select countries of EU Domestic
Explore New Therapies/ Business Segments
36
Thank youThank you