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Torrent Pharmaceuticals Ltd

Torrent Pharmaceuticals Ltd. Investor Presentation FY 2011. Caveat.

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Torrent Pharmaceuticals Ltd

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  1. Torrent Pharmaceuticals Ltd Investor Presentation FY 2011

  2. Caveat This information may contain certain forward-looking statements/ details in the current scenario, which is extremely dynamic and increasingly fraught with risks and uncertainties. Actual results, performances, achievements or sequence of events may be materially different from the views expressed herein. Investors/shareholders/public are hence cautioned not to place undue reliance on these statements/ details, and are advised to conduct their own investigation and analysis of the information contained or referred to in this section before taking any action with regard to their own specific objectives. Further, the discussion following herein reflects the perceptions on major issues as on date and the opinions expressed here are subject to change without notice. The Company undertakes no obligation to publicly update or revise any of the opinions or forward-looking statements expressed in this section, consequent to new information, future events or otherwise.

  3. Contents • Performance Highlights • Financials • Business Segments • India • International • Facilities – Expansion Plan

  4. Q110-11 Highlights • Revenues at Rs. 5,391 Mn vs. Rs 4,774 Mn • Revenue growth of 13% on the back of sustained growth from major markets. • International sales boosted by noticeable performance in Brazil and US operations. • PBT at Rs. 977 Mn vs. Rs 842 Mn • Lower margins in Indian formulations business due to investments in new therapeutic areas and expansion of Field Force • Improved International margins on the back of higher volumes from US and Brazilian operations partially offset by adverse currency movements

  5. Financials

  6. Sales Progression Rs. Mn

  7. P&L Rs. Mn • 09-10 includes one time out-licensing income of Rs 15.6 crs in Q2 09–10

  8. Balance Sheet Rs. Mn

  9. Business SegmentsIndia

  10. India Highlights & Growth Drivers Rs. Mn • Highlights • Consistent sales growth  09-10 Q1 15%; Q2 15%; Q3 15%; Q4 20%; 10-11 Q1 13% • Volume growth 19%, New Introductions 2%, Price de-growth 3%. • Torrent growing at 18% vs. Covered Market growth of 23% • Lower margins on account of Therapeutic and Field force expansion • Growth drivers • Consolidate entry into newer geographies and therapeutic areas • Brand building thru increased Specialty Coverage & Creeping expansion in Customer Base • New Product Introductions including filling of Portfolio Gaps • Entry into new therapeutic area Respiratory

  11. Business SegmentsInternational Operations

  12. International Operations – Expanding Share FY 10 - Turnover Growing share of International – up from 26% to 50% International Revenues Rs. Mn

  13. Brazil Highlights & Growth Drivers Rs. Mn • Highlights • Reai Volume growth 21%, New Introductions 2%, Price de-growth 1%. • Torrent growing at 13% vs. Covered Market growth of 13% • Improved margins on the back of higher sales resulting into improved marketing spend productivity. • Largest Indian player in the Brazilian pharmaceutical market • Growth Drivers • Existing Products & Introduction of new products (35-40 new launches by 2014-15) • Increase in field force to support portfolio expansion • Entry into Mexico • Piggy-back on Brazil portfolio • Launch of Branded Generic (BG) model in CNS with 6 products and field force of 35 people • Entry into CV segment in 2011-12 • Portfolio to grow to 30 products in 4 years with field force of 200 people

  14. USA Highlights & Growth Drivers Rs. Mn • Highlights • Improving market share in all commercialized molecules • Citalopram ~ 26% (26%), Zolpidem ~ 22% (20%) as per WKH retail • Higher sales leading to operating profits before R&D • 20 ANDA's approved till date (10 actively marketed) • Growth Drivers • 5 New Introduction in FY 11 including 4 day 1 launches • 28 ANDA's pending for approval & 37 ANDA's under development • Break-even likely by 2011-12

  15. Germany - Heumann Highlights & Growth Drivers Rs. Mn • Highlights • Approx 70% of the covered market under tenders • Trend expected to continue with more insurance companies in the process of announcing tenders • Euro sales growth of 17%, volume growth of 66%, price de-growth of 71% and New product 22% • Stable margins on the back of lower marketing spend offset by reduced prices on sales through tenders • Growth Drivers • Heumann successful in winning tenders • New Products going off patent and Therapy coverage expansion • Shift of manufacturing base to India to boost competitiveness in bidding

  16. Europe (excl Heumann) Highlights & Growth Drivers Rs. Mn • Highlights • Indapamide, Lamotrigine and Lecarnidipine contributes nearly 70% of total sales. • Lower margins due to unfavorable product mix and adverse forex movements • Growth Drivers • New Product Pipeline – 50 products till 2014-15 • Increasing geographical through direct field force presence in UK in the immediate term.

  17. ROW Highlights & Growth Drivers Rs. Mn • Highlights • Top line growth of 12% (19% currency adjusted) after one off adjustments • Lower margins due to unfavorable product mix and increased spend for new geographies • Growth Drivers • Entry into semi-regulated markets like Thailand (Market Size of over USD 2 bio) – Revenues expected to flow from FY12. • Increased focus on existing territories with direct field force presence viz Philippines, Sri Lanka, Vietnam & Myanmar • Scale up of operations in regulated markets like Australia & semi-regulated markets like South Africa. • Minimize development costs by leveraging on R&D costs incurred for developed markets

  18. Facilities – Expansion Plan

  19. Facilities – Expansion Plan • Chatral • Nature: Formulation Capacity Enhancement • Project Cost: Rs. 56 crores • Planned capacities: 1800 million tablets / capsules p.a. • Timelines for completion: 2010-11 • Justification: • With growing international sales capacity constraint in existing facility is anticipated in 2-3 years • Chatral • Nature: API Capacity Enhancement • Project Cost: Rs. 113 crores • Planned capacities: 60 TPA plus separate facility for exhibit batch manufacturing • Timelines for completion: 2010-11 • Justification: • With growing volumes in US / EU, API capacity constraint is anticipated 2-3 years • Greater control over API Costs Sikkim • Nature: New Formulation Facility • Project Cost: Rs. 135 crores • Planned capacities: 3900 million tablets p.a. • Timelines for completion: 2010 - 2011 • Justification: • IT and Excise exemption for 10 years • With growing domestic market, Baddi plant is expected to achieve 100% capacity utilization in 2-3 years • Dahej SEZ • Nature: Formulation & API Capacity Enhancement • Project Cost: Rs. 771 crores • Planned capacities:50 TPA plus 9200 million tablets / capsules p.a. • Timelines for completion: 2013-14 • Justification: • With growing volumes in US / EU, API + Formulation capacity constraint is anticipated 2-3 years

  20. Thank You

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