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4 4  
5 5  = Company overview =
6 6  
7 -Ajanta Pharma (NSE:AJANTPHARM) is a specialty pharmaceutical company engaged in development, manufacturing and marketing of quality finished dosages. Committed to 'Serve Health Care Needs Worldwide', the company produce a comprehensive range of specialty products targeting different therapeutic segments for treatment of patients, customised to each market Ajanta Pharma is present in. The company clearly understand its customer’s needs and use cutting edge technology to present innovative solutions. The company's business includes Branded Generics in emerging markets of Asia and Africa, Generics in the developed markets of USA and Institution sales.
7 +Ajanta Pharma (NSE:AJANTPHARM) is a specialty pharmaceutical company engaged in development, manufacturing and marketing of quality finished dosages. Committed to 'Serve Health Care Needs Worldwide', the company produce a comprehensive range of specialty products targeting different therapeutic segments for treatment of patients, customised to each market Ajanta Pharma is present in. The company clearly understand its customer’s needs and use cutting edge technology to present innovative solutions. The company's business includes Branded Generics in emerging markets of Asia and Africa, Generics in the developed markets of USA and Institution sales.{{footnote}}http://ajantapharma.com/overview.html{{/footnote}}
8 8  
9 -[[http:~~/~~/ajantapharma.com/overview.html>>url:http://ajantapharma.com/overview.html]]
10 -
11 -
12 12  The branded generics business is spread in India and more than 30 emerging countries across Africa, CIS, the Middle East and South East Asia. In India Ajanta Pharma has presence in high growth specialty segments of cardiology, dermatology, ophthalmology and pain management where Ajanta Pharma has been able to provide consistently innovative products, many being 1st to the market, for patient convenience and compliance.
13 13  
14 -
15 15  Emerging markets are the major contributors in its branded generic business where Ajanta Pharma is present across Asia and Africa. Ajanta Pharma has designed customised basket of products for each of these markets and serve wide range of therapeutic segments like Anti-Biotic, Anti-Malarial, Anti-Diabetic, Cardiology, Gynecology, Orthopedics, Pediatric, Respiratory & General Health products.
16 16  
17 -
18 18  Ajanta Pharma is gradually building a meaningful presence in the US market with select product portfolio, which include complex technology products to get the competitive advantage in the market place. The company expect US market to be its key growth driver in the coming years.
19 19  
20 -
21 21  Company’s Institutional business comprises of supplies to various government bodies in India and supply of Anti-Malarial products under WHO approved programs in Africa.
22 22  
23 -
24 24  Ajanta operates 8 state-of-the-art manufacturing facilities in India and Mauritius. 2 of the facilities in India have been successfully approved by US FDA. Ajanta Pharma is further expanding its manufacturing capabilities to meet its growth requirement in future.
25 25  
26 -
27 27  Ajanta Pharma has an advanced Research & Development Centre for finished formulations and Active Pharmaceutical Ingredient (API) synthesis of different dosage forms. The company's R&D centre has a team of over 650+ scientists working on innovative products for various markets across the globe. Ajanta Pharma has acquired strong capabilities for developing generic formulations and process chemistry over the years.
28 28  
29 -
30 30  The company employ over 7,000+ people worldwide and its products are sold in over 30 countries. Ajanta’s team members are driven to fulfill its mission; a commitment to ‘Serving Global Healthcare needs with Empathy, Innovation & Technology’.
31 31  
23 +**Plant locations**{{footnote}}http://ajantapharma.com/manufacturing.html{{/footnote}}
32 32  
33 -Plant locations
34 -
35 -[[http:~~/~~/ajantapharma.com/manufacturing.html>>url:http://ajantapharma.com/manufacturing.html]]
36 -
37 37  DAHEJ. GUJARAT:- Dosage Forms Tablets. Capsules. Powder Jelly
38 38  
39 39  MAURITIUS. GOODLANDS:- Dosage Forms : Tablets & Capsules.
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50 50  
51 51  CHITEGAON, AURANGABAD:-Dosage Forms : Tablets. Capsules. Powder & Jeny
52 52  
41 += Industry Overview =
53 53  
54 -Industry Overview
43 +The pharmaceutical industry is one of the world’s fastest growing industries and among the biggest contributors to the world economy. It plays a unique role in improving the lives of patients. Its role has become far more critical amidst the fight against COVID -19 pandemic.{{footnote}}http://ajantapharma.com/AdminData/AnnualReports/AnnualReportFY2019-20.pdf{{/footnote}}
55 55  
56 -
57 -The pharmaceutical industry is one of the world’s fastest growing industries and among the biggest contributors to the world economy. It plays a unique role in improving the lives of patients. Its role has become far more critical amidst the fight against COVID -19 pandemic.
58 -
59 -[[http:~~/~~/ajantapharma.com/AdminData/AnnualReports/AnnualReportFY2019-20.pdf>>url:http://ajantapharma.com/AdminData/AnnualReports/AnnualReportFY2019-20.pdf]]
60 -
61 61  According to the IQVIA Institute paper published in March 2020, global invoice spending has steadily increased from 2014 –2019 with a 5-year CAGR of 4.7% to reach USD 1.2 trillion in 2019. The spending growth is consistent with the increased global use of medicine and is expected to register 3-6% CAGR to USD 1.6 trillion by 2024.
62 62  
63 -Developed Markets
47 +== Developed Markets ==
64 64  
65 65  Developed markets grew at a CAGR of 3.8% in the last 5 years to USD 821.6 billion in 2019. This is now expected to grow to USD 985 billion – 1 trillion by 2024, at a CAGR of 2-5%.
66 66  
67 67  As per IQVIA, USA’s share in global invoice spending is projected to increase to USD 605-635 billion in 2024 from USD 510 billion in 2019. This will be at a CAGR of 3 - 6% as compared with 4.3% CAGR in the previous 5 years.
68 68  
69 -Pharmerging Markets
53 +== Pharmerging Markets ==
70 70  
71 71  This market grew at 7% CAGR in the last 5 years to USD 357.7 billion. It is now estimated to reach USD 475 – 505 billion in 2024, registering CAGR of 5-8%.
72 72  
... ... @@ -76,11 +76,10 @@
76 76  
77 77  Rest of the World markets grew by 5-year CAGR of 4.8% to USD 71 billion in 2019. This is now estimated to reach USD 85-95 billion by 2024.
78 78  
63 += Business Overview =
79 79  
80 -Business Overview
65 +== India Business ==
81 81  
82 -India Business
83 -
84 84  Ajanta Pharma’s India business continued to perform well steered by strong focus on high growth specialty segments. Total sales from India business stood at H 769 cr. against H 690 cr. in the previous year.
85 85  
86 86  As per IMS MAT March 2020, the Company outgrew Indian Pharmaceutical Market (IPM) recording 13% growth compared to 11% for the industry, maintaining its healthy track record for last 5 years, as described in Exhibit-3. Company has also improved its ranking in IPM to 30th against 31st last year
... ... @@ -87,78 +87,58 @@
87 87  
88 88  The Company continues to strengthen product portfolio through new launches, many of them being first-tomarket products, offering significant patient benefits. Apart from new launches, many of the Company’s existing products continue to grow their market share.
89 89  
90 -International business
73 +== International business ==
91 91  
92 92  Total sales from international business for FY 2020 stood at H 1,790 cr. against H 1,324 cr. in the previous year, a growth of 35%. It was primarily backed by robust growth of 82% in the US market and strong growth in branded generics at 27% in Asia and 14% in Africa.
93 93  
94 94  As explained in Exhibit 4 and Exhibit 5, company’s exports revenues are contributed by well-diversified markets, avoiding over dependence on any single market.
95 95  
79 += Financial highlight =
96 96  
81 +April 30, 2020 Ajanta Pharma Ltd. reported performance for the 4 th quarter & financial year ended 31 st March 2019.{{footnote}}http://www.ajantapharma.com/AdminData/Results/PressReleaseandResultQ4FY2019.pdf{{/footnote}}
97 97  
98 -Financial highlight
83 +**Q4 FY 2019 performance highlights (compared to Q4 FY 2018)**
99 99  
100 -April 30, 2020 Ajanta Pharma Ltd. reported performance for the 4 th quarter & financial year ended 31 st March 2019.
85 +* Income from operations at Rs. 515 cr. against Rs. 530 cr.
86 +* EBITDA at Rs. 127 cr. against Rs. 140 cr.; EBITDA at 25% of revenue.
87 +* Profit after tax at Rs. 89 cr., against Rs. 94 cr.; PAT at 17% of revenue.
101 101  
102 -[[http:~~/~~/www.ajantapharma.com/AdminData/Results/PressReleaseandResultQ4FY2019.pdf>>url:http://www.ajantapharma.com/AdminData/Results/PressReleaseandResultQ4FY2019.pdf]]
89 +**Year ended FY 2019 performance highlights (compared to FY 2018)**
103 103  
104 -Q4 FY 2019 performance highlights (compared to Q4 FY 2018)
91 +* Income from operations at Rs. 2,055 cr. against Rs. 2,131 cr.
92 +* EBITDA at Rs. 566 cr. against Rs. 648 cr.; EBITDA at 28% of revenue.
93 +* Profit after tax at Rs. 387 cr., against Rs. 469 cr.; PAT at 19% of revenue.
105 105  
106 -Income from operations at Rs. 515 cr. against Rs. 530 cr.
95 +== India ==
107 107  
108 -EBITDA at Rs. 127 cr. against Rs. 140 cr.; EBITDA at 25% of revenue.
109 -
110 -Profit after tax at Rs. 89 cr., against Rs. 94 cr.; PAT at 17% of revenue.
111 -
112 -
113 -Year ended FY 2019 performance highlights (compared to FY 2018)
114 -
115 -Income from operations at Rs. 2,055 cr. against Rs. 2,131 cr.
116 -
117 -EBITDA at Rs. 566 cr. against Rs. 648 cr.; EBITDA at 28% of revenue.
118 -
119 -Profit after tax at Rs. 387 cr., against Rs. 469 cr.; PAT at 19% of revenue.
120 -
121 -
122 -India
123 -
124 124  Q4 FY 2019, India sales was Rs. 159 cr. (against Rs. 148 cr.), up 8%. For 12 Months, India sales was Rs. 690 cr. (against Rs. 629 cr.) posting growth of 10%.
125 125  
126 126  As per IMS MAT March 2019, Ajanta Pharma has posted healthy growth of 18% in Cardiology (segment growth of 12%), 14% in Ophthalmology (segment growth of 9%), 13% in Dermatology (segment growth of 13%) and 22% in Pain Management (segment growth of 9%).
127 127  
101 +== Exports ==
128 128  
129 -Exports
103 +**Q4 FY 2019, total export sales were Rs. 343 cr. (against Rs. 348 cr.) posting de-growth of 1%.**
130 130  
131 -Q4 FY 2019, total export sales were Rs. 343 cr. (against Rs. 348 cr.) posting de-growth of 1%.
105 +* Emerging Market branded generic sale was Rs. 221 cr. (against Rs. 243 cr.) posting 9% de-growth. Out of which:
106 +* Africa branded generic sale was Rs. 75 cr. (against Rs. 109 cr.) posting 31% degrowth.
107 +* Asia branded generic sale was Rs. 143 cr. (against Rs. 132 cr.) posting 9% growth.
108 +* US generic sale was Rs. 76 cr. (against Rs. 42 cr.) posting 79% growth.
109 +* Africa Institution sale was Rs. 46 cr. (against Rs. 63 cr.) posting 26% de-growth.
132 132  
133 -Emerging Market branded generic sale was Rs. 221 cr. (against Rs. 243 cr.) posting 9% de-growth. Out of which:
111 +**Q4 FY 2019, total export sales were Rs. 343 cr. (against Rs. 348 cr.) posting de-growth of 8%.**
134 134  
135 -Africa branded generic sale was Rs. 75 cr. (against Rs. 109 cr.) posting 31% degrowth.
113 +* Emerging Market branded generic sale was Rs. 221 cr. (against Rs. 243 cr.) posting 1% de-growth. Out of which:
114 +* Africa branded generic sale was Rs. 75 cr. (against Rs. 109 cr.) posting 31% degrowth.
115 +* Asia branded generic sale was Rs. 143 cr. (against Rs. 132 cr.) posting 9% growth.
116 +* US generic sale was Rs. 76 cr. (against Rs. 42 cr.) posting 79% growth.
117 +* Africa Institution sale was Rs. 46 cr. (against Rs. 63 cr.) posting 26% de-growth.
136 136  
137 -Asia branded generic sale was Rs. 143 cr. (against Rs. 132 cr.) posting 9% growth.
138 -
139 -US generic sale was Rs. 76 cr. (against Rs. 42 cr.) posting 79% growth.
140 -
141 -Africa Institution sale was Rs. 46 cr. (against Rs. 63 cr.) posting 26% de-growth.
142 -
143 -
144 -Q4 FY 2019, total export sales were Rs. 343 cr. (against Rs. 348 cr.) posting de-growth of 8%.
145 -
146 -Emerging Market branded generic sale was Rs. 221 cr. (against Rs. 243 cr.) posting 1% de-growth. Out of which:
147 -
148 -Africa branded generic sale was Rs. 75 cr. (against Rs. 109 cr.) posting 31% degrowth.
149 -
150 -Asia branded generic sale was Rs. 143 cr. (against Rs. 132 cr.) posting 9% growth.
151 -
152 -US generic sale was Rs. 76 cr. (against Rs. 42 cr.) posting 79% growth.
153 -
154 -Africa Institution sale was Rs. 46 cr. (against Rs. 63 cr.) posting 26% de-growth.
155 -
156 156  In US, during FY 2019, the company received 10 ANDA final approval; 2 tentative approvals; and filed 13 ANDA with US FDA. Out of 27 final ANDA approvals, Ajanta Pharma has commercialized 25 products. The company hold 2 tentative approvals and 21 ANDAs are awaiting US FDA approval. Company plans to file 10-12 ANDAs during next financial year.
157 157  
121 +== R&D ==
158 158  
159 -R&D
160 -
161 161  During Q4 FY 2019, R&D expenses were Rs. 40 cr., (Q4 FY 2018 Rs. 47 cr.) which is 8% of operating revenue. For FY 2019, R&D expenses were Rs. 176 cr., (FY 2018 Rs. 185 cr.) which is 9% of operating revenue.
162 162  
125 += References =
163 163  
164 -References
127 +{{putFootnotes/}}
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