12.05.2024 – 19:58
Piramal Pharma Limited
Mumbai, If (ots/PRNewswire)
Piramal Pharma Limited (NSE: PPLPHARMA) (BSE: 543635), a leading global pharmaceutical company, today announced its standalone and consolidated results for the fourth quarter (Q4) and full year (FY) ended March 31, 2024.
Group-wide financial highlights
(in million INR)
Line items
Q4
GJ2024
Q4
GJ2023
Year-on-year comparison
growth
GJ2024
GJ2023
Year-on-year comparison
growth
Revenue from ongoing business activities
25.520
21.640
18 %
81.710
70.820
15 %
CDMOs
16.490
12.810
29 %
47.500
40.010
19 %
Complex Hospital Generic (CHG)
6.670
7.020
(5) %
24.490
22.860
7 %
India Consumer Healthcare (I)
2.380
2.100
14 %
9.850
8.740
13 %
EBITDA#
5.560
3.760
48 %
13.720
8.530
61 %
EBITDA Margin
22 %
17 %
17 %
12 %
PAT (before special items)
1.320
500
163 %
810
(1.800)
NV
Special items*
(310)
0
NV
(630)
(70)
NV
PAT (after special items)
1.010
500
102 %
180
(1.860)
NV
# EBITDA for FY2023 had a one-time inventory margin impact of INR 680 million
* Special item in Q4 2024 of INR 310 million for non-cash depreciation of investments and licensing rights in connection with a certain
Third-party product that is no longer marketed
Key highlights for Q4 and FY2024
• Revenue from continuing operations grew 18% in Q4 2024 and 15% in FY2024, driven by healthy growth in our CDMO and ICH businesses
• EBITDA grew 48% in Q4 2024 and 61% in FY2024 year-over-year, primarily driven by revenue growth, operating leverage, cost optimization and operational performance initiatives.
• Net profit after tax (before exceptional items) more than doubled to INR 1.32 billion in Q4 2024 compared to INR 0.5 billion in Q4 2023.
• Net debt / EBITDA improved from a factor of 5.6 at the beginning of the financial year to 2.9 at the end of FY2024
Nandini Piramal, Chairman, Piramal Pharma Limited commented: “Fiscal 2024 was a strong year for the company with comprehensive improvements driven primarily by our CDMO business, which delivered robust revenue growth of 19% year-on-year. We experienced a significant increase in orders, particularly for commercial manufacturing of patent-protected products, in a difficult financing environment for biotechnology. The contributions of our innovation-related work and our differentiated offerings also increased in FY2024. The capacity expansion at our Grangemouth facility for the antibody-drug conjugates segment has been commercialized and is receiving strong customer interest.
In inhalational anesthesia, we continue to maintain our leadership position in sevoflurane in the U.S. market and expand our capabilities to meet growing demand in developing markets. Our Indian consumer healthcare business also continues to perform well with a focus on improving EBITDA margin.
During the year, we also significantly improved our profitability with an EBITDA margin of 17% (versus 12% in FY2023). All three businesses achieved higher EBITDA margins through operating leverage, cost optimization and operational performance initiatives. Our net debt to EBITDA ratio also improved significantly as we ended the financial year with a leverage ratio of below 3, compared to 5.6 at the start of the year.”
Key business results for the fourth quarter and full year 2024
Contract Development and Manufacturing Organization (CDMO):
– Strong order intake: Despite the difficult financing environment in biotechnology, our new service orders# were significantly higher in FY2024 than in FY2023, particularly for the commercial production of patent-protected molecules.
– Innovation-related work: Our share of CDMO revenue from innovation-related work increased from 45% in FY2023 to 50% in FY2024.
– Patented commercial manufacturing: Revenue from commercial manufacturing of patented molecules more than doubled to $116 million in FY2024 compared to $52 million in FY2023.
– Differentiated offerings: Revenue contribution from differentiated offerings increased from 37% in FY2023 to 44% in FY2024.
– Integrated Projects: Over 40% of the order backlog in FY2024 came from integrated projects, confirming customer preference for integrated service offerings.
– Improved profitability in our CDMO business through revenue growth, favorable revenue mix, raw material cost normalization and cost optimization initiatives
– First-class quality: successfully completed 36 regulatory inspections and over 170 customer audits in FY2024
Complex hospital generics:
– Strong volume growth: Strong volume growth in our inhalation anesthesia portfolio in the US and ROW markets, partially offset by lower market prices
– Remains #1* in the US in terms of sevoflurane market share by value. Maintained leadership position in intrathecal baclofen in the US market.
– Expanding our capacity to meet the growing demand for inhalation anesthesia products in the ROW markets. There is also a focus on improving production through greater operational efficiency
– Improved profitability in our CHG business during FY2024, primarily due to cost optimization initiatives, revenue improvements and a more favorable product and market mix
– New product pipeline: Launch of four new injectable products in FY2024 in the US and Europe. Building a pipeline of 24 new products in various stages of development, with a current addressable market volume of over $2 billion.
If Consumer Healthcare:
– Power Brands comprising Lacto Calamine, Littles, Polycrol, Tetmosol and I-range, reported year-on-year growth of 15% in Q4 2024 and 13% in FY2024
– New product launches: 27 new products and 24 new SKUs were introduced in FY2024. Over 150 new products and item categories have been introduced in the last three years.
– Improved EBITDA margin in FY2024 through operating leverage
– Advertising expenses amounted to 13% of ICH revenue in FY2024 compared to 15% in FY2023
– E-commerce grew by around 36% in FY2024 compared to the previous year, contributing 20% to ICH sales revenue. Presence on 20+ e-commerce platforms including its own direct-to-consumer website Wellify.in
#New development and commercial orders. These complement the existing multi-year manufacturing partnerships
*Source: IQVIA data
Consolidated income statement
(in million INR)
Reported financial data
details
quarter
Full year
Q4 2024
Q4 2023
Change over previous year
Q3 2024
Change compared to the previous quarter
GJ2024
GJ2023
Change over previous year
Revenue from ongoing business activities
25.520
21.640
18 %
19.590
30 %
81.710
70.820
15 %
Other income
260
250
8 %
620
(57) %
1.750
2.250
(22) %
Total return
25.790
21.880
18 %
20.200
28 %
83.470
73.070
14 %
material costs
10.140
8.400
21 %
6.750
50 %
29.540
27.030
9 %
Personnel expenses
4.940
4.740
4 %
5.240
(6) %
20.300
18.960
7 %
other expenditures
5.140
4.990
3 %
4.910
5 %
19.910
18.540
7 %
EBITDA#
5.560
3.760
48 %
3.300
69 %
13.720
8.530
61 %
Interest Expenses
1.140
1.040
10 %
1.060
8 %
4.480
3.440
30 %
Depreciation
1.960
1.840
6 %
1.860
5 %
7.410
6.770
9 %
Profit before taxes
2.460
870
182 %
380
553 %
1.830
(1.680)
NV
Steer
1.260
450
182 %
90
1.264 %
1.610
660
144 %
Share of net profit of associated companies
120
80
55 %
140
(14) %
590
540
9 %
Net profit after taxes (before special items)
1.320
500
163 %
420
211 %
810
(1800)
NV
Special items*
(310)
0
NV
(320)
NV
(630)
(70)
NV
Net profit after taxes (after special items)
1.010
500
102 %
100
902 %
180
(1.860)
NV
# EBITDA for FY2023 had a one-time inventory margin impact of INR 680 million
*Q3 2024: One-time costs for a third-party product recall; Q4 2024: Non-cash
Write-off of investments and licensing rights associated with a specific third-party product that is no longer marketed
Group-wide balance sheet
(in million INR)
Important balance sheet items
For the
March 31, 2024
March 31, 2023
Total equity
79.110
67.740
Net debt
39.320
47.810
In total
118.430
115.550
Net assets
91.060
88.870
Tangible assets
42.500
35.890
Intangible assets including goodwill
37.400
38.800
CWIP (including IAUD*)
11.160
14.190
Net working capital
23.390
23.070
Other assets#
3.980
3.610
Total assets
118.430
115.550
*IAUD – Intangible assets under development
# Other assets include investments and deferred tax assets (net)
Q4 and FY2024 financial results conference call
Piramal Pharma Limited will host an investor/analyst conference call on May 13, 2024 from 9:30 am to 10:15 am (IST) to discuss its Q4 and FY2024 results.
The dial-in details for the conference call are as follows:
Event
place and time
Telephone number
Conference call on
13. May 2024
India – 9.30 am IST
+91 22 6280 1461 / +91 22 7115 8320 (main number)
1 800 120 1221 (Toll Free Number)
USA – 12:00 a.m
(Eastern Time – New York)
Toll free number
18667462133
UK – 5am
(London time)
Toll free number
08081011573
Singapore – 12:00 p.m
(Singapore time)
Toll free number
8001012045
Hong Kong – 12:00 p.m
(Hong Kong time)
Toll free number
800964448
Express registration with Diamond Pass™
Please use this link to register in advance to reduce waiting time when logging in:
Information about Piramal Pharma Ltd:
Piramal Pharma Limited (PPL, NSE: PPLPHARMA I BSE:543635) offers a portfolio of differentiated products and services through its 17 global development and manufacturing facilities, as well as a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated contract development and manufacturing company, as well as Piramal Critical Care (PCC), a complex generics business for hospitals, and the India Consumer Healthcare business, a company that sells over-the-counter products. In addition, one of PPL’s affiliates, AbbVie Therapeutics India Private Limited (formerly Allergan India Pvt Ltd), a joint venture between Allergan (now part of AbbVie) and PPL, has emerged as a market leader in the field of ophthalmic therapy.About In addition, PPL holds a minority stake in Yapan Bio Private Limited. In October 2020, PPL received a 20% strategic growth investment from Carlyle Group.
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