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KRChoksey Report
Alembic Pharmaceuticals Ltd.’s Q1 growth in revenue was led by U.S. formulation business, which grew by 72.8% YoY (44% of revenue, up 3.3% QoQ) on the back of continued momentum in sartan business. Company has largest sartan (used to treat blood pressure) portfolio with 15 abbreviated new drug application (ANDAs). Though the competition has increased in the U.S. in sartans, but products are complex and high volume so no one player can take very large share.
Rest of the world business continued its momentum from previous quarter and grew 62.0% YoY (13% of revenue, up 32.6% QoQ) as company is emerging from serialisation issues, especially in Europe. Domestic revenue decreased 5.6% YoY (23% of revenue, down 10.5% QoQ) due to industry wide slowdown in Indian Pharma Market (IPM) in the months of April and May, though recovery was seen in the month of June.
Active Pharmaceutical Ingredient (API) business rose strongly at 53.5% YoY (20% of revenue, up 70.3% QoQ). The growth in API was on account of Chinese API supply disruption and opportunities arising in Azithromycin business (for Covid-19 treatment). Company expects growth in the API business to continue though at a slower pace than the current quarter.
Top therapies in terms of revenue growth in the domestic market for the quarter were Cardiology (up 11.0% YoY, 2.1% MS), Anti-diabetic (7.0% YoY, 1.5% MS), whereas therapies which were a drag included Dermatology (-56% YoY, 0.2% MS), Ophthalmology (37% YoY, 1.1% MS), Orthopaedics (-20% YoY, 0.9% MS) and Gynaecology (-17% YoY, 2.7% MS).
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