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Published on 9/11/2020 11:57:49 AM | Source: Ventura Securities Ltd

IPO Note - Gland Pharma Ltd By Ventura Securities

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Gland Pharma Ltd. is one of the fastest growing generic injectablesfocused companies by revenue in the United States from 2014 to 2019 (Source: IQVIA Report). The company sells its products primarily under a business to business (“B2B”) model in over 60 countries as of 30th June 2020, including the United States, Europe, Canada, Australia, India and the Rest of the world.

The company has 7 manufacturing facilities in India, comprising 4 finished formulations facilities with a total of 22 production lines and 3 API facilities. As of June 30, 2020, the company had a manufacturing capacity for finished formulations of approximately 755 million units per annum As of June 30, 2020, along with its partners, the company had 267 ANDA filings in the United States, of which 215 were approved and 52 were pending approval.

The 267 ANDA filings comprise 191 ANDA filings for sterile injectables, 50 for oncology and 26 for ophthalmics related products. Out of these 267 ANDA filings, 101 represent ANDAs owned by it, of which 71 ANDA filings are approved and 30 are pending approval.

The company’s total revenue from operations has grown at a CAGR of 27.38% from Fiscals 2018 to 2020 to Rs. 2,633.2 cr. EBITDA has grown at a CAGR of 33.6% from Fiscals 2018 to 2020 to Rs. 955.5 cr. EBITDA margins improved from 33% in FY18 to 36.3% in FY20. Restated profit for the year has grown at a CAGR of 55.15% from Fiscals 2018 to 2020 to Rs. 772.8 cr.

 

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