Update On Indoco Remedies Ltd By Monarch Networth Capital
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Key MeetingTakeaways
Ophthalmic products:
* The company has 13-14 Ophthalmic ANDAs pending for approval (market size of USD1800mn), The company expects 4- 5 of these to be launched in FY23 (marker size of USD650mn) and it will have an early launch advantage in 3 of those products. Rest 9 would be launched in FY24.
Domestic formulations:
* Company witnessing operational costs returning to pre-covid levels.
* Launched two products in Q1FY22– Naricover Lozenges 10s (under the Respiratory segment) and Methycal 60K, 4s Tablets (under Vitamin /Mineral / Nutrients segment).
Change in market strategy:
* Management highlighted the intent to increase market share in anti-infective, anti-cold, paediatric, gynaecology segments.
Vision:
* To achieve Rs500cr EBIDTA by FY24/FY25 driven by new products in domestic business, excellent product pipeline in the US business and high growth opportunity in Europe market.
US biz growth:
* Strategy to focus on solids, injectables and suspension ophthalmic in the niche and complex products.
API Business:
* Capacity utilization stands at 60-65%. Company to incur capex on new manufacturing capacities (1 dozen reactors); work to commence post monsoon and it expects 25-30% capacity expansion. Acquired a plot in the vicinity wherein it will set up a manufacturing block as well as a warehouse; to add ~50% capacity to the existing base.
CRO business:
* The company expects increased possibility higher of launches on the front end side in the US/ higher rate of dossier filing
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