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US pricing erosion may resume
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Aurobindo Pharma Limited — Q1 FY24
Aurobindo Pharma delivered a robust Q1 FY24 with revenue of INR 6,850 crore (+9.9% YoY) and EBITDA of INR 1,151 crore (+19.3% YoY), driven by strong US formulation growth (+11.2% YoY to $402M) and a record European quarter (EUR 205M, +18.6% YoY).
bullish
high
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Aurobindo Pharma delivered a robust Q1 FY24 with revenue of INR 6,850 crore (+9.9% YoY) and EBITDA of INR 1,151 crore (+19.3% YoY), driven by strong US formulation growth (+11.2% YoY to $402M) and a record European quarter (EUR 205M, +18.6% YoY). EBITDA margin expanded to 16.8%, supported by operating leverage and stable US pricing. Management targets 18%+ EBITDA margin for FY24 (ex-Revlimid) and expects further improvement from export benefit normalization and Puerto Rico restructuring. The injectable business (Eugia) aims for $500M+ revenue this year, with Revlimid launch from October 1 as an additional opportunity. Key risks include potential pricing pressure in US generics and delayed ramp-up of PLI Pen-G capacity.
ऑरोबिंदो फार्मा ने पहली तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 6,850 करोड़ रुपये रही, जो पिछले साल से 9.9% ज्यादा है। मुनाफा (EBITDA) 1,151 करोड़ रुपये रहा, जो 19.3% बढ़ा। अमेरिका में दवाओं की बिक्री 11.2% बढ़कर 402 मिलियन डॉलर हुई। यूरोप में भी रिकॉर्ड बिक्री हुई। कंपनी का मुनाफा मार्जिन 16.8% रहा। प्रबंधन का लक्ष्य पूरे साल 18% से ज्यादा मार्जिन हासिल करना है। इंजेक्टेबल दवाओं का कारोबार 500 मिलियन डॉलर तक पहुंचने की उम्मीद है। अक्टूबर से रेवलिमिड दवा लॉन्च करने का मौका भी है। जोखिमों में अमेरिका में कीमतों में कमी और पेन-जी उत्पादन में देरी शामिल है।
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US Formulation Revenue (Constant Currency)
$402.2M
+4.2% YoY
US formulation revenue grew 4.2% YoY on constant currency basis, driven by volume growth and stable pricing.
Eugia Injectable US Revenue
$80.1M
+11.7% YoY
Eugia injectable US revenue grew 11.7% YoY, contributing to overall Eugia global sales of $122M.
Europe Formulation Revenue (EUR)
EUR 205.4M
+8.8% YoY
Europe revenue in EUR terms grew 8.8% YoY, driven by oral solid market share gains due to competitor shortages.
ANDAs Filed (Cumulative)
814
+12 filings in Q1
Cumulative ANDA filings reached 814, with 19 final approvals and 15 launches in the quarter.
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Guidance and risk preview
Management targets 18%+ EBITDA margin for FY24, excluding Revlimid contribution, supported by operating leverage and export benefit normalization.
While pricing has stabilized recently, any reversal could pressure US margins and revenue growth.
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