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Aurobindo Pharma Limited — Q2 FY24
Aurobindo Pharma delivered a strong Q2 FY24 with revenue of INR 7,219 crore (+25.8% YoY), EBITDA of INR 1,403 crore (+67.7% YoY), and PAT of INR 752 crore (+83.6% YoY).
bullish
high
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Aurobindo Pharma delivered a strong Q2 FY24 with revenue of INR 7,219 crore (+25.8% YoY), EBITDA of INR 1,403 crore (+67.7% YoY), and PAT of INR 752 crore (+83.6% YoY). EBITDA margin expanded to 19.4% (+260 bps YoY), driven by volume gains, stable pricing, and cost efficiencies. US formulations grew 35.7% YoY (ex-Puerto Rico), supported by new launches and neutral price erosion. The company launched gRevlimid in October and targets 20%+ EBITDA margin for FY24. Key growth drivers include injectable scale-up, Pen-G plant commissioning by Q4, and biosimilar filings in Europe. Risks include potential price erosion in US generics and execution delays in new plant ramp-ups.
औरोबिंदो फार्मा ने दूसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई 7,219 करोड़ रुपये रही, जो पिछले साल से 25.8% ज्यादा है। मुनाफा 752 करोड़ रुपये रहा, जो 83.6% बढ़ा है। कंपनी ने लागत कम करके और दवाओं की कीमत स्थिर रखकर मुनाफे का मार्जिन 19.4% तक पहुंचाया। अमेरिका में दवाओं की बिक्री 35.7% बढ़ी। कंपनी ने अक्टूबर में कैंसर की दवा gRevlimid लॉन्च की। अब लक्ष्य पूरे साल 20% से ज्यादा मुनाफा मार्जिन का है। आगे इंजेक्टेबल दवाओं और पेन-जी प्लांट से वृद्धि होगी। जोखिम में अमेरिकी बाजार में कीमत गिरना और नए प्लांट में देरी शामिल है।
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Price erosion in US generics
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US Formulation Revenue (ex-Puerto Rico)
INR 3,385 crore
+35.7% YoY
Driven by volume gains, stable demand, and new product launches in oral solids and injectables.
Eugia Injectables Revenue (Global)
$127 million
+64.2% YoY
Improved volumes and new launches; base business stabilized at $120M+ per quarter.
ANDAs Filed (Cumulative)
817
+10 filings in Q2
628 final approvals; 36 injectable ANDAs pending. Pipeline supports future launches.
R&D Spend
INR 300 crore
4.2% of revenue
Lower due to completion of clinical trials; expected to rise to INR 350-400 crore in Q3.
What Changed vs Last Quarter
NEW
Pen-G plant commissioning by Q4 FY24
Pen-G plant expected to be operational by end of Q4 FY24 or early Q1 FY25, with 15,000-ton capacity.
NEW
Biosimilar filings in Europe by January 2024
Three biosimilars (pegfilgrastim, filgrastim, trastuzumab) to be filed in Europe by end of January 2024.
UPDATED
20%+ EBITDA margin target for FY24
Management targets full-year EBITDA margin above 20%, supported by gRevlimid launch and cost efficiencies.
UPDATED
Eugia Specialities global revenue of $560 million for FY24
On track to achieve $560 million globally for Eugia Specialities in FY24, driven by injectable growth.
DROPPED
PLI Pen-G facility completion by April 2024
PLI facilities and investments targeted to be completed before 1st April 2024, with full ramp-up expected by mid-FY25.
DROPPED
Biosimilar launches starting FY25
First oncology biosimilar launch in India expected this year, with multiple launches in regulated markets from FY25 onwards.
NEW RISK
Price erosion in US generics
While current price erosion is neutral, increased competition could pressure margins in oral solids and injectables.
NEW RISK
Execution risk in new plant ramp-ups
Pen-G, China, and biosimilar plants face commissioning delays; revenue contribution may shift to FY26.
NEW RISK
Depreciation and impairment charges
Higher depreciation due to impairment provisions may persist, impacting reported profitability.
NEW RISK
Dependence on gRevlimid for margin target
Analyst questioned if 20% margin guidance includes gRevlimid; management confirmed, but any volume/pricing shortfall could miss target.
RISK GONE
US pricing erosion may resume
While pricing has stabilized recently, any reversal could pressure US margins and revenue growth.
RISK GONE
Revlimid launch volume uncertainty
As a late entrant, Aurobindo's Revlimid volume share is expected to be lower than early entrants, limiting upside.
RISK GONE
PLI Pen-G ramp-up delays
Management acknowledged that full ramp-up of Pen-G capacity may take time, with clarity only expected by February 2024.
RISK GONE
Biosimilar revenue visibility low
Management declined to provide revenue projections for biosimilars, citing evolving market dynamics, indicating high uncertainty.
Fast read
Guidance and risk preview
Management targets full-year EBITDA margin above 20%, supported by gRevlimid launch and cost efficiencies.
While current price erosion is neutral, increased competition could pressure margins in oral solids and injectables.
View Risks →