Jubilant Life Sciences – Q3 & 9M FY2016 Results

Jubilant Life Sciences – Q3 & 9M FY2016 Results

JUBILANT REPORTS STRONG PROFITABILITY

Q3 FY2016 EBITDA AT RS. 310 CRORE, UP 62% YOY AND PAT AT RS. 117 CRORE

The Board of Jubilant Life Sciences Limited, an integrated global pharmaceuticals and life sciences company met today to approve financial results for the quarter ended December 31, 2015.;

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Life Sciences said:

“We are happy to report another quarter of consistent performance with significant improvement in profitability in our business segments.  We have been able to sustain the momentum generated in the last few quarters and major initiatives undertaken by the company have started yielding results. Our commitment to the highest level of quality and compliance has been ably demonstrated by the successful inspection of all our facilities by the USFDA during the year. This will hold us in good stead to grow our business in the future.”

Q3 FY16 Highlights

  • Consolidated revenue at Rs. 1,379 Crore

o   Pharmaceuticals revenue at Rs. 728 Crore, contributing 53% to the overall mix

o   LSI revenue at Rs. 652 Crore, contributing 47% to the overall mix

o   International revenues at Rs. 1,019 Crore, contributing 74% to the overall mix

  • EBITDA at Rs. 310 Crore, growing 62% YoY with EBITDA margins at 22.5%
  • PAT at Rs. 117 Crore, with an EPS of Rs. 7.34 in the quarter

9M FY16 Highlights

  • Consolidated revenue at Rs. 4,301 Crore

o   Pharmaceuticals revenue at Rs. 2,215 Crore, contributing 52% to the overall mix

o   LSI revenue at Rs. 2,086 Crore, contributing 48% to the overall mix

o   International revenues at Rs. 3,129 Crore, contributing 73% to the overall mix

  • EBITDA at Rs. 969 Crore, growing 102% YoY with EBITDA margins at 22.5%
  • PAT at Rs. 361 Crore, with an EPS of Rs. 22.65

Pharmaceuticals Segment Review

In Q3 FY2016, Income from Operations of the Pharmaceuticals segment came in at Rs. 728 Crore, contributing 53% to the revenue mix, a growth of 4% YoY. The segment EBITDA stood at Rs. 219 Crore, growing 57% YoY, with EBITDA margins at 30.1%. Key developed markets share stood at 85% of total Pharmaceutical segment revenues. Revenues from North America stood at Rs 522 Crore and those from Europe and Japan stood at Rs. 99 Crore. Revenues from Other International Markets stood at Rs. 68 Crore, up 18% YoY. India business stood at Rs. 38 Crore.

We received five ANDA Approvals during the quarter – Indomethacin ER Capsule 75mg, Rizatriptan Benzoate Orally Disintegrating Tablets, 5 mg and 10 mg, Paroxetine Tablets USP, 10 mg, 20 mg, 30 mg and 40 mg, Citalopram Hydrobromide Tablets, 10 mg, 20 mg, and 40 mg and Olmesartan Medoxomil (Tentative approval), 5 mg, 20 mg, and 40 mg.

In 9M FY2016, Income from Operations of the Pharmaceuticals segment was at Rs. 2,215 Crore, growing 15% YoY, and contributing 52% to the revenue mix. The segment EBITDA was at Rs. 660 Crore, growing 170% YoY with EBITDA margins at 29.8%. Key developed markets share was at 87% of total Pharmaceuticals segment revenues. Revenues from North America increased by 20% YoY to Rs. 1,663 Crore. India business reported growth of 14% YoY to Rs. 111 Crore while ROW business grew 14% YoY to Rs. 177 Crore.

For 9MFY2016, the company has received 7 ANDA approvals (including one tentative) and 137 approvals for Solid Dosage Formulations in other markets.

Life Science Ingredients Segment Review

In Q3 FY2016, Income from Operations of the Life Science Ingredients segment stood at Rs. 652 Crore, contributing 47% to the revenue mix. The segment EBITDA was at Rs 101 Crore, growing 65% YoY, with EBITDA margins at 15.5%. International markets contributed 51% to the total LSI revenues.

In 9M FY2016, Income from Operations of the Life Science Ingredients segment was at Rs. 2,086 Crore, contributing 48% to the revenue mix. The segment EBITDA stood at Rs. 341 Crore, growing 33% YoY, with EBITDA margins at 16.3%. International markets contributed 49% to the total LSI revenues.

Outlook

We expect to continue the growth momentum of the company going forward. Revenue growth in Pharmaceuticals segment is expected to be driven by new product launches in Generics and Radiopharmaceuticals and increased capacity utilization in CMO of Sterile Injectables. Our Life Science Ingredients segment is expected to deliver higher growth and better margins led by strategic initiatives underway to convert some of our existing product specific plants to multi-purpose plants in Specialty Intermediates and improved operational efficiency and revenue growth in Nutritional Products. We will continue our endeavours to strengthen the Balance Sheet.

About Jubilant Life Sciences Limited

Jubilant Life Sciences Limited is an integrated global Pharmaceutical and Life Sciences Company engaged in manufacture and supply of APIs, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products and Life Science Ingredients. It also provides services in Contract Manufacturing of Sterile Injectables and Drug Discovery Solutions. The Company’s strength lies in its unique offerings of Pharmaceuticals and Life Sciences products and services across the value chain. With 12 world-class manufacturing facilities in India, US and Canada and a team of around 6100 multicultural people across the globe, the Company is committed to deliver value to its customers spread across over 100 countries. The Company is well recognized as a ‘Partner of Choice’ by leading pharmaceuticals and life sciences companies globally. For more info: www.jubl.com

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