Piramal’s Pharma business grows over 10 per cent in FY19
Growth is attributed to revenues derived from niche businesses of complex generics and Contract Development and Manufacturing Operations (CDMO)
Over 90 per cent of Piramal’s pharmaceutical revenues have been derived from niche businesses of complex generics and Contract Development and Manufacturing Operations (CDMO).
This is in stark contrast to most large Indian pharma companies that have less than five per cent of its business in these categories, opting for the large volume generics business.
Commenting on this growth, Ajay Piramal, Chairman, Piramal Enterprises, stated, “Our differentiated business model in pharma has enabled sustained revenue growth despite pricing pressures and regulatory concerns that impacted the industry. During the year, our pharma business grew 11 per cent y-o-y to Rs 4,786 crores. The margin profile for this business has improved significantly over the last few years. Global pharma business EBITDA crossed Rs 1,000 crores in FY2019, with EBITDA margins at 23 per cent in FY2019 as compared to 10 per cent in FY2011.”
The business has completed 70 integrated projects of which 28 were completed in FY2019 alone.
Piramal pharma business has expanded its offering with integration of key acquired products from Janssen, launch of Sevoflurane Integrated Closure variant Miglustat in select European markets and MITIGO TM introduced in the US. The OTC business has also expanded with a direct reach to 4.2 lakh outlets.