Mankind Pharma Reports 29% Growth in Q2FY25 PAT
New Delhi, India, 06th November, 2024: Mankind Pharma India’s fourth1 largest pharmaceutical Company today announced its financial results for the second quarter and six months ended 30th September 2024. The information mentioned in this release is based on consolidated financial statements.
Mr. Rajeev Juneja – Vice Chairman & Managing Director
“We are pleased to report steady revenue growth of 13.6% YoY with strong EBITDA margins of 27.7%, driven by recovery in volume, continued outperformance in chronic segment and operating leverage.
OTC business has been carved out to a WOS2 of Mankind Pharma. From Q3, this business has embarked on the journey towards its next phase of growth.
Our acquisition of BSV, perfectly aligns with our vision to expand into high entry barrier portfolio with #1 player in the gynaecology segment, leadership in certain critical care products and further enhance our R&D capabilities.
Multiple growth levers – resilient base business, fast growing specialty chronic segment, high potential OTC business, and high-entry barrier super specialty portfolio of BSV. Together, these levers will propel our growth journey ahead. “
Q2 FY25 Performance Summary
• Revenue from Operations at INR 3,077 Cr, up by 14% YoY
o Domestic revenue at INR 2,796 Cr, up 11% YoY; Exports at INR 281 Cr, up 57% YoY
• Reported EBITDA margin of 27.7% and PAT margin of 21.4%
• Diluted EPS1 of INR 16.3, up by 30% YoY (FV Re.1)
H1 FY25 Performance Summary
• Revenue from Operations at INR 5,970 crore, up by 13% YoY
o Domestic revenue at INR 5,430 crore, up 10% YoY; Export at INR 540 crore, up 59% YoY
• Reported EBITDA margin at 25.8%, up by 14% YoY with Adj. EBITDA2 margin of 26.5% and PAT margin of 20.1%
• Diluted EPS1 of INR 29.7, up by 20% YoY (FV Re.1)
Domestic Business
• Secondary3 sales growth of 8.6% vs 8.0% IPM growth (1.1x to IPM) supported by
o Strong outperformance of 3.4x volume growth to IPM
o Strong outperformance of 1.3x in chronic growth vs IPM chronic and 1.6x vs IPM
• Growth partially impacted by
o Regulatory headwinds in certain key products in acute segment
o Certain initiatives adopted towards field force optimization to further enhance efficiency
• Ranked 2nd by volume with a market share of 5.9% in Q2FY25 vs 5.8% in Q2FY24
• Consistently maintained #1 rank over last 7 years with prescription share of 15.4% in Q2FY25
• Prescriber Penetration increased to 83.5% in Q2FY25
Consumer Healthcare Business
• Strong revenue growth of 20% YoY4 in Q2FY25 propelled by steady growth in key brands like Manforce, Gas-o-fast, and HealthOk further aided by faster growth in Modern Trade, E-commerce and Q-Commerce channels
• Strong growth in secondary sales2 for Manforce, Gas-o-fast and HealthOk of 15%, 28% and 27% YoY respectively
• Gaining strong traction in recent strategic launches: Manforce ThinX and Epic (Premium category), Nimulid (Pain Management) etc.
• With a focus on consistently increasing accessibility, Nimulid is now available in
~1,00,000 stores, Manforce Epic available in 25,000+ select stores, and Ovanews is available in 15,000 A+ stores.
1. Not annualized, 2. Adjusted with one time M&A related expense and other non-recurring cost, 3. As per IQVIA, 4. Reported Number
Exports
• Revenue growth of 57% YoY driven by increase in our base business supported by new launches in last 12-24 months.
• During the quarter, we have launched 1 new product in US taking the total launched products to 42.
