Aurobindo Pharma Results: Latest Quarterly Results & Analysis

Pharmaceuticals company Aurobindo Pharma announced Q4FY24 results:

• Revenue from Operations increased by 17.1% YoY to Rs 7,580 crore with growth across the businesses
• US formulations (excluding Puerto Rico) revenue increased by 21.6% YoY to Rs 3,588 crore (USD 432 million)
• Europe formulation revenue increased by 10.4% YoY to Rs 1,832 crore (EUR 203 million)
• Growth Markets revenue increased by 49.5% YoY to Rs 852 crore (USD 103 million)
• ARV revenue increased by 31.5% YoY to Rs 238 crore (USD 29 million)
• API revenue remained flat YoY at Rs 1,019 crore (USD 123 million)
• EBITDA before Forex and Other income stood at Rs 1,687 crore; EBITDA margin of 22.3%
• Research & Development (R&D) spend stood at Rs 392 crore, 5.2% of revenues (vs. Q3 FY24: 5.4%)
• Received final approval for 17 ANDAs including 4 specialty & injectable products from the USFDA
• Net Profit after Share of Profit/Loss of JV and minority interest at Rs 909 crore, vs. Rs 506 crore in Q4FY23
• Basic & Diluted EPS grew by 79.5% YoY to Rs 15.51 per share

Commenting on the Company’s performance, K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said: “We are extremely delighted to report a strong performance for the quarter and the year, supported by the expansion into the new markets, product launches and stable pricing. Our improved capacity utilization has led to higher operating efficiencies. We are confident of continuing our growth in the upcoming year, while stabilizing the operations of the recently commercialized facilities.”

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Pharmaceuticals company Aurobindo Pharma announced Q3FY24 results:

• Revenue from Operations increased by 14.7% YoY to Rs 7,352 crore with growth seen across multiple businesses.
• US formulations (excluding Puerto Rico) revenue increased by 28.9% YoY to Rs 3,756 crore (USD 451 million).
• Europe formulation revenue increased by 1.6% YoY to Rs 1,728 crore (EUR 193 million).
• Growth Markets revenue increased by 25.6% YoY to Rs 627 crore (USD 75 million).
• ARV revenue decreased by 28.6% YoY to Rs 179 crore (USD 22 million).
• API revenue grew by 7.1% YoY to Rs 1,022 crore (USD 123 million).
• EBITDA before Forex and Other income stood at Rs 1,601 crore; EBITDA margin of 21.8%.
• Research & Development (R&D) spend stood at Rs 398 crore, 5.4% of revenues (vs. Q2 FY24: 4.2%).
• Received final approval for 16 ANDAs including 7 specialty & injectable products from the USFDA.
• Net Profit after Share of Profit/Loss of JV and minority interest at Rs 936 crore, vs. Rs 491 crore in Q3FY23.
• Basic & Diluted EPS grew by 91.4% YoY to Rs 16.04 per share.
• Board has approved interim dividend @ 150% i.e. Rs 1.5 per equity share of Rs 1/- for FY24.

Commenting on the Company’s performance, K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said: “We are very pleased with the considerable progress we have made in our operations, and the cost efficiencies we have achieved, this quarter’s highest ever sales and EBITDA reflect the same. With our continued focus on developing a strong pipeline and driving the commercialization of our key projects, we are confident of our growth trajectory in the months ahead.”

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Pharmaceutical company Aurobindo Pharma announced Q2FY24 results:

• Revenue from operations increased by 25.8% YoY to Rs 7,219 crore with growth seen across key segments
• US formulations (excluding Puerto Rico) revenue increased by 35.7% YoY to Rs 3,385 crore (USD 409 million)
• Europe formulation revenue increased by 16.7% YoY to Rs 1,769 crore (EUR 197 million)
• Growth markets revenue increased by 24.7% YoY to Rs 564 crore (USD 68 million)
• ARV revenue increased by 52.1% YoY to Rs 250 crore (USD 30 million)
• API revenue grew by 20.3% YoY to Rs 1,166 crore
• EBITDA before Forex and Other income stood at Rs 1,403 crore; EBITDA margin of 19.4 %
• Research & Development (R&D) spend stood at Rs 300 crore, 4.2% of revenues (vs. Q1 FY24: 5.7%)
• Received final approval for 15 ANDAs including 3 injectable products from the USFDA
• Net Profit after Share of Profit/Loss of JV and minority interest at Rs 752 crore, vs. Rs 409 crore in Q2FY23
• Basic & Diluted EPS grew by 83.6% YoY to Rs 12.83 per share
• Board has approved interim dividend at 300% i.e. Rs 3 per equity share of Re 1 for the year FY24

Commenting on the company’s performance, K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said, “This is yet another quarter with highest ever sales, driven by robust performance across the markets, and continued margin expansion, aided by operational leverage and efficiencies. With our strong product pipeline, focus on compliance and key projects in advanced stages, we will continue our growth journey, while generating value for our stakeholders.”

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Pharmaceuticals company Aurobindo Pharma announced Q1FY24 results:

• Revenue from Operations at Rs 6,850.5 croreore increased by 9.9% YoY
• US formulations revenue increased by 11.2% YoY to Rs 3,304 crore
• Europe formulation revenue stood at Rs 1,837 crore, with an increase of 18.6% YoY
• Growth Markets revenue grew by 12.9% YoY to Rs 486 crore
• ARV revenue stood at Rs 190 crore
• API revenue grew by 14.0% YoY to Rs 1,033 crore
• EBITDA before Forex and Other income stood at Rs 1,151.4 crore; EBITDA margin for the quarter was 16.8%.
• Research & Development (R&D) spend at Rs 387.6 crore, 5.7% of revenues (Q4FY23: 6.3%)
• Received final approval for 19 ANDAs including 7 injectable products from the USFDA
• Net Profit after Share of Profit/Loss of JV and minority interest stood at Rs 570.8 crore, as against Rs 520.5 crore in Q1FY23
• Basic & Diluted EPS is Rs 9.74 per share

Commenting on the Company’s performance, K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said, “We are pleased to start the new financial year on a good note with strong top-line growth and margin expansion aided by improved performance across our key markets. With our product pipeline continuing to advance, and execution of growth drivers proceeding as planned, we are confident that our fundamental strengths position us to create an upward trajectory. Looking ahead, we are confident in executing our growth initiatives and creating long-term value for our shareholders.”

Result PDF

Pharmaceuticals company Aurobindo Pharma announced Q4FY23 results:

• Revenue from Operations at Rs 6,473 crore increased by 11.4% YoY
• US formulations revenue increased by 11.6% YoY to Rs 3,045 crore
• Europe formulation revenue stood at Rs 1,660 crore, with an increase of 7.7% YoY
• Growth Markets revenue grew by 51.2% YoY to Rs 592 crore
• ARV revenue stood at Rs 159 crore
• API revenue grew by 11.4% YoY to Rs 1,017 crore
• EBITDA before Forex and Other income stood at Rs 1,002 crore; EBITDA margin for the quarter was 15.5%. Similar to the previous quarter, this quarter saw a substantial investment in R&D. EBITDA before R&D stood at Rs 1,413 crore, and EBITDA margin at 21.8%
• Research & Development (R&D) spend at Rs 410.7 crore, 6.3% of revenues
• Received final approval for 26 ANDAs including 4 injectable products from the USFDA
• Net Profit stood at Rs 506 crore as against Rs 491 crore in the previous quarter
• Basic & Diluted EPS is Rs 8.64 per share

Commenting on the company’s performance, K. Nithyananda Reddy, Vice-Chairman and Managing Director of the company said: “We saw decent performance in the current quarter, on the back of stable demand and pricing environment across our portfolio and geographies. We remain committed to executing our growth strategies, continuing new launches, and focusing on operational efficiencies.”

Result PDF

Aurobindo Pharma announced Q3FY23 results:

• Q3FY23:
  • Revenue from operations at Rs 6,407.1 crore increase by 6.7% YoY
  • US formulations revenue increase by 9.3% YoY to Rs 3,001.2 crore
  • Europe formulation revenue stood at Rs 1,701.2, with an increase of 0.4% YoY
  • Growth markets revenue grew by 25.7% YoY to Rs 498.9 crore
  • ARV revenue improved by 61.3% YoY to Rs 251.2 crore
  • API revenue stood at Rs 954.6 crore
  • EBITDA before forex and other income stood at Rs 954.4 crore; EBITDA margin for the quarter was 14.9%. This quarter witnessed accelerated spend in R&D. EBITDA before R&D stood at Rs 1,369.6 crore and EBITDA margin at 21.4%
  • Research & Development (R&D) spend at Rs 415.2 crore, 6.5 % of revenues (Q2FY23: 4.8%)
  • Received final approval for 15 ANDAs including 4 injectable products from the USFDA
  • Net profit stood at Rs 491.2 crore as against Rs 409.4 crore in the previous quarter
  • Basic & Diluted EPS is Rs 8.38 per share
  • Board has approved an interim dividend @ 300% i.e., Rs 3 per equity share of Rs 1/- for the year FY23.

Commenting on the Company’s performance, Mr. K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said: “We witnessed an improved momentum backed by recovery across our business verticals and our endeavour is to continuously innovate and differentiate. In line with our commitment to innovate, we increased the investments in Biosimilars. We aim to sustain the momentum with new launches, improved cost efficiencies and adherence to the highest standards of compliance, supported by our strong execution.”

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Aurobindo Pharma announced Q2FY23 results:

• Q2FY23:
  • Revenue from operations at Rs 5,739.4 crore decreased by 3.4% YoY
    • US formulations revenue decreased by 11.1% YoY to Rs 2,637.6 crore
    • Europe formulation revenue stood at Rs 1,516.2 crore, with a decrease of 8.8% YoY mainly due to Euro currency depreciation
    • Growth markets grew by 17% YoY to Rs 451.9 crore
    • ARV revenue improved by 13.3% YoY to Rs 164.3 crore
    • API revenue increased by 24.2% YoY to Rs 969.4 crore
  • EBIDTA before forex and other income stood at Rs 836.9 crore; EBITDA margin for the quarter was 14.6%
  • Research & Development (R&D) spend at Rs 276 crore, 4.8 % of revenues (Q1FY23: 5.0%)
  • Received final approval for 9 ANDAs including 5 injectable products from the USFDA
  • Net Profit stood at Rs 409.4 crore in Q2FY23 as against Rs 520.5 crore in the previous quarter
  • Basic & Diluted EPS is Rs 6.99 per share

Commenting on the Company’s performance, Mr. K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said: “Our Q2FY23 performance was subdued, mainly due to the macro-environment factors and higher competitive intensity for some products in the U.S. However, we are confident that our robust pipeline of new products will provide impetus to the future growth trajectory. Our continued focus on Biosimilar, R&D, innovation and increasing manufacturing capacity will enhance our product offerings, in various markets. We are confident that, the right measures and growth-led strategies will help improve our profitability and margins over the medium to long term.”

Result PDF

Aurobindo Pharma announced Q1FY23 results:

• Revenue from Operations at Rs 6,235.9 crore increased by 9.4% YoY
  • US formulations revenue increased by 10.8% YoY to Rs 2,971.1 crore
  • Europe formulation revenue stood at Rs 1,548.1 crore, with decrease of 2.2% YoY mainly due to Euro currency depreciation
  • Growth Markets grew by 30.8% YoY to Rs 430.6 crore
  • ARV revenue improved by 28.1% YoY to Rs 379.6 crore
  • API revenue increased by 11.6% YoY to Rs 906.5 crore
• EBIDTA before Forex and Other income stood at Rs 964.7 crore; EBITDA margin for the quarter was 15.5%
• Research & Development (R&D) spend at Rs 310 crore, 5.0 % of revenues (Q1 FY22: 6.3%)
• Received final approval for 10 ANDAs including 4 injectable products from the USFDA
• Net Profit stood at INR 520.5 crore as against Rs 576.4 crore in the previous quarter
• Basic & Diluted EPS is Rs 8.88 per share

Commenting on the Company’s performance, Mr. K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said: “We delivered a good performance amidst challenging environment, while reinforcing our growth pillars. Investments in product portfolio continued at a healthy pace as reflected in the filings and launches in the quarter. Our focus on the development of specialty products pipeline will establish new avenues to grow the business in future. This along with our aim to drive sustained improvement in profitability through newer avenues will enhance improved profitability over medium to long term.”

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Aurobindo Pharma declares Q4FY22 result:

• Revenue from Operations at INR 5,809.4 Cr decreased by 3.3% over corresponding period last year
  • US formulations revenue declined by 4.7% on a YoY basis to INR 2,728.1 Cr
  • Europe formulation revenue stood at INR 1,540.7 Cr, largely flat on YoY basis
  • Growth Markets grew by 28% YoY to INR 391.3 Cr
  • ARV revenue improved by 51.5% QoQ to INR 235.9 Cr
  • API revenue for the quarter was at INR 913 Cr vs. INR 794.3 Cr in the corresponding previous period
• EBIDTA before Forex and Other income stood at INR 974.4 Cr; EBITDA margin for the quarter was 16.8 %
• EBITDA before R&D, Forex and Other income stood at INR 1,405.4 Crs and EBITDA margin was 24.2% in Q4FY22 Vs. INR 1,409.6 crs, EBITDA margin was 23.5% in Q3FY22
• Research & Development (R&D) spend at INR 431 Cr, 7.4 % of revenues (Q3 FY22: 6.6%)
• Received final approval for 3 ANDAs including 2 injectable product from the USFDA
• Net Profit stood at INR 576.1 Cr as against INR 604.3 Cr in the previous quarter
• Basic & Diluted EPS is INR 9.84 per share

Commenting on the Company’s performance, Mr. K. Nithyananda Reddy, Vice-Chairman and Managing Director of the Company said: “It gives me great satisfaction that Aurobindo has performed relatively better in this quarter in terms of its path for future growth and sustained profitability in spite of the challenging times for the industry. We continue to see volume growth in the complex generics segment and are also making significant progress in the complex development programs including biosimilars. Further we are also on-track for completing the PLI project as per the committed timelines.”

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