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Press Release Cadila Pharmaceuticals Limited

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Press Release Cadila Pharmaceuticals Limited Press Release Cadila Pharmaceuticals Limited November 28, 2019 Rating Amount 1 Facilities Ratings Rating Action (Rs. crore) 572.29 CARE A; Stable Long-term Bank Facilities Reaffirmed (Enhanced from Rs.519.80 crore) (Single A; Outlook: Stable) 90.00 CARE A1 Short-term Bank Facilities Reaffirmed (Enhanced from Rs.60.00 crore) (A One) CARE A; Stable/ CARE A1 Long-term/Short-term Bank 460.13 (Single A; Outlook: Stable/ Reaffirmed Facilities (Enhanced from Rs.420.13 crore) A One) 1,122.42 (Rupees One Thousand One Total Facilities Hundred Twenty Two crore and Forty Two lakh only) Details of instruments in Annexure-1 Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of Cadila Pharmaceuticals Limited (CPL) continue to derive strength from its experienced management and established track record in the pharmaceutical industry with recognized position in the domestic formulation market, strong product portfolio with adept marketing setup and increasing presence in export markets along with well-equipped Research & Development (R&D) facilities and its manufacturing facilities conforming to stipulations of various drug regulatory authorities. The ratings are also underpinned by the growth in its scale of operations along with improvement in its operating profitability during FY19 (refers to the period from April 1 to March 31) and H1FY20 and its adequate debt coverage indicators. The ratings, however, continue to be constrained by its moderate revenue concentration towards few brands and therapeutic segments in the domestic market, presence in the price-controlled domestic formulation business along with regulatory risk associated with pharmaceutical industry; and foreign exchange fluctuation risk. The ratings further continue to be constrained on account of CPL’s high exposure towards relatively weaker subsidiary/group companies by way of investments and extension of performance/corporate guarantees on behalf of some of them. The ratings are also constrained by CPL’s high leverage on account of continual drawal of term loans to fund its on-going capex, research and marketing expenses along with high dividend/royalty/corporate social responsibility (CSR) payout which has restricted the build-up of its net worth. Rating Sensitivities Positive Factors . Increase in its total operating income (TOI) at a compounded annual growth rate (CAGR) of above 10% through greater revenue diversity along with earning PBILDT margin of more than 16% on a sustained basis . Improvement in overall gearing ratio to below 1 times along with improvement in its debt coverage indicators Negative Factors . PBILDT margin remaining below 12% on a sustained basis . Extension of higher than envisaged financial support to subsidiaries or related parties in any form . Major debt-funded capex/acquisition leading to deterioration in its overall gearing ratio to more than 2 times on sustained basis Detailed description of the key rating drivers Key Rating Strengths Long track record of operations along with experienced promoters and professional management: CPL has an operational track record of more than six decades in the domestic pharmaceutical industry with an established brand ‘Cadila’. Dr. Rajiv Modi, Chairman and Managing Director of CPL, is a second generation promoter. He is well-qualified and holds a degree in B. Tech (Chemical) from IIT Bombay apart from doing his M.Sc. in Biochemical Engineering from University College, London and Ph.D. in Biological Science from the University of Michigan, Ann Arbor, USA. The promoter group has rich experience in the pharmaceutical industry. Further, the promoters of CPL are supported by well -qualified and experienced management personnel. 1Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications. 1 CARE Ratings Limited Press Release Established position in the domestic pharmaceutical industry with wide marketing and distribution network: CPL has an established position in the Indian pharmaceutical industry with a market share of 0.74% and 28th rank in the domestic formulation market as per AWACS - MAT September 2019 report (according to company’s management). CPL has a large portfolio of 713 products spread across 317 brands. Out of these, 35 products were launched during FY19 and Q1FY20. Further, two of its brands (Aciloc & Aciloc RD) are among the top 300 domestic formulation brands in India. CPL’s products cover several therapeutic segments including gastroenterology, dermatological, anti -infective, cardiovascular system (CVS), and respiratory system; albeit it has relatively less presence in chronic segments. CPL has one manufacturing facility in Jammu catering to domestic formulati on market, one US Food and Drug Administration (USFDA) approved manufacturing facility at Dholka (near Ahmedabad) catering to domestic as well as export markets and two active pharmaceutical ingredients (API) manufacturing units at Ankleshwar (in Gujarat) catering to domestic and export markets. Further, CPL has a formulation facility in Ethiopia through its subsidiary which caters to the African market. CPL’s marketing and distribution network comprises a specialized marketing workforce of over 2,400 medic al representatives (MR) and total sales team of around 3,000 personnel spread across India; albeit there is good scope for improvement in its MR productivity. CPL has over 200 employees located outside India in various regions including Africa, CIS, Japan, Russia and the USA. CPL’s large marketing network covers over 2.5 lakh doctors including specialists and over 4,000 stockiest. Globally, CPL markets its products in over 100 countries, including regulated markets such as US and Europe through its own marketing and distribution network as well as through alliances with global pharmaceutical companies. Diversified operations with increasing presence in export market: CPL is engaged in manufacturing of formulations and APIs for domestic as well export markets. Share of API in CPL’s total sales increased from 21% in FY18 to 23% in FY19 as the sales of API grew at a faster pace than sales of formulations, especially in the export markets. Further, during H1FY20 sales of API grew at 20% over H1FY19 as against 10% growth in sales of formulations during the same period. CPL exports its products to various regulated markets including Europe, USA and Australia as well as to unregulated markets in Africa and Latin America. The share of exports in total sales also increased marginally from 37% in FY18 to 39% in H1FY20. CPL plans to expand its reach in the US market which provides a good opportunity for growth. As of September 30, 2019, CPL has filed 30 Abbreviated New Drug Applications (ANDAs) in the US (out of these, 19 ANDAs have been approved). CPL, through its wholly-owned subsidiary Satellite Overseas (Holdings) Limited (SOHL), acquired 16.24% stake in Nivagen Pharmaceuticals LLC, USA which is involved in marketing of generic formulations in the North American mar ket and is also involved in research related to developing generic formulations. Established R&D capabilities: CPL has a fully integrated, centralized and multi-disciplinary R&D centre spread over around 1,05,000 square feet, which is recognized by the Department of Science and Technology, Government of India, and is manned by more than 300 scientists. CPL’s R&D efforts are directed at New Drug Delivery System (NDDS) and generic product development. The R&D centre of the company is well supported by capti ve clinical research facility with an installed capacity of around 100 beds. The facility is involved in conducting various types of activities including bio- analytical (BA) & bio-equivalence (BE) studies, Phase-I clinical trials, late phase clinical studi es (Phase II & III) and Pharmacovigilance. CPL spends around 3-4% of its total operating TOI on research and development. Further, CPL has entered into collaboration with several European pharmaceutical entities to jointly develop and market innovative as well as generic products. CPL has received Drug Controller General of India (DCGI)’s approval for its New drug Delivery System (NDDS) of rabies vaccine. NDDS of rabies vaccine developed by CPL completes the treatment of rabies in three doses compared to five doses required by vaccines presently available in the market. CPL has also developed Calcipotriol (a formulation to treat psoriasis) in a spray form in collaboration with one of its foreign R&D partner. Calcipotriol has already completed phase III clinical trial. CPL expects to market these products in India, Africa and other countries in Asia Pacific Region. Growing scale of operations along with improvement in operating profitability (PBILDT) margins during FY19 and H1FY20 resulting in adequate debt coverage indicators: CPL’s TOI grew by around 6% during FY19 over that in FY18. CPL’s agro division which contributed 2% of its TOI in FY18 was demerged into a separate entity, IRM Enterprise Ltd., during FY19. Consequently, on a like-to-like basis, the TOI of CPL grew by around 9% during FY19 over that in FY18. Further, during H1FY20, CPL’s TOI grew by 8% on a y-o-y basis. Growth in TOI was led by healthy sales growth in all major business segments. Domestic formulation sales grew by 12% during FY19 and 6% during H1FY20. Further, according to company’s management the growth in CPL’s domestic formulation business was higher than the industry average in the last 12 months ended September 2019. The export of formulations de-grew by 4% during FY19 over FY18 primarily due to the reason that CPL had received one-time sales opportunity from the Venezuelan market during FY18 which led to a higher base during FY18. However, the export of formulations grew by 23% during H1FY20 over H1FY19 due to CPL’s increasing presence in Russia and South Africa. Sales of CPL’s API segment grew by 21% and 20% during FY19 and H1FY20 over FY18 and H1FY19 respectively, primarily driven by growth in export sales. CPL’s PBILDT margin also improved by 126 bps during FY19 over FY18 to 13.09%.
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