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Focused on Today... Poised for Tomorrow... V Plot No.90,Sector32,Gurgaon– 122001,Haryana(India) Tel.: +91-124-4135000.Fax:+91-124-4135001 www.ranbaxy.com Edited & Published by Global Corporate Communications at Ranbaxy; Concept & Design by United Advertising; Photography by Aditya Arya; Printed by Thomson Press . w o r r o m o t r o f d e s i o P . y a d o t n o d e s u c o F 7 0 0 2 t r o p e R l a u n n A F ocused ontoda y ... P oised f or tomor r ow ... Annual R e por t 2007 Emerging markets, niche and specialty segments, First-to-File (FTF) products in the US, the NDDR de-merger...indeed, there's a lot new on Ranbaxy's horizon this year. And while change is already underway, this is just the beginning, with several new initiatives lined up for the immediate future. As your Company pushes the frontiers of possibility, both horizontally and vertically, growth through scientific breakthroughs and strategic initiatives is just around the corner. The clear aspiration is to achieve global sales of US $ 5 Bn by 2012 and position Ranbaxy among the top 5 global generic companies. Focused on Today... Poised for Tomorrow... It is indeed a pleasant surprise when you discover something valuable and priceless in something as ordinary as an Oyster. But at Ranbaxy, we have always sensed it was there. The 'Pearl of Success' veiled beyond sight in markets yet untapped and in those wonderfully elusive niche areas, untouched. It took dogged pursuit, and an uncanny sense for business to unravel the marvel and prize it open, discovering along the way, the joys of first mover advantage. With a determined eye squarely on the future, we are ready for today and are well poised to bathe in the pearly glow of success, beyond tomorrow. Key Markets - Dosage Form Sales (2007) US $ Mn Europe* North Asia ROW Contents America 455 419 425 215 37% 7% 16% 62% *Including CIS ROW : Rest of the World Chairman’s Message........................................................2 CEO & Managing Director’s Message ............................4 COO’s Message .................................................................8 Key Markets Review ........................................................12 Therapy Focus..................................................................16 Research & Development ..............................................18 Financial Review .............................................................20 Global Human Resources...............................................21 Corporate Social Responsibility and .............................22 Environment, Health & Safety Corporate Governance ...................................................23 Certificate from CEO and Vice President & Head-Global Finance.........................31 Board of Directors...........................................................32 Report of the Directors...................................................33 Ten Years at a Glance .....................................................46 Auditors’ Report ..............................................................47 Financial Statements of Ranbaxy Standalone.......................................................................50 Consolidated Indian GAAP..............................................79 Consolidated US GAAP .................................................105 1,339 1,619 Global Sales US $ Mn 2006 2007 190 Profit After Tax 114 US $ Mn 2006 2007 Ranbaxy Laboratories Limited Annual Report 2007 Chairman’s Message EXPLORING A We have put in place robust business and work processes that are benchmarked against the BROADER world's best SPECTRUM Greater Appreciation Better Engagement Driven Culture Communication The Management undertook special programmes The year saw the Management's focus on efficiency, emphasis to highlight the importance and distinctive CHAIRMAN’s MESSAGE during the year with the objective of achieving productivity, cost containment and quality improvement character of human resources. I do this partly to greater engagement, better communication and through a variety of initiatives lead by the senior appreciate the special efforts being put in by the an appreciation driven culture in the Company management team. Processes and systems were Management to recognise the importance of human reviewed with rigour, as were departments and resources but more importantly to draw attention to the businesses. Plans and actions have been taken in many unique position that human resources must enjoy as Dear Shareholder, freedom and flexibility available to RLSRL will open areas including decisions on outsourcing lower value-add compared with the other resources mentioned above. activities, embedding best practices, streamlining Whilst land, equipment and capital can be termed as It gives me pleasure to say that the year 2007 has been a up new growth opportunities. processes and focusing on profit maximisation. These “Resources”, I do believe that when it comes to “Humans” year of positive change for the Company. On several Pursuant to the emergence of specialty and niche actions will help tone the organisation and will, over time, we should not refer to them as resources but as “the parameters starting with financial performance, your segments in several therapy areas, we see help consolidate the competitive advantage for the Source” of all economic activity. It is only when we accord Company has improved outcomes and simultaneously tremendous scope for alliances and partnerships at sustained growth of the Company. our human assets this level of prominence, can we undertaken several initiatives to better position itself for the cutting edge of technology. Your Company is recognise their true contribution to the success of our the future. Consistently over the years, your Board of Directors have seeking and has entered into several such alliances endeavours. The Ranbaxy family has been the source of all emphasised the need for creating an enabling culture in to expand its therapeutic range, acquire new our successes to date and it goes without saying that we For an international company, it is prudent to diversify its the organisation in which performance with ethical competencies and to access new markets. As early cannot, but depend upon them for our future successes as market base as well as balance it from a financial practices receives the highest emphasis. To push the entrants, we see this as an important growth driver well. I make these comments to acknowledge our standpoint, so that exigencies in one do not have a envelope on enablement, the Management undertook which will deliver handsome gains in the years ahead. appreciation for the dedication and commitment of every sweeping impact on the overall earnings. At Ranbaxy, special programmes during the year with the objective of member of the Ranbaxy team, and to each one of them and we have diligently pursued this strategy and are today As a true multinational company, Ranbaxy is exposed achieving greater engagement, better communication and their families, I wish good tidings on behalf of the Board. at a stage where our geographic mix of global to the operating and regulatory complexities of an an appreciation driven culture in the Company. This focus sales is better balanced, substantially de-risked intensely competitive and global environment. We on the softer side of culture, has led to greater team spirit, Whilst thanking all our well wishers, stakeholders and our and not overtly dependant on any single have put in place robust business and work motivation and sincerity with which employees approach Board of Directors for their whole-hearted support region or country. processes that are benchmarked against the their tasks in meeting corporate objectives. through the year, I must also thank my predecessor, world's best. A strong Board Mr Tejendra Khanna, for having held the helm of the It is evident that India, given No company functions in an isolated environment. The with independent Directors, Company with such calm and dignity during his tenure its strengths in science, will final flavour of our Corporate Citizenship will be guides and works through as Chairman. His emphasis on value based leadership play a pivotal role in the significantly defined by how well we pursue causes that are Corporate Governance was the natural corollary to the path set by the pharmaceutical R&D space. beyond our immediate business concerns. It is a matter of Committees that focus Late Dr Parvinder Singh, to whom we owe a deep debt of Ranbaxy clearly sees this pride that your Company is well recognised for on aspects like Audit, gratitude for giving us the opportunity to be partners of a as a thrust area and has performance in the complex world of global pharma and Compensation, Science, great enterprise called Ranbaxy. committed itself to a strategy has earned accolades from diverse quarters for itself and to fastrack efforts in New Share Transfer, Shareholder the Country. Somewhat less known, are our efforts in By any standard, this will be a hard act to follow. But with Drug Discovery Research Grievances etc. The Community Health and our support of research through your continued support and the confidence you have placed (NDDR). The Board has Committees regularly the Ranbaxy Science Foundation. In the coming years, we in the Management and in the Company's Directors, I have accordingly approved the scrutinise the policies and hope to further enhance these efforts and extend such no doubt that we will surpass your expectations and scheme of de-merger for the proposals made by the contributions
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