Please Share:: 
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
TORRENT PHARMA
OUTPERFORMER (RS202, MCAP: RS4.9BN / US$107M)
• Torrent Pharma (TPL) continues to enjoy a dominant position in CNS and CVS, which contribute 60% of domestic
sales. The GI segment accounts for 5-7% of domestic sales. TPL continues to feature among the top 3 players in CNS
and CVS (IMS-ORG data). It has increased its field force by 1200 to 3600 in the year to December 2010.
• TPL has commercialized 27 products in the Brazilian market and expects to launch 35-40 over the next 4-5 years,
including 4-5 in the next 12 months. The management has said its existing basket of 27 products covers a US$1bn
market opportunity and the expected pipeline over the next 4-5 years would target up to US$3bn.
• It derives 80% of its German business from tender sales and the balance from high-margin open-market operations.
TPL has been able to successfully register 10% yoy revenue growth despite 40% yoy price declines on the back of
strong volume growth (up to 50%) in the past few quarters.
• TPL remains positive on the US markets. It has 25 products approved for launch, of which 10 are under patent, four
under cost restructuring and 11 products being currently marketed.
• The company has signed two deals to date, one with Astra Zeneca and the other with a large European pharma
company (name not disclosed).
• It has an agreement to supply nine products in 18 countries with AZ, and a contract to supply 50 products in 50
emerging market countries with the European pharma company.
• TPL plans to invest Rs10bn over the next five years. The Dahej facility is expected to see investments of up to Rs8bn.
• Torrent Pharma is a net cash company with Rs200m of cash on the books. It plans to fund its expansion via internal
accruals and debt.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
TORRENT PHARMA
OUTPERFORMER (RS202, MCAP: RS4.9BN / US$107M)
• Torrent Pharma (TPL) continues to enjoy a dominant position in CNS and CVS, which contribute 60% of domestic
sales. The GI segment accounts for 5-7% of domestic sales. TPL continues to feature among the top 3 players in CNS
and CVS (IMS-ORG data). It has increased its field force by 1200 to 3600 in the year to December 2010.
• TPL has commercialized 27 products in the Brazilian market and expects to launch 35-40 over the next 4-5 years,
including 4-5 in the next 12 months. The management has said its existing basket of 27 products covers a US$1bn
market opportunity and the expected pipeline over the next 4-5 years would target up to US$3bn.
• It derives 80% of its German business from tender sales and the balance from high-margin open-market operations.
TPL has been able to successfully register 10% yoy revenue growth despite 40% yoy price declines on the back of
strong volume growth (up to 50%) in the past few quarters.
• TPL remains positive on the US markets. It has 25 products approved for launch, of which 10 are under patent, four
under cost restructuring and 11 products being currently marketed.
• The company has signed two deals to date, one with Astra Zeneca and the other with a large European pharma
company (name not disclosed).
• It has an agreement to supply nine products in 18 countries with AZ, and a contract to supply 50 products in 50
emerging market countries with the European pharma company.
• TPL plans to invest Rs10bn over the next five years. The Dahej facility is expected to see investments of up to Rs8bn.
• Torrent Pharma is a net cash company with Rs200m of cash on the books. It plans to fund its expansion via internal
accruals and debt.
No comments:
Post a Comment