Express Pharma

Marksans Pharma reports financial results for Q2 and H1FYF23

Operating revenue at Rs 452.6 crore, increased 25.5 per cent YoY, driven by a growth in the existing products as well as market share gains

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Marksans Pharma reported the financial results today for the quarter and half year ending 30th September, 2022.

In a statement, the company mentioned the key highlights of Q2 FY23, which are as follows:

▪ Operating revenue at Rs 452.6 crore, increased 25.5 per cent YoY, driven by a growth in the existing products as well as market share gains

o The US growth was 13.7 per cent YoY, despite the price erosion of high single digits, in the generic Rx business

o UK and Europe growth was 32.6 per cent YoY led by volume growth and market share gains in the existing portfolio

o Australia and NZ grew by 39 per cent YoY, while the Rest of World (RoW) was up by 56.4 per cent YoY

▪ Gross profit at Rs 229.4 crore, increased 23.4 per cent YoY with gross margin at 50.7 per cent

▪ EBITDA at Rs 80.3 crore, increased 33.6 per cent YoY, with EBITDA margin at 17.7 per cent

▪ R&D spend at Rs 9.8 crore was 2.2 per cent of sales

In addition, the key highlights of H1 FY23, as per the statement, are as below:

▪ Operating revenue at Rs 886.3 crore, increased by 24.8 per cent YoY

▪ Gross profit at Rs 448.3 crore, grew by +20.4 per cent YoY with gross margin at 50.6 per cent

▪ EBITDA at Rs 153.1 crore, increased 11.4 per cent YoY with EBITDA margin at 17.3 per cent

▪ Cash balance stood at healthy Rs 335 crore as on 30th September, 2022

Further, the statement noted the highlights of the US and North America markets as below:

▪ Operating revenue stood at Rs 190.3 crore in Q2FY23 and Rs 364.2 crore in H1FY23

▪ 32 products are in the pipeline, of which 20 are oral solids and 12 are ointments and creams. Within oral solids, four are soft gels

The results for the UK and the Europe markets are as mentioned below:

▪ Operating revenue stood at Rs 193.5 crore in Q2FY23 as compared to Rs 145.9 crore Q2 FY22, registering growth of 32.6 per cent YoY. Revenue in H1FY23 stood at Rs 374.5 crore, up 22.7 per cent YoY

▪ Planned 34 new filings over the next three years, of which seven are planned in FY23. In addition, 16 products are already filed and awaiting approval

The results for Australia and New Zealand markets are the following:

▪ Operating revenue grew 39 per cent YoY to Rs 43.9 crore in Q2FY23. It reported Rs 96.5 crore revenue in H1FY23,  growth of 38.2 per cent