CADILA HEALTHCARE LTD… · 2018-11-27 · Cadila Healthcare Ltd 353.50 361984.00 19.80 17.84 4.14...

Document code: FOTL_261120183_2 Copyright © 2016 Firstobject Technologies Ltd. All rights reserved

CADILA HEALTHCARE LTDResult Update (CONSOLIDATED BASIS): Q2 FY19

CMP: 353.50 NOV 26th, 2018

Overweight ISIN:INE010B01027

Index DetailsSYNOPSIS

Cadila Healthcare Ltd is an innovative, globalpharmaceutical company that discovers, develops,manufactures and markets a broad range of healthcaretherapies.

Consolidated revenue for the 2nd quarter registered atRs. 29612.00 mn from Rs. 32219.00 mn, in thecorresponding period of the previous year.

During Q2 FY19, consolidated EBIDTA was Rs.7182.00 mn as against Rs. 8796.00 mn in Q2 FY18.

Consolidated net profit stood at Rs. 4175.00 mn in thecurrent quarter as against Rs. 5038.00 mn in Q2 FY18.

Consolidated PBT for the quarter stood at Rs. 5350.00mn as compared to Rs. 7128.00 mn in thecorresponding previous year quarter.

EPS of the company stood at Rs. 4.08 per share in Q2FY19 as against Rs. 4.92 per share in the previous yearquarter.

Zydus Cadila has received the final approval from theUSFDA to market Nystatin and TriamcinoloneAcetonide Ointment USP, (US RLD - Mycolog@-llOintment), 100,000 units/gram and 1 mg/

Zydus Cadila has received the tentative approval fromthe USFDA to market Deferasirox Tablets, 90 mg, 180mg, and 360 mg (US RLD — Exjade Tablets)

Zydus Cadila has received the final approval from theUSFDA to market Arsenic Trioxide Injection, 10mg/10 mL (1 mg/mL) single-dosevial (US RLD —TRISENOX

During H1 FY19, Net Sales increased by 7.42% to Rs.58549.00 mn from Rs. 54507.00 mn in H1 FY18.

PAT of the company registered a growth of 7.42% atRs. 58549.00 mn in H1 FY19 as against Rs. 54507.00mn in H1 FY18.

Net Sales and PAT of the company is expected togrow at a CAGR of 10% and 6% over 2017 to 2020E,respectively.

Stock DataSector PharmaceuticalsBSE Code 532321Face Value 1.0052wk. High / Low (Rs.) 456.10/330.65Volume (2wk. Avg.) 78000Market Cap (Rs. in mn.) 361984.00

Annual Estimated Results(A*: Actual / E*: Estimated)Years(Rs in mn) FY18A FY19E FY20ENet Sales 119364.00 128913.12 143093.56EBITDA 29607.00 34258.02 38056.07Net Profit 17946.00 21701.26 24346.60EPS 17.53 21.19 23.78P/E 20.17 16.68 14.87

Shareholding Pattern (%)

As on Sep 2018 As on June 2018

Promoter 74.79 74.79

Public 25.21 25.21

Others -- --

1 Year Comparative Graph

CADILA HEALTHCARE LTD S&P BSE SENSEX

PEER GROUPS CMP MARKET CAP EPS(TTM) P/E(X)(TTM) P/BV(X) DIVIDENDCompany Name (Rs.) Rs. In mn. (Rs.) Ratio Ratio (%)Cadila Healthcare Ltd 353.50 361984.00 19.80 17.84 4.14 350.00Sun Pharmaceutical Ind. Ltd 525.80 1261566.80 10.16 51.75 3.00 200.00Aurobindo Pharma Ltd 789.85 462779.10 37.39 21.12 3.96 250.00Glenmark Pharmaceuticals Ltd 637.85 179981.00 32.01 19.93 3.49 200.00


QUARTERLY HIGHLIGHTS (CONSOLIDATED BASIS)

Results updates- Q2 FY19,

(Rs in millions) Sep-18 Sep-17 % Change

Revenue 29612.00 32219.00 (8.09%)

Net Profit 4175.00 5038.00 (17.13%)

EPS 4.08 4.92 (17.13%)

PBIDT 7182.00 8796.00 (18.35%)

The consolidated net profit stood at Rs. 4175.00 million in the current quarter from Rs. 5038.00 million in the

corresponding period of the previous year. Revenue for the 2nd quarter registered at Rs. 29612.00 million from Rs.

32219.00 million, when compared with the prior year period. During the quarter, earnings per share of the company stood

at Rs. 4.08 from Rs. 4.92 a share during the corresponding previous year quarter. Profit before interest, depreciation and

tax is Rs. 7182.00 million as against Rs. 8796.00 million in the corresponding period of the previous year.

Break up of Expenditure

Break up ofExpenditure

Value in Rs. Million

Q2 FY19 Q2 FY18 %Change

Cost of MaterialsConsumed 6329.00 5213.00 21%

Purchase of Stock inTrade 4414.00 5069.00 -13%

Excise Duty 0.00 495.00 --

Employee BenefitExpenses 5266.00 4339.00 21%

Depreciation &AmortizationExpenses

1418.00 1216.00 17%

Others 7355.00 6500.00 13%


Latest Updates:

Zydus Cadila has received the final approval from the USFDA to market Nystatin and Triamcinolone Acetonide

Ointment USP, (US RLD -Mycolog@-ll Ointment), 100,000 units/gram and 1 mg/gramwhich would be manufactured

at the group's Topical manufacturing facility at Ahmedabad.

Zydus Cadila has received the tentative approval from the USFDA to market Deferasirox Tablets, 90 mg, 180 mg, and

360 mg (US RLD — Exjade Tablets) that would be manufactured at the group’s formulations manufacturing facility

at SEZ, Ahmedabad.

Zydus Cadila has received the final approval from the USFDA to market Abacavir and Lamivudine Tablets USP, 600

mg/300 mg (US RLD — EPZICOM), and Fondaparinux Sodium Injection USP, 2.5 mg/0.5 mL, 5 mg/0.4 mL 7.5

mg/0.6 mL and 10 mg/0.8 mL single-dose (US RLD — ARIXTRA).

Zydus Cadila has received the final approval from the USFDA to market Arsenic Trioxide Injection, 10 mg/10 mL (1

mg/mL) single-dosevial (US RLD —TRISENOX@).It will be manufactured at Alidac Pharmaceuticals Ltd.

Zydus Cadila has received the final approval from the USFDA to market Nystatin and Triamcinolone Acetonide

Ointment USP, (US RLD -Mycolog@-ll Ointment), 100,000 units/gram and 1 mg/gram that would be manufactured

at the group's Topical manufacturing facility at Ahmedabad.

COMPANY PROFILE

Zydus Cadila is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a

broad range of healthcare therapies. The group employs nearly 23,000 people worldwide and is dedicated to creating

healthier communities globally. Zydus aspires to be a research-based pharmaceutical company by 2020.


FINANCIAL HIGHLIGHT (CONSOLIDATED BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance Sheet as of March 31, 2017 -2020E

FY17A FY18A FY19E FY20E

ASSETS1) Non-Current Assets

a) Property, plant and equipment 32904.00 38157.00 43880.55 48268.61b) Capital Work in Progress 15433.00 15272.00 14508.40 14073.15c) Goodwill 11494.00 13853.00 14961.24 15858.91d) Other Intangible Assets 13153.00 12816.00 13841.28 14394.93e) Investments in Joint Ventures 3214.00 3605.00 3496.85 3322.01f) Financial Assets

i) Investments 643.00 1104.00 1015.68 964.90ii) Other Financial Assets 2631.00 1529.00 1804.22 1948.56

g) Deferred Tax Assets (net) 8955.00 9246.00 9985.68 10385.11h) Other Non-Current Assets 2845.00 2034.00 2481.48 2878.52i) Non-Current Tax Assets (net) 712.00 740.00 1080.40 1350.50Sub - Total Non- Current Assets 91984.00 98356.00 107055.78 113445.18

2) Current Assetsa) Inventories 18037.00 23853.00 30531.84 33585.02b) Financial Assets

i) Investments 491.00 2748.00 4122.00 5276.16ii) Trade receivables 22775.00 32063.00 27253.55 23983.12iii) Cash and Cash Equivalents 10746.00 5367.00 3327.54 2495.66iv) Bank Balances 4689.00 7782.00 6614.70 5953.23iv) Other Financial Assets 123.00 3448.00 827.52 620.64

c) Other Current Assets 3362.00 6744.00 7957.92 8594.55Sub - Total Current Assets 60223.00 82005.00 80635.07 80508.39

3) Assets Classified as held for Sale 0.00 292.00 0.00 0.00Total Assets (1+2+3) 152207.00 180653.00 187690.85 193953.57EQUITY AND LIABILITIES1) EQUITY

a) Equity Share Capital 1024.00 1024.00 1024.00 1024.00b) Other Equity 68576.00 86421.00 91606.26 96186.57c) Non-Controlling Interest 1561.00 1910.00 1986.40 2045.99

Total Equity 71161.00 89355.00 94616.66 99256.572) Non Current Liabilities

a) Financial Liabilitiesi) Borrowings 24684.00 25551.00 28106.10 30354.59ii) Other Financial Liabilities 628.00 524.00 576.40 622.51

b) Provisions 1512.00 1559.00 1605.77 1670.00c) Deferred Tax Liabilities (net) 1164.00 2821.00 2962.05 2813.95d) Other Non-Current Liabilities 0.00 13.00 29.25 36.56Sub - Total Non Current Liabilities 27988.00 30468.00 33279.57 35497.61

3) Current Liabilitiesa) Financial Liabilities

i) Borrowings 24769.00 25575.00 24807.75 24311.60ii) Trade Payables 15479.00 18884.00 17373.28 16654.63iii) Other financial liabilities 10602.00 13352.00 12960.39 11664.35

b) Other Current Liabilities 1519.00 1387.00 1775.36 2219.20c) Provisions 573.00 1002.00 1202.40 1382.76d) Current Tax Liabilities 116.00 520.00 1675.44 2966.86Sub - Total Current Liabilities 53058.00 60720.00 59794.62 59199.40

4) Liabilities Classified as held for Sale 0.00 110.00 0.00 0.00Total Equity and Liabilities (1+2+3+4) 152207.00 180653.00 187690.85 193953.57


Annual Profit & Loss Statement for the period of 2017 to 2020E

Value(Rs.in.mn) FY17A FY18A FY19E FY20EDescription 12m 12m 12m 12mNet Sales 95723.00 119364.00 128913.12 143093.56Other Income 1284.00 1132.00 2094.20 2282.68Total Income 97007.00 120496.00 131007.32 145376.24Expenditure -76679.00 -90889.00 -96749.30 -107320.17Operating Profit 20328.00 29607.00 34258.02 38056.07Interest -446.00 -911.00 -1138.75 -1298.18Gross profit 19882.00 28696.00 33119.27 36757.89Depreciation -3733.00 -5388.00 -5819.04 -6226.37Exceptional Items -3.00 0.00 0.00 0.00Profit Before Tax 16146.00 23308.00 27300.23 30531.52Tax -1289.00 -5644.00 -6006.05 -6689.46Profit after Tax 14857.00 17664.00 21294.18 23842.06Minority Interest -291.00 -346.00 -283.72 -255.35Share of Profit & Loss Assoc. 338.00 628.00 690.80 759.88Net Profit 14904.00 17946.00 21701.26 24346.60Equity capital 1024.00 1024.00 1024.00 1024.00Reserves 68576.00 86421.00 108122.26 132468.86Face value 1.00 1.00 1.00 1.00EPS 14.55 17.53 21.19 23.78

Quarterly Profit & Loss Statement for the period of 31st Mar, 2018 to 31st Dec, 2018E

Value(Rs.in.mn) 31-Mar-18 30-Jun-18 30-Sep-18 31-Dec-18EDescription 3m 3m 3m 3mNet sales 32502.00 28937.00 29612.00 31980.96Other income 287.00 1013.00 304.00 243.20Total Income 32789.00 29950.00 29916.00 32224.16Expenditure -23798.00 -22487.00 -22734.00 -23998.51Operating profit 8991.00 7463.00 7182.00 8225.65Interest -154.00 -350.00 -357.00 -257.04Gross profit 8837.00 7113.00 6825.00 7968.61Depreciation -1440.00 -1418.00 -1475.00 -1548.75Profit Before Tax 7397.00 5695.00 5350.00 6419.86Tax -1442.00 -1203.00 -1247.00 -1399.53Profit after Tax 5955.00 4492.00 4103.00 5020.33Minority Interest -83.00 -67.00 -107.00 -90.95Share of Profit & Loss Assoc. 195.00 180.00 179.00 161.10Net Profit 6067.00 4605.00 4175.00 5090.48Equity capital 1024.00 1024.00 1024.00 1024.00Face value 1.00 1.00 1.00 1.00EPS 5.92 4.50 4.08 4.97


Ratio Analysis

Particulars FY17A FY18A FY19E FY20E

EPS (Rs.) 14.55 17.53 21.19 23.78

EBITDA Margin (%) 21.24% 24.80% 26.57% 26.60%

PBT Margin (%) 16.87% 19.53% 21.18% 21.34%

PAT Margin (%) 15.52% 14.80% 16.52% 16.66%

P/E Ratio (x) 24.29 20.17 16.68 14.87

ROE (%) 21.35% 20.20% 19.51% 17.86%

ROCE (%) 13.94% 17.48% 17.55% 16.92%

Debt Equity Ratio 0.71 0.58 0.48 0.41

EV/EBITDA (x) 19.46 13.42 11.70 10.59

Book Value (Rs.) 67.97 85.40 106.59 130.36

P/BV 5.20 4.14 3.32 2.71

Charts


OUTLOOK AND CONCLUSION

At the current market price of Rs. 353.50, the stock P/E ratio is at 16.68 x FY19E and 14.87 x FY20E respectively.

Earning per share (EPS) of the company for the earnings for FY19E and FY20E is seen at Rs. 21.19 and Rs. 23.78,

respectively.

Net Sales and PAT of the company are expected to grow at a CAGR of 10% and 6% over 2017 to 2020E,

respectively.

On the basis of EV/EBITDA, the stock trades at 11.70 x for FY19E and 10.59 x for FY20E.

Price to Book Value of the stock is expected to be at 3.32 x and 2.71 x for FY19E and FY20E respectively.

Hence, we say that, we are Overweight in this particular scrip for Medium to Long term investment.

INDUSTRY OVERVIEW

Global pharmaceuticals space:

The global sales of prescription pharmaceutical drugs are expected to have grown by only 1% in 2017. During the period

2011 to 2017 too, the global prescription drug sales are estimated to have grown at a CAGR of only about 1%. Large

sized pharmaceutical brands losing patent protection and continuous pricing pressure on generic drugs fuelled by

competition and government actions in the large markets have been the key factors behind such low growth over the last

few years. Drug affordability and accessibility continue to create downward pressure on the market with payers across the

globe continuously making all possible attempts to limit prescribing options to drugs.

Going forward, however, the global prescription drugs market is expected to grow at a CAGR of over 6% between 2018

and 2024. The growth will be driven by the continued uptake and anticipated launch of novel therapies addressing key

unmet needs, as well as increasing access to medicines globally. Payer scrutiny and sales losses from the entry of generic


players due to the loss of patent protection and competition from biosimilars will impact growth adversely to a certain

extent. This, however, should work positively for the generics and biosimilar players.

The orphan drugs sector is expected to outperform the market, which highlights the industry’s continued efforts to address

small groups of neglected patients with high unmet need and to benefit from traditionally reduced payer scrutiny on

orphan drugs, as well as regulatory and financial incentives. Specialty medicines, gene and cell therapies will also

increasingly contribute to growth, going forward.

The US market:

The US is the world’s largest pharmaceutical market, where unbranded generics have reached the highest prescription

share of over 85% of the total market, with annual sales value of over USD 90 billion. 2017 was a record year for ANDA

approvals by USFDA, with over 1000 approvals. While unbranded generic prescription volume continues to have a steady

demand in the US, the generic drugs market is facing price deflation, decreased value growth and concentrated buying

power, with the top 3 generic drugs purchasers holding over 90% share.

The aging population in the US will continue to drive increased demand for prescription pharmaceutical drugs. The small

molecule brands having sales value of over USD 22 billion lost patent protection in 2017 and over a period of the next 5

years, small molecule brands having sales value of over USD 72 billion are expected to lose patent protection, paving the

way for the growth of generic drugs. Apart from small molecules, patent expires of key large biologics brands over next 5

years are also expected to boost growth for biosimilars. This would result in a further shift of prescription share from

brands to generics in times to come.

Growth of specialty drugs is also expected to outpace the overall market growth rates in the US. The US is the largest

market for the Company with more than 50% share of its total revenues. The Company is ranked ninth amongst US

generic companies (based on prescriptions) with 3.05% market share (Source: IQVIA, NPA Audit, MAT March 2018

TRx). In terms of the products currently being sold in the market, the Company is ranked amongst the top three players in

all of its top 10.

The financial year 2017-18 was one of the most successful years for the Company’s US formulations business as it

registered its highest ever sales during the year on the back of a few key product launches and full year impact of Sentynl

Therapeutics Inc., a specialty pharmaceutical company which was acquired in the fourth quarter of the previous financial

year. In all, the Company launched 20 new products in the US market during the year. New launches include the launch of

Mesalamine 1.2 g DR tablets (generic version of Lialda®) with a 180 days exclusivity and Oseltamivir powder for oral

suspension 6 mg/ml (generic version of Tamiflu®). In terms of ANDA filings, 26 ANDAs were filed with the USFDA

during the year, taking the cumulative number of ANDA filings to 330. It includes the first ever ANDA submitted from

injectable manufacturing facility of Liva Pharmaceuticals Limited near Vadodara.

In terms of ANDA approvals, the year gone by was the most successful one for the Company as it received the highest

number of ANDA approvals during the year. The Company received approval for 77 ANDAs (including eight tentative

approvals) during the year, taking the cumulative number of ANDA approvals to 186. These include the receipt of the


final approval for Mesalamine 1.2 g DR tablets (generic version of Lialda®), Mesalamine 800 mg DR tablets (generic

version of Asacol® HD), Oseltamivir powder for oral suspension 6 mg/ml (generic version of Tamiflu®), Metoprolol

Succinate ER tablets (generic version of Toprol XL®) and tentative approval for Mesalamine rectal suppository 1000 mg

(generic version of Canasa®).

Overall, the Company’s formulations business in the US posted sales of Rs. 58,348 million during the year, up 57%.

India market:

The Indian Pharmaceutical Market grew by 5.7% during FY18. The NLEM portfolio i.e. the medicines covered under the

National List of Essential Medicines de-grew by 0.8% while the non-NLEM portfolio grew by 6.7% during the year. Out

of the total market growth, around two-third was led by volume expansion. Following the nation-wide roll-out of GST

from July 1, 2017, prices of the finished dosage formulations declined which led to price-led de-growth of around 0.8%.

New product introductions contributed to around half of the overall market growth (Source: AWACS MAT March 2018).

Anti-infective was the largest therapeutic area, accounting for around 14% of the market while the anti-diabetic was one

of the fastest growing therapeutic areas during the year with a growth of around 12% (Source: AWACS MAT March

2018).

The Company’s formulations business in India, currently the second largest contributor to the consolidated revenues,

registered lower growth during the year as the business got impacted on account of a nation-wide rollout of GST, resulting

in de-stocking of inventory by distributors, thereby impacting the performance of the first quarter adversely.

The Company is the fourth largest pharmaceutical company in India with approximately 8.1% market share in the covered

market and is ranked amongst the top three players in the promoted covered market of gynecology, respiratory, pain

management, cardiovascular, dermatology and gastrointestinal therapeutic areas. Sixteen of the Company’s brands feature

amongst the top 300 pharmaceutical brands in India with five brands having sales of more than Rs. 100 crore.


Disclosure Section

The information and opinions in Firstcall Research was prepared by our analysts and it does not constitute an offer orsolicitation for the purchase or sale of any financial instrument including any companies scrips or this is not an officialconfirmation of any transaction. The information contained herein is from publicly available secondary sources and dataor other secondary sources believed to be reliable but we do not represent that it is accurate or complete and it should notbe relied on as such. Firstcall Research or any of its affiliates shall not be in any way responsible for any loss or damagethat may arise to any person from any inadvertent error in the information contained in this report. Firstcall Research and/or its affiliates and/or employees will not be liable for the recipients’ investment decision based on this document.

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The following analysts hereby state that their views about the companies and sectors are on best effort basis to the best oftheir knowledge. Unless otherwise stated, the individuals listed on the cover page of this report are research analysts. Theanalyst qualifications, sectors covered and their exposure if any are tabulated hereunder:

Name of the Analyst Qualifications SectorsCovered

Exposure/Interest tocompany/sector UnderCoverage in the CurrentReport

Dr.C.V.S.L. Kameswari M.Sc, PGDCA,M.B.A,Ph.D (Finance)

Pharma &Diversified

No Interest/ Exposure

U. Janaki Rao M.B.A CapitalGoods


B. Anil Kumar M.B.A Auto, IT &FMCG


V. Harini Priya M.B.A Diversified No Interest/ ExposureB. Srikanth M.B.A Diversified No Interest/ Exposure

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CADILA HEALTHCARE LTD… · 2018-11-27 · Cadila Healthcare Ltd 353.50 361984.00 19.80 17.84 4.14...

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Transcript of CADILA HEALTHCARE LTD… · 2018-11-27 · Cadila Healthcare Ltd 353.50 361984.00 19.80 17.84 4.14...