Capitaline

Analyst Meet / AGM 22-Jul-10

AGM

Orchid Chemicals & Pharmaceuticals

Future growth will come from NPNC segment

Orchid Chemicals and Pharmaceuticals held its 18^th Annual General Meeting in Chennai on 21,2010. The meeting was presided by Managing Director Raghavendra Rao
Key highlights of the meet

The total income from operations for the year ended March 2010 increased by 3% to Rs 1251.04 crore. Net profit clocked Rs 331.34 crore as against net losses of Rs 52.17 crore in the corresponding period.
Orchid sold its generic injectables business to Hospira Inc for USD 400 million. This deal includes betalactam antibiotics formulations manufacturing complex, one R&D facility and product portfolio includes 7 cephalosporins, one Penicillin and two carbapenems. It also transferred 24 ANDAs and 12 dossiers.
Recently, orchid acquired Karalex Pharma, a US based generic marketing and sales services company. Till date, the company is marketing through distribution channel. With this acquisition, it launches the drugs in US market through Karalex Pharma. This will help to save the margins that Orchid offers distributors. To start with, oral cephalosporins products followed by NPNC products (Non Penicillin, Non-cephalosporin) will be launched through Karalex Pharma.
The company entered into an out-licensing and distribution agreement with the US based Alvogen for marketing 8 oral non-antibiotic generics formulations in the US market. These products are related to therapeutic segments like CNS and osteoporosis. The addressable market size under this deal is USD 8 billion.
As on 30 June 30, 2010, the ANDA filings for the US market stood at 36. This includes 8 Para-IV, FTF. The break-up of the total ANDA filings is 13 in Cephalosporins and 23 in the NPNC.
The marketing authorization (MAs) filed to EU market till 30 June 2010 counts to 16, which includes 10 cephalosporins and 6 NPNC segment.
The cumulative US DMF filing count as end of June 30 2010 is at 82. The break up of the total filings is as follows: 30 in the Cephalosporin segment, 39 in NPNC, 2 in the betalactam segment and 11 in the Carbapenems segment. The total number of Cos for the EU market stood at 20 which include 13 Cephalosporins, 6 NPNC and 1 Betalactams.
The future growth will come from NPNC segment. The company is developing 73 products in this segment. Of 23 NPNC ANDAs, 8 were FTFs with Para-IV certification. These 8 products address market size of USD 80 million.
The power cost for the year ended March 2010 was Rs 66.44 crore lower compared to Rs 73.45 crore in the year ended March 2009. The fall in cost is due to the company changing its furnace's oil boiler with coal based boiler. It is also planning to setup wind mill to further decrease the power cost. Targets to reduce power cost to 3% of total revenues in 3 years from 5% in the current fiscal.

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