Q3 2024 Strides Pharma Science Ltd Earnings Call Transcript
Key Points
- Strides Pharma Science Ltd (BOM:532531) reported strong revenue growth, exceeding their outlook with a 17% increase for the first nine months of FY24.
- The company achieved a significant improvement in free cash generation and debt reduction, with debt-to-EBITDA now at 2.8 times, down from 5.7 times in FY22.
- Gross margins have been consistently close to 60% for three consecutive quarters.
- Strides Pharma Science Ltd (BOM:532531) secured two significant product approvals during the quarter, including Suprep and Icosapent, which are expected to contribute positively to future revenues.
- The company has maintained sustainable profitable growth, with 34 out of 65 commercialized products ranking among the top three in terms of market share in the US market.
- The access market business remains lumpy and is not a primary focus for Strides Pharma Science Ltd (BOM:532531).
- There is a challenge in maintaining the current gross margin levels of 59-60%, which the company acknowledges will be more difficult than growing them.
- The company faces competition in the Icosapent market, with seven to eight players already present.
- The other regulated markets segment showed flat growth quarter-on-quarter, despite a 21% year-on-year increase.
- The process of national approvals for new products in other regulated markets is expected to take another three to four months, delaying significant revenue contributions from these markets until H2 FY25.
Ladies and gentlemen, good day, and welcome to Q3 FY24 earnings conference call of Strides Pharma Science Limited. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Abhishek Singhal. Thank you, and over to you, sir.
Thank you. A very good afternoon and thank you for joining us today for Strides earnings call for the third quarter ended financial year 2024. Today, we have with us Arun, Founder and Executive Chairperson and Managing Director; Badree, Executive Director Finance and Group CFO, to share the highlights of the business and financials for the quarter. I hope you have gone through our results release and the quarterly investor presentation, which have been uploaded on our website as well as the stock exchange website.
The transcript for this call will be available in a week's time on the company's website. Please note that today's discussion may be forward-looking in nature and must be viewed in relation to the risks
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