Q1 2025 Torrent Pharmaceuticals Ltd Earnings Call Transcript
Key Points
- Torrent Pharmaceuticals Ltd (BOM:500420) reported a 10% increase in revenue, reaching INR2,859 crores.
- Operating EBITDA grew by 14% year-over-year, with EBITDA margins at 32.3%.
- India revenues grew by 15%, driven by strong performance in chronic therapies and new product launches.
- The company has entered into a nonexclusive licensing agreement with Takeda and successfully launched Vonoprazan, which is ranked number one as of June 2024.
- Germany's constant currency revenue increased by 9%, with Torrent winning new tenders and increasing its market share to 6.1%.
- Primary sales in Brazil were impacted by floods and currency depreciation, affecting overall performance.
- US revenues declined by 13% in constant currency terms, with a 9% de-growth after adjusting for one-off income from the previous year.
- The US FDA inspection of the Indrad manufacturing facility resulted in a Form 483 with five observations, creating uncertainty about future approvals.
- The company's US business is currently at breakeven pre-R&D expenses, indicating challenges in achieving profitability post-R&D.
- There was a one-off expense of INR20 crores related to an international opportunity that did not materialize, impacting overall expenses.
Ladies and gentlemen, good day, and welcome to Q1 FY25 earnings conference call of Torrent Pharma Limited. (Operator Instructions) Please note that this conference is being recorded.
I, now, hand the conference over to Mr. Sudhir Menon, Chief Financial Officer and Executive Director of Finance. Thank you, and over to you, sir.
Thank you. Good evening. And welcome to the first quarter earnings call for FY25. We continue to see strong performance in our branded market. Our two largest branded markets, India and Brazil, both have done well.
Brazil, while secondary sales continue to grow in double digits, primary sales got impacted this quarter due to flood in one of the provinces. And therefore, quarter two should normalize this impact. The second impact, which Brazil had was on the currency depreciation of around 5% for this quarter.
On the generic side, Germany continues to grow well. US on a rolling quarter basis is consistent, while it
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