Senores Pharmaceuticals Limited has informed the Exchange about Investor Presentation
Date: July 23, 2025
To, Sr. General Manager Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001
To, Sr. General Manager Listing Department National Stock Exchange of India Limited Exchange Plaza, C-1, Block G Bandra Kurla Complex Bandra (E), Mumbai – 400 051
BSE Scrip Code: 544319
NSE Symbol: SENORES
Sub.: Intimation under Regulations 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Investor Presentation
Dear Sir/Madam,
In terms of Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and our intimation dated July 19, 2025 regarding the Earnings Conference Call, we enclose herewith the Investor Presentation for Q1FY26.
The aforesaid information is also being hosted on the Company's website at www.senorespharma.com.
You are requested to take the same on record.
Thanking you.
For Senores Pharmaceuticals Limited
Vinay Kumar Mishra Company Secretary and Compliance Officer ICSI Membership No.: F11464
Enclosures: As above
Senores Pharmaceuticals Limited 1101 to 1103, 11th Floor, South Tower, One42, Opp. Jayantilal Park, Ambali Bopal Road, Ahmedabad-380054, Gujarat, India
P: +91 79 2999 9857 | E: info@senorespharma.com W: www.senorespharma.com | CIN No.: L24290GJ2017PLC100263
Investor Presentation
July 2025
Safe Harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Senores Pharmaceuticals Limited (the “Company” / “SPL”), have been prepared
solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied
on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document
containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation.
This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission
from, this Presentation is expressly excluded.
This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of
risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements
include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic
growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations,
government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in
case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the
Company.
This Presentation contains data and statistics from certain reports and the F&S Report, which is subject to the following disclaimer Frost & Sullivan has taken due care and caution
in preparing this report (“Overview of the Global Pharma Market’' Report) based on the information obtained by Frost & Sullivan from sources which it considers reliable (“Data”).
This Report is not a recommendation to invest / disinvest in any entity covered in the Report and no part of this Report should be construed as an expert advice or investment advice or any form of investment banking within the meaning of any law or regulation. Without limiting the generality of the foregoing, nothing in the Report is to be construed as
Frost & Sullivan providing or intending to provide any services in jurisdictions where Frost & Sullivan does not have the necessary permission and/or registration to carry out its
business activities in this regard. Senores Pharmaceuticals Limited will be responsible for ensuring compliances and consequences of non-compliances for use of the (“Overview of the Global Pharma Market’') Report or part thereof outside India. No part of this Frost & Sullivan Report may be published/reproduced in any form without Frost & Sullivan’s prior
written approval.
2
Financial Highlights Q1FY26
Private & Confidential
Key Highlights for the Quarter
Positive Cash Flow Operations
Strong Growth in Branded Generics business
Increased Direct Stake in Havix subsidiary
Cash Flow from Operations Stood at Rs. 11 Crs for Q1FY26
Optimistic to continue a Positive trajectory for FY26
Branded Generics business increased by ~117% on Q-o-Q basis & ~4.5x on a Y-o-Y basis
Current stake in Havix stands at 73% as compared to 66.6% in December 2024
Plan to increase the stake to 78% by end of this quarter
Expanding Product Portfolio
Owned Products : Regulated Markets
CDMO / CMO
Emerging Markets
Received ANDA approval for 4 products Commercialized 2 products Total Commercialized 24 products
Added 5 New Products
Total 27 products
Received registration approval for 23 Products
Total 308 products
4
Key Operational Highlights *
Regulated Markets
Emerging Markets
24
70
Owned Commercial ANDA Products
Approved ANDA Products
57
37
308
Approved Products
719
Pipeline Products
Pipeline CGT Opportunity Products
Products Under Registration
27
53
CDMO/CMO Commercial Products
CDMO/CMO Pipeline Products
40+
Countries Present
* As on 30th June 2025
5
Consolidated Financial Highlights – Q1 FY26
Income up by 72%
Y-o-Y for Q1 FY26
Income (Rs. Crs)*
72%
+15%
120.2
138.0
80.4
EBIDTA up by 60%
Y-o-Y for Q1 FY26
EBITDA (Rs. Crs)
60%
+35%
34.2
21.3
25.4
PAT up by 95%
Y-o-Y for Q1 FY26
PAT ( Rs. Crs)
95%
+18%
18.0
21.2
10.9
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY35
Q1FY26
Gross Margin (%)
EBITDA Margin (%)
PAT Margin (%)
56.9%
52.2%
55.5%
26.5%
21.1%
24.8%
13.5%
15.0%
15.4%
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
Q1FY25
Q4FY25
Q1FY26
* Income includes Revenue from Operations and Other Operating Income.
6
Business Segment Financial Highlights – Q1 FY26
Regulated Markets
Emerging Markets
Others *
+69.3%
+40.1%
90.1
53.2
64.3
+31.9%
-20.5%
36.5
29.0
22.0
) s r C . s R ( e u n e v e R
+264.3%
+21.7%
18.9
15.5
5.2
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q4 FY25
Q1 FY26
EBIDTA Margin for Q1FY26 stood at 35.5%
EBIDTA Margin for Q1FY26 stood at 6%
EBIDTA Margin for Q1FY26 stood at 28%
)
%
( x i M e u n e v e R
Q1FY25
6%
27%
Q4FY25
16%
Q1FY26
14%
66%
30%
65%
54%
21%
•
•
•
Regulated Markets, contributed to 65% of total revenue for Q1FY26. Own Products and CDMO / CMO seeing steady growth.
Business model in the Emerging Markets is giving desired results. Emerging Markets contributed 21% of consolidated revenue in Q1FY26.
Branded Generics seeing strong momentum. Revenue at Rs. 8 crores in Q1FY26.
* Others includes Branded Generics, API and Other Operational Income
7
Regulated Markets
Emerging Markets
Others
Business Segment Financial Highlights – Q1 FY26
Segment Revenue (Rs. Crs)
Q1 FY25
Q4 FY25
Q1 FY26
Q-o-Q
Y-o-Y
Regulated Markets
Emerging Markets
Branded Generics
API
Other Operational Income
53.2
22.0
1.8
2.5
0.9
64.3
36.5
3.8
4.1
11.5
90.1
29.0
8.2
3.0
7.7
40.1%
69.3%
-20.5%
31.9%
117.9%
357.7%
-27.0%
19.2%
-33.0%
763.9%
Total Income
80.4
120.2
138.0
14.8%
71.6%
8
Management Commentary
Swapnil Shah Managing Director
Commenting on the Q1 FY26 performance, Mr. Swapnil Shah, Managing Director of Senores Pharmaceuticals Limited said,
“Continuing the momentum from last year, we have started FY26 well, with healthy performance across segments during the quarter.
We launched 2 own ANDA products in the Regulated Markets during the quarter. We also received the ANDA approval for 4 products during the quarter. We have a strong pipeline in place which we will launch over the next couple of years. Our moat lies in our ability to serve the government channel in addition to the retail channel in the US. This gives us considerable competitive advantage in the US market. A large part of our product pipeline has potential to cater to the government contracts. Our capability to manufacture and supply controlled substances in US is another differentiator for us.
Our CDMO / CMO segment is also scaling up as planned. We are adding new contracts and increasing the share of pocket from existing customers. The contracts in hand give us good visibility for the year ahead. With respect to the US tariff situation, we believe we are largely insulated with our entire formulation manufacturing happening locally in US.
In the Emerging Markets, our changing product portfolio and go-to-market strategies are resulting in improved profitability.
Our Branded Generics segment is witnessing significant growth in momentum. On the back of increasing field force, our monthly revenue run rate has more than doubled versus last year. We expect to be a pan-India player by the end of FY26.
We are also pleased to report positive Operating Cash Flow of Rs. 11 Crores for Q1FY26. We expect to sustain and build on the cash flow trajectory going forward.
Our business is undergoing a structural advancement which will provide better market visibility and support the growth momentum for us over the medium term to longer term. We will continue to drive the business on three key pillars – (i) Expansion of the ANDA Portfolio in Regulated Markets; (ii) Steady Scale-up of the CDMO/CMO Segment in Regulated Markets; and (iii) Portfolio Expansion and Profitability Improvement in Emerging Markets.”
9
Consolidated Profit & Loss Account – Q1 FY26
Consolidated P&L (Rs. Crs) Revenue from Operations Other Operating Income Total Income Total COGS Gross Profit Gross Margin (%) Employee Cost Other Expenses EBITDA EBITDA Margin (%) Depreciation Other Income EBIT EBIT Margin (%) Finance Cost PBT PBT Margin (%) Tax Expense Profit after Tax PAT Margin (%) Minority Interest Profit after Tax and Minority Interest EPS ( Rs.)
Q1 FY26 130.3 7.7 138.0 61.4 76.6 55.5% 21.7 20.8 34.2 24.8% 6.0 3.4 31.5 22.9% 5.0 26.5 19.2% 5.3 21.2 15.4% 1.5 19.7 4.6
Q1 FY25 79.5 0.9 80.4 34.6 45.8 56.9% 12.0 12.4 21.3 26.5% 3.5 0.5 18.3 22.7% 4.8 13.5 16.7% 2.6 10.9 13.5% 0.2 10.7 3.4
Y-o-Y 63.9%
71.7%
67.4% -140 bps
60.3% -170 bps
72.6%
97.0% 250 bps
94.6% 180 bps
84.3%
Q4 FY25 104.9 15.3 120.2 57.5 62.7 52.2% 14.6 22.7 25.4 21.1% 5.2 5.8 26.0 21.6% 5.3 20.7 17.2% 2.7 18.0 15.0% 0.1 17.8 3.8
Q-o-Q 24.2%
14.8%
22.2% 340 bps
34.6% 360 bps
21.4% 120 bps
28.1% 200 bps
17.9% 40 bps
10.7%
10
Update on Utilization of Funds from IPO
Sr. No.
Object as per Offer Document
Amount as proposed in the Offer Document (Rs. Crs)
Amount utilized as on June 30, 2025 (Rs. Crs)
Amount Unutilized as on June 30, 2025 (Rs. Crs)
Remarks
1
2
3
4
5
6
7
Investment in one of our Subsidiaries, Havix, to fund capital expenditure requirements for setting up a manufacturing facility for the production of sterile injections in our Atlanta Facility
Re-payment/pre-payment, in full or in part, of certain borrowings availed by our Company
Investment in our Subsidiary, namely, Havix, for re- payment/pre-payment in full or in part, of certain borrowings availed by such Subsidiaries
Funding the working capital requirements of our Company
Investment in our Subsidiaries, namely Senores Pharmaceuticals Inc. and Ratnatris to fund their working capital requirements
Funding inorganic growth through acquisition and other strategic initiatives and general corporate purposes
Offer expenses
Total
107.0
73.5
20.2
43.3
59.5
154.4
42.2
500.0
-
73.1
20.2
37.7
26.2
51.9
31.9
241.0
107.0
0.4
0.0
5.5
33.3
102.5
10.3
259.0
Out of the unutilized amount Rs 114 crores parked as Fixed Deposit with HDFC Bank, Rs 140.45 crores parked as Fixed Deposit with ICICI Bank and balance Rs 4.56 crores held in HDFC Bank account
11
Historical Financial Highlights
Private & Confidential
Historical Profit & Loss Account
Profit and Loss (Rs. Crs)
Revenue from Operations
Other Operating Income
Total Income
Total COGS
Gross Profit
Gross Margin (%)
Employee Cost
Other Expenses
EBITDA
EBITDA Margin (%)
Depreciation
Other Income
EBIT
Finance Cost
Profit before Tax
PBT Margin (%)
Tax
Profit after Tax
PAT Margin (%)
Minority Interest
Profit after Tax and Minority Interest
EPS (Rs.)
FY25
378.0
32.4
410.4
180.7
229.7
56.0%
60.4
67.5
101.8
24.8%
16.8
7.2
92.1
21.6
70.6
17.2%
12.2
58.3
14.2%
-0.2
58.6
16.1
FY24*
209.0
5.6
214.5
106.1
108.4
50.5%
35.5
31.3
41.6
19.4%
10.0
2.8
34.4
9.4
24.9
11.6%
-7.8
32.7
15.2%
1.3
31.5
12.2
YoY
80.9%
91.3%
111.9%
540 bps
144.8%
540 bps
167.9%
183.0%
560 bps
78.4%
-100 bps
86.2%
*FY24 includes financials of Ratnatris Pharmaceuticals from 14th December 2023 to 31st March 2024
13
Historical Balance Sheet
ASSETS (Rs. Crs) Non-Current Assets Property, Plant and Equipment Capital Work-in-Progress Goodwill Intangible Assets Right of Use Assets Intangible Assets under Development Non-Current Financial Assets Deferred Tax Assets (Net) Other Non-Current Assets Total Non-Current Assets
Current Assets Inventories Trade Receivables Cash & Cash Equivalents Bank Balances Other Than Cash & Cash Equivalents Loans Other Current Financial Assets Other current assets Total Current Assets
Mar-25 Mar-24
198.9 44.2 38.2 54.3 9.4 128.3 5.2 18.7 7.4 504.4
56.6 123.9 105.4 280.1 0.0 117.0 39.5 722.4
152.2 17.8 38.2 35.9 9.1 79.3 20.5 15.0 3.0 371.0
37.4 112.0 7.7 5.4 0.3 66.2 22.0 250.9
EQUITY AND LIABILITIES (Rs. Crs) Equity Equity Share Capital Other Equity Total Shareholder’s Fund Non-Controlling Interest Total Equity
Non-Current Liabilities Borrowings Lease Liabilities Provisions Total Non-Current Liabilities
Current Liabilities Borrowings Lease Liabilities Trade Payables Other Current Liabilities Other Current Financial Liabilities Provisions Current Tax Liabilities (net) Total Current Liabilities
Mar-25 Mar-24
46.1 740.1 786.2 26.1 812.2
162.5 8.2 3.3 173.9
142.3 1.8 67.2 6.0 7.8 2.1 13.5 240.7
30.5 173.8 204.3 27.4 231.7
133.7 7.8 1.2 142.7
114.7 1.5 113.0 5.2 4.6 1.4 7.1 247.5
Total ASSETS
1,226.9
621.9
Total EQUITY AND LIABILITIES
1,226.9
621.9
14
Historical Abridged Cash Flow Statement
Cash Flow Statement (`Rs. Crs)
Profit/(Loss) Before Tax
Adjustments for Non-Cash and Non-Operational Expenses / (Incomes)
Operating Profit / (Loss) Before Working Capital Changes
Changes in Working Capital
Cash from Operations
Income Tax (Paid) / Refunded
Net Cash Flow from Operating Activities (A)
Net Cash Flow from Investing Activities (B)
Net Cash Flow from Financing Activities (C)
Net Change in Cash & Cash Equivalents during the Year (A+B+C)
Cash & Cash Equivalents at the Beginning of the Period
Cash & Cash Equivalents at the End of the Period
FY25
70.6
27.1
97.7
-134.4
-36.7
-9.2
-45.9
-429.5
573.1
97.7
7.6
105.4
FY24*
24.9
17.9
42.8
-66.1
-23.2
-2.5
-25.7
-54.2
87.0
7.0
0.1
7.6
Note: FY24 includes financials of Ratnatris Pharmaceuticals from 14th December 2023 to 31st March 2024
15
About Senores Pharmaceuticals Limited
Private & Confidential
Introduction to Senores Pharma
Brief Overview Global Research driven Formulation Focused company engaged in developing & manufacturing of pharmaceutical products predominantly for the Regulated Markets of the US, Canada & UK across various therapeutic areas
At a Glance
Niche Product Identification Company focusses on identification, development and commercialization of products
R&D Capabilities Identification, development & manufacturing of diverse range of specialty, underpenetrated & complex pharmaceutical products across therapeutic areas & dosage forms
Regulated Market Approved Facility 1 USFDA & DEA approved formulation facility in the US
Partnerships
Partnerships with leading pharmaceutical companies across Regulated as well as Emerging Markets
Regulated Markets
Emerging Markets
17
Business Segments
65%
21%
14%
Regulated Markets
Emerging Markets
Others
Q1 FY26 Income Rs. 138 Crs
Regulated Markets Business
Emerging Markets Business
Primarily serves the US, Canada and United Kingdom
USFDA approved facility in Atlanta, US
24 Commercialized Products
70 Approved ANDA Products
57 Pipeline Products
37 Pipeline CG T Opportunity Products
Develop & manufacture pharmaceutical products for the Emerging Markets
W H O - GMP approved facility at Chhatral
Present in 40+ Countries
Approval for manufacturing facility from regulatory bodies of 10 countries
Product registration for 308 Products
Product applications filed for 719 Products
API Business
Branded Generics Business
Manufacture APIs and caters to the domestic market and SAARC countries
Naroda facility compliant with Indian GMP
Supply of critical care injectables across India to various hospitals through the distributors
Field presence with 82 employees
Commercialized 16 APIs
Launched 60 Products
18
Key Events & Milestones
Incorporated as “Senores Pharmaceuticals Pvt. Ltd.” in India.
Incorporated a wholly owned subsidiary, Senores Pharmaceuticals Inc in the US
Consolidated presence in emerging markets by acquiring shares in Ratnatris Pharmaceuticals Pvt. Ltd.
Commenced manufacturing activities at its greenfield API plant located at Gujarat
2017
202 1 2021
2021
2023
2023
2024
2025
Entered into a new segment of API with acquisition of Ratnagene Lifescience Pvt. Ltd.1
Acquired majority stake in Havix, enhancing the ability to serve Regulated Markets through USFDA approved facility in US
Successful Listing on Stock Exchanges in India on BSE & NSE
Note: 1: Now merged with Senores Pharmaceuticals Limited with the appointed date being January 1, 2024
19
Key Strengths
Private & Confidential
Key Strengths of the Company
1 Distinct specialty and complex product portfolio built in a short span for Regulated Markets
2
Long-term marketing arrangements with pharmaceutical companies in the Regulated Markets
3
Presence in the Emerging Markets with portfolio, including specialty and complex products
4 Strong R&D capabilities driving differentiated portfolio of products
5 US FDA approved facility in the US catering to the Regulated & Semi-Regulated Markets
and WHO- GMP compliant facility in India catering to Emerging Markets
6 Professional & dedicated management teams for the diverse business verticals
21
1
Distinct Specialty & Complex Product Portfolio Built in a Short Span for Regulated Markets
Demonstrated Capability to propel Products from Conception to Commercialization
ANDA Products
Product Identification
Product Development
Commercial
Data Analysis – IQVIA, Symphony & Other Data
R&D to establish API Equivalency
Partner Finalization
Concurrent Process
Competitive Landscape
Formulation Development
Product Feasibility
BE Studies
2 - 3 Months
18-2 0 Months
C G T Applicability
Stability Testing
Dossier Compilation
1-2 Months
Filing
Approval
Launch
Immediate Post Compilation
10-15 months post filing
Immediately Post Approval
2nd Highest in terms of proportion of CGT Exclusivity amongst Peers
▪
▪
C G T is granted when FDA determines there is inadequate generic competition Exclusivity Period for 180 days o Competing Generic Versions of the drug cannot be marketed ▪ Allows to establish a foothold in the market ▪ Opportunity for Market Penetration & Revenue
Growth Lower price erosion due to lesser competition
▪
Source: F&S Report Note: All the numbers are as of 30 t h September, 2024
Proportion of Ingredients with CGT Exclusivity
80.0%
75.0%
75.0%
75.0%
60.7%
52.6%
Company 1
Company 3
Company 4
Company 5
Industry Average
22
2
Presence in Regulated Markets through Long -term marketing arrangements
MARKETED PRODUCTS
Business Model
CDMO / CMO
Business Model
Identify, Develop & Commercialize specialty & complex niche products in mid - market range
Customized formulation, development & manufacturing capabilities for customers
Revenue Model
In-Licensing Fee
Transfer Pricing
Profit Sharing
➢ Long-term Marketing & Distribution
Agreements
➢ Strength lies in taking a product from conceptualization to commercialization
➢ 24 Commercialized products
➢ 70 Approved ANDA Products
Revenue Model
Tech Transfer/ Developmental Cost
Transfer Pricing
Service Income
➢ Partner with CDMO customers early in the drug development
process
➢ Recurring Revenue with Steady & Predictable Cash
Flows
➢ Contracts for more than 4 0 products in US, Canada, UK, South Africa, UAE, Israel, Denmark, Saudi Arabia & Vietnam. ➢ Eligible for manufacturing formulations having controlled
substances
➢ Complied for catering to government supplies in the US
Pharmaceutical companies increasingly favor partnering with one-stop-shop solution providers that seamlessly integrate both development and manufacturing services
23
3
Presence in the Emerging Markets with Portfolio Including Specialty and Complex Products
Special Focus
40+ Countries Marketed
1,027 Total Products
308 Product Registrations
719 Product Applications Filed
92 Commonwealth of Independent States
437 South East Asia
Niche & Specialty patented products in the US with early launch opportunity in Emerging Markets
Sugammadex
Ferric Carboxymaltose
7 7 | 15 Registered | Filed
76|361 Registered | Filed
Tofacitinib
141 Africa
349 LATAM
8 Middle East
Apixaban
Sacubitril + Valsartan
Eltrombopag Olamine
28 | 113 Registered | Filed
124 | 225 Registered | Filed
3| 5
Registered | Filed
Diverse Business Models
P2P Model
Distributor Model
CDMO Model
Own Brands2
Philippines
Peru
Ghana
Nigeria
Myanmar
Guatemala
Kenya
Top Emerging Markets
24
Partners to Global Pharmaceutical Companies in Regulated & Emerging Markets
25
Strong R&D Capabilities Driving Differentiated Product Portfolio
Oral Solids
ORS
Injectables
Oral Liquids
API
R&D Site 1 - USA
Identify
▪ In-House R&D in US
for Controlled Substances
R&D Site 2 - India
▪ Helps in dossier
preparation
▪ Submission of ANDA
applications
▪ Internal research ▪ Information available
on subscribed databases
Team
▪ 64 people ▪ 2 members having
doctoral qualifications
R&D Site 3 - India
Margin
Consolidating R&D activities at Ahmedabad. R&D Centre spread around 11,750 sq. ft.
The focus on R&D has allowed the company to maintain high profit margins compared to it’s industry peers
26
5
Accredited Manufacturing Facilities
Atlanta Facility
Facility
2 Manufacturing Lines
185,300 Sq. Ft. Total Area
OSD
1.2 Bn units Annual Installed Capacity
Upcoming Capacity
3rd OSD Line Expected by Q3FY26 4th OSD Line Expected by Q4FY26
~ 2 Bn units Annual Capacity post addition of capacity
Ahmedabad, Chhatral Facility
General Oral Dosage
1,397.96 Mn Annual Installed Capacity1
Injectables
49.92 Mn Annual Installed Capacity1
378,943 Sq. Ft.
Total Area
12 Manufacturing Lines
4 Dosage Forms
Beta Lactum Orals
511.68 Mn Annual Installed Capacity1
KUWAIT
CAMBODIA
TANZANIA
IVORY COAST
KENYA
Facility Approvals
MOH
PHILIPPINES
MOH
NIGERIA
MOH
PERU
DPM
ZAMBIA
PPB
LIBERIA
FDA
NFDAC
DIGEMID
MOH
MOH
27
Strong Regulatory Track Record
USFDA Approved
4 USFDA, received no Form 483 & 8 Customer Audits
DEA Compliant
Eligible for Manufacturing Controlled Substances
BAA Compliant
Ability to caters to government supplies
Corporate Structure
Group holding company based in India Houses Domestic Branded Generics business & API business
Senores Pharmaceuticals Inc. Marketing cum ANDA Holding Company
US based company holding ANDAs and mutually exclusive marketing relationships with customers
Havix Group Inc Caters to Regulated Market
Ratnatris Pharmaceuticals Pvt. Ltd. Caters to Emerging Market
Engaged in the Contract Development & Manufacturing of Generic Pharmaceutical Formulations for the US, Canada
Development, Manufacturing and Marketing of Generic Pharmaceutical Formulations
100% Subsidiary
73.04%1 Subsidiary
69% Subsidiary
Note 1 : 57.69% held by the holding company & 15.35% held by it’s wholly owned subsidiary company named Senores Pharmaceuticals Inc
28
6
Professional and Dedicated Management Team
Swapnil Jatinbhai Shah Promoter & Managing Director
Sanjay Shaileshbhai Majmudar Chairman & Non-Executive, Non- Independent Director
Deval Rajnikant Shah Whole-Time Director & CFO
▪ 17+ years of experience in the pharma sector
▪ 40+ years of experience
▪ Part of the core management team & leads
overall company functions: product portfolio, corporate strategy, business development, strategic management
▪ Director on the board of AIA Engineering Ltd., Ashima Ltd., M&B Engineering Ltd. & Welcast Steels Ltd.
▪ 4 0 + years of experience in Pharma,
Engineering & Chartered Accountancy
▪ Previously associated with SAI Consulting
Engineers Pvt. Ltd. as CFO
Chetan Bipinchandra Shah Whole-Time Director & C O O
Jitendra Babulal Sanghvi Non-Executive, Non-Independent Director
Ashokkumar Vijaysinh Barot Promoter, Non-Executive, Non- Independent Director
Deepak Jain Vice President Regulatory Affairs
▪ 25+ years of experience in Pharma
▪ 15+ years of experience
▪ 21+ years of Pharmaceutical experience
▪ 11+ years of Pharmaceutical experience
▪ Previously associated with Torrent Pharma
▪ Director of Ratnaris Pharma since Aug 11, 2 0 0 9
& Cadila Pharma. Also associated with Reliance Retail Ltd., Reliance Fresh Ltd. & Reliance Corporate IT Park Ltd.
▪ Conferred with “Young Pharma Entrepreneur of
the Year” award in 2013
▪ Non-Executive Director on the board of Di-Cal Pharma Pvt. Ltd. Since Nov 6, 2008. Registered pharmacist with the state pharmacy council of Gujarat
▪ Previously Associated with Cadila Healthcare Ltd.. As Deputy General Manager
29
Growth Strategies
Private & Confidential
Key Strategies
Inorganic growth through synergistic acquisitions
Significantly enhance market presence in North America & other Regulated Markets
Integrated approach by enhancing capabilities for backward integration
Launch products with the potential of NDA approval in the US
Strategic alliance for CMO/CDMO in Regulated Markets
Expanding into new Regulated & Emerging Markets
31
Enhance Market Presence of Marketed Products in North America and Other Regulated Markets
US accounts for 43% of the global pharma market, 56% of the regulated market & 91% of North America Market
Persistent drug shortage calls for an increased supply of generic drugs
Global pharma market by classification (2023, USD bn)
US pharma market size (USD bn)
Number of new drug shortages
7.3%
160
156
114
Regulated
Emerging
23.0%
77.0%
25.3%
12.8%
61.9%1
711.0
1,010.0
Asia
EU
North America
2023
2028F
2021
2022
2023
Enhance market presence in North America along with the partners
✓
Launch generic products with the potential of ANDA approval in the US
✓ Set up niche sterile injectables manufacturing facility in the US
✓ Inorganic growth through synergistic acquisitions
Source: F&S Report Note: 1: Pharma market value for North America is USD 778.8 bn, Europe is USD 318.5 bn & Asia is USD 161.3 bn
32
Entering into Strategic Alliance for CMO/CDMO in Regulated Markets
CDMO market growing faster than the pharma market which is growing at 7.7%
US CDMO/CMO market (USD bn)
7.7%
6.8%
32.1
44.7
64.8
2018
2023
2028F
Growth propellers
Growing drug complexity
Rapid technological turnaround
Upcoming loss of exclusivity for drugs
Business model shift from Capex to Opex
Expected Increase in average outsourcing penetration
US accounts for 4 0 - 45% of CD M O markets
Source: F&S Report
Strategic alliance for CMO/CDMO in Regulated Markets
The dependence on CDMO/CMO’s has increased as they offer
Appended Manufacturing Capacity
Mitigate investments, production & supply risk
A c c e ss to new Markets
Bring Technological Overhaul
Eligible for Manufacturing Controlled Substances
Complied to cater to Government Supplies
Offering benefits such as
Focus on core competencies
Co st Advantages
Early to Market advantage
Flexibility & Scalability
A c c e ss to global talent & advanced technologies
33
Expanding into New Regulated & Emerging Markets
Regulated & Emerging markets witnessing strong growth
Global pharma market by classification (USD bn)
Emerging pharma market by Product (2028F)
Regulated pharma market by Product (2028F)
Regulated
Emerging
Innovator
Generic
Generic
Innovator
376.3
1,258.7
2023
541.0
1,710.0
2028F
300.9
240.1
1,423.1
286.8
Expanding into New Regulated & Emerging Markets
Focus on niche and complex range of products with higher margin profile
Leverage presence in Regulated Markets, to increase reach in Semi Regulated Markets
Tapping into new mid-tier markets such as Brazil, Australia & New Zealand
Leveraging knowledge of Emerging markets to manufacture more products by setting up new facilities
Opportunities for registering & marketing value added niche formulations in Emerging Markets: Philippines, Uzbekistan, Peru, Ghana, Tanzania, Kenya, Libya and Guatemala
Multiple marketing and distribution models to enhance presence in Emerging market countries
Source: F&S Report
34
Enhancing Capabilities for Backward Integration
Indian API export market to grow at a CAGR of 8.4%
Pursuing an integrated approach for greater backward integration
API exports (USD bn)
CAGR: 8.4%
7.1
2028F
4.7
2023
Urology
CNS
Alpha Blocker
Anti-Psychotic
Anticonvulsants
Infertility
Cardiovascular
15 APIs across 11 Therapeutic Areas
Antihistamine
Proposed Expansion Plans
Setup Greenfield unit - Increase API manufacturing capacity from 25 MTPA to 169 MTPA
Manufacture API for Regulated and Semi-Regulated markets
Benefits of API manufacturing capabilities
Supply Chain Control
Cost Savings
Quality Assurance
Flexibility & Innovation
Reduced Time to Market
Anti-Inflammatory
Anti-depressant
Oncology
Competitive Advantage
Diversified revenue stream & business resiliance
Backward integration into API manufacturing reduces reliance on third-party vendors & enhances market competitiveness
Source: F&S Report
35
Industry Overview
Private & Confidential
Global Pharma Market
Global pharma market is expected to grow at 6.6% from 2023-28…
…regulated market will continue to dominate the global pharma market
US continues to exert influence on Global pharma market
Global pharma market by product type (USD bn)
Global pharma market by region (USD bn)
Share in global pharma market by region (2028F)
1,635.0
410.3
1,224.7
2,251.0
527.0
1,724.0
1,635.0
376.3
1,258.7
2,251.0
541.0
1,710.0
2023 Innova tor
Generic
2028F
2023 Regulated
2028F
Emergin
g
37.9
471.8
1,010.0
514.5
216.9
US
China
EU
India
RoW
Aging Population
Investments in R&D
Population of people over 6 0 expected to double and reach ~2.1 Bn by 2050, increasing age related conditions
Increasing incidences of chronic diseases
~ 1 in 3 adults have multiple chronic conditions, requiring lifelong use of drugs, with co sts estimated to reach USD 47 tn by 2 0 3 0
Growth Drivers
R&D investments drive market growth by discovering breakthrough treatments for prevalent and emerging diseases by expanding therapeutic segments
Consumer awareness
P o st-C OVID - 19, the O T C segment grew massively due to heightened consumer awareness about health, wellness, and preventive care
Demand from developing nations
Rising instances of chronic conditions and persistent burden of infectious diseases drive dual demand
Source: F&S Report
37
Regulated Pharma Market
Regulated markets to dominate the global pharmaceutical sector, driven by their access to a growing innovative drug market & a thriving generics market
Regulated markets constitute 77% of the global pharmaceutical sector (2023) Global pharma market by classification (USD bn)
North America accounts for 62% of regulated pharma market (2023)
New generics and patent expirations to drive drug market growth
Regulated pharma market by region (USD bn)
Regulated pharma market by product type (USD bn)
1,635.0
376.3
1,258.7
2,251.0
541.0
1,710.0
2023
2028F
Regulated
Emerging
1,258.7
778.8
318.5 161.3
2023
6.8%
Asia
EU
1,710.0
1,085.5
400.3
224.1
2028F North America
1,258.7
234.4
1,024.3
1,710.0
286.8
1,423.1
2023
2028F
Innovator
Generic
US accounts for 43% of the global pharma market, 56% of the regulated market and 91% of North American market (2023)
US Pharma Market size (USD bn)
Characteristics of US healthcare market
7.3%
1,010.0
711.0
High quality standards impose entry barriers
Very high healthcare expenditure per capita
OAI
483s
349
8 0
215
124
466
162
510
142
2020
2021
2022
2023
Healthcare expenditure per capita (USD)
USA
C C A
12,555
6,512
Persistent drug shortage calls for an increased supply of generic drugs
Number of new drug shortages 160
156
114
Increasing generic adoption to navigate high healthcare costs
US Generics market (USD bn)
89
92
96
114
2023
2028F
2021
2022
2023
2021
2022
2023
2028F
Growing drug demand with a simultaneous need to control costs has increased import dependence, particularly from India
Source: F&S Report CCA: Comparable Country Average, OAI: Official Action Indicated
38
Emerging Pharma Market
Emerging pharma market
Overview of India pharma market
Emerging markets to outpace developed ones…
Emerging pharma market size (USD bn)
IPM is amongst the fastest growing in the world…
Indian pharma market size (USD bn)
Oral solids will dominate IPM
Indian pharma market by dosage (2028F, USD bn)
7.5%
9.7%
376.3
2023
541.0
2028F
… driven by population growth, expanding disease burden, & investments in healthcare & infrastructure
Emerging pharma market size by region (USD bn)
36.0
74.7 41.4
168.6
2023
51.2
112.0
56.1
238.1
2028F
Asia
Europe
Latin America Middle East and Africa
Source: F&S Report
23.8
2023
37.9
2028F
…dominated by generic drugs constituting ~96% of drug consumption Indian generic pharma market size (USD bn)
9.8%
22.9
2023
36.6
2028F
6.9
4.7
Oral Solids
Injectibles
Others
26.3
Growth Drivers
Insurance penetration
Increase in chronic patient population
Availability of affordable & innovative generics
Drug access focused government schemes
Growth in hospital business segment
✓
✓
✓
✓
✓
39
SENORES PHARMACEUTICALS LIMITED CONTACT US
Senores Pharmaceuticals Limited
CIN: L24290GJ2017PLC100263
Mr. Deval Shah – Whole Time Director & CFO
investors@senorespharma.com
Strategic Growth Advisors Private Limited
CIN: U74140MH2010PTC204285
Mr. Sagar Shroff / Mr. Tanay Shah sagar.shroff@sgapl.net / tanay.shah@sgapl.net +91 98205 19303 / +91 98333 91899