Good Health Can’t Wait.

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Good Health Can’t Wait. Dr. Reddy’s Laboratories Limited Management Discussion and Analysis Dr. Reddy’s Laboratories Limited (‘Dr. Reddy’s’ or ‘DRL’) is an integrated global pharmaceutical company committed to providing affordable and innovative medicines through three core business segments: Global Generics, Pharmaceutical Services and Active Ingredients and Proprietary Products. Notes: (1) FY2015 represents fiscal year 2014-15, from 1 April 2014 to 31 March 2015, and analogously for FY2014 and previously such labeled years. (2) Unless otherwise stated, financial data given in this Management Discussion and Analysis is based on the Company’s consolidated IFRS financial statements. 40
Statutory Reports • Management Discussion and Analysis Annual Report 2014 - 15 Global Generics (GG) includes branded and unbranded prescription and Over-The-Counter (OTC) drug products business. It also includes the operations of our Biologics business. Pharmaceutical Services and Active Ingredients (PSAI) consists of Active Pharmaceutical Ingredients (API) and Custom Pharmaceutical Services (CPS) businesses. Proprietary Products comprises Differentiated Formulations business, New Chemical Entities (NCEs) business and our dermatology focused specialty business. We have a strong presence in highly regulated markets such as the United States of America, the United Kingdom and Germany, as well as in other key markets such as India, Russia, Venezuela, Romania, South Africa and certain countries of the former Soviet Union. Given below is a brief outline of the businesses. Further details are to be found in subsequent sections of this chapter. GLOBAL GENERICS Revenues from Global Generics stood at ` 120.56 billion registering a year-on-year growth of 15% — driven largely by North America, Venezuela and India. Revenues from North America stood at ` 64.72 billion registering a year-on-year growth of 17%. Growth was largely driven by ‘complex to make’ injectable products launched during FY2014, market share gains in some of the key molecules and contribution from new products. During the year, Dr. Reddy’s launched 12 products with Valganciclovir and Sirolimus being the major products. FY2015 also saw 13 product filings in the USA. Cumulatively, 68 Abbreviated New Drug Applications (ANDAs) are pending for approval from the US Food and Drug Administration (USFDA). Of these, 43 are Para IVs — out of which Dr. Reddy’s believes 13 to have ‘First to File’ status. Revenues from Emerging Markets stood at ` 30.77 billion registering a year-on-year growth of 13%. Within Emerging Markets: Revenue from Russia and other CIS markets declined by 11% to ` 17.71 billion, primarily due KEY FINANCIAL HIGHLIGHTS, FY2015 REVENUE ` 148.19 bn (US$ 2.38 bn) GROSS PROFIT MARGIN 12% 2015 2014 57.6% vs 57.4% EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (EBITDA) ` 36.17 bn 9% 24% of revenue (US$ 580 mn) PROFIT BEFORE TAX (PBT) ` 28.16 bn 6% 19% of revenue (US$ 452 mn) PROFITS AFTER TAX (PAT) ` 22.18 bn 3% 15% of revenue (US$ 356 mn) CASH AND CASH EQUIVALENTS (INCLUDING OTHER INVESTMENTS) ` 39.65 bn 18% (US$ 636 mn) All US dollar amounts based on the convenience translation rate of US$ 1 = ` 62.31 41
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Dr. Reddy’s Laboratories Limited
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The future belongs, not to those wh
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