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Glenmark Life Sciences Limited
IPO Note 26th July 2021India Equity Research II IPO Note II 26th July 2021 Page 2
Glenmark Life Sciences Limited
Issue Opens On Issue Closes On Price Band (INR) Issue Size (INR Cr) Rating
July 27, 2021 July 29, 2021 695– 720 1,514 SUBSCRIBE
Glenmark Life Sciences (or “GLS”) is a leading developer and manufacturer of select high value, non-commoditized
active pharmaceutical ingredients (“APIs”) in chronic and other therapeutic areas, besides also providing contract
development and manufacturing operations (“CDMO”) services to multinational and specialty pharmaceuticals. It
makes niche and technologically complex molecules requiring R&D driven strong manufacturing capabilities. GLS
products have usage in various therapeutic areas including cardiovascular, CNS, pain management, diabetes, gastro-
intestinal disorders and anti-infectives, helping it achieve high market share in select APIs. GLS has posted robust
financials over last 3 years and has a strong management team in place to capture future growth potential.
OFFER STRUCTURE
Particulars IPO Details Indicative Timetable
Offer Closing Date July 29, 2021
No. of shares under IPO (#) 2,10,22,222
Finalization of Basis of Allotment with Stock Exchange On or about 3th Aug 2021
Net offer (# shares) 2,10,22,222
Initiation of Refunds On or about 4th Aug 2021
Price band (INR) 695–720 Credit of Equity Shares to Demat accounts On or about 5th Aug 2021
Post issue MCAP (INR Cr.) 8,822 Commencement of Trading of Equity shares on NSE On or about 6th Aug 2021
Source: IPO Prospectus Source: IPO Prospectus
Issue # Shares INR in Cr % Objects of the Offer: The net proceeds will be utilized for the following purpose
Payment of outstanding purchase consideration to the Promoter for the spin-off of
the API business from the Promoter into GLS pursuant to the Business Purchase
QIB 1,05,11,111 757 50% Agreement (INR 800.0 Cr.)
Funding the capital expenditure requirements (INR 152.7 Cr.)
General corporate purposes
NIB 31,53,333 227 15%
Shareholding Pattern Pre-Issue (%) Post-Issue (%)
Promoters & Promoters Group 100.0% 82.8%
Retail 73,57,778 530 35%
Others 0 17.2%
Net Offer 2,10,22,222 1,514 100%
Total 100.0% 100.0%
Source: IPO Prospectus Source: IPO Prospectus
Particulars (In INR Cr) FY19 FY20 FY21
Revenue 886 1537 1885
EBITDA 248 484 592
EBITDA Margin 28.0% 31.5% 31.4%
PAT 196 313 352
PAT Margin 22.1% 20.4% 18.6%
Net Worth 88 402 753
RONW 99.3%* 77.9% 46.7%
Source: IPO Prospectus ; *Excludes INR 108 cr profit attributable to Promoter
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 26th July 2021 Page 3
Glenmark Life Sciences Limited
Company Overview
Glenmark Life Sciences or GLS is the wholly-owned subsidiary of Glenmark, a large pharmaceutical company in India. In 2001-02,
Glenmark started the API manufacturing business by setting up a manufacturing facility in Kurkumbh (Maharashtra) and
subsequently adding 3 more facilities. In July 2018, Glenmark acquired ‘Zorg Laboratories Private Limited’, a company incorproated
in 2011, which later got its name changed to Glenmark Life Sciences. In 2019, Glenmark’s API business was sold and spun off into GLS
which today operates as an independent, professionally-managed global API company.
GLS is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (“APIs”) in
chronic and other therapeutic areas, besides also providing contract development and manufacturing operations (“CDMO”)
services to multinational and specialty pharmaceuticals. It makes niche and technologically complex molecules which are specialised
and high-value products, requiring R&D driven strong manufacturing capabilities. GLS products have usage in various therapeutic
areas including cardiovascular, CNS, pain management, diabetes, gastro-intestinal disorders and anti-infectives, helping it achieve
high market share in select APIs including Desloratadine (antihistamine), Cilazapril (hypertension), Atovaquone (anti- parasitic),
Perindopril (antihypertensive), Adapalene (Dermatology) and Zonisamide (CNS).
FY 21 Revenue contribution (%)
Others, 37.0% CVS, 45.4%
Pain Mgmt, 4.13%
Diabetes, 3.6%
CNS, 9.8%
Company operates two business lines – Generic APIs (generics and complex APIs) and CDMO (including specialty). Generic business
contributed the major chunk of revenues (~90% in FY21). It operates in major global markets having filed 403 Drug Master Files
(“DMFs”) and Certificates of suitability to the monographs of the European Pharmacopoeia (“CEPs”) in the US, Europe, Japan,
Russia, Brazil, South Korea, Taiwan, Canada, China and Australia. Revenues from regulated markets contribute nearly two-thirds of
revenues while emerging markets account for remainder. GLS has strong relationships across the globe, working with 16 out of 20
largest global generic companies, including Teva, Aurobindo, Torrent, KRKA and Glenmark.
It has 4 manufacturing facilities which are situated on leasehold properties at Ankleshwar and Dahej in Gujarat, and Mohol and
Kurkumbh in Maharashtra, along with 3 R&D facilities located at Mahape (Maharashtra), and Ankleshwar and Dahej (Gujarat), with
an aggregate annual total installed capacity of 726.6 KL. Over ther last 6 years, these facilities have been subject to 38 inspections
and audits by regulators besides 432 inspections and audits by clients, and haven’t had any warnings letters or import alerts.
Production Facilities
Annual
Capacity
Installed Top Products
Particulars Utilization Approvals
Capacity (Therapeutic Area)
(FY21)
(Mar-21)
USFDA, MHRA (UK), FIMEA (Finland),
Ankleshwar,
Amiodarone (CVS), Olmesartan (CVS), Romania (Europe) PMDA (Japan),
Gujarat 511.0 KL 86.0%
Perindopril (CVS), Oxcarbazepine (CNS) COFEPRIS (Mexico), Health Canada,
KFDA (South Korea), Gujarat FDCA
Amiodarone (CVS), Etoricoxib (Pain
Dahej, management), Omeprazole (Gastro- USFDA, EDQM (Europe), PMDA
141.9 KL 88.0%
Gujarat intestinal), Fluconazole (anti-infective), (Japan), KFDA (South Korea)
Cilostazol (CVS)
Mohol, Telmisartan (CVS), Rosuvastatin (CVS),
49.1 KL 85.8% USFDA, Maharashtra FDA
Maharashtra Vildagliptin (Diabetes)
Kurkumbh, Glimepiride (diabetes), Sertaconazole
24.6 KL 67.5% Maharashtra FDA
Maharashtra (Dermatology), Adapalene (Dermatology)
Source: IPO Prospectus
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 26th July 2021 Page 4
Glenmark Life Sciences Limited
INVESTMENT RATIONALE
Strong Market outlook for APIs
The global API market is currently valued at $181bn and expected to grow at a CAGR of over 6% over next 5 years. Ranked 3rd
globally, the Indian bulk drug industry has grown at ~9% CAGR over 2016-20 and expected to further grow at ~9.6% over 2021-26, due
to increased focus on newer geographies in the global pharmaceutical industry, transition to specialty segments and strong
domestic demand. GLS has been able to consistently capture a significant part of the API market over last many years and is
expected to further benefit from the rising demand going forward given its proven track record and strong capabilities.
Leadership in Select High Value, Non-Commoditized APIs in Chronic Therapeutic Areas
GLS operates in select high value and non-commoditized APIs focusing on chronic therapeutic areas such as CNS, CVS, pain
management and diabetes. Its API portfolio comprises specialized and profitable products, including niche and technically complex
molecules. It currently has a portfolio of 120 Molecules which has an addressable market size of $120 bn (as of 2020). It has invested
significantly in product improvement and R&D and is working towards developing 8-10 Molecules every year.
Strong Relationships with Leading Global Generic Companies
GLS enjoys strong relationships with the leading global generic pharmaceutical companies, helping it to expand product offerings
and geographic reach. It currently works with 16 of the 20 largest generic companies globally, with ~69% repeat clients since FY 2019.
Relationship with 7 largest customers has been in the range of 5 - 15 years and ~41% customers in FY21 have been customers since
FY19. The manufacturing facilities of GLS have been checked and approved by multiple regulators all over the world. These
relationships have been created over a period of time through high quality products, knowledge of the regulatory environment in
the client markets and track record of manufacturing APIs at different scales. These long-term relationships aid capex planning and
increase economies of scale, thereby achieving a competitive cost structure to enable sustainable growth and profitability.
Investments in Production and R&D capabilities
Company operates 4 facilities with an aggregate annual total installed capacity of 726.6 KL, with a high degree of capacity utilization
(85% overall in FY21). It plans to enhance the existing capacities at Ankleshwar in FY2021-22 and at Dahej facility FY2022-23 by an
annual aggregate capacity of 200 KL. Further, it intends to develop a Greenfield facility in India for the manufacture of APIs from the
financial year 2022, expected to become operational in the 4Q FY2023 and add an aggregate capacity of 800 KL over the next 3 to 4
years. The new facility will support the growth of CDMO business besides adding capacity for the generics API business.
Future Growth Strategies
Expand the geographic focus, API portfolio and scope of operations
While GLS has strong presence in the major regulated markets, it has also been working to diversify its customer base through
increasing its presence in well-regulated markets such as South Korea, Taiwan, Russia, Brazil, Mexico and Saudi Arabia which offer
significant opportunities. It is also looking to create new opportunities in ROW markets by utilizing manufacturing through local
partnerships. Besides market expansion, it also plans to expand product offerings for existing markets through new generic product
launches. It plans to leverage R&D infrastructure, expertise in synthetic chemistry and analytical characterization to help expand
existing technology platforms and grow complex API portfolio in oncology, peptides and iron compounds. Company expects higher
revenue contribution from newly-commercialized products over the next 5 years.
Grow CDMO business
Although generics API business has been the major revenue contributor, GLS intends to grow CDMO, specialty and complex API
businesses. CDMO business which started less than 5 years ago and currently accounts for a tenth of revenues, has been steadily
growing and has significant potential to grow further given GLS’ ability to attract innovator pharmaceutical companies for providing
unique tailored solutions. GLS will look to partner such customers to provide lifecycle management solutions for their mature
portfolio where genericization has happened or is impending. It will continue exploring opportunities to enhance relationships by
undertaking contract development and manufacturing for new molecules across product segments. Specialty business is a key
growth opportunity and an added lever for API market expansion, offering higher business stability with relatively higher margins
due to the complex nature of the products and increased stickiness.
Expansion of production & R&D capacities
GLS operates 4 facilities with current capacity of 726.6 KL, which are already significantly utilised. The planned brownfield expansion
will add 200 KL capacity at Ankleshwar and Dahej over the next couple of years, which will aid generic API and oncology pipeline.
Another 40-acre Greenfield facility is expected to add an aggregate capacity of 800 KL over the next 3 to 4 years to support CDMO
growth besides adding capacity for the generics API business. GLS continues to spend in R&D which averages 2 to 2.5% of revenues,
ensuring high quality of manufacturing process and product portfolio. As of May 31, 2021, it owned or co-owned 39 granted patents
and had 41 pending patent applications in several countries and six pending provisional applications in India.
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 26th July 2021 Page 5
Glenmark Life Sciences Limited
Management
Glenn Saldanha, Chairman and Non-executive Director
Holds a bachelor’s degree in pharmaceutical sciences from Mumbai University plus MBA from Stern School of Business at NYU. Also
the CMD of Glenmark Pharmaceuticals Limited
V.S Mani, Non-executive Director
Qualified CA; ED and Global CFO, Glenmark Pharmaceuticals Limited. Has earlier led finance functions at Bhartiya City Developers and
Cipla
Yasir Rawjee, MD & CEO
Leads the overall operations of GLS and responsible for the overall business strategy. Holds a bachelor’s degree in science from St.
Xavier’s and a bachelor’s degree in science (technology) from University Department of Chemical Technology (Mumbai Univ) in
addition to a PhD from Texas A&M University, U.S.A. Earlier the head of global API operations at Mylan, and has undertaken
leadership positions at Matrix Laboratories and GSK in the USA.
Sumantra MitraED & VP – HR
Associated with GLS since October 2018. Holds a bachelor’s degree in social work from Visva Bharati University, a master’s from
University of Pune and a diploma in labour law and labour welfare from Symbiosis Society’s Law College. Earlier worked with
Nilkamal, M&M and Glenmark Pharmaceuticals.
Bhavesh Pujara, SVP & CFO
Associated with GLS since December 2020 and responsible for managing the overall finance function. CA and bachelor’s in
commerce from Maharaja Sagajirao University of Baroda. Earlier worked with Lupin, Eli Lilly and Dr. Reddy’s.
Vinod Naik, Group VP and Head Technical Operations
Associated with GLS since March 2020, overseeing the daily operations of the manufacturing of APIs and intermediates and supply
chain function. Holds a bachelor’s of science degree and a master’s of science degree from the Karnatak University, Dharwad and an
MBA from the National Institute of Management. Earlier worked with Sun Pharmaceutical, Cipla and Micro Labs.
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 26th July 2021 Page 6
Glenmark Life Sciences Limited
Outlook and Valuation:
GLS has a strong financial profile with profitable operations. Revenues have grown at a CAGR of 46% over last 2 years to INR 1885 Cr
in FY21, while EBITDA margins have improved by 300bps from 28% to 31% over the same period. Profit after tax has grown by 34% to
INR 352 Cr from INR 196 Cr 2 years ago. ROCE is improved and strong at 32.7% (FY21), while asset turnover ratio has improved from
2.7x in FY19 to 3.3x in FY21. External debt is negligible and the Balance sheet is well capitalised.
Company enjoys strong, long term relationships with large pharmaceutical clients providing it revenue visibility and cost leadership.
Capacity addition planned over next 2-4 years besides focus on expansion of product portfolio and geographical reach, together
should add significantly to topline and bottomline. IPO’s upper price band of INR 720 per share implies a P/E of 22.1x for GLS, which
is at a discount to peer average of 30.3x. On account of strong demand outlook for APIs, GLS’ leadership in select high value APIs,
planned capacity addition and product portfolio diversification, cost leadership due to long term relationships and reasonable
valuation, we recommend a ‘Subscribe’ with a long term perspective.
Peer Comparison:
Market Cap Sales
Company Name CMP (INR) EPS (INR)^ P/E (x) RoNW (%)
(INR Cr) (INR Cr)
() 8,822* 1,886 32.6 22.1* 46.7%
Glenmark Life Sciences Limited
649 34,730 4,836 18.3 35.5 37.9%
Laurus Labs Limited
630 5,137 931 18.1 34.7 10.0%
Shilpa Medicare Limited
718 6,635 2,159 30.1 23.9 30.7%
Aarti Drugs Limited
1698 6,138 1,646 64.5 26.3 13.9%
Solara Active Pharma Sciences
Source: IPO Prospectus, KRChoksey Research ^ FY21 EPS * Estimated at the upper band price of INR 720
Risks and Concerns:
• Regulatory and compliance risk: GLS operates in a highly regulated and compliant industry, leading to considerable risks due to
manufacturing or quality control deficiencies which could result in cancellation of certifications, regulatory actions and reputational
damage, causing loss of business and cash flows.
• Concentrated client exposure: GLS is dependent on a limited number of key customers for a significant portion of its revenues.
Five largest clients have contributed in excess of 50% of revenues for the last 3 years, including Glenmark (Promoter) being the
largest customer with nearly 40% of revenues.
• Dependence on imports for raw materials sourcing: GLS’ raw materials are largely imported, including from China which
accounted for over 40% of total raw material purchases over last 3 years.
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 26th July 2021 Page 7
Glenmark Life Sciences Limited
Financials:
Income Statement (INR Cr) FY19 FY20 FY21
Total Revenue from Operations 886 1537 1885
EBITDA 248 484 592
EBITDA Margin (%) 28.0% 31.5% 31.4%
Other Income 0 12 1
Depreciation 19 29 33
EBIT 229 455 558
Interest expense 1 34 88
Exceptional Item 0 0 0
PBT 228 421 471
Tax 33 108 119
Share of Profit / MI 0 0 0
PAT 196 313 352
EPS (INR) 24.6 29.0 32.6
CashflowStatement (INR Cr) FY19 FY20 FY21
Net cash flow from operating activities 10 195 388
Net cash flow used in investing activities -9 -51 -69
Net cash flow generated from / (used in ) in financing activities 1 -137 -214
Net increase / (decrease) in cash and cash equivalents 2 8 106
Opening Cash and cash equivalents 0 2 10
Closing Cash and cash equivalents 2 10 116
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 26th July 2021 Page 8
Glenmark Life Sciences Limited
Balance Sheet (INR Cr) FY19 FY20 FY21
ASSETS
Fixed Assets 450 539 565
Capital work-in-progress 80 11 14
Other Intangible Assets 6 7 8
Goodwill 0 0 0
Investments 0 0 0
Other Non-Current Assets 8 8 11
Inventories 401 413 513
Trade Receivables 448 639 620
Cash & Cash Equivalents 2 10 116
Other Financial Assets 6 21 28
Other current assets 74 78 123
Total Assets 1475 1726 1997
LIABILITIES
Equity Share Capital 2 2 2
Reserves 86 400 751
Non-controlling interest 0 0 0
Equity 88 402 753
Deferred Tax Liabilities (net) 7 16 23
Borrowings 0 0 0
Trade Payables 183 201 221
Other current financial liabilities 1176 1074 955
Other current liabilities 5 10 11
Provisions 14 14 20
Current Tax Liabilities 2 8 14
Total Liabilities 1387 1324 1244
Total Equity and Liabilities 1475 1726 1997
ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
Thomson Reuters, Factset and Capital IQIndia Equity Research II IPO Note II 26th July 2021 Page 9
Glenmark Life Sciences Limited
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ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Parvati Rai, head-research@krchoksey.com, +91-22-6696 5413 is also available on Bloomberg KRCS www.krchoksey.com
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