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Akshay Rajawat    


Surat, India

I am CA student and along side perusing the CFA (U.S.). I have a 6 month experience in Equity Research where i have done my internship programme in the same. I am keen to write an articles on Equity.

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Mankind Pharma Limited

A IPO Analysis


About Mankind Pharma

Incorporated in 1991, Mankind Pharma Limited develops, manufactures, and markets pharmaceutical formulations across various acute and chronic therapeutic areas and several consumer healthcare products.

In India, the business is active in a number of acute and chronic therapeutic fields, including anti-infectives, cardiovascular, gastrointestinal, anti-diabetic, neuro/CNS, vitamins/minerals/nutrients, and respiratory.

It has over 36 brands, including Manforce (Rx), Moxikind-CV, Amlokind-AT, Unwanted-Kit, Candiforce, Gudcef, Glimestar-M, Prega News, Dydroboon, Codistar, Nurokind-Gold, Nurokind Plus-RF, Nurokind-LC, Asthakind-DX, Cefakind, Monticope, Telmikind-H, Telmikind, Gudcef-CV, and Unwanted-72, among them.

Mankind Pharma has one of the largest distribution networks of medical representatives in the Indian pharmaceutical market ("IPM"). Over 80% of doctors in India prescribed their formulations and has been ranked number 4th in terms of domestic sales during the Financial Year 2022.

The company has been awarded The Best of Bharat Awards 2022 by exchange4media in the year 2022, Silver Medal from National Awards for Manufacturing Competitiveness Assessment 2021 instituted by International Research Institute for Manufacturing, and Silver Award for Good Health Brand at IHW Awards 2021 in the year 2021, Best Condom Brand of the Year award at Sex Brand Awards Pharma OTC Company of the Year Award at Pharma Excellence Awards 2018, Award for Best Design in Healthcare at Healthcare Leadership Awards 2017, and Amity HR Excellence Award for Performance Management at the 8th Global HR Summit 2011.

Business Overview

The company is the India’s fourth largest pharmaceutical company in terms of Domestic Sales and second largest in terms of sales volume for the Financial Year 2022 (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). The company is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.

Company are focused on the domestic market, as a result of which their revenue from operations in India ontributed to 97.60% of their total revenue from operations for the Financial Year 2022, which was one of the highest among peers identified by IQVIA (being key pharmaceutical companies operating in similar therapeutic areas, as highlighted in (Source: IQVIA Report).

The company have primarily grown organically and are the youngest company among the five largest pharmaceutical companies in India, in terms of Domestic Sales in the Financial Year 2022 (Source: IQVIA Dataset, Annual filings / company websites). The company operate at the intersection of the Indian pharmaceutical formulations and consumer healthcare sectors with the aim of providing quality products at affordable prices, and have an established track record of building and scaling brands in-house.

Company have created 36 brands in theor pharmaceutical business that have each achieved over ₹500.00 million in Domestic Sales in the Financial Year 2022. The company have one of the largest distribution networks of medical representatives in the Indian pharmaceutical market (“IPM”) and over 80% of doctors in India prescribed our formulations during the Financial Year 2022 (Source: IQVIA Dataset, IQVIA Medical Audit MAT March 2022 for India), which has assisted us in establishing their brands in India.

Company brands have enabled them to consistently generate the highest share of drug prescriptions in the IPM over the last five years (Source: IQVIA Dataset, IQVIA Medical Audit MAT March 2022 for India). Further, in their Covered Markets, company were ranked second by market share for the Financial Year 2022.

Manufacturing Facility

Company operate 23 manufacturing facilities across India and had 2,181 manufacturing personnel as of March 31, 2022. Company formulations manufacturing facilities have a total installed capacity of 40.77 billion units across a wide range of dosage forms including tablets, capsules, syrups, vials, ampoules, blow fill seal, soft and hard gels, eye drops, creams, contraceptives and other over-the-counter products, as of March 31, 2022.

Several of their facilities have obtained approvals or certifications from, and are subject to inspections by, a range of regulatory bodies including the CDSCO and the USFDA. Additionally, certain of their facilities have obtained certificates under the WHO and PIC/S good manufacturing practices and guidelines, among others.

The company is focus on process excellence and improvement has earned them awards from organizations such as Frost & Sullivan (India Manufacturing Excellence Awards), International Research Institute for Manufacturing (National Award for Manufacturing Competitiveness), Institute of Directors (Golden Peacock Occupational Health and Safety Award 2020 at the Golden Peacock Awards), Confederation of Indian Industry, and Quality Circle Forum of India, among others. We have established an independent quality assurance function, comprising 805 personnel as of March 31, 2022. 

The following table sets forth certain of our key financial and operational metrics as of and for the years indicated:

Company's competitive strength

Scaled domestic focused business with potential for further growth:

The company is among the largest domestic formulations businesses in India with Domestic Sales of approximately ₹82,198 million during the Financial Year 2022, ranking fourth in the IPM in terms of Domestic Sales (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). Between the Financial Years 2020 and 2022, their market share in terms of Domestic Sales in the IPM increased by 0.4% from 4.0% to 4.4%, which represents the fastest growth among the 10 largest corporates in the IPM by Domestic Sales (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). During the same period, the average market share of the 10 largest corporates (excluding our Company) in IPM by Domestic Sales decreased by 0.01% whereas the average market share of Peers Identified by IQVIA decreased by 0.04%.

The company re ranked second among the 10 largest corporates in the IPM in terms of volumes with approximately 5.7% market share in the Financial Year 2022 (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). Company's revenue from operations in India contributed to 97.60% of their total revenue from operations for the Financial Year 2022, which was one of the highest among Peers Identified by IQVIA. 

Growing faster than the rate of the IPM with a focus on volume-led growth

Between the Financial Years 2020 and 2022, our Domestic Sales grew at a CAGR of approximately 16%, also outperforming the overall IPM growth in Domestic Sales of approximately 11%, by approximately 1.5 times Between the Financial Years 2020 and 2022, their Domestic Sales had the fastest growth at a CAGR of approximately 16% among the 10 largest corporates in the IPM by Domestic Sales, compared to the average growth of approximately 11% for the 10 largest corporates (excluding Company) in the IPM by Domestic Sales and the average growth of approximately 11% for Peers Identified by IQVIA (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). Company growth has been primarily driven by growth in volumes, and had the second largest volume share among the 10 largest corporates in IPM by Domestic Sales in the Financial Year 2022.

Further, we have outperformed the growth rate of the IPM across several of our key therapeutic areas. The following table sets forth our CAGR between the Financial Years 2020 and 2022, in terms of Domestic Sales, by therapeutic areas as compared to the IPM: 

Diversified portfolio with market leading rankings across key therapeutic areas

The company have a diversified portfolio of products across leading therapeutic areas and were ranked amongst the 10 largest companies in the Covered Markets in 10 of the leading therapeutic areas, in terms of Domestic Sales in the Financial Year 2022 (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). The following table sets forth a breakdown of our Domestic Sales, market share and market ranking by our key therapeutic areas for the Financial Year 2022:

Established and growing consumer healthcare franchise with brand recall

The company operate at the intersection of the Indian pharmaceutical formulations and consumer healthcare sectors with the aim of providing quality products at affordable prices, and have an established track record of building and scaling brands in-house. According to the IQVIA Report, the consumer healthcare market has witnessed growth and is expected to continue to see value growth in the range of 10-11% driven by new lifestyle patterns leading to disorders or diseases that may be treated with consumer health products, consumer awareness on preventive healthcare and products labelled with natural ingredients, and an increase in consumers’ income level and expenditure on consumer healthcare products.

The company's largest brands:

Manforce Condoms. The company sell a range of condoms under our “Manforce” brand, which was launched in 2007. The company have positioned Manforce as a socially responsible brand seeking to improve sexual wellness and make sexual experiences safe and pleasurable. Company's Manforce condoms had Domestic Sales of approximately ₹4,511 million in the Financial Year 2022, ranking 1st in the male condom category in the industry in terms of Domestic Sales in the Financial Year 2022, with approximately 30.2% market share (Source: IQVIA Dataset, IQVIA MAT March 2022 OTC Audits for India (For Condoms, Acne Preparations, Antacids); IQVIA TSA MAT March 2022 Dataset for India, IQVIA TSA MAT March 2020 Dataset for India (For VMS, Pregnancy Tests, Emergency Contraceptives)). Manforce Condoms had a market share of approximately 27.7% in Financial Year 2020 (Source: IQVIA Dataset, IQVIA MAT March 2022 OTC Audits for India (For Condoms, Acne Preparations, Antacids); IQVIA TSA MAT March 2022 Dataset for India, IQVIA TSA MAT March 2020 Dataset for India (For VMS, Pregnancy Tests, Emergency Contraceptives)).

Prega News. The company have launched Prega News in 2010. Prega News is an easy-to-use home pregnancy detection kit that seeks to detect pregnancy with the use of urine samples. Prega News products had Domestic Sales of approximately ₹1,529 million in the Financial Year 2022, ranking 1st in the pregnancy test kit category in the industry in terms of Domestic Sales, with approximately 80.1% market share (Source: IQVIA Dataset, IQVIA MAT March 2022 OTC Audits for India (For Condoms, Acne Preparations, Antacids); IQVIA TSA MAT March 2022 Dataset for India, IQVIA TSA MAT March 2020 Dataset for India (For VMS, Pregnancy Tests, Emergency Contraceptives)). Prega News had a market share of approximately 72.5% in Financial Year 2020 (Source: IQVIA Dataset, IQVIA MAT March 2022 OTC Audits for India (For Condoms, Acne Preparations, Antacids); IQVIA TSA MAT March 2022 Dataset for India, IQVIA TSA MAT March 2020 Dataset for India (For VMS, Pregnancy Tests, Emergency Contraceptives)).

Gas-O-Fast. Company has launched Gas-O-Fast in 2012. Gas-O-Fast is an ayurvedic, multi-flavor, oral antacid powder that seeks to relieve symptoms of acidity, heartburn and indigestion. Gas-O-Fast products had Domestic Sales of approximately ₹1,120 million in the Financial Year 2022, ranking 5th in the molecule category in the industry in terms of Domestic Sales, with approximately 4.0% market share (Source: IQVIA Dataset, IQVIA MAT March 2022 OTC Audits for India (For Condoms, Acne Preparations, Antacids); IQVIA TSA MAT March 2022 Dataset for India, IQVIA TSA MAT March 2020 Dataset for India (For VMS, Pregnancy Tests, Emergency Contraceptives)). Gas-O-Fast had a market share of approximately 3.1% in Financial Year 2020 (Source: IQVIA Dataset, IQVIA MAT March 2022 OTC Audits for India (For Condoms, Acne Preparations, Antacids); IQVIA TSA MAT March 2022 Dataset for India, IQVIA TSA MAT March 2020 Dataset for India (For VMS, Pregnancy Tests, Emergency Contraceptives)).

Nurokind. The company have launched Nurokind in 2004. Nurokind is a neuroprotector containing methyl cobalamin combinations. Company Nurokind products had Domestic Sales of approximately ₹5,265 million in the Financial Year 2022 (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). Individual brands sold under their Nurokind brand include Nurokind LC, which is used for treating chronic fatigue syndrome, and Nurokind Gold and Nurokind Plus-RF, which are used for treating vitamin deficiency. Nurokind LC was ranked 1st in the folic, levocarnitine and mecobalamin combinations category in terms of Domestic Sales in the Financial Year 2022, with approximately 51.6% market share (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). Nurokind Gold was ranked 1st in in the mecobalamin combination category in the industry in terms of Domestic Sales in the Financial Year 2022, with approximately 14.8% market share (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). Nurokind Plus-RF was ranked 1st in the folic, mecobalamin, vitamin B6, thioctic and mecobalamin combination category in terms of Domestic Sales in the Financial Year 2022, with approximately 10.4% market share (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)).

Telmikind. Company have launched Telmikind in 2006. Telmikind contains telmisartan combinations, which are used to treat hypertension. Telmikind products had Domestic Sales of approximately ₹3,912 million in the Financial Year 2022 (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). Individual brands sold under our Telmikind brand include Telmikind, Telmikind-H and Telmikind-AM, among others. Telmikind was ranked 2nd in the telmisartan category in terms of Domestic Sales in the Financial Year 2022, with approximately 10.3% market share (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). Telmikind-H was ranked 2nd in the telmisartan and hydrochlorothiazide combinations category in terms of Domestic Sales in the Financial Year 2022, with approximately 14.0% market share (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). TelmikindAM was ranked 2nd in the telmisartan and amlodipine combinations category in terms of Domestic Sales in the Financial Year 2022, with approximately 11.0% market share (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). 

Dydroboon. Company have launched Dydroboon in 2019. Dydroboon contains Dydrogesterone, a synthetic hormonal API used to treat female infertility. As of March 31, 2022, they were the second pharmaceutical company to launch “Dydrogesterone” in India (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22), IQVIA TSA MAT March 2020 Dataset for India (For FY18-19)). Our Dydroboon products had Domestic Sales of approximately ₹1,496 million in the Financial Year 2022 (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)), ranking 2nd in the Dydrogesterone category in the industry in terms of Domestic Sales, with approximately 24.6% market share (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). The overall Dydrogesterone market in India was approximately ₹3.9 billion, ₹4.2 billion approximately ₹6.1 billion for the Financial Years 2020, 2021 and 2022, respectively, representing an annual growth of approximately 18%, 5% and 46% for such years, respectively (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). In terms of Domestic Sales for the Financial Years 2020, 2021 and 2022, Dydroboon achieved market share in the Dydrogesterone market of approximately 3.2%, 19.8% and 24.6%, respectively (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22)). 

Significant and diversified manufacturing and R&D capabilities

Company's in-house manufacturing and R&D capabilities have contributed towards our track record of product innovation and launches and assisted us with maintaining consistent product quality. 

Manufacturing
The company operate 23 manufacturing facilities across India, in the states of Himachal Pradesh, Sikkim, Rajasthan, Andhra Pradesh, Maharashtra and Uttarakhand, and had 2,181 manufacturing personnel as of March 31, 2022. Company's formulations manufacturing facilities have a total installed capacity of 40.77 billion units across a wide range of dosage forms, including tablets, capsules, syrups, vials, ampoules, blow fill seal, soft and hard gels, eye drops, creams, contraceptives and other over-the-counter products, as of March 31, 2022.

Company focus on process excellence and improvement has led to awards by bodies such as Frost & Sullivan (India Manufacturing Excellence Awards), International Research Institute for Manufacturing (National Award for Manufacturing Competitiveness), Institute of Directors (Golden Peacock Occupational Health and Safety Award 2020 at the Golden Peacock Awards), Confederation of Indian Industry, and Quality Circle Forum of India, among others. Several of our facilities have obtained approvals or certifications from, and are subject to inspections and audits by, a range of regulatory bodies including the CDSCO and the USFDA. Additionally, certain of our facilities have obtained certificates under the WHO and PIC/S good manufacturing practices guidelines, among others. One of our manufacturing facilities in Paonta Sahib was inspected by the USFDA for the manufacturing of oral solid dosages at one block of the facility in September 2018, January 2019 and February 2022, and for the manufacturing of injectables at two separate blocks of the facility in February 2022 and June 2022, respectively. Further, our ability to manufacture some of our own APIs (including APIs, intermediates and key starting materials) for certain of our key brands such as Telmikind and Dydroboon, among others, provides us with an extent of vertical integration. This allows us to partially control operating costs, quality and stability in the supply of essential raw materials for our formulations, which we rely on to provide us with a competitive advantage. Some of our manufacturing facilities are also supported by our own packing material sites. For further details on our manufacturing capabilities and capacities.

R&D
Company has a dedicated in-house R&D center with three units located in IMT Manesar, Gurugram, Haryana. One unit of this R&D center is recognized by the DSIR, and one unit is in compliance with WHO GMP and has been inspected by the USFDA. Our R&D teams focus on the development of niche APIs and pharmaceutical formulations, as well as product and process improvements to achieve better quality and efficacy for our existing products. As of March 31, 2022, we were the second pharmaceutical company to launch the synthetic hormonal API, “Dydrogesterone”, in India (Source: IQVIA Dataset, IQVIA TSA MAT March 2022 Dataset for India (For FY20-22), IQVIA TSA MAT March 2020 Dataset for India (For FY18-19)). Further, on July 29, 2022, we had filed one INDA for an anti-diabetic molecule, which is in phase I clinical trials. Additionally, we have two NCE molecules for autoimmune diseases and non-alcoholic steatohepatitis in pre-clinical stage. 

Management of the company

  • Dr. Sanjay Koul (Senior President – Sales and Marketing), who heads our marketing and sales team based in New Delhi;
  • Dr. Anil Kumar (Chief Scientific Officer – Research Centre), who leads our R&D operations;
  • Atish Majumdar (President – Sales and Marketing), who heads our marketing and sales team based in Mumbai;
  • Ashutosh Dhawan (Chief Financial Officer), who heads our finance and accounts department;
  • Dr. Birendra Singh (President – Global Quality Head), who heads our quality assurance division;
  • Abhay Srivastava (President – Operations), who heads our manufacturing operations;
  • Farhat Umar (President – Global Human Resources), who heads our human resources division;
  • Pramod Gokhale (President – Group Chief Information Officer), who heads our information technology division;
  • Chanakya Juneja (Director – Technology), who heads our digital and technology initiatives; and
  • Pradeep Chugh (Company Secretary and Compliance Officer), who heads our secretarial functions and is also the compliance officer of our Company appointed in terms of the SEBI ICDR Regulations.

Company's Strategies

  • Increase Covered Market presence including in chronic therapeutic areas
  • Focus on increasing penetration in metro and Class I cities
  • Focus on building alternative channels for growth
  • Grow our consumer healthcare business
  • Continue to develop and invest in digital platforms to enhance doctor engagement

Business discreption

Products and Brands

The following table provides details of our performance in our key therapeutic areas: 

Financial Performance

Disclosure:

I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Disc - Given IPO is not an recommendation. Source - Company's RHP, website

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.

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