Glenmark Life Sciences Ltd - Stock Valuation and Financial Performance

Glenmark Life Sciences is a leading developer and manufacturer of select high value, non-commoditized active pharmaceutical ingredients (APIs) in chronic therapeutic areas, including cardiovascular disease (CVS), central nervous system disease (CNS), pain management and diabetes. It also manufacture and sell APIs for gastro-intestinal disorders, anti-infectives and other therapeutic areas. Its API portfolio comprises specialized and profitable products, including niche and technically complex molecules, which reflects its capability to branch into other high value products. It has strong market share in select specialized APIs such as Telmisartan (anti-hypertensive), Atovaquone (anti-parasitic), Perindopril (anti-hypertensive), Teneligliptin (diabetes), Zonisamide (CNS) and Adapalene (dermatology). It are also increasingly providing contract development and manufacturing operations (CDMO) services to a range of multinational and specialty pharmaceutical companies. It is a research and development (R&D)-driven API manufacturer, focused on undertaking dedicated R&D in its existing products and in areas where there is growth potential in the future. Maintaining high standards of process innovation and quality in its R&D and manufacturing operations is critical to its brand and maintenance of long-term relationships with its customers.

The company currently operates four multi-purpose manufacturing facilities which are situated on leasehold properties located at Ankleshwar and Dahej in the state of Gujarat, India, and Mohol and Kurkumbh in the state of Maharashtra, India with an aggregate annual total installed capacity of 726.6 KL as of March 31, 2021. Its R&D laboratories focus on new product development and complex molecules, cost improvement programs, process improvements and oncology product development. To assist it with its R&D initiatives, it has established dedicated teams for new product development, complex products, oncology product development, technology transfer, life cycle management and project management.’ It has a professional and experienced management team. Its management team has demonstrated the ability to successfully build and integrate its businesses with various operating activities through their cumulative years of work experience. In particular, they have led the process through which it has created value through organic growth, built brand recognition and loyalty and identified new business opportunities.

Business area of the company

The company is in the business of making high-quality drugs by unlocking the possibilities of science.

Awards, accreditations and recognitions

• 2015: Ankleshwar plant received ISO 14001:2015 certifying the management system of manufacturing  facility.
• 2016: Dahej plant received ISO 14001:2015 certifying the management system of manufacturing facility.
• 2016: Ankleshwar plant received BS OHSAS 18001:2017 certifying the management system of the manufacturing facility.
• 2017: Ankleshwar plant was awarded Greentech Safety silver award by the Greentech Foundation for outstanding achievements in safety management.
• 2018: Ankleshwar plant received ISO 14001:2015 re-certifying the management system of manufacturing facility.
• 2018: Dahej plant received ISO 14001:2015 re-certifying the management system of manufacturing facility.
• 2018: Ankleshwar plant was awarded Greentech Safety gold award by the Greentech Foundation for outstanding achievements in safety management.
• 2019: Ankleshwar plant was awarded Greentech Safety Award as the winner in the pharmaceutical sector by the Greentech Foundation for outstanding achievements in safety management.
• 2019: Dahej plant was awarded Greentech Safety Award for the year 2019 as the runner-up in the pharmaceutical sector by the Greentech Foundation for outstanding achievements in safety management.
• 2019: Dahej plant was declared the winner of the Greentech Environment Award for the year 2019 for outstanding achievements in environment management in the pharmaceutical sector.
• 2020: Dahej plant received ISO 45001:2018 certifying the management system of the manufacturing facility.
• 2020: Dahej plant was declared the winner of the Greentech Environment Award for the year 2020 for outstanding achievements in environment protection.
• 2021: Ankleshwar plant received ISO 45001:2018 certifying the management system of the manufacturing facility.
• 2021: Ankleshwar plant received ISO 14001:2015 re-certifying the management system of the manufacturing facility.

Major events and milestones

• 2001-2002: Established manufacturing plant at Kurkumbh, Maharashtra.
• 2001-2002: The company’s Promoter established its API business.
• 2004: Commenced manufacturing at Mohol, Maharashtra.
• 2008: Ankleshwar plant at Gujarat inspected by US-FDA.
• 2012: Ankleshwar plant inspected by PMDA and AFSSAPS.
• 2013: Commenced manufacturing at Dahej, Gujarat.
• 2013: Ankleshwar plant inspected by COFEPRIS.
• 2015: Dahej plant inspected by US-FDA.
• 2016: Dahej plant inspected by PMDA Japan.
• 2018: Dahej plant inspected by EDQM, ANSM and US-FDA.
• 2018: Mohol plant inspected by US-FDA.
• 2019: The API business was spun off into Company.
• 2019: Ankleshwar plant inspected by US-FDA, Health Canada and PMDA, Japan.
• 2021: Achieved milestone of 403 cumulative drug master files (DMF) registrations across multiple markets globally.