Morepen Laboratories Ltd - Stock Valuation and Financial Performance

Established in the year 1984, Morepen Laboratories is a fast growing Pharmaceutical company listed in all major stock exchanges in India including Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) since 1993 with an investors base of 62,400 shareholders.

Morepen has steadily grown from a single product company to a multi activity company with a global vision and satisfied customers in over 50 countries. It has resources of international standing; USFDA approved manufacturing facility for API at Masulkhana (Himachal Pradesh), adhering to the most stringent standards of quality excellence. In addition to this state-of-the-art finished dosage and API plants at Parwanoo and Baddi (Himachal Pradesh) have the latest cGMP guidelines, and their Quality Systems, Technical Product Information and Documentation processes etc., are in perfect line to meet the regulatory requirements for Exports to various countries.

Morepen has a progressive lineage of manufacturing high quality generic drugs and Pharmaceutical formulations backed by a strong R&D, Regulatory and global marketing team. Morepen aims to provide sufficient visibility to its products and direct its business portfolio to the high value DMFs and ANDA driven International Export Business. Apart from leveraging its traditional strength in APIs, the Company is now concentrating on finished formulations in both regulated and non-regulated markets.

Morepen today is the largest producer of Loratadine in the World and presently has, over 90% market share of generic Loratadine in the US market other than the Innovator by supplying the bulk drug to top class customers like Novartis, Merck etc. Morepen is the approved global supplier to these companies. By successfully complying with USFDA standards, Morepen has further cleared the decks for other product entries in the world market. While catering to a growing list of customers across regulatory markets in the US, Canada, Europe etc, Morepen has already successfully introduced new products like Atorvastatin, Fluvastatin, Montelukast and Fexofenadine, while in the R&D pipeline are products like Pioglitazone, Moxifloxacin and Gatifloxacin. Exports of these molecules contributes about 75-80% of Morepen's turnover.

The R&D center at Masulkhana, Parwanoo and Baddi is well equipped and hi-technology based with over 40 scientists working on various projects primarily for new innovative non-infringing processes and development of cost effective proprietary technologies. The company has filed 14 patents in last three years including 6 international PCT applications. Morepen has recently filed an international patent on a new amorphous form of the cholesterol-reducing drug Lipitor (Atorvastatin) that is the largest selling drug in the world.

On the domestic side, Morepen has a large distribution base all over India, with company warehouses in all states and strong Sales and Marketing teams with more than 300 experienced people. Morepen associates with app. 80000 doctors and over 100000 pharmacies for its pharmaceutical products and has presence in over 200,000 retail outlets for its health products (OTC). Morepen was the first company to emphasize the need for Self-health in the country and thus created a brand 'Dr. Morepen'. Morepen also has tie-ups with several international diagnostics giants like Beurer of Germany, Diamed AG of Switzerland, Hemocue of Sweden & Menarini of Italy for exclusive marketing and servicing in India. Morepen had also acquired two brands and a chain of Health and Beauty stores- Lifespring. Expansion plans for opening new stores is on with a clear strategy to be present in every locality.

Product range of the company include:

• Active Pharmaceutical Ingredient (API)- Loratadine, Desloratadine, Atorvastatin Crystalline, Zafirlukast, Venlafaxine, Ramipril, Bupropipion, Aripiprazole, Telmisartan, Pregabalin, Ezetimibe, etc.
• Intermediates- Montelukast, Atorvastatin, Loratadine, Fexofenadine, Carvidilol, Lamotrigine, Venlafaxine, Cisapride, Irbesartan, Sildenafil, etc.
• Finished Dosages- Tablets- total 121 tablets are being manufactured by the company such as Acarbose Tablets 25, Acifix Frutabs, Alpaz, Aspirin tablets, Claridin, Eccite, Folic Acid 5, Gastropen, Orvastin, Paracetamol, etc.

Different divisions of the company

• Keeping in line with Morepen's commitment to healthier future for all, The company has taken another step to come closer to the consumers with the launch of 'Dr. Morepen', a range of self health products. MLL has now entered the Fast Moving Health Goods (FMHG) market. Dr. Morepen is envisaged as a forward looking, futuristic, lifestyle driven brand that empowers the modern customers to be in charge of their own health and live life without any stops.
• Recognizing the requirement of innovative and technologically advanced diagnostic products in India, Morepen created a new entity for marketing of medical devices and clinical diagnostic products – “MEDIPATH”. Thus offering the consumers a host of world-class products with promise of a reliable nation wide after sales and technical backup.

Morepen has tied up with DrugMax Inc of USA to form Morepenmax. Following the formation, Morepen will convert its high value bulk drugs to dosage forms for further value addition and would also outsource blockbuster drugs to manufacture dosage forms for US Market. MorepenMax also has plans to file ANDA for few of its drugs.

Subsidiary

Doctor Morepen Limited, an umbrella brand symbolizing dynamism and liveliness that aims at targeting individuals constantly on the move is a 100% subsidiary of Morepen Laboratories Limited.

Recent developments

Morepen Laboratories Limited had announced that the securities of the company have been de-listed from Ahmedabad Stock Exchange Ltd (ASE), with effect from March 30, 2009.