Key Takeaways:
Export registrations have been completed in Azerbaijan, Uzbekistan, and GCC countries.
The company is prioritizing the expansion of its product portfolio, emphasizing offerings with higher gross margins.
Their recently launched product, Adalimumab is demonstrating exceptional growth.
The Searle Company Limited reported consolidated loss per share of PKR 5.0 in FY24 against earnings per share of PKR 0.8 in FY23. Furthermore, in 1QFY25 the company reported earnings per share of PKR 0.8 against PKR 0.3 in SPLY. The company’s current export contribution stands at 11%, and they are actively working to improve it. The portfolio currently consists of 80% non-essential and 20% essential products. Recently, the company has registered in Uzbekistan, Azerbaijan, and the GCC region, with plans to materialize these markets by the end of this quarter. Additionally, the company announced that Searle subsidiary transaction is expected to conclude by December.
Proceeds from this transaction will be utilized to reduce debt, with the remaining amount allocated to support business operations. The company highlighted the strong performance of its recently launched product, Adalimumab, which has shown exceptional progress.
The product is projected to generate annual sales of $250 million, exceeding expectations with margins between 65-80%. Regarding competition, the company noted that Humira sells similar product at significant higher prices so there is currently no competition in the market.
Looking ahead, the company plans to launch locally manufactured monoclonal antibodies similar to Adalimumab within the next 1-1.5 years. In addition, the company is preparing to introduce new products, including Semaglutide and a blood-thinning agent. A team recently visited China to procure the machinery required for Semaglutide production.
Important Disclosures
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