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Mankind Pharma IPO - One Of The Largest Domestic Pharma Companies In India: Anand Rathi

Mankind Pharma will launch its maiden public offering on April 25, 2023.

<div class="paragraphs"><p>Mankind Pharma's manufacturing facility in Himachal Pradesh. (Source: Company website)</p></div>
Mankind Pharma's manufacturing facility in Himachal Pradesh. (Source: Company website)

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Anand Rathi's IPO Report

Being the second company to launch Dydroboon (Rs 1.5 billion sales in FY22), Mankind Pharma Ltd. plans to develop and launch such new chemical entities. GPR119, an anti-diabetic molecule is in phase-I clinical trials. The company is on track to developing several antiallergic and anti-cancer biosimilars.

Focus on acquisitions, expanding its chronic therapies. Sales of chronic therapies (33% of FY22 revenues) clocked an 18% compound annual growth rate over FY20-22, outpacing the Indian pharma market’s 11%. The recently acquired pharma formulations (transplants, oncology) from Panacea Biotec, and Daffy (derma) and Combihale (respiratory) from Dr. Reddy’s Laboratories Ltd. would boost growth.

Further growth would be led by launches in SGLT2 inhibitors, gliptins, cardiac, anti-epileptic, antidepressant anxiolytics. Strengthening position in class I cities.

Mankind explores potential to grow operations in class I cities (~53% of domestic sales versus the IPM’s 64%), which grew a 22% CAGR over FY20-22 outpacing the IPM’s 10%.

This will be strengthened by the recently launched specialty categories in cardiodiabetology, cardio-vasculars, respiratories, transplants, and oncology.

We expect the company’s strong set of brands, focused approach to its chronic portfolio via recent acquisitions, launches and differentiated pipeline products to be key positives.

Risks: Addition of National List of Essential Medicines lists, rise in raw material prices.

Click on the attachment to read the full IPO report:

Anand Rathi - Mankind Pharma IPO.pdf

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