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Friday, June 24, 2005

Aventis Pharma Limited

The 49th AGM of Aventis Pharma Limited was held at Y.B. Chavhan Auditorium on 22nd June 2005, which was presided by the chairman Mr. Vijay Mallaya. The key highlights are: Aventis Pharma at present is the 2nd largest pharma company and 7th largest MNC in India with a market share of 3.2%.

Aventis Pharma’s capacity utilization at its manufacturing plants stood at 75-78% in 2004 and has plans for incurring a capex of Rs165mn in F12/06.

Out of the total turnover of Aventis Pharma, that stood at Rs7.4bn in F12/04, one-third came from third party manufacturing, another one-third from the company’s own manufacturing facilities and the balance from the imports done by the company.

Aventis Pharma’s PAT stood at Rs1.5bn in F12/04 which grew by 51% with a growth of 12.8% in its net sales. On account of this the company declared a dividend at the rate of 160% in F12/04.

Aventis Pharma’s domestic portfolio of 12 brands comes under the DPCO representing 36% of domestic sales, which stood at Rs5.3bn in F12/04.

Exports of the company that stood at Rs2.04bn grew by 31% on the back of the 41% growth in its sourcing of products like ‘Daonil’ from parent company Aventis.

The products that are driving the growth of Aventis Pharma are Clexane (28%), Targocid (26%), Amaryl (16%), Frisium (13%) and Cardace (12%).

Aventis Pharma continues with the production of ‘Taxotere’ a product that has been produced by Rhone & Poulence India. (In December 2000 Rhone & Poulence India had sold its stake to Hoechst Marion Russel (HMR), which was later renamed as Aventis Pharma). Taxotere been a main product under the oncology portfolio of Aventis Pharma has posted a growth of 39% in F12/04.

Third party manufacturing been undertaken by Aventis Pharma is not killing the SSI units as the manufacturing is undertaken at the plants owned by Aventis Pharma itself with the company making the payment to SSIs as per the pre-arranged agreements.

Aventis Pharma, which has a 49% stake in the JV that it went into in 2004 with the US based company Chiron Behring Vaccines Private Ltd. (CBVPL), is manufacturing Rabipur, an anti-rabies vaccine. Aventis Pharma had received Rs24.5mn ad dividend from CBVPL in F12/04.

A de-growth of 7% in the Indian pharma industry on account of VAT during the first quarter results of 2005, has left Aventis Pharma sales unaffected. This is a good sign for the company as it expects to post a good financial results for year ended December 2006.

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