JUBILANT PHARMOVA LIMITED

STRATEGIC BUSINESS REPORT 2025

Comprehensive Analysis & Growth Strategy

1. EXECUTIVE SUMMARY

Company Overview

Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) stands as a leading global integrated pharmaceutical and life sciences company with a diversified business portfolio spanning radiopharmaceuticals, allergy immunotherapy, contract development and manufacturing (CDMO), generics, and proprietary novel drugs. Headquartered in Noida, India, the company has established a formidable presence across key global markets including the United States, Canada, Europe, and Asia.

Current Market Position

As of Q3 FY2025, Jubilant Pharmova demonstrates robust financial performance:

• Market Capitalization: ₹17,526 Crores
• Annual Revenue: ₹7,404 Crores
• Net Profit: ₹457 Crores
• Q3 FY2025 Performance: Net profit increased 51.05% YoY to ₹100.90 crores with sales rising 8.92% to ₹1,813.70 crores

Vision & Mission

Vision: To be a globally recognized pharmaceutical and life sciences company delivering innovative, sustainable, and patient-centric solutions that improve lives worldwide.

Mission:

• Drive innovation through cutting-edge R&D and technological advancement
• Deliver high-quality, affordable pharmaceutical products and services
• Maintain operational excellence and regulatory compliance across all markets
• Foster sustainable business practices and environmental stewardship
• Create value for all stakeholders through profitable growth

Core Values

1. Innovation: Continuous investment in R&D and emerging technologies
2. Quality: Uncompromising commitment to product quality and safety
3. Integrity: Ethical business practices and transparent operations
4. Patient-Centricity: Focus on improving patient outcomes and accessibility
5. Sustainability: Environmental responsibility and ESG compliance
6. Collaboration: Strategic partnerships for accelerated growth

Key Strategic Objectives (2025-2035)

Short-term (1-3 Years):

• Expand CDMO sterile injectables capacity by 40%
• Launch 15+ new radiopharmaceutical products
• Achieve revenue growth of 12-15% CAGR
• Strengthen presence in regulated markets (US, EU)

Long-term (5-10 Years):

• Achieve ₹15,000+ Crores revenue by 2030
• Establish leadership position in specialty pharmaceuticals
• Develop 5+ blockbuster proprietary drugs
• Expand biosimilar portfolio with 8-10 products
• Achieve carbon neutrality by 2035

Growth Opportunities Snapshot

Competitive Advantages

1. Diversified Portfolio: Reduced risk through multiple revenue streams
2. Global Manufacturing Footprint: 12+ facilities across 5 countries
3. Strong R&D Capabilities: 500+ scientists and researchers
4. Regulatory Expertise: FDA, EMA, and other major regulatory approvals
5. Strategic Partnerships: Collaborations with global pharma leaders
6. Integrated Value Chain: From API to finished formulations

2. COMPANY OVERVIEW

Corporate Structure

Parent Company: Jubilant Pharmova Limited (Listed on BSE & NSE)

• Promoter Holding: 47.7%
• Public Shareholding: 52.3%
• Headquarters: Noida, Uttar Pradesh, India
• Global Presence: Operations in 50+ countries

Key Subsidiaries & Business Units

1. Jubilant Pharma Limited

• Global integrated pharmaceutical operations
• Specialty pharmaceuticals, CDMO, and generics

2. Jubilant Biosys Limited

• Contract research and drug discovery services
• CRDMO capabilities

3. Jubilant Radiopharma

• Network of 50+ radiopharmacies in the US
• Leader in nuclear medicine distribution

4. Jubilant Generics Limited

• Generic pharmaceutical products for global markets
• Focus on complex generics and niche segments

5. Jubilant HollisterStier

• Allergy immunotherapy products
• Over 200 allergenic extracts

Global Footprint

Manufacturing Facilities:

• India: 4 facilities (Nanjangud, Mysore, Roorkee, Gajraula)
• United States: 3 facilities (Spokane, Kirkland, Salisbury)
• Canada: 2 facilities (Montreal, Kirkland)
• Belgium: 1 facility (Mechelen)
• Singapore: 1 R&D center

Commercial Presence:

• Direct operations in 12+ countries
• Distribution network covering 50+ countries
• Strong presence in North America, Europe, and Asia-Pacific

Product Portfolio

A. Radiopharmaceuticals

• Diagnostic and therapeutic radiopharmaceuticals
• PET and SPECT imaging agents
• Theranostic products for precision medicine
• Portfolio of 40+ radiopharmaceutical products

B. CDMO Sterile Injectables

• Aseptic fill-finish capabilities
• Lyophilization technology
• Prefilled syringes and vials
• Complex formulation development
• High-growth segment with expanding client base

C. Allergy Immunotherapy

• Sublingual immunotherapy (SLIT)
• Subcutaneous immunotherapy (SCIT)
• Standardized allergenic extracts
• Custom allergy vaccine formulations

D. Contract Research & Development

• Drug discovery services
• API development and manufacturing
• Process chemistry and scale-up
• Analytical services
• 100+ APIs across therapeutic areas (CNS, CVS, anti-infectives, anti-diabetics)

E. Generics

• Solid oral dosage forms
• Complex generics portfolio
• Focus on niche therapeutic segments
• Para IV and first-to-file opportunities

F. Novel Drugs (Pipeline)

• Proprietary NCE development
• Oncology therapeutics
• CNS disorders
• Metabolic diseases
• Strategic partnerships for co-development

Research & Development Capabilities

R&D Infrastructure:

• 8 dedicated R&D centers globally
• 500+ research scientists and engineers
• State-of-the-art analytical and formulation labs
• Animal testing facilities (where permitted)

Technology Platforms:

• Computer-aided drug design (CADD)
• High-throughput screening
• Continuous manufacturing technologies
• Quality-by-Design (QbD) approach
• AI/ML integration in drug discovery

Investment in R&D:

• Current R&D spend: 6-8% of revenue
• Target increase to 10% by 2027
• Focus on differentiated products and platforms

Intellectual Property Strategy

Patent Portfolio:

• 150+ patents granted globally
• 200+ patent applications pending
• Focus areas: Novel drug delivery systems, radiopharmaceutical technologies, sterile manufacturing processes

IP Protection Strategy:

• Aggressive patent filing in key markets
• Strategic patent clustering around core technologies
• Trade secret protection for manufacturing processes
• Freedom-to-operate analysis for all new products

Licensing & Collaborations:

• In-licensing of promising molecules
• Out-licensing of non-core assets
• Technology transfer agreements
• Joint development partnerships

3. MARKET ANALYSIS

Global Pharmaceutical Industry Trends

Market Size & Growth:

• Global pharmaceutical market: $1.48 trillion (2024)
• Expected CAGR: 6.8% (2025-2030)
• Emerging markets driving 60% of incremental growth
• Specialty pharmaceuticals growing at 10-12% CAGR

Key Industry Trends:

1. Biosimilars Boom: Expected to reach $100+ billion by 2030
2. Precision Medicine: Personalized therapies gaining traction
3. CDMO Market Expansion: Pharmaceutical companies outsourcing manufacturing
4. Radiopharmaceuticals Renaissance: Theranostics and targeted therapies
5. Digital Health Integration: AI, telemedicine, and digital therapeutics
6. Sustainability Focus: Green chemistry and eco-friendly manufacturing

Domestic Market Analysis (India)

Market Overview:

• Indian pharmaceutical market: $50+ billion (2024)
• Third-largest pharmaceutical producer globally
• Generic medicines market leader
• Growing API manufacturing capabilities

Growth Drivers:

• Increasing healthcare expenditure (projected to reach 3% of GDP)
• Government initiatives (Ayushman Bharat, PLI schemes)
• Rising chronic disease prevalence
• Expanding insurance coverage

Segment-Specific Market Analysis

A. Radiopharmaceuticals Market

• Global Market Size: $7.5 billion (2024)
• Expected Growth: 15-18% CAGR through 2030
• Key Drivers:
  • Rising cancer incidence
  • Advancement in nuclear medicine technologies
  • FDA approvals for new radiopharmaceuticals
  • Growing adoption of theranostics

Market Dynamics:

• Jubilant's position: Top 3 provider in US radiopharmaceutical distribution
• Network of 50+ radiopharmacies providing competitive advantage
• Opportunity to expand into Europe and Asia-Pacific

B. CDMO Market

• Global CDMO Market: $120+ billion (2024)
• Sterile Injectables Segment: $35 billion
• Expected Growth: 8-10% CAGR

Key Trends:

• Increased outsourcing by Big Pharma
• Biosimilar manufacturing opportunities
• Complex generics requiring specialized capabilities
• Regional manufacturing diversification (China+1 strategy)

Jubilant's Positioning:

• Strong customer traction with expanding pipeline
• State-of-the-art sterile manufacturing facilities
• Strategic capacity expansion underway

C. Allergy Immunotherapy Market

• Global Market: $2.5 billion (2024)
• US Market Dominance: 45% of global market
• Growth Rate: 8-10% CAGR

Market Characteristics:

• Seasonal demand fluctuations
• Regulatory barriers to entry
• Patient compliance challenges
• Growing preference for sublingual therapy

D. Generics Market

• Global Generics: $450+ billion
• Indian Generics Export: $25+ billion
• US Generics Market: $95 billion

Competitive Landscape:

• Intense price competition
• Focus shifting to complex generics
• Biosimilar opportunities emerging
• Regulatory scrutiny increasing

Regulatory Landscape

Key Regulatory Bodies:

1. US FDA (United States)
   • Most stringent regulatory requirements
   • Required for market access to largest pharma market
   • Jubilant facilities: FDA-approved with strong compliance record
2. EMA (European Union)
   • Harmonized approval across EU member states
   • Focus on quality and pharmacovigilance
3. CDSCO (India)
   • Domestic regulatory authority
   • Increasing alignment with international standards
4. Health Canada
   • Regulatory requirements for Canadian market
5. TGA (Australia), PMDA (Japan), Others

Compliance Requirements:

• Good Manufacturing Practices (GMP)
• Good Laboratory Practices (GLP)
• Good Clinical Practices (GCP)
• Data integrity and cybersecurity requirements
• Environmental regulations and sustainability reporting

Regulatory Challenges:

• Increasing inspection frequency
• Data integrity focus
• Heightened pharmacovigilance
• Complex approval pathways for novel products

Jubilant's Regulatory Strategy:

• Proactive compliance culture
• Regular internal audits
• Investment in quality systems
• Regulatory intelligence team

Market Segmentation & Sizing

Geographic Segmentation:

Therapeutic Segmentation:

Competitive Benchmarking

Key Competitors Analysis:

1. Dr. Reddy's Laboratories

• Revenue: ₹25,000+ Crores
• Strengths: Strong US generics presence, API capabilities
• Positioning: Diversified portfolio with biosimilars focus

2. Sun Pharmaceutical Industries

• Revenue: ₹42,000+ Crores
• Strengths: Largest pharma company in India, specialty generics
• Positioning: Dominant domestic presence, growing specialty portfolio

3. Lupin Limited

• Revenue: ₹18,000+ Crores
• Strengths: Respiratory and diabetes segments
• Positioning: Focus on complex generics and biosimilars

4. Cipla Limited

• Revenue: ₹24,000+ Crores
• Strengths: Respiratory, oncology portfolios
• Positioning: Strong domestic and Africa presence

5. Global CDMO Players

• Catalent, Patheon (Thermo Fisher), Lonza
• Competition in sterile injectables and biologics manufacturing

Jubilant's Competitive Position:

Strengths:

• Unique radiopharmaceutical network
• Growing CDMO capabilities
• Diversified revenue streams
• Strong regulatory track record

Weaknesses:

• Smaller scale compared to top Indian pharma companies
• Limited biosimilar portfolio
• Geographic concentration in developed markets

Differentiation Strategy:

• Focus on specialty segments (radiopharmaceuticals, allergy therapy)
• CDMO excellence in sterile injectables
• Niche generics rather than commoditized products
• Strategic partnerships and collaborations

Market Opportunities

1. Biosimilar Manufacturing: High-margin CDMO opportunities
2. Theranostic Products: Combining diagnostics and therapeutics
3. Complex Generics: Lower competition, higher profitability
4. Emerging Markets: Growing middle class and healthcare access
5. Digital Health Integration: Remote monitoring and digital therapeutics
6. Sustainability-Driven Products: Green chemistry and eco-friendly manufacturing

4. STRATEGIC OBJECTIVES & GROWTH PLAN

Short-Term Strategic Goals (1-3 Years: 2025-2027)

Financial Objectives:

• Revenue Target: Achieve ₹10,000 Crores by FY2027
• EBITDA Margin: Improve to 18-20% from current ~14%
• Operating Cash Flow: Maintain at 15%+ of revenue
• Return on Invested Capital (ROIC): Improve to 12%+

Operational Objectives:

1. CDMO Expansion:
   • Commission new sterile injectable facility in Spokane
   • Add 3-4 major clients in biosimilar manufacturing
   • Target CDMO revenue of ₹3,000+ Crores by FY2027
2. Radiopharmaceutical Growth:
   • Launch 10+ new radiopharmaceutical products
   • Expand radiopharmacy network by 10 locations
   • Enter European radiopharmaceutical market
3. Product Pipeline Acceleration:
   • File 20+ ANDAs in US market
   • Launch 15+ new generic products
   • Advance 3 novel drug candidates to clinical trials
4. Operational Excellence:
   • Implement advanced manufacturing automation
   • Achieve zero FDA warning letters
   • Reduce waste and improve sustainability metrics by 25%

Long-Term Strategic Vision (5-10 Years: 2028-2035)

Vision 2030 Targets:

• Revenue: ₹15,000-18,000 Crores
• Market Capitalization: ₹50,000+ Crores
• Global Ranking: Top 10 specialty pharmaceutical companies
• R&D Pipeline: 5+ blockbuster drugs generating ₹500+ Crores each

Strategic Pillars:

1. Innovation Leadership

• Invest ₹1,500+ Crores in R&D annually by 2030
• Develop proprietary drug delivery platforms
• Build oncology-focused pipeline
• Partner with biotech companies for breakthrough therapies

2. Market Expansion

• Establish direct presence in 5+ new countries
• Build manufacturing capacity in emerging markets
• Develop China market entry strategy (post-regulatory approval)
• Expand Latin American footprint

3. Portfolio Optimization

• Divest non-core, low-margin products
• Focus on high-value specialty segments
• Build biosimilar portfolio (8-10 products)
• Expand allergy therapy beyond current markets

4. Digital Transformation

• Implement AI/ML in drug discovery
• Build digital supply chain visibility
• Develop patient engagement platforms
• Create data analytics capabilities

Expansion Plans in Emerging Markets

Target Markets:

1. Middle East & North Africa (MENA)

• Strategy: Partner with local distributors
• Target Revenue: ₹500 Crores by 2030
• Focus Products: Generics, specialty products
• Investment: ₹100-150 Crores

2. Southeast Asia

• Strategy: Establish regional hub in Singapore
• Target Markets: Indonesia, Thailand, Philippines, Vietnam
• Target Revenue: ₹800 Crores by 2030
• Investment: ₹200 Crores

3. Latin America

• Strategy: Acquire/partner with local manufacturer
• Target Markets: Brazil, Mexico, Colombia
• Target Revenue: ₹600 Crores by 2030
• Investment: ₹300 Crores

4. Sub-Saharan Africa

• Strategy: Generic medicines for infectious diseases
• Target Revenue: ₹300 Crores by 2030
• Investment: ₹75 Crores

Diversification into High-Growth Segments

A. Biosimilars

Strategy:

• Partner with biosimilar developers for CDMO services
• In-license promising biosimilar candidates
• Develop internal biosimilar capabilities

Target Products:

• Monoclonal antibodies (mAbs) for oncology and immunology
• Insulin analogs
• Growth factors

Investment: ₹500 Crores over 5 years Expected Revenue: ₹2,000+ Crores by 2030

B. Advanced Drug Delivery Systems

• Nanoparticle formulations
• Long-acting injectables
• Transdermal delivery systems
• Controlled-release technologies

C. Cell & Gene Therapy Manufacturing

• Build CDMO capabilities for CAR-T therapy
• Viral vector manufacturing
• Partnership approach initially

D. Digital Therapeutics

• Develop software-based therapeutic products
• Mobile apps for disease management
• AI-powered diagnostic tools

Partnership, Acquisition & Merger Opportunities

Strategic Partnership Priorities:

1. Global Pharma Collaborations:
   • Co-development agreements for novel drugs
   • CDMO long-term contracts with Big Pharma
   • Distribution partnerships for emerging markets
2. Biotech Partnerships:
   • In-license early-stage molecules
   • Collaborative research agreements
   • Joint ventures for specialty segments
3. Technology Partnerships:
   • AI/ML companies for drug discovery
   • Digital health platforms
   • Manufacturing technology providers

Acquisition Strategy:

Target Profile:

• Complementary product portfolio
• Strong IP and regulatory approvals
• Strategic geographic presence
• Technology or manufacturing capabilities
• Revenue: $50-200 million
• EBITDA margin: 15%+

Potential Acquisition Targets:

1. Specialty Pharmaceutical Companies:
   • Oncology or CNS-focused companies
   • Niche therapeutic areas
   • US or European presence
2. CDMO Facilities:
   • Sterile injectable capabilities
   • Biologics manufacturing
   • Strategic location (US, Europe)
3. Radiopharmaceutical Companies:
   • European radiopharmacy networks
   • Novel radiopharmaceutical technologies
   • Theranostic platforms

Financial Framework:

• Acquisition budget: ₹1,500-2,500 Crores
• Target IRR: 15%+
• Payback period: 5-7 years
• Synergy realization: 20-30% of acquisition value

Integration Strategy:

• Dedicated integration team
• Retention of key talent
• Phased integration approach
• Cultural alignment focus

5. OPERATIONS & SUPPLY CHAIN MANAGEMENT

Manufacturing Capabilities

Global Manufacturing Network:

Facility Overview:

Capacity Utilization:

• Current average utilization: 65-70%
• CDMO facilities: 75-80% (high demand)
• Generic facilities: 60-65%
• Target optimization: 80-85% by 2027

Technology & Automation:

• Automated inspection systems (100% in sterile facilities)
• Continuous manufacturing lines for select APIs
• Real-time quality monitoring
• Robotic material handling
• Digital batch records

Manufacturing Excellence Initiatives

Lean Manufacturing:

• Six Sigma implementation across all facilities
• Kaizen culture and continuous improvement
• Waste reduction programs
• OEE (Overall Equipment Effectiveness) improvement from 75% to 85%+

Quality Management:

• Pharmaceutical Quality System (ICH Q10)
• Risk-based approach to quality
• Computerized quality management systems
• Real-time release testing implementation

Capacity Expansion Plans:

Phase 1 (2025-2027):

• Spokane facility expansion: Additional 50M+ units sterile capacity
• Investment: $100 million
• Completion: Q4 2026

Phase 2 (2027-2030):

• New greenfield biologics facility (location TBD)
• Investment: $200 million
• Capacity: 500kg biologic API

Supply Chain Optimization

Supply Chain Structure:

Raw Material Procurement:

• 300+ active suppliers globally
• Dual sourcing strategy for critical materials
• Regional supplier diversification
• Strategic partnerships with key API suppliers

Procurement Strategy:

• 40% sourcing from India
• 35% from China (reducing to 25% by 2027)
• 15% from Europe
• 10% from other regions

Inventory Management:

• Target inventory days: 90-100 days
• Safety stock optimization using AI
• Vendor-managed inventory for select materials
• Just-in-time approach for non-critical items

Distribution Network:

Radiopharmaceuticals:

• 50+ radiopharmacies in US
• Daily delivery to 2,000+ hospitals and clinics
• Cold chain and specialized logistics
• Average delivery time: < 2 hours from radiopharmacy

Other Products:

• Regional distribution centers (6 locations)
• Third-party logistics partnerships
• Direct-to-customer for CDMO products
• e-Commerce integration for certain segments

Supply Chain Risk Management

Risk Assessment Framework:

1. Supplier Risk:

• Mitigation: Multi-sourcing, supplier audits, qualification of alternate suppliers
• Monitoring: Quarterly supplier performance reviews

2. Geopolitical Risk:

• Mitigation: Geographic diversification, local-for-local manufacturing
• Monitoring: Continuous geopolitical intelligence

3. Regulatory Risk:

• Mitigation: Proactive regulatory compliance, regulatory intelligence
• Monitoring: Regulatory change management system

4. Quality Risk:

• Mitigation: Robust quality systems, supplier quality agreements
• Monitoring: Real-time quality metrics

5. Logistics Risk:

• Mitigation: Multiple logistics partners, buffer inventory
• Monitoring: Real-time shipment tracking

Business Continuity Planning:

• Disaster recovery plans for all facilities
• Alternate manufacturing sites identified
• Critical spare parts inventory
• Insurance coverage for major risks

Sustainability Initiatives

Environmental Goals:

Carbon Footprint Reduction:

• Target: 50% reduction by 2030 (vs. 2020 baseline)
• Initiatives:
  • Renewable energy adoption (target: 60% by 2030)
  • Solar panels installed at India facilities
  • Energy-efficient equipment upgrades
  • Carbon offsetting programs

Water Management:

• Target: 30% reduction in water consumption by 2030
• Initiatives:
  • Water recycling and treatment plants
  • Zero liquid discharge (ZLD) at select facilities
  • Rainwater harvesting

Waste Reduction:

• Target: Zero waste to landfill by 2030
• Initiatives:
  • Waste segregation and recycling programs
  • Hazardous waste reduction
  • Circular economy principles

Packaging Sustainability:

• Shift to recyclable and biodegradable materials
• Reduced packaging weight
• Take-back programs for certain products

Green Chemistry:

• Adoption of sustainable synthesis routes
• Solvent recovery and recycling
• Use of renewable feedstocks where possible

Digital Transformation in Operations

Industry 4.0 Initiatives:

1. Smart Manufacturing:

• IoT sensors for equipment monitoring
• Predictive maintenance using machine learning
• Digital twins for process optimization
• Real-time production dashboards

2. Advanced Analytics:

• Big data analytics for quality trends
• Supply chain optimization algorithms
• Demand forecasting using AI
• Process analytical technology (PAT)

3. Automation & Robotics:

• Automated warehousing (AS/RS systems)
• Collaborative robots (cobots) in manufacturing
• Automated inspection and testing
• Robotic process automation (RPA) for documentation

4. Digital Quality Management:

• Electronic batch records (EBR)
• Digital quality management systems
• Real-time deviation management
• E-signatures and audit trails

5. Supply Chain Digitization:

• Blockchain for supply chain transparency
• Real-time inventory visibility
• Automated procurement systems
• Supplier portals for collaboration

Investment in Digital Transformation:

• Annual spend: ₹150-200 Crores
• ROI target: 20%+ through efficiency gains
• Timeline: 5-year roadmap (2025-2030)

6. FINANCIAL ANALYSIS & PROJECTIONS

Historical Financial Performance (FY2020-FY2024)

Revenue Trend:

Key Observations:

• Steady revenue growth despite challenges
• EBITDA margin gradually improving
• PAT margin expansion indicating operational efficiency
• Strong performance in Q3 FY2025 with 51% PAT growth YoY

Revenue Stream Analysis

Segment-Wise Revenue Contribution (FY2024):

Geographic Revenue Split:

Cost Structure Analysis

FY2024 Cost Breakdown:

Cost Optimization Initiatives:

• Target raw material cost reduction: 2-3% through strategic sourcing
• Operational efficiency programs: ₹100-150 Crore savings by FY2027
• Automation reducing labor cost per unit
• Energy cost reduction through renewables

Profitability Analysis

Key Financial Ratios (FY2024):

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Conclusion & Strategic Recommendations

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