Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹2,271Cr
Rev Gr TTM
Revenue Growth TTM
7.55%
Peer Comparison
Compare up to 10 companies side by side across valuation, profitability, and growth.

PANACEABIO
VS
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | -8.4 | 16.7 | 36.0 | 30.6 | 5.8 | -10.4 | 3.0 | 8.6 | -2.9 | 44.0 | -4.2 | 1.0 |
| 135 | 140 | 147 | 151 | 143 | 130 | 140 | 156 | 159 | 168 | 159 | 153 |
Operating Profit Operating ProfitCr |
| -4.4 | -8.0 | -2.5 | -0.1 | -4.4 | -12.1 | 4.8 | 4.9 | -20.3 | -0.7 | -12.6 | 7.1 |
Other Income Other IncomeCr | 34 | 34 | 6 | 8 | 14 | 7 | 7 | 6 | 36 | 17 | 9 | 5 |
Interest Expense Interest ExpenseCr | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
Depreciation DepreciationCr | 10 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 8 | 8 | 8 | 8 |
| 18 | 13 | -8 | -2 | -2 | -17 | 5 | 4 | 0 | 7 | -19 | 6 |
| 31 | 2 | 1 | 1 | 0 | -1 | 0 | 0 | 2 | 3 | -5 | 3 |
|
Growth YoY PAT Growth YoY% | -101.0 | 119.6 | -152.8 | -111.4 | 84.3 | -244.6 | 156.8 | 301.8 | 0.0 | 124.9 | -397.4 | -12.4 |
| -9.8 | 8.5 | -5.8 | -1.5 | -1.5 | -13.7 | 3.2 | 2.7 | -1.5 | 2.4 | -9.9 | 2.4 |
| -2.0 | 1.8 | -1.4 | -0.4 | -0.2 | -2.6 | 0.8 | 0.7 | -0.3 | 0.7 | -2.3 | 0.7 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| 34.8 | -5.0 | -16.7 | 9.0 | -23.0 | 19.1 | 14.8 | 5.8 | -30.4 | 21.6 | 0.0 | 8.3 |
| 643 | 541 | 482 | 508 | 588 | 513 | 548 | 674 | 558 | 579 | 585 | 640 |
Operating Profit Operating ProfitCr |
| 6.4 | 17.1 | 11.5 | 14.3 | -28.7 | 5.8 | 12.3 | -2.0 | -21.3 | -3.6 | -4.6 | -5.6 |
Other Income Other IncomeCr | 28 | 70 | 55 | 8 | 339 | 15 | 10 | 1,687 | 154 | 62 | 57 | 67 |
Interest Expense Interest ExpenseCr | 105 | 127 | 101 | 101 | 105 | 174 | 185 | 181 | 4 | 4 | 4 | 6 |
Depreciation DepreciationCr | 67 | 73 | 68 | 59 | 54 | 43 | 46 | 44 | 39 | 37 | 35 | 34 |
| -99 | -19 | -52 | -66 | 49 | -171 | -144 | 1,449 | 13 | 1 | -8 | -6 |
| 3 | 2 | -11 | 10 | 8 | 17 | 2 | 371 | 47 | 3 | 1 | 2 |
|
| 9.0 | 79.7 | -96.2 | -85.8 | 153.8 | -559.2 | 22.2 | 837.6 | -103.1 | 95.5 | -479.3 | 6.5 |
| -14.9 | -3.2 | -7.5 | -12.8 | 9.0 | -34.5 | -23.4 | 163.1 | -7.3 | -0.3 | -1.6 | -1.4 |
| -15.9 | -2.7 | -6.1 | -11.4 | 5.6 | -29.1 | -24.1 | 176.0 | -5.4 | -0.2 | -1.4 | -1.3 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| 449 | 426 | 340 | 293 | 335 | 139 | -256 | 849 | 816 | 814 | 807 | 820 |
Current Liabilities Current LiabilitiesCr | 706 | 475 | 588 | 691 | 938 | 455 | 449 | 776 | 330 | 309 | 367 | 345 |
Non Current Liabilities Non Current LiabilitiesCr | 750 | 930 | 846 | 611 | 90 | 739 | 960 | 109 | 101 | 94 | 92 | 87 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 526 | 549 | 533 | 560 | 508 | 683 | 511 | 951 | 562 | 485 | 545 | 533 |
Non Current Assets Non Current AssetsCr | 1,405 | 1,306 | 1,267 | 1,047 | 868 | 707 | 667 | 808 | 709 | 755 | 745 | 722 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 37 | 91 | 131 | 118 | 105 | -30 | 107 | -108 | -422 | 0 | -27 |
Investing Cash Flow Investing Cash FlowCr | -37 | 16 | -26 | 55 | -5 | -35 | -48 | 1,283 | 430 | 10 | 65 |
Financing Cash Flow Financing Cash FlowCr | -1 | -117 | -107 | -164 | -101 | 91 | -47 | -1,176 | -18 | -3 | -3 |
|
Free Cash Flow Free Cash FlowCr | 30 | 85 | 107 | 103 | 100 | -21 | 89 | -119 | -424 | -71 | -77 |
| -36.3 | -435.0 | -319.5 | -155.3 | 256.2 | 16.2 | -73.0 | -10.1 | 1,251.9 | 6.6 | 313.9 |
CFO To EBITDA CFO To EBITDA% | 84.8 | 81.2 | 209.3 | 139.6 | -79.9 | -97.2 | 139.3 | 821.4 | 431.3 | 0.5 | 105.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 858 | 568 | 984 | 1,636 | 1,214 | 671 | 1,087 | 908 | 664 | 743 | 2,699 |
Price To Earnings Price To Earnings | 0.0 | 0.0 | 0.0 | 0.0 | 32.2 | 0.0 | 0.0 | 0.8 | 0.0 | 0.0 | 0.0 |
Price To Sales Price To Sales | 1.3 | 0.9 | 1.8 | 2.8 | 2.7 | 1.2 | 1.7 | 1.4 | 1.4 | 1.3 | 4.8 |
Price To Book Price To Book | -186.8 | -20.9 | 2.8 | 5.5 | 3.6 | 4.6 | -4.3 | 1.1 | 0.8 | 0.9 | 3.3 |
| 41.6 | 14.4 | 30.0 | 27.8 | -9.9 | 38.2 | 23.1 | -27.2 | -4.7 | -31.1 | -100.9 |
Profitability Ratios Profitability Ratios |
| 59.2 | 67.0 | 72.5 | 68.4 | 62.3 | 71.2 | 67.3 | 60.4 | 45.1 | 58.8 | 64.3 |
| 6.4 | 17.1 | 11.5 | 14.3 | -28.7 | 5.8 | 12.3 | -2.0 | -21.3 | -3.6 | -4.6 |
| -14.9 | -3.2 | -7.5 | -12.8 | 9.0 | -34.5 | -23.4 | 163.1 | -7.3 | -0.3 | -1.6 |
| 0.3 | 7.3 | 3.9 | 3.3 | 33.6 | 0.4 | 7.2 | 183.3 | 2.0 | 0.6 | -0.5 |
| -22.5 | -4.8 | -11.8 | -25.4 | 12.0 | -129.6 | 58.4 | 126.1 | -4.1 | -0.2 | -1.1 |
| -5.3 | -1.1 | -2.3 | -4.7 | 3.0 | -13.5 | -12.4 | 61.3 | -2.6 | -0.1 | -0.7 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Panacea Biotec Ltd is an innovation-driven, integrated biopharmaceutical company with over four decades of leadership in vaccine development, pharmaceuticals, nutrition, and wellness. Headquartered in India, the company has established itself as a global health player through pioneering scientific contributions, particularly in **pediatric immunization**, and has expanded into adjacent health domains with a focus on newborns, mothers, and long-term wellness.
The company's mission centers on delivering **affordable, high-quality, and science-backed healthcare solutions** across emerging and developed markets, supported by advanced R&D, robust manufacturing infrastructure, and strategic global partnerships.
---
### **Strategic Focus & Business Segments**
Panacea Biotec operates through three core business verticals:
1. **Vaccines** – Flagship business, contributing the majority of revenue.
2. **Pharmaceutical Formulations** – Complex generics for chronic diseases in regulated and emerging markets.
3. **Nutrition & Baby Care** – A rapidly growing segment focused on early-life health and preventive care.
Additionally, Panacea Biotec is expanding its footprint in **nutraceuticals, wellness, and preventive lifestyle healthcare** through strategic acquisitions and in-house innovation.
---
### **Recent Strategic Developments (as of Sep 2025)**
#### **1. Expansion into Infant Health & Hygiene: NikoMom Launch**
- Launched **NikoMom**, a new brand offering **infant diapers and 99.9% water-based wet wipes**, expanding into newborn hygiene.
- This move aligns with the company’s core mission of **child-centric health**, reinforcing its continuum from **vaccines to early nutrition and hygiene**.
- Products are available via:
- E-commerce: Amazon, Flipkart, Tata 1mg
- Direct-to-Consumer (D2C): *www.7Nshop.com*
- Pan-India retail expansion via LEAP SBU.
#### **2. Child-Centric Health Ecosystem**
- Positioned as a **"continuum of care"** brand from infancy through adulthood.
- Leverages **deep trust with pediatricians** (via over 150 sales reps and 10,000 pediatricians reached) to drive product adoption.
- Plans to expand future offerings into **women’s health and adult nutrition**, creating a lifelong health engagement platform.
#### **3. Retail & Market Expansion via LEAP SBU**
- Launched a dedicated **LEAP (Leveraging Excellence in Access & Penetration) Strategic Business Unit**.
- Focus: Deepen rural, semi-urban, and urban retail footprint across India.
- Strengthens **last-mile distribution** for flagship brands like **NikoMom and ChilRun®**.
- Integrated CFA network with D2C delivery system for hybrid scalability and consumer convenience.
#### **4. Entry into Nutraceuticals: Power Gummies Acquisition**
- Acquired **Power Gummies**, including IP, formulations, and digital assets.
- Targets **millennials and Gen Z** with science-backed gummy supplements for:
- Hair, skin, nails
- Weight management
- Sleep support
- Represents a key step in Panacea’s **preventive and lifestyle healthcare strategy**.
---
### **Vaccines – Core Strength and Global Impact**
#### **Leadership in Pediatric Immunization**
- **One of the largest suppliers of oral polio vaccines (OPV)** globally; delivered **over 10 billion doses**.
- Instrumental in eradicating polio in India, reducing cases from 10,000 to zero.
- Key vaccine supplier to **UNICEF, PAHO, WHO, GAVI**, and national governments across **~30 countries**.
#### **Flagship Vaccine Portfolio**
| Product | Innovation |
|--------|------------|
| **EasySix®** | World’s first **fully liquid wP-IPV-based hexavalent vaccine (DTwP-HepB-Hib-IPV)**. Market leader in India. |
| **EasyFive-TT®** | First **fully liquid pentavalent vaccine**; WHO-prequalified, supplied globally. |
| **EasyFourPol®** | First **fully liquid pentavalent (DTwP-IPV-Hib)** vaccine, launched in 2023–24. |
| **b-OPV** | Bivalent oral polio vaccine; key contributor to global eradication. |
- **EasySix®** is listed under the **Continental Listing of Human Medicinal Products** by the **African Medicines Agency (AMA)**, enabling fast-tracked approvals in up to **29 African nations**.
#### **Key Vaccine Pipeline (Under Clinical Development)**
- **DengiAll®**: Single-dose, **tetravalent dengue vaccine**; in **Phase III trials** (collaboration with ICMR).
- Demonstrated protection across all serotypes, no ADE risk.
- Anticipated launch in 2026 (subject to approval).
- **NuCoVac®11**: **11-valent pneumococcal conjugate vaccine**; **Phase II/III trials underway**.
- **VaxiPox™**: **Multi-epitope subunit Mpox vaccine** (development with BRIC-THSTI).
- Designed to be **safer for children and immunocompromised individuals**.
- Targets the growing **$1.2–2.5 billion global Mpox vaccine market**.
- **Broadly Protective Betacoronavirus Vaccine**: Nanoparticle-based candidate, supported by **CEPI**; aims for **100-day pandemic response capability**.
- **TedShot®**: Reduced-dose **Tetanus & Diphtheria vaccine**; approved in India, targeting ₹250 million private market.
#### **Global Market Access & Registrations**
- Vaccines registered in **16 countries**; applications in review in **17 more**.
- Plans to **seek WHO prequalification** for pipeline vaccines to access **multilateral supply contracts**.
- Active exports to Africa, Asia, and Latin America.
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### **Pharmaceuticals – Global Reach & Complex Generics**
#### **Domestic & International Presence**
- Operated through **Panacea Biotec Pharma Limited (PBPL)** and **Panacea Biotec Germany GmbH (PBGG)**.
- Exports to **~40 countries**, including U.S., Germany, Canada, Saudi Arabia, UAE, and South Africa.
#### **Key Launches & Expansions**
- **Valgapan (Valganciclovir)** launched in Germany via PBGG.
- **PacliALL®** (nanoparticle-based generic of **Abraxane**) launched in Canada; ANDA filed in **11 EU countries**.
- **Rizatriptan** relaunched in Saudi Arabia; presence re-established in Brazil after 8-year gap.
#### **Product Pipeline & Regulatory Strategy**
- Over **388 active international product registrations**; 48 dossiers under review; 50 more planned FY2025–26.
- Plans to commercialize **Paclitaxel, Cyclosporine**, and other **complex generics** in the U.S. and EU.
- Collaborations with **Apotex, Bionpharma, Breckenridge, and Natco** to expand international footprint.
---
### **R&D and Innovation Leadership**
- **OneStream Research Centre (New Delhi)**: End-to-end vaccine development.
- Capabilities: Genetic engineering, fermentation, purification, adjuvant development.
- Developed **high-cell-density E. coli platform** for recombinant antigens.
- **SAMPANN R&D Centre (Lalru, Punjab)**: Focus on pharmaceuticals and pediatric nutrition.
- Over **1,500 patents filed globally**; recognized as **Thomson Reuters Top 50 Innovator (2015–2016)**.
#### **Innovation Areas**
- **Recombinant, conjugate, viral, DNA/RNA, and VLP-based vaccines**.
- **Adjuvant Development**: Launched **EmulsiPan®**, an **open-access oil-in-water emulsion adjuvant**.
- Used in preclinical trials for **Sarbecoronavirus vaccines** (e.g., Caltech NHP studies).
- Enters a **$4.8 billion+ market**.
---
### **Manufacturing and Supply Chain Excellence**
- **Integrated, dual-market supply chain**:
- **Domestic (India)**: Retail and D2C focus via 2 central warehouses, 14 CFAs, ~1,500 distributors.
- **Global**: Partners with top logistics providers, airlines, and customs agencies; ensures **cold chain integrity** for vaccines.
- **Cold Chain Capabilities**:
- **Vaccine Vial Monitors (VVMs)**, data loggers, Tyvek packaging.
- Real-time tracking, **Track & Trace system**, and WHO-compliant documentation.
- Manufacturing sites in:
- **Lalru (Punjab)**: Vaccine drug substances (WHO-prequalified).
- **Baddi (Himachal Pradesh)**: Formulations, nutrition products, and sterile injectables (US FDA-approved).
#### **Capacity Expansion**
- Secured **$20 million loan from U.S. DFC** to expand **wP-based hexavalent vaccine (EasySix®) production capacity**.
- Expansion will support **UNICEF, PAHO, and GAVI** demand.
- New capacity targeted for **global public health programs from 2025 onward**.
---
### **Nutrition Business: ChilRun® & Portfolio Expansion**
- Launched **ChilRun®** pediatric nutrition line in June 2023:
- **ChilRunfull®**, **ChilRun®7+**, **ChilRun® No Sucrose**
- Available in **over 10,000 retail outlets** and e-commerce platforms.
- Scientific validation: A **90-day post-marketing study** showed positive growth support in at-risk children.
- New factory in Baddi: **6-ton/day capacity**, GMP-compliant.
- Plans to expand into **baby cereals, gummies, bars, oils, and adult/women’s nutrition**.
---
### **Financial Highlights (FY 2024–25)**
- **Consolidated Pharma & Nutrition Revenue**: ₹2,493 million (+25% YoY).
- Export revenue: ₹1,838 million (+11%)
- Domestic sales: ₹654 million (up from ₹340 million)
- **Foreign Exchange Earnings**: ₹2,209.63 million (mostly exports).
- **Royalty Income**: ₹20.63 million (e.g., from DengiAll® in-licensing agreement).
---
### **Growth Strategy**
1. **Internal Innovation**:
- Advance **DengiAll®, NuCoVac®11, VaxiPox™, and Betacoronavirus vaccine** to commercialization.
- File more ANDAs and expand complex generics portfolio.
2. **Geographic Expansion**:
- Grow private market vaccine sales in India.
- Expand exports to **50+ countries** through registration and partnerships.
3. **Portfolio Diversification**:
- Broaden beyond pentavalent/hexavalent dependency.
- Develop next-gen **conjugate, recombinant, and mRNA vaccines**.
4. **Strategic Partnerships**:
- Collaborations with **ICMR, NIH (USA), CEPI, THSTI, Serum Institute**, and **global pharma firms**.
- Licensing and co-development to accelerate pipeline.
---
### **Key Challenges**
- **High R&D costs and long gestation periods**.
- **Tender-dependent revenue**: Over-reliance on UNICEF/PAHO contracts.
- **Concentration risk**: ~70–80% of vaccine revenue from **pentavalent and hexavalent vaccines**.
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