Corona Remedies IPO

Corona Remedies Limited IPO Strengths

Second Fastest Growing Pharmaceutical Company in India’s Top 30

Corona Remedies Limited ranks as the second fastest growing company among the top 30 in the Indian pharmaceutical market (IPM) by domestic sales from MAT December 2021 to MAT December 2024. With a strategic focus on high-growth therapeutic areas and brand-led marketing, the company is well-positioned to capitalise on evolving market opportunities.

Demonstrated Capabilities of Building a Diversified Portfolio, Including “Engine” Brands, in Targeted Therapy Areas

Corona Remedies Limited has consistently demonstrated portfolio strength with 67 brands across core therapy areas like women’s healthcare, cardio-diabeto, pain management, and urology. Its 27 “engine” brands, strong brand leadership, limited NLEM exposure, and strategic chronic-segment focus have driven robust, diversified growth and enabled superior market performance across MAT December 2021–2024.

Quality and cGMP-Driven Manufacturing Excellence

Corona Remedies Limited operates two advanced manufacturing units in Gujarat and Himachal Pradesh with 11 production lines and an annual capacity of 1,285.44 million units. Supported by EU GMP, WHO GMP certifications, R&D-led product innovation, and backward integration through La Chandra, the company consistently delivers differentiated, high-quality pharmaceutical products aligned with global quality standards.

Experienced Leadership Backed by Marquee Investors

Corona Remedies Limited is led by a qualified, entrepreneurial management team with deep industry experience, anchored by founders Niravkumar and Ankur Mehta. Guided by Dr. Kirtikumar Mehta and supported by seasoned professionals and marquee investor ChrysCapital, the company benefits from strong leadership, strategic direction, and robust corporate governance practices.

More About Corona Remedies Limited

Corona Remedies Limited is a branded pharmaceutical formulation company headquartered in India, actively involved in the development, manufacturing, and marketing of a wide portfolio of products. The company primarily focuses on therapeutic areas including women’s healthcare, cardio-diabetology, pain management, urology, and other multispecialty segments.

Market Position and Growth

• As per industry reports, Corona Remedies Limited ranked as the second fastest-growing company among the top 30 in the Indian Pharmaceutical Market (IPM) from MAT December 2021 to MAT December 2024.

• The company achieved a domestic sales CAGR of 19.90%, more than 2.25 times the IPM’s growth rate of 8.79%.

• This impressive performance is attributed to volume growth (9.58%) and new product launches (3.91%), outpacing the respective IPM figures of 1.65% and 1.68%.

Diverse Portfolio

As of December 31, 2024, the company’s product portfolio includes 67 brands spanning multiple therapeutic areas:

• Women’s Healthcare – Products cover all lifecycle stages, from adolescence to menopause.

• Cardio-Diabeto – Offerings address insulin resistance, diabetes complications, and cardiac disorders.

• Pain Management – Includes tablets, sprays, and injections. The acquisition of Myoril from Sanofi in FY 2024 bolstered this segment.

• Urology – Targets conditions like benign prostatic hyperplasia, urinary tract infections, and stone management.

Brand Performance

• Corona’s “engine brands” — including Cor, Trazer, Cor9, B-29, and Myoril — contributed 72.99% to domestic sales in MAT December 2024.

• The chronic and sub-chronic segments made up 69.01% of domestic sales, showing a CAGR of 22.35%, outperforming the IPM’s 9.99%.

Strategic Focus

The company has adopted a specialist-driven model by targeting the “middle of the pyramid” segment through:

• Deployment of 2,598 medical representatives across 22 states.

• 75% of prescriptions originating from specialists and super-specialists, compared to 60.97% in the overall IPM.

Market Rank and Reach

• Ranked 30th in the IPM (up from 41st in 2021).

• Sixth largest in women’s healthcare, 21st in cardio-diabeto, 5th in pain management, and 11th in urology by domestic sales (MAT December 2024)

Industry Outlook

India’s pharmaceutical industry is poised for robust expansion, underpinned by strong domestic demand, policy support, and innovation-led growth.

• Industry Valuation: Valued at USD 50 billion in 2023, the Indian pharmaceutical sector is projected to reach USD 130 billion by 2030.

• CAGR Projection: The industry is expected to grow at a CAGR of 10-12% from 2023 to 2030.

• Global Ranking: India is the third-largest by volume and 14th by value globally.

Growth Drivers

• Rise in Chronic Diseases: Increasing prevalence of diabetes, cardiovascular ailments, arthritis, and urinary disorders.

• Healthcare Access Expansion: Government schemes such as Ayushman Bharat are boosting healthcare coverage.

• Specialised Therapy Areas: Shift towards chronic and lifestyle diseases has spurred demand for targeted treatments.

• R&D and Product Innovation: Emphasis on new drug delivery systems and branded generics.

Segment-wise Outlook

Women’s Healthcare

• Growth Focus: Rising awareness, increased health screenings, and evolving reproductive health needs.

• Key Trends: Surge in demand for gynaecological treatments, hormonal therapies, and menopause-related care.

• Projected CAGR: Around 15% through 2028.

Cardio-Diabetology

• Market Size: Diabetes and cardiovascular drug segments make up over 30% of India’s chronic therapy market.

• Growth Driver: High urbanisation and lifestyle changes fueling insulin resistance and heart ailments.

• CAGR: Expected growth of 12-14% CAGR over the next five years.

Pain Management

• Market Potential: Growing demand for pain relief products due to ageing population and rising musculoskeletal disorders.

• Segment Expansion: Includes NSAIDs, muscle relaxants, and topical agents.

• CAGR Estimate: 10-11% CAGR till 2030.

Urology

• Emerging Segment: Increasing incidences of kidney stones, prostate conditions, and urinary tract infections.

• Focus Areas: Both acute treatments and long-term care therapies.

• Growth Rate: Estimated CAGR of 11-13% from 2023–2028.

How Will Corona Remedies Limited Benefit

• Positioned to capitalise on India’s pharma market growth with its strong 19.90% domestic sales CAGR, far exceeding the industry’s 8.79%.

• Portfolio focus on high-growth segments like women’s healthcare (15% CAGR), cardio-diabetology (12–14% CAGR), pain management (10–11% CAGR), and urology (11–13% CAGR) aligns with sector trends.

• Strategic acquisition of Myoril enhances presence in the expanding pain management market.

• Strong brand performance with five key brands contributing over 72% to sales ensures resilience and recognition.

• Specialist-driven marketing model boosts credibility, with 75% prescriptions from specialists vs. IPM’s 60.97%.

• Expansive presence with 2,598 medical representatives across 22 states supports deep market penetration.

• Rapid market climb from 41st to 30th rank, with top-10 positions in key therapy areas, reflects operational excellence.

• Robust product development and volume-led growth position the company to lead in chronic and sub-chronic therapies.

Peer Group Comparison

Company Name	Face Value (₹)	P/E	Revenue (₹ Mn)	EPS (Basic) (₹)	RoNW (%)	NAV/Share (₹)
CORONA Remedies Ltd	10.00	–	10,144.74	14.80	18.84%	78.55
Peer Groups
Abbott India Ltd	10.00	54.28	58,489.10	565.28	32.48%	1,740.71
Alkem Laboratories Ltd	2.00	32.96	1,26,675.80	150.19	17.41%	862.46
Eris Lifesciences Ltd	1.00	47.99	20,091.43	28.82	15.16%	190.14
GlaxoSmithKline Pharmaceuticals Ltd	10.00	83.53	34,537.06	41.14	33.19%	104.93
J.B. Chemicals & Pharmaceuticals Ltd	1.00	47.21	34,841.84	35.66	18.90%	188.63
Mankind Pharma Ltd	1.00	54.17	1,03,347.75	47.75	20.43%	233.73
Pfizer Ltd	10.00	34.56	21,931.70	120.51	15.33%	785.95
Sanofi India Ltd	10.00	23.76	28,511.00	261.91	59.40%	440.93
Torrent Pharmaceuticals Ltd	5.00	66.51	1,07,278.40	48.94	24.15%	202.57

Key Strategies for Corona Remedies Limited

Strengthen Domestic Market Share

Corona Remedies Limited seeks to expand its presence in the Indian pharmaceutical market by increasing medical representative productivity, growing its prescriber base, and focusing on high-growth therapy areas. Enhanced digitalisation and targeted engagement with specialists aim to consolidate market share and improve national rankings.

Expand Product Portfolio with Lifecycle Focus

The company plans to grow its product portfolio with long-life-cycle drugs, prioritising chronic and sub-chronic therapies. By leveraging existing networks and R&D capabilities, Corona Remedies introduces high-potential, niche products that fill therapeutic gaps while maintaining profitability and aligning with evolving patient and clinician needs.

Diversify into High-Growth Therapeutic Areas

Corona Remedies intends to broaden its therapeutic footprint by entering underserved areas such as nephrology, oncology, and dermatology. Through focused SBUs, hospital outreach, and backward integration in hormone APIs, it aims to deepen presence in women’s health, urology, and other specialty segments with strong growth potential.

Drive Growth via Strategic Acquisitions and In-Licensing

The company is pursuing acquisitions and in-licensing deals that strengthen its market position in targeted therapies. By acquiring established brands and partnering with global firms, Corona Remedies enhances its portfolio, marketing reach, and long-term value while ensuring scalability and efficient integration across its operations.

Expand International Presence Strategically

Corona Remedies targets international growth by leveraging hormone-based products, regulatory approvals, and market-specific strategies. It aims to boost sales across 20+ countries through product registrations, partnerships, and R&D innovation, focusing on Europe and emerging markets to maximise global reach and operational revenue.