Overview Key strengths Key risks Asset-light business, with an EBITDA margin well above the average for branded off-patent drugs companies. Relatively small player in the highly competitive and price-driven branded off-patent drug market. Better product and therapeutic diversification following multiple acquisitions in 2020 and 2021. A portfolio of niche and older legacy products that have lost patent protection and are exposed to price erosion and gradual revenue decline. Robust free operating cash flow (FOCF), thanks to low capital expenditure (capex) and working capital needs, although some volatility around transfers of newly acquired products. Reliance on product acquisitions for growth, which brings execution risks around integration of new products. Good relationships with large pharmaceuticals companies allow access to tenders for new
