...November 19, 2024 Pharmanovia Bidco Ltd. (Pharmanovia)'s results for fiscal year 2024 (ended March 31) was lower than expected. Revenue came in at about 406 million in fiscal 2024, reflecting the ramp up of Rocaltrol-China since the completion of the acquisition in July 2022, along with underlying organic growth from its robust portfolio of products, including Bonviva, Anaprox, and Kytril. S&P Global Ratings-adjusted EBITDA was slightly lower than expected at about 151 million (compared with our base case of approximately 170 million) as increased costs for personnel and other operational expenditures such as freight costs offset tech transfer savings--which was ahead of expectations--having realized about 12.5 million since April 2023. That said, free operating cash flow (FOCF) was about 84 million, despite the acquisition of Ellipse, which was finalized in January 2024, and higher accounts receivables driving negative working capital, due to low capital investment in tangible assets....
