The Board of Jubilant Pharmova Limited met today to approve financial results for the quarter ended June 30, 2021.

Commenting on Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Pharmova said:

“During this quarter, in addition to YoY increase, we also reported sequential improvement in the Specialty Pharma segment with gradual recovery across radiopharmaceuticals, Radiopharmacy and Allergy business. In radiopharmaceuticals, we have enhanced efforts to promote existing products as well as expand our product pipeline with strategic partnerships. With a gradual recovery in nuclear medicine procedures, the turnaround plan of Radiopharmacy business is on track. CMO business continued to benefit from COVID related deals.
Contract Research and Development Services business witnessed strong YoY growth in revenues led by healthy demand from customers. We have doubled our chemistry research capacity and the facility is operational now.
Despite COVID-19 related lockdowns, we have been able to ensure continuity in most of our manufacturing operations across all business segments while at the same time ensuring safety of our employees. I take this opportunity to thank all our employees who have worked tirelessly across all our plants and offices to ensure continuity in company’s operations, while continuing to serve our global customers.”

Corporate Announcement

The Board of Directors of Jubilant Pharmova Limited (“JPM”), at its meeting held on July 23, 2021, has approved the demerger of the Active Pharmaceutical Ingredients (API) undertaking of Jubilant Generics Limited (“JGL” - a wholly owned subsidiary of the Company) and vesting of the same with JPM, on a going concern basis (“Proposed Demerger”), to be implemented through a scheme of arrangement between JGL and JPM and their respective shareholders and creditors under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013 (“Proposed Scheme”).

The objectives / rationale of this business reorganization are as below

This would also help in supporting our customers for their needs from early stage of research to commercialization of active ingredients, and will provide competitive edge to this business

• Creation of a small molecule discovery and chemistry focused vertical present across value chain of CRO & CDMO of Innovative and Generic API
• This will strengthen and sustain long-term growth, profitability, market share, customer service, risk management as it requires focused management attention, different skill sets and resources.
• Synergies between CRO & CDMO businesses can be realized more effectively in a Holding / Subsidiary Company structure as compared to fellow subsidiary structure. 

Q1’FY22 Highlights

A. Consolidated financials

• Revenue was Rs 1,635 Crore versus Rs 1,156 Crore in Q1'FY21
• Total EBITDA at Rs 379 Crore for versus Rs 183 Crore in Q1’FY21
• Finance costs at Rs 35 Crore versus. Rs 48 Crore in Q1'FY21
• Average blended interest rate for Q1'FY22 stood at 4.64% versus 5.26% in Q1’FY21.
• PAT was at Rs 160 Crore as compared with Rs 35 Crore in Q1'FY21. EPS is Rs 10.1 versus Rs 2.2 in Q1'FY21
• Capital expenditure for the quarter was Rs 106 Crore

Segment Wise Analysis

B. Pharmaceuticals Segment

• Radiopharma business saw a gradual improvement sequentially
  • Ventilation lung procedures continue to be impacted due to COVID-19
  • We continue to maintain majority market share and have long term contracts in place
  • Ruby-Fill installs are picking up and we expect to gain momentum in the US, if the COVID-19 situation continues to improve. Ruby-Fill commercially launched in Europe in Q3’FY21. Expanding distribution network for Ruby-Fill in EU
  • Radiopharmacy business came close to pre-COVID levels with pick up in nuclear medicine procedures and our turnaround plan is on track
• Allergy Immunotherapy volumes have normalized to pre-COVID levels in Q1'FY22 with COVID related restrictions easing
• CMO business revenue grew YoY based on strong demand from customers as well as COVID related deals
• API business continued to witness higher demand including for remdesivir though saw QoQ decline due to pricing pressure in Sartans
• Growth was led by higher volumes including remdesivir though the business witnessed higher pricing erosion in the US
• Roorkee formulations facility was placed under import alert by the US FDA. The agency has exempted a few products from the import alert. For rest of the products, revenue impact for the Company is less than 3% of total revenues. The Company is engaging with the agency and are taking help of consultants and hope to resolve the issue soon

C. Contract Research and Development Services Segment

• Higher demand from biotech companies for integrated services, functional chemistry and DMPK, Discovery Biology and Clinical trial data management support trough Trial stat, Canada.
• Continue to witness strong demand conditions in this business

D. Business Outlook

• Radiopharma: We continue to build a long term pipeline of radiopharmaceuticals and are executing a turnaround plan of radiopharmacies. In CMO, we have a strong visible order book. We are expanding Spokane capacity by 50% that will come into commercial operations by end CY24. The capacity expansion is on track. We expect performance of Generics to be impacted to some extent due to the import alert
• Contract Research and Development Services (CRDS): The business will continue to grow especially with the commissioning of additional capacity
• Proprietary Novel Drugs: We plan to take one drug candidate to Phase I clinical trials in H2’FY22
• Capex: We expect to incur capex of Rs 700-800 Crore in FY22 that includes expansion at Spokane site and of the CRDS capacity
• Consolidated effective tax rate: ETR of Jubilant Pharmova Limited for Q1’FY22 is 34.9%. The company’s cash tax outflow is estimated to be at approximately 24% for the next three years. After exhaustion of the MAT credit, the Company’s effective tax rate is expected to come down to around 25% in three years’ timeframe

1. All figures are in Rs Crore unless otherwise stated

2. Q1’FY21 financials include only the continuing business

Earnings Call details

The company will host earnings call at 5.00 PM IST on July 23, 2021

Participants can dial-in on the numbers below
Primary Number: + 91 22 6280 1141 / + 91 22 7115 8042
Local Access Number: +91-7045671221 (Available all over India)
Toll Free Numbers:
USA: 1 866 746 2133
UK: 0 808 101 1573
Singapore: 800 101 2045
Hong Kong: 800 964 448

Replay: July 23 to July 30, 2021
Dial-in: +91 22 7194 5757/ +91 22 6663 5757
Playback ID: 96086#

About Jubilant Pharmova Limited

Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) is a company engaged in pharmaceuticals, contract research and development services and proprietary novel drugs businesses. Pharmaceuticals business through Jubilant Pharma Limited Singapore (JPL) is engaged in manufacturing and supply of Radiopharmaceuticals with a network of 48 radio-pharmacies in the US, Allergy Therapy Products, Contract Manufacturing of Sterile Injectibles and Non-sterile products, APIs and Solid Dosage Formulations through six USFDA approved manufacturing facilities in the US, Canada and India. Jubilant Biosys Limited provides Contract Research and Development Services through two world class research centres in Bangalore and Noida in India. Jubilant Therapeutics is involved in Proprietary Novel Drugs business and is an innovative biopharmaceutical company developing breakthrough therapies in the area of oncology and auto-immune disorders. Jubilant Pharmova Limited has a team of around 5,800 multicultural people across the globe. The Company is well recognized as a ‘Partner of Choice’ by leading pharmaceuticals companies globally. For more information, please visit: www.jubilantpharmova.com.

For more information, please contact:

For Investors

Hemant Bakhru | Pavleen Taneja
Ph: +91-120 436 1002 | 21
E-mail: hemant.bakhru@jubl.com
pavleen.taneja@jubl.com

Siddharth Rangnekar |Karl Kolah
CDR India
Ph: +91 97699 19966 / 9833010478
E-mail: siddharth@cdr-india.com
karl@cdr-india.com

For Media

Sudhakar Safaya
Ph: +91-120 436 1034
E-mail: sudhakar.safaya@jubl.com

Clayton Dsouza
Madison Public Relations
E-mail: clayton.dsouza@madisonpr.in
Phone number: +91 9930011602

Disclaimer

Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product launch are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. Jubilant Pharmova may, from time to time, make additional written and oral forward looking statements, including statements contained in the company’s filings with the regulatory bodies and its reports to shareholders. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.

Noida, June 15, 2021 – Jubilant HollisterStier LLC, a wholly owned subsidiary of Jubilant Pharma Limited, has entered into a manufacturing partnership with Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company, for manufacturing of vaccine candidate COVAXIN® for the US and Canadian markets.

"We are excited to expand our basket of vaccine products and meet the increasing demand from our customers for COVID-19 vaccines in the US." said Amit Arora, President Jubilant HollisterStier.

"We are pleased to partner with Ocugen and support the ongoing fight against COVID-19. With two facilities in North America working to manufacture multiple COVID-19 vaccines and therapies, we remain committed to supporting efforts to eradicate this global pandemic." stated Pramod Yadav, CEO Jubilant Pharma Limited.

"We are fully committed to bringing COVAXIN to the US and Canadian markets because it has the potential to save lives by adding a weapon to the arsenal in the fight against emerging variants." said J.P. Gabriel, Senior Vice President, Manufacturing and Supply Chain. "Securing US-based manufacturing capability is a critical step as we prepare to submit our regulatory submissions to the FDA and Health Canada. Based on Bharat Biotech's strong track record of developing and commercializing vaccines globally and Jubilant's proven track record in manufacturing, we are well-prepared to transition US manufacturing of COVAXIN® to our new partner."

About Jubilant HollisterStier

Jubilant HollisterStier, a part of Jubilant Pharma Limited, is a leading integrated contract manufacturer of sterile injectables, ophthalmics, otics, sterile and non-sterile topicals and liquids. With facilities in North America, Jubilant HollisterStier provides specialized manufacturing for the pharmaceutical and biopharmaceutical industries. Services include a full-range of support to streamline the manufacturing process, from process qualifications through commercial release.

About Jubilant Pharma Limited

Jubilant Pharma Limited (JPL), a company incorporated under the laws of Singapore and a wholly-owned subsidiary of Jubilant Pharmova Limited, is an integrated global pharmaceutical company engaged in manufacturing and supply of APIs, Solid Dosage Formulations, Radiopharmaceuticals, Allergy Therapy Products and Contract Manufacturing of Sterile Injectables and Non Sterile products through six US FDA approved manufacturing facilities in the US, Canada and India and a network of 48 radiopharmacies in the US. The Company has a team of around 5,200 multicultural people across the globe and is committed to deliver value to its customers spread across over 75 countries. It is well recognized as a 'Partner of Choice' by leading pharmaceutical companies globally.

About Jubilant Pharmova Limited

Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) is a company engaged in pharmaceuticals, contract research and development services and proprietary novel drugs businesses. Pharmaceuticals business through Jubilant Pharma Limited Singapore (JPL) is engaged in manufacturing and supply of Radiopharmaceuticals with a network of 48 radio-pharmacies in the US, Allergy Therapy Products, Contract Manufacturing of Sterile Injectibles and Non-sterile products, APIs and generics through six USFDA approved manufacturing facilities in the US, Canada and India. Jubilant Biosys Limited provides Contract Research and Development Services through two world class research centers in Bangalore and Noida in India. Jubilant Therapeutics is involved in Proprietary Novel Drugs business and is an innovative biopharmaceutical company developing breakthrough therapies in the area of oncology and auto-immune disorders. Jubilant Pharmova Limited has a team of around 5,800 multicultural people across the globe. The Company is well recognized as a 'Partner of Choice' by leading pharmaceuticals companies globally.

For further information: Visit our website @ www.jubilantpharmova.com

About Ocugen, Inc.

Ocugen, Inc. is a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with one drug – "one to many" and our novel biologic product candidate aims to offer better therapy to patients with underserved diseases such as wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy. We are co-developing Bharat Biotech's COVAXIN™ vaccine candidate for COVID-19 in the U.S. market. For more information, please visit www.ocugen.com.

About COVAXIN

COVAXIN, India's COVID-19 vaccine by Bharat Biotech, is developed in collaboration with the Indian Council of Medical Research (ICMR) - National Institute of Virology (NIV). COVAXIN is a highly purified and inactivated vaccine that is manufactured using a vero cell manufacturing platform with an excellent safety track record of more than 300 million doses supplied. Based on a well-established, and time-tested vaccine platform that has a long-established safety profile, COVAXIN continues to show strong results in all the studies conducted to date including a vaccine efficacy rate of 78% overall efficacy and 100% in severe COVID-19 disease, including hospitalizations, in second interim results of the Phase 3 clinical trial.

In addition to generating strong immune response against multiple antigens, COVAXIN has been shown to generate memory T cell responses, for its multiple epitopes, indicating longevity and a rapid antibody response to future infections. With published data demonstrating a safety profile superior to available data for several other vaccines, COVAXIN is packaged in multi-dose vials that can be stored at 2-8°C.

COVAXIN studies show potential effectiveness against three key variants of SARS-CoV-2. Scientists at the Indian Council of Medical Research (ICMR)-National Institute of Virology have found that COVAXIN demonstrated potential effectiveness against the Brazil variant of SARS-CoV-2, B.1.128.2, the UK variant, B.1.1.7, as well as the Indian double mutant variant, B.1.617. In ICMR studies, COVAXIN-vaccinated sera effectively neutralized several SARS-CoV-2 variants including B.1.617, India, double mutant, B.1.1.7, United Kingdom, B.1.1.28, Brazil P2, and heterologous strain) in an in-vitro plaque reduction neutralization assay. These studies suggest that COVAXIN vaccination may be effective against multiple SARS-CoV-2 variants

The Board of Jubilant Pharmova Limited met today to approve financial results for the quarter ended March 31, 2021.

Commenting on the Company's performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Pharmova said:

"With the demerger of LSI business into Jubilant Ingrevia effective February 1, 2021, the Company's consolidated results for Q4'FY21 include only one month of LSI business and consolidated results for FY21 include only ten months of LSI business.

For FY21 our continuing operations, despite COVID-19 challenges, revenues were stable due to a diverse range of businesses. CDMO and Generics grew though we saw impact on radiopharma and had production impact at the Nanjangud API plant.

Specialty Pharma segment especially radiopharma was impacted due to COVID-19 and competition in radiopharma. We continue to maintain majority market share in our products and have long term contracts in place. In radiopharmaceuticals, we are expanding our product pipeline with strategic partnerships and have begun to execute a detailed turnaround plan of radiopharmacy business. CMO and Generics delivered strong growth and we plan to expand capacity in CMO and enhance number and complexity of products under development in Generics.

Contract Research and Development Services business witnessed strong year-on-year growth in revenues led by healthy demand from customers. We are doubling our chemistry research capacity that should commission by Q2'FY22.

Despite COVID-19 related lockdowns, we have been able to ensure continuity in most of our manufacturing operations across all business segments while at the same time ensuring safety of our employees. I take this opportunity to thank all our employees who have worked tirelessly across all our plants and offices to ensure continuity in company's operations, while continuing to serve our global customers."

Q4'FY21 Highlights

A. Continuing Operations

• LSI business demerged from 1st February 2021 into Jubilant Ingrevia. The discussion below is on Continuing Operations that includes which includes Pharmaceuticals, Contract Research and Development Services and Proprietary Novel Drugs
• Revenues and EBITDA continued to see impact of COVID-19 on the pharmaceuticals business particularly radiopharma

Segment Wise Analysis for Continuing Operations

B. Pharmaceuticals Segment

• Radiopharma was impacted due to lower procedures especially related to lung scans due to COVID-19 and competition
• Regarding Ruby-Fill litigation, the Company received a favorable and unanimous judgment from the United States Court of Appeals summarily affirming Jubilant's earlier favorable rulings from the US Patent Office ("PTAB") and the US International Trade Commission ("ITC"). These two rulings by the Appellate Court deny the appeals filed by Bracco Diagnostics, Inc ("Bracco")
• Ruby-Fill commercially launched in Europe in Q3'FY21. Expanding distribution network for Ruby-Fill in EU. Expect ramp of installs in the US starting Q2'FY22, if the COVID-19 situation continues to improve
• CMO business revenue grew YoY based on strong demand from customers as well as COVID related deals
• R&D for the quarter is Rs 50 Crore – 3.3% to segment sales

C. Contract Research and Development Services Segment

• Higher demand from biotech companies for integrated services, functional chemistry and DMPK
• Continue to witness strong demand conditions in this business

D. Continuing Operations

• For FY21 our continuing operations, despite COVID-19 challenges, revenues were stable due to a diverse range of businesses. CDMO and Generics grew though we saw impact on radiopharma and had production impact at the Nanjangud API plant
• Capex of Rs 276 Crore in FY21

• The Company reduced its Gross Debt to Rs 2,600 Crore from Rs 3,361 Crore as on March 31, 2020
• In March 2021, Jubilant Pharma Limited redeemed the principal amount of US$100m out of US$300m Senior Notes due 2021 ("Notes"). This is in addition to the US$100m that was redeemed by the company in January 2021. With these two transactions, the company has completely redeemed the US$300m Senior Notes that were originally due in Oct 2021. Out of the total redemption of US$200m between Jan-March 2021, the Company has refinanced US$150m and remaining US$50m was paid out of company's cash balance
• Jubilant Pharmova Net Debt (constant currency) reduced by Rs 219 Crore through FY21. Consolidated Net debt (constant currency) reduced by Rs 1,238 Crore in FY21. Reduction in FY21 includes the transfer of external debt of Rs 610 Crore on February 1, 2021 to Jubilant Ingrevia (due to the demerger of LSI business)

Segment Wise Analysis for Continuing Operations

E. Pharmaceuticals Segment

• Radiopharma business revenue was impacted due to lower procedures especially related to lung scans due to COVID-19 and competition
• Allergy business volumes had normalized to 100% of pre-COVID levels by Aug2020 though volumes came down in Q3'FY21 and remain at 90-95% of pre-COVID levels due to enhanced COVID related restrictions
• Growth in CMO business led by strong demand witnessed from key customers and COVID related contracts. We realized around Rs 535 Crore out of Rs 500 Crore in revenues indicated earlier from the five CMO deals signed in FY21
• API revenue picked up with resumption of operations at Nanjangud facility from June 2020
• Generics revenue growth was aided by launch of Remdesivir in India and other licensed countries and strong market position in select products in the US market

F. Contract Research and Development Services Segment

• Revenue up 21% YoY to Rs 305 Crore led by higher demand from Biotech companies for Integrated Services, DMPK, Biology, and Functional Chemistry

G. Business Outlook

• Radiopharma: We continue to build a long term pipeline of radiopharmaceuticals including Generics as well as Proprietary products being used as Diagnostic, Therapeutic, Theranostic and Devices, via in-house R&D as well as strategic partnerships with key nuclear medicine companies
• We expect one product launch in radiopharma in FY22. We are further enhancing marketing and business development efforts for Ruby-Fill
• Radiopharmacy: We are executing a detailed turnaround plan of radiopharmacies to grow top line strongly with new customer wins, expand network to service newer geographies and enhance cost and procurement efficiencies. With a detailed turnaround plan of radiopharmacy, we expect to break even in the next two-three years
• Allergy: The company remains well positioned to expand volumes and growth in both venom and non-venom extracts in the US and non-US markets over the coming years
• CMO: We have a strong visible order book of c. Rs 3,600 Crore that would be serviced over the next three years
• Against Rs 500 Crore in revenues indicated earlier from the five CMO deals signed in FY21, we realized around Rs 535 Crores. These deals are estimated to contribute further revenues of approximately Rs 200 Crore in FY22
• We are adding a high speed fill/finish line with isolator technology at Spokane site to expand capacity by 50% that will come into commercial operations by end CY24
• Generics: We have seen pricing pressure in a few products in the US. We plan to launch new products in the US via in-licensing and contract manufacturing. We expect to launch new products from Roorkee site once the warning letter is lifted. We plan to enhance geographical reach in RoW markets
• API: We have a strong order book and plan to enhance volumes via new customer lock-ins
• Contract Research and Development Services (CRDS): The business will continue to grow especially with upcoming commissioning of additional capacity
• Proprietary Novel Drugs: We plan to take one drug candidate to Phase I clinical trials in H2'FY22
• Capex: We expect to incur capex of Rs 700-800 Crore in FY22 that includes addition of a new high speed fill and finish line with lyophilizer at Spokane site and expansion of CRDS capacity
• Consolidated effective tax rate: ETR of Jubilant Pharmova Limited (Continuing Operations) for FY21 is 34.1%. The company's cash tax outflow is estimated to be at approximately 24% for the next three years. After exhaustion of the MAT credit, the Company's effective tax rate is expected to come down to around 25% in three years' timeframe

Income Statement – Q4 & FY21

All figures are in Rs Crore unless otherwise stated

About Jubilant Pharmova Limited

Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) is a company engaged in pharmaceuticals, contract research and development services and proprietary novel drugs businesses. Pharmaceuticals business through Jubilant Pharma Limited Singapore (JPL) is engaged in manufacturing and supply of Radiopharmaceuticals with a network of 49 radio-pharmacies in the US, Allergy Therapy Products, Contract Manufacturing of Sterile Injectibles and Non-sterile products, APIs and Solid Dosage Formulations through six USFDA approved manufacturing facilities in the US, Canada and India. Jubilant Biosys Limited provides Contract Research and Development Services through two world class research centers in Bangalore and Noida in India. Jubilant Therapeutics is involved in Proprietary Novel Drugs business and is an innovative biopharmaceutical company developing breakthrough therapies in the area of oncology and auto-immune disorders. Jubilant Pharmova Limited has a team of around 5,800 multicultural people across the globe. The Company is well recognized as a 'Partner of Choice' by leading pharmaceuticals companies globally. For more information, please visit: www.jubilantpharmova.com.

For more information, please contact:

Disclaimer

Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential product characteristics and uses, product sales potential and target dates for product launch are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. Jubilant Pharmova may, from time to time, make additional written and oral forward looking statements, including statements contained in the company's filings with the regulatory bodies and its reports to shareholders. The company assumes no obligation to update forward-looking statements to reflect actual results, changed assumptions or other factors.

Noida – April 19 2021. Jubilant Pharma Limited, a subsidiary of Jubilant Pharmova Limited, announces successful completion of safety and pharmacokinetic/absorption studies in animals and healthy human volunteers in India using a novel oral formulation of remdesivir against the commercially available injectable formulation of remdesivir.

Jubilant has sought authorization for additional studies for this novel oral formulation from the Drug Controller General of India (DCGI). Jubilant is hoping to provide an affordable, more convenient, easy-to-administer and potentially effective treatment option for COVID-19 patients. The proposed oral treatment is expected to be for 5 days, a duration similar to the injectable dosage form. Remdesivir is the first and the only anti-viral drug fully approved by the US FDA for the treatment of patients with COVID-19 requiring hospitalization.

This innovative formulation is likely to ease the capacity constraint that injectable formulation faces and ensure wider and timely availability for the patients of COVID-19. It is specifically designed to avoid hepatic metabolism which results in almost complete first-pass clearance/elimination of remdesivir when it is administered by the traditional oral route. The findings from both preclinical and human studies indicate that the drug is able to undergo absorption when administered using the novel oral formulation. The novel formulation was well tolerated by all the study subjects with no additional safety/ tolerability profile as compared to the injectable product.

In May 2020, Jubilant entered into a non-exclusive Licensing Agreement with Gilead Sciences, Inc. (NASDAQ: GILD) that granted it the right to register, manufacture and sell Gilead’s remdesivir in 127 countries including India. On July 20, 2020, Jubilant received approval from the Drug Controller General of India (DCGI) to manufacture and market the antiviral drug remdesivir (“JUBI-R”) for 100 mg/vial (lyophilized injection) for restricted emergency use in India for the treatment of severe COVID-19.

“We are pleased to announce the ongoing development of a novel formulation of Remdesivir to address the pandemic at this critical juncture. Once approved, this will not only provide a more convenient and easy-to-administer formulation but also support an increasing demand of COVID-19 treatments.” stated Mr. Shyam S. Bhartia, Chairman and Mr. Hari S. Bhartia, Co-Chairman and Managing Director, Jubilant Pharmova Limited.

About Jubilant Pharma Limited
Jubilant Pharma Limited (JPL), a company incorporated under the laws of Singapore and a wholly-owned subsidiary of Jubilant Pharmova Limited, is an integrated global pharmaceutical company engaged in manufacturing and supply of Radiopharmaceuticals, Allergy Therapy Products, Contract Manufacturing of Sterile Injectables and Non Sterile products, APIs, and Generics, through six US FDA approved manufacturing facilities in the US, Canada and India and a network of 49 radiopharmacies in the US. The Company has a team of around 5,200 multicultural people across the globe. It is well recognized as a 'Partner of Choice' by leading pharmaceutical companies globally.
For further information: Visit our website @ www.jubilantpharma.com

About Jubilant Pharmova Limited
Jubilant Pharmova Limited (formerly Jubilant Life Sciences Limited) is a company engaged in pharmaceuticals, contract research and development services and proprietary novel drugs businesses. Pharmaceuticals business through Jubilant Pharma Limited Singapore (JPL) is engaged in manufacturing and supply of Radiopharmaceuticals with a network of 49 radio-pharmacies in the US, Allergy Therapy Products, Contract Manufacturing of Sterile Injectibles and Non-sterile products, APIs and generics through six USFDA approved manufacturing facilities in the US, Canada and India. Jubilant Biosys Limited provides Contract Research and Development Services through two world class research centers in Bangalore and Noida in India. Jubilant Therapeutics is involved in Proprietary Novel Drugs business and is an innovative biopharmaceutical company developing breakthrough therapies in the area of oncology and auto-immune disorders. Jubilant Pharmova Limited has a team of around 5,800 multicultural people across the globe. The Company is well recognized as a ‘Partner of Choice’ by leading pharmaceuticals companies globally.

For further information: Visit our website @ www.jubilantpharmova.com

- JBI-778, abrain penetrant PRMT5 inhibitor demonstrated significant tumor growth inhibition in glioblastoma in addition to its activity against a number of other cancers–

- JBI-1527, a potent, selective oral inhibitor of PD-L1 exhibited T-cell restorationand immune-mediated tumor growth suppression -

- Data support the further development of PRMT5 inhibitor JBI-778 and PD-L1 inhibitor JBI-1527 for the treatment of unmet need in oncology

BEDMINSTER, New Jersey – April 10, 2021 – Jubilant Therapeutics Inc. , a biopharmaceutical company advancing oral, small molecule modulators to address unmet medical needs in oncology and autoimmune diseases, today announced that preclinical data fromtwo programs evaluating the company’s PRMT5 inhibitor and PD-L1 inhibitor as anti-cancer agents, will be presented today in a poster session at the American Association for Cancer Research (AACR) 2021 Annual Meeting taking place virtually from April 10-15, 2021.

“We are excited to announce theseimportant data from our PRMT5 and our PD-L1programs that show efficacy and tolerability in preclinical models,” said Syed Kazmi, President and Chief Executive Officer of Jubilant Therapeutics Inc. “Our oral PRMT5 inhibitor has good plasma and sustained brain exposure which results in strong target inhibition, tumor growth delay and survival advantage in both xenografts and orthotopic brain models. Our oral anti-PDL1 immunotherapeutics,with a shorter half-life,are an attractive alternative to current intravenous antibody therapies especially in the maintenance settingswith potential to limitimmune-mediated toxicities and side effects via innovative dosing approaches, while maintaining the class-based wide anti-tumor efficacyWe look forward to continuing our work on these programs as we see great potential for treating multiple cancers.”

A link to the e-posters, listed below, is available through the AACR website.

Title:Novel, small molecule PRMT5 inhibitors for treatment of cancer
Poster Number: 1128
Date and Time: April 10, 2021 at 8:30 a.m. Eastern Daylight Time (EDT)
Session Title: Epigenetic Targets
Presenter: Dhanalakshmi Sivanandhan, et al.

Title:Novel, small molecule inhibitors of PD-L1/PD-1 interaction
Poster Number: 1630
Date and Time: April 10, 2021 at 8:30 a.m. Eastern Daylight Time (EDT)
Session Title: Immune Checkpoints
Presenter: Dhanalakshmi Sivanandhan, et al.

PRMT5 over-expression, shown in several cancers including lymphoid, lung, breast, glioblastoma, gastric etc., is thought to be an important factor in its tumorigenicity due to its repressive function on tumor suppressor gene expression. Key highlights from an evaluation which examined the tumor growth inhibition of PRMT5 inhibitor JBI-778 in multiple cancer cell lines as well as glioblastoma, include the following:

• JBI-778 is a potent PRMT5 inhibitor that is selective against other PRMTs;
• JBI-778 showspotent anti-proliferative activity against a number of cancers;
• This oral small molecule demonstrated anti-tumor efficacy in a Mantle Cell lymphoma model with an ED50 of < 10 mg/Kg and a complete tumor growth inhibition (97%) at a dose of 50mg/kg; and
• JBI-778 exhibited sustained brain exposure and significant tumor growth inhibition in an orthotopic glioblastoma model, translating into substantial survival advantage.

JBI-778 is currently being evaluated for the treatment of multiple cancers and IND-enabling studies have commenced.

PD-L1 expression is an immune evasion mechanism exploited by many cancers, such as melanoma, non-small cell lung cancer and breast cancer, which permits cancer progression and metastasis. Key highlights from the PD-L1/PD-1 study which examined the ability of JBI-1527 to inhibit PD-L1 and restore T-cell proliferation and function, include the following:

• JBI-1527 is a potent, selective inhibitor of PD-L1 which induces dimerization of the protein thereby alleviating PD-L1-induced suppression of T cell activation;
• The inhibitor shows similar modulation of cytokines as Pembrolizumab in BioMAP assay and competes with anti-PD-L1 blocking antibodysuggesting similar binding site on PD-L1; and
• In CT-26 and MC38-hPD-L1 syngeneic models, the small molecule showed strong tumor growth inhibition comparable to anti-PD-L1 mAb/Atezolizumab, and was well tolerated.

Studies to further assess JBI-1527 and additional compounds are underway.

Jubilant Therapeutics Inc. is developing a pipeline of novel, differentiated therapeutic assets; for partnership opportunity inquiries please contact bd@jubilanttx.com .

About Jubilant Therapeutics

Jubilant Therapeutics Inc. is a patient-centric biopharmaceutical company advancing potent and selective small molecule modulators to address unmet medical needs in oncology and autoimmune diseases. Its advanced discovery engine integrates structure-based design and computational algorithms to discover and develop novel, precision therapeutics against both first-in-class and validated but intractable targets in genetically-defined patient populations. The Company’s entrepreneurial-minded leadership and scientific teams strive for speed and efficiency by employing a business model that leverages the proven and synergistic capabilities of Jubilant Pharmova Limited’s value chain and shared services. Jubilant Therapeutics is headquartered in the U.S. and guided by globally renowned key opinion leaders and scientific advisory board members.  For more information, please visit www.jubilanttx.com or follow us on Twitter @JubilantTx and LinkedIn.

Media Contacts
Kari Watson, +1 781-235-3060
MacDougall
kwatson@macbiocom.com

Noida, March 31, 2021: Jubilant Bhartia Foundation and Schwab Foundation for Social Entrepreneurship, the sister organization of the World Economic Forum, announces the opening of entries for the 12th edition of the annual competition - Social Entrepreneur of the Year (SEOY) India Award 2021. In 2010 the Schwab Foundation for Social Entrepreneurship and Jubilant Bhartia Foundation joined hands to promote social innovation through the social entrepreneurship awards in India.

• Social Innovation Takes Off in India: A total of over 1600 unique social innovation applications have been received in 11 years.
• 11 years have seen a total of 523 women applications across India!
• Women Change Makers: 7 out of 11 winners of the SEOY India award are women social entrepreneurs.
• Turnover of participating social organisations range from Rs 1 million to Rs 600 million!
• More stringent evaluation: Two new parameters for evaluation of social entrepreneurs – Market-based and Technology-enabled solutions added this year.
• New Trends: In the recent years, sustainable farming and clean technology have emerged as new areas of social entrepreneurship

The application entry for the Social Entrepreneur of the Year (SEOY) India Award 2021’ will be accepted till April 30, 2021. Interested candidates may submit the application form available at jubilantbhartiafoundation.com or can email the filled form to jbf_seoy@jubl.com

The winner of the Social Entrepreneur of the Year (SEOY) India Award 2021 will be announced on October 7, 2021.

The award recognizes individuals and organizations who implement innovative, sustainable, and scalable solutions to address pressing issues faced by under-served communities to make inclusive growth a reality in India. They work in diverse areas such as health, education, employment, water, clean energy, building identity & entitlements, financial literacy, access to information and technology among others.

The participating individuals and organizations are evaluated on the key parameters of Market-based, Technology-enabled, Sustainability, Direct Social Impact, Reach & Scope, Replicability. The finalists will be selected following an intensive search and selection process, including expert reviews and site visits. The winner is selected by a prominent Jury consisting of eminent leaders and professionals from the Government, Business, Media, and Civil Society.

The winner of SEOY India will join the world’s largest network of social enterprises affiliated with The Schwab Foundation for Social Entrepreneurship, to engage, build and sustain their social enterprises. The winner is awarded by a prominent chief guest in a magnificent ceremony every year.

The Social Entrepreneur of the Year (SEOY) India Award aims to promote and celebrate leading social entrepreneurs and their unique ventures in India that help in addressing the various gaps in our society and country. Through providing recognition, the SEOY India Award hopes to inspire many other potential social entrepreneurs in India every year.

About Schwab Foundation for Social Entrepreneurship was co-founded by Professor Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, and his wife Hilde. For twenty years, the Schwab Foundation for Social Entrepreneurship has supported the world’s leading social entrepreneurs in their efforts to create a more just, equitable, and sustainable world. The Schwab Foundation provides unparalleled platforms at the regional and global level to highlight and advance leading models of sustainable social innovation. Learn about us at www.schwabfound.org and follow us on Twitter: https://twitter.com/schwabfound

BEDMINSTER, New Jersey – March8, 2021 – Jubilant Therapeutics Inc., a biopharmaceutical company advancing small molecule modulators to address unmet medical needs in oncology and autoimmune diseases, announced today the appointment of Luca Rastelli, Ph.D. as Chief Scientific Officer.Reporting directly to the Chief Executive Officer, Dr. Rastelli will lead all aspects of R&D for Jubilant Therapeutics and serve as a scientific liaison for the company to investors, partners and the medical community.

“Luca is a highly accomplishedscientist and oncology drug developerand it is a pleasure to welcome him to the team,” said Syed Kazmi, Ph.D., President and Chief Executive Officer of Jubilant Therapeutics.“His experience and leadership advancing novel targeted therapeutics will be integral as we execute our corporate vision.”

“I am thrilled to join Jubilant Therapeutics and I look forward to working with the experienced management and scientific teams to further the development of the company’sexciting andinnovative programsinto the clinic and beyond," said Luca Rastelli, Ph.D.

Dr. Rastelli brings to Jubilant Therapeutics more than 20 years of oncology drug discovery and development experience, as well as business development experience ranging from startups to large pharmaceutical companies. Most recently, he was Chief Scientific Officer at Kleo Pharmaceuticals where he led all aspects of R&D for the company and was instrumental in bringing a CD38 targeting compound based on Kleo’s novel ARM technology to the clinic for multiple myeloma.

Previously Dr. Rastelli was Vice President, Oncology at BioXcel Therapeutics where he helped bring the company to a successful IPO. He has held multiple preclinical and clinical project leadership positions at Boston Scientifics, CuraGen, Sopherion and EMD Serono (Merck Serono). He led the initial development of c-MET inhibitor TEPMETKO, approved for the treatment of METex14 positive NSCLC patients. Dr. Rastelli was also part of the initial development of the immuno-oncology antibody BAVENCIO, a PDL-1 inhibitor approved for several type of cancers. He received the American Brain Tumor Association's 25th Anniversary Translational grant for his work on Medulloblastoma tumors at the Department of Neuro-Oncology, MD Anderson Cancer Center. He is a named inventor on more than 10 issued patents and holds a Ph.D. in Molecular Biology from the University of Geneva.

About Jubilant Therapeutics

Jubilant Therapeutics Inc. is a patient-centric biopharmaceutical company advancing potent and selective small molecule modulators to address unmet medical needs in oncology and autoimmune diseases. Its advanced discovery engine integrates structure-based design and computational algorithms to discover and develop novel, precision therapeutics against both first-in-class and validated but intractable targets in genetically-defined patient populations. The Company’s entrepreneurial-minded leadership and scientific teams strive for speed and efficiency by employing a business model that leverages the proven and synergistic capabilities of Jubilant Pharmova Limited’s value chain and shared services. Jubilant Therapeutics is headquartered in the U.S. and guided by globally renowned key opinion leaders and scientific advisory board members.  For more information, please visit www.jubilanttx.com or follow us on Twitter @JubilantTx and LinkedIn.

Media Contacts
Kari Watson, +1 781-235-3060
MacDougall
kwatson@macbiocom.com

BEDMINSTER, New Jersey – February 25, 2021 – Jubilant Therapeutics Inc., a biopharmaceutical company advancing small molecule modulators to address unmet medical needs in oncology and autoimmune diseases, today announced a collaboration with Boston Children’s Hospital to evaluate peptidyl arginine deiminase 4 (PAD4) inhibitors under development by Jubilant Therapeutics to explore the modulation of  neutrophil extracellular traps (NETosis) in preclinical models of neutrophil regulation and rheumatoid arthritis (RA).

PAD4 is an enzyme that converts arginine to citrulline in histones and is highly expressed in neutrophils. Histone citrullination has been implicated in the formation of NETs which is believed to contribute to pro-inflammation and disease progression in many autoimmune disorders including RA, fibrosis, lupus and ARDS.

“We are pleased to announce our collaboration with Boston Children’s Hospital, whose reputation as the nation’s leading pediatric hospital and research enterprise make them an ideal partner as we endeavor to develop the next generation of therapeutics for autoimmune diseases,” said Syed Kazmi, President and Chief Executive Officer of Jubilant Therapeutics. “Dr. Denisa Wagner, the lead investigator, has extensive experience both in the PAD4 space and the role of NETs in pathological inflammation, and we’re thrilled to have her on the team.”

“It is my lab’s belief that PAD4-mediated NET formation profoundly contributes to many inflammatory and thrombotic diseases. We concluded this based on our work with mice deficient in PAD4. Specific PAD4 inhibitors, that are well tolerated by animals, would be great for pre-clinical and, later, human studies. We are excited to test the Jubilant Therapeutics inhibitors on isolated neutrophils and, later, in mouse models of RA that we have established in our laboratory” said Denisa Wagner, Ph.D., Senior Investigator, Program in Cellular and Molecular Medicine, and Edwin Cohn Professor of Pediatrics, Harvard Medical School.

About Boston Children’s Hospital

Boston Children’s Hospital is ranked the #1 children’s hospital in the nation by U.S. News & World Report and is the primary pediatric teaching affiliate of Harvard Medical School. Home to the world’s largest research enterprise based at a pediatric medical center, its discoveries have benefited both children and adults since 1869. Today, 3,000 researchers and scientific staff, including 8 members of the National Academy of Sciences, 21 members of the National Academy of Medicine and 12 Howard Hughes Medical Investigators comprise Boston Children’s research community. For more, visit our Discoveries blog and follow us on social media @BostonChildrens, @BCH_Innovation, Facebook and YouTube.

About Jubilant Therapeutics

Jubilant Therapeutics Inc. is a patient-centric biopharmaceutical company advancing potent and selective small molecule modulators to address unmet medical needs in oncology and autoimmune diseases. Its advanced discovery engine integrates structure-based design and computational algorithms to discover and develop novel, precision therapeutics against both first-in-class and validated but intractable targets in genetically-defined patient populations. The Company’s entrepreneurial-minded leadership and scientific teams strive for speed and efficiency by employing a business model that leverages the proven and synergistic capabilities of Jubilant Life Sciences Limited’s value chain and shared services. Jubilant Therapeutics is headquartered in the U.S. and guided by globally renowned key opinion leaders and scientific advisory board members.  For more information, please visit www.jubilanttx.com or follow us on Twitter @JubilantTx and LinkedIn.

Media Contacts

Jubilant Therapeutics Media Contact

Kari Watson, +1 781-235-3060
MacDougall
kwatson@macbiocom.com

Boston Children’s Hospital Media Contact

Bethany Tripp, 617-919-3656
Bethany.Tripp@childrens.harvard.edu

• Q3’FY21 Revenue at Rs 2,664 Crore vs. Rs 2,315 Crore in Q3’FY20; up 15% YoY
• Q3’FY21 EBITDA at Rs 653 Crore vs. Rs 513 Crore in Q3’FY20; up 27% YoY
• Q3’FY21 PAT at Rs 310 Crore vs. Rs 203 Crore in Q3’FY20; up 52% YoY
• Q3'FY21 EPS is Rs 19.5 vs. Rs 12.8 in Q3'FY20; up 52% YoY

The Board of Jubilant Pharmova Limited met today to approve financial results for the quarter ended December 31st, 2020.

Commenting on the Company’s performance, Mr. Shyam S Bhartia, Chairman and Mr. Hari S Bhartia, Co-Chairman & Managing Director, Jubilant Pharmova said:

“Q3'FY21 has witnessed a substantial improvement over the previous quarter despite continued adverse impact of the COVID-19 pandemic.

Pharma business delivered strong performance led by CDMO and Generics. We continue to see new business opportunities in CDMO, Generics and Specialty Pharma segments.

The company’s performance in the LSI business has been better due to good demand and improved pricing of select products.

Contract Research and Development Services business witnessed strong year-on-year growth in revenues led by healthy demand from customers.

We continue to expect strong performance in our businesses in Q4’FY21.

During 9M’FY21, the Company reduced net debt on a constant currency basis by Rs 570 Crore. This is in addition to Rs 514 crore reduction in net debt during FY20.

We received the final NCLT order approving the demerger of our LSI business. The demerger is effective from February 1, 2021 and creates separate and focused entities: Jubilant Pharmova for pharmaceuticals, contract research and development services and proprietary novel drugs businesses and Jubilant Ingrevia for life science products and innovative solutions business; that will help in unlocking shareholder value.”

Q3’FY21 Highlights

A. Consolidated

• Revenue at Rs 2,664 Crore, as compared with Rs 2,315 Crore in Q3'FY20; up 15% YoY
• Reported EBITDA at Rs 653 Crore as compared with Rs 513 Crore in Q3'FY20; up 27% YoY. EBITDA margin at 24.5% vs. 22.2% in Q3'FY20
• Finance costs at Rs 59 Crore vs. Rs 72 Crore in Q3'FY20
• Net Profit at Rs 310 Crore versus Rs 203 Crore in Q3’FY20. EPS of Rs 19.5 vs. Rs 12.8 in Q3’FY20; up 52% YoY
• Capital expenditure for the quarter was Rs 104 Crore

Segment Wise Analysis

B. Pharmaceuticals Segment

• Pharmaceuticals revenue was at Rs 1,692 Crore vs. Rs 1,450 Crore in Q3’FY20
• Pharmaceuticals EBITDA recorded at Rs 499 Crore as compared with Rs 411 Crore in Q3’FY20 with a margin of 29.5% as compared to 28.4% in Q3’FY20
• R&D spent during the quarter of Rs 45 Crore – 2.6% to segment sales. R&D debited to P&L is Rs 47 Crore – 2.8% to segment sales
• CMO business’ revenue grew based on strong demand from customers as well as new deals
• Five separate clinical and commercial supply agreements for COVID-19 treatment and vaccine candidates signed in 9M’FY21. Remdesivir of Gilead approved by the US FDA has been contributing to CMO revenue growth
• Started contract manufacturing of Eli Lily’s Bamlanivimab, a drug that has been granted Emergency Use Authorization by the US FDA for treatment of COVID-19 and COVID-19 vaccine candidate NVX-CoV2373 of Novavax, biotechnology company developing next-generation vaccines for serious infectious diseases
• Revenue growth during the quarter was also led by strong performance in key products in Generics segment, especially in the US market and also by launch of Remdesivir in various countries including India

C. Life Science Ingredients Segment

• LSI revenue was at Rs 893 Crore against Rs 797 Crore in Q3’FY20
• Strong growth witnessed in Nutrition and Health Solutions and Life Science Chemicals business driven by improved pricing in both the segments
• EBITDA at Rs 155 Crore increased by 55% YoY with margin of 17.4% as compared to 12.6% in Q3’FY20
• Strong improvement in profitability is driven by improvement in prices across several products as well as recovery in volumes in Nutrition and Life Sciences Chemicals

D. Contract Research and Development Services Segment

• Revenue at Rs 79 Crore increased by 17% YoY
• Reported EBITDA at Rs 29 Crore vs. Rs 22 Crore in Q3’FY20 with a margin of 36.4% vs. 32.9% in Q3’FY20
• Higher demand from biotech companies for integrated services, functional chemistry and DMPK
• Company continues to witness strong demand conditions in this business

9M’FY21 Highlights

E. Consolidated

• Consolidated Revenue at Rs 6,932 Crore vs. Rs 6,763 Crore in 9M’FY20
• EBITDA at Rs 1,457 Crore vs. Rs 1,438 Crore in 9M’FY20. EBITDA margin at 21.0% vs. 21.3% in 9M’FY20
• Finance costs at Rs 199 Crore down 8% YoY
• Net Profit at Rs 622 Crore vs. Rs 638 Crore in 9M’FY20. EPS of Rs 39.1 vs. Rs 40.0 in 9M’FY20
• Capex of Rs 285 Crore in 9M’FY21
• Net debt reduced by Rs 570 Crore during 9M’FY21

Segment Wise Analysis

F. Pharmaceuticals Segment

• Pharmaceuticals revenue at Rs 4,304 Crore vs. Rs 4,231 Crore in 9M’FY20
• EBITDA at Rs 1,020 Crore vs. Rs 1,127 Crore in 9M’FY20. Margin of 23.7% as compared to 26.6% in 9M’FY20

G. Life Science Ingredients Segment

• LSI revenue at Rs 2,413 Crore vs Rs 2,356 Crore in 9M’FY20
• EBITDA at Rs 418 Crore up 34% YoY with margin of 17.3% as compared to 13.3% in 9M’FY20

H. Contract Research and Development Services Segment

• Revenues at Rs 211 Crore up 20% YoY
• EBITDA was at Rs 67 Crore up from Rs 52 Crore in 9M’FY20

I. Business Outlook

• We continue to see improvement in demand in most of our business segments be it CMO, Generics, API or Life Science Ingredients
• Given the strong demand recovery and new business sign-ups, we believe COVID-19 is not likely to have a material impact on our overall performance during FY21, provided the pandemic situation does not materially deteriorate going forward
• Overall, we continue to see strong performance in our businesses in Q4’FY21
• For Pharmaceutical business, we continue to see strong performance in Q4
• For LSI business, we expect to achieve close to double-digit revenue growth and significant growth in EBITDA with higher margin and a very healthy cash generation in FY21