Three Decades of Impact.
Charting the Next Phase of Growth.
Dear Shareholders,
The Indian pharmaceutical industry has undergone a profound transformation,
particularly in the post- COVID era. A sharper focus on healthcare access, rising patient
awareness, and increasing complexity have reshaped market dynamics. In this environment,
the ability to evolve with the changing landscape is not just an advantage - it is
essential for long-term sustainable growth.
At Mankind, our journey has been one of continuous evolution. What began as a
marketing-led pharma company has grown into an integrated organisation with in-house
manufacturing, a strong consumer healthcare portfolio, expanding exports, and cutting-edge
R&D.
As we celebrate 30 years in 2025, our commitment to building a healthier Bharat through
affordable, high- quality products that are accessible to all remains as strong as ever.
This milestone is both humbling and inspiring.
1. Fostering excellence through stronger leadership
To sustain long-term leadership, we recognise the need to continuously evolve - even if
it has a shortterm impact on business. This year, we embarked on a series of
transformative initiatives like strengthening leadership, medical affairs and doctor
engagement, empowering our workforce with next- gen capabilities, and accelerating
digitisation, reflecting our belief that resilience is built through preparation, not
complacency.
These initiatives were designed to improve internal efficiency, sharpen execution, and
ensure a more agile and future-ready Mankind.
With this transformation initiative now being completed, we are confident that these
efforts - much like our earlier restructuring initiatives in OTC - will enable sharper
go-to-market strategies, stronger on-ground execution and enduring, high- quality growth
in the years ahead.
2. Focus on Chronic through science and differentiation
Our focus on expanding access to high-quality chronic products has fuelled a healthy
growth of 12%1 in FY2025. Our Chronic share2 has increased to 37% from 28% since FY2018
driven by a consistent outperformance of 1.3x - 1.4x to IPM.
Following the successful launch of Neptaz, in-licensed from Novartis, we have further
strengthened our product portfolio in FY2025 paving the way for another in-licensed
product- Crenzlo (Inclisiran) from Novartis, a novel product for lipid lowering therapy.
Top 3 player1 in CVM Cardiology in FY2025
Additionally, our in-licensing agreement for Symbicort from Astra Zeneca reflects the
growing trust global MNCs place in us opening doors to future collaborations. Further, the
launch of affordable Empagliflozin (SGLT2 inhibitor) has strengthened our portfolio of
complex products in diabetes.
These initiatives are deepening trust, among prescribers fostering sustainable growth
in chronic and super-specialty therapies, and reinforcing Mankind's position as a
science-driven, quality-first pharmaceutical leader.
1. As per IQVIA MAT MarRs 25
2. Excluding BSV
3. Scaling up consumer healthcare with sharper focus
Our OTC business recovered from second quarter in FY2025 and delivered a strong revenue
growth of 15% y-o-y in FY2025, driven by growth in key brands and targeted corrective
measures adopted in FY2024.
Additionally, we recognised the distinct nature and growth potential of our OTC
business and established it as a separate entity with a dedicated team and a tailored go-
to-market strategy, positioning it for sustainable growth.
From our beginnings in sexual wellness, and pregnancy care, we have expanded into
broader consumer wellness categories including VMN (HealthOk), Pain & Analgesics
(Nimulid), Antacid powders (Gas-O-Fast), Anti-Acne preparations (AcneStar) etc. with a
focus on premiumisation and diversification. Our new launches including Epic ThinX,
Nimulid, and Ova News, etc. have witnessed strong growth momentum in FY2025.
4. Acquired BSV - a complex super specialty business
The past year has been pivotal for our Company. We began by exploring strategic
opportunities to expand in complex super specialty business, culminating in the
acquisition of Bharat Serums & Vaccines Limited (BSV) - a step that strengthens our
presence in high-entry-barrier therapies backed by advanced R&D Tech Platforms.
BSV's strong presence in women's health, fertility, and critical care perfectly aligns
with our strategy to expand in complex therapies. Its comprehensive IVF portfolio is
scalable across geographies, backed by a differentiated product range. Following this
acquisition, Mankind's market share1 by value increased to 4.8% in FY2025 from 4.4% last
year and consolidated our rank - 4 by value1.
Importantly, BSV has established R&D tech platforms - Recombinants & Niche
Biologics, Immunoglobulins, and Complex Drug Delivery Systems with a capability to develop
innovative and complex drugs like Anti-D, Foligraf, Thymogam, ASVS, etc. which have
limited or no competition.
Looking ahead with confidence
We have laid a strong foundation for Mankind's long-term sustainable growth, powered by
our four pillars:
1. Steady Base Business - Multi Therapy
2. Fast growing Specialty Chronic
3. High potential Consumer Healthcare
4. BSVs high entry-barrier Super Specialty Business
Evolving from bottom-up execution to strengthening our organisation with a top-down
model, we are shaping a professional, R&D- driven institution focussed on innovation
and execution excellence.
Our heartfelt gratitude to all our stakeholders for their support. We hope to maintain
your trust and belief as we move forward - with clarity and conviction.
With warm regards,
Ramesh Juneja
Chairman and Whole-Time Director
Rajeev Juneja
Vice Chairman and Managing Director