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ANTHEM IPO

Anthem Biosciences Limited
IPO Doc
Start Date14-07-2025
Application Timing10am-5pm
Price Range₹540 - ₹570
Min Qty26
Min. Investment₹14820
Listing DateNA
Close Date16-07-2025

About Anthem Biosciences Limited

Anthem Biosciences Limited, founded in 2006, is a Bengaluru-based innovation-led Contract Research, Development, and Manufacturing Organization (CRDMO). It offers end-to-end services across the drug life cycle from discovery to development and commercial manufacturing for both small molecules and biologics.

The company caters to a diverse global clientele, including leading pharmaceutical giants and emerging biotech firms. With a strong emphasis on fermentation-based APIs, Anthem manufactures probiotics, peptides, enzymes, biosimilars, and other specialty ingredients. As of September 30, 2024, Anthem had a robust pipeline of 196 active projects and served over 550 customers in 44+ countries including the U.S., Europe, and Japan.

Its R&D capabilities are reinforced by a team of over 600 scientists and researchers, and it holds 8 patents (1 Indian and 7 overseas) with 24 more patent applications pending. The company’s competitive edge lies in its integrated CRDMO model, innovation-focused approach, and fully built-out, automated manufacturing infrastructure.

Why To Invest in Anthem Biosciences Limited

India’s Fastest Growing CRDMO: The Indian CRDMO market is expected to grow at 13.4% CAGR (2024–2029) faster than the global average of 9.1% CAGR, making Anthem well-positioned to benefit from this surge.

Strong Financials: FY25 revenue stood at 1,930.29 Cr, a YoY growth of 30%, with PAT of ?451.26 Cr and EBITDA margin of 36.81% reflecting healthy operational efficiency.

High Return Ratios: RoCE at 26.88% and RoE at 20.82% among the highest compared to Indian peers like Syngene and Divi’s Labs.

Diversified Business Model: Revenues are spread across development (70.78%), specialty ingredients (18.35%), and research (10.87%) reducing over-dependence on any single vertical.

Global Customer Base: Over 550 clients worldwide with the top 10 customers contributing 77.33% of revenue. Long-standing relationships enhance revenue visibility.

Scalable Growth Strategy: Focus on expanding tech capabilities, leveraging manufacturing infrastructure, cost optimization, and inorganic growth plans.

Financial Table
Period Ended 31 Mar 2025 31 Mar 2024 31 Mar 2023
Assets 2,807.58 2,398.11 2,014.46
Revenue1,930.291,483.07 1,133.99
Profit After Tax 451.26367.31385.19
EBITDA683.78519.96446.05
Net Worth 2,409.861,924.66 1,740.67
Reserves and Surplus 2,298.05 1,815.391,628.88
Total Borrowing 108.95232.53125.06
Strengths And Risks
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Integrated CRDMO Services Across the Drug Lifecycle: Anthem Biosciences offers comprehensive services from drug discovery to commercial manufacturing covering small molecules and biologics. This end-to-end model positions the company as a one-stop solution in the growing CRDMO sector.
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Strong Focus on Innovation and Advanced Technology: With an innovation-led approach, Anthem leverages cutting-edge technologies to handle complex manufacturing projects, including biosimilars, enzymes, and peptides ensuring long-term relevance and scalability.
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Unique Business Model for Small Pharma and Biotech Clients: The company’s differentiated model caters to the specific needs of emerging biotech startups and smaller pharmaceutical firms helping them scale from discovery to market-ready products.
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Scalable and Automated Infrastructure: Anthem’s fully developed manufacturing infrastructure is highly automated and built to scale allowing efficiency in production and a faster turnaround across global customer requirements.
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High Revenue Dependency on CRDMO Segment: In FY25, 81.65% of total revenue came from CRDMO services. Such high concentration in a single business vertical increases the risk if market dynamics shift.
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Exposure to Early-Stage Project Failures: A significant portion of the company’s pipeline includes early-phase development projects. Any failures or delays at this stage could directly impact earnings and resource utilization.
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Continuous Investment Required in Technology: The pharmaceutical R&D space evolves rapidly. Anthem needs to constantly upgrade its technology to remain competitive, which could put pressure on capital expenditure and margins.
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Client Concentration Risk: The company relies heavily on a few clients with the top 5 contributing 70.92% and the top 10 contributing 77.33% of FY25 revenue. Any loss or shift in key clients could significantly affect financial stability.
FAQs
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