Hyphens Pharma International - SAC Capital 2023-11-20: 3Q23 Business Update

• Hyphens Pharma International (SGX:1J5)'s 9M23 revenue of S$118m (-4.8% y-o-y) and net profit of S$5.7m (-45% y-o-y) aligned with projections, coming in at 75%/80% of FY23E forecast.
• While 9M23 results reflect better performances in the Proprietary Brands (PB) segment offset by weaknesses in the Specialty Pharma Principals (SPP) and Medical Hypermart and Digital (MHD) segments, 3Q23 results reveal the contrary with recent pickup in the latter two.

Specialty Pharma Principals (SPP)

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• new distributorship with Laboratoires Gilbert S.A.S.
• These have helped to offset the substantial drop in revenue/net profit (-S$4.4m/S$2.1m) due to the discontinuation of Biosensors products distributorship entering FY23.

Medical Hypermart and Digital (MHD)

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Proprietary Brands (PB)

• Despite the 4.2% y-o-y decline in Proprietary Brands (PB) 3Q23 revenue as Ceradan product sales wavered, 9M23 revenue saw a 3.9% y-o-y increase driven largely by stronger demand for Ocean Health supplements (1Q23: +16% y-o-y, 2Q23: 3% y-o-y).

Gross margins fells in 3Q23

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Lim Qiuni Nicole SAC Capital Research | https://www.saccapital.com.sg/ 2023-11-20 SGinvestors.io

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