2025-06-13-Jefferies-赛生命科学（SAILIFE）_赛生命科学非交易路演要点_13页_632kb

India Pharmaceuticals: Equity Research on SAI Life Sciences

Company Overview

• SAI Life Sciences (SAILIFE IN) is an integrated CRDMO (Contract Research, Development & Manufacturing Organization) providing end-to-end services for drug discovery and development, targeting pharma innovators.

Key Business Segments

1. CDMO (Chemistry, Manufacturing & Control):

   • Strong traction with multiple development projects; 4Q25 capacity utilization at 74%, expected ~675KL capacity by June 2025.
   • Tech transfers with Big Pharma surged post-COVID; CDMO segment to expand ~50-60% over next 2 years.
   • Long-term growth driven by China+1 sourcing shift, targeting ~40-50% of incremental Big Pharma work.

2. CRO (Contract Research):

   • Revenue tripled (USD 23M to 75M) since FY20; now 37% driven by Big Pharma.
   • Growth resilient due to reduced biotech reliance; overseas sites (e.g., Boston) key to client proximity.

Financial & Growth Outlook

• Revenue Growth: FY25-27E CAGR of 15% (INR25.5B target in FY28E).
• EBITDA Margin: Expected 28-30% by FY28E, driven by operating leverage.
• Valuation: INR800 price target (30x FY27E pre-Ind AS EV/EBITDA); ~28x FY27E EV/EBITDA.

Investment Thesis & Risks

• Upside: CDMO ramp-up, successful commercialization of late-stage molecules.
• Downside: Patent expirations, execution risks, high valuation (28x peer comparison).

Competitive Positioning

• One of India’s few integrated CRDMOs with high order visibility.
• Positioned to benefit from the China+1 trend in pharma supply chains.

Conclusion

• Maintain Hold rating due to high valuation, awaiting better entry points.
• Driven by CDMO momentum, capacity expansion, and pharma outsourcing trends in India.