2/n  Business Model 🧠🔬  Anthem Biosciences operates as an innovation-driven Contract Research, Development & Manufacturing Organization.  It offers end-to-end services—from drug discovery and development to large-scale manufacturing—for both NCEs (New Chemical Entities) and

3/n  Anthem’s core revenue comes from its integrated CRDMO platform, serving global biotech & pharma clients—from agile biotech startups to large multinational pharma companies.  It also manufactures specialty ingredients across pharma, specialty chemicals, and agri-chemicals.

4/n  Five Focus Areas Driving Future Growth 🧬  🔹 RNA Interference (RNAi) – Used in therapies for liver, cardiovascular, and urinary conditions; market growing at 18.1% CAGR. Anthem contributes to glycolipid-based RNAi delivery – with a commercialized product showing global

5/n  🔹 Peptides & GLP-1 Agonists – For diabetes, obesity, & metabolic disorders. GLP-1 market forecasted at $126B by 2029 (19.0% CAGR). Anthem has GLP-1 manufacturing capabilities 🔹 Oligonucleotides – DNA/RNA-based drugs targeting degenerative & autoimmune diseases. Market to

6/n  Manufacturing Infrastructure 🏭🔬   Anthem Biosciences operates 3 state-of-the-art manufacturing units in Bengaluru, with a strong focus on R&D, chemical synthesis, fermentation, and biotransformation It boasts the largest fermentation capacity among Indian CRDMOs (142 kL

7/n  Global Market Presence & Supply Chain 🌍🧩  As of March 31, 2025, Anthem Biosciences served clients in 44+ countries, with a strong presence in regulated markets like the US, EU, Japan, and regulatory accreditations from agencies such as USFDA, TGA, ANVISA.  In FY25,

8/n  Key Strengths  🔑  🔹 Fully Integrated CRDMO: One of the few Indian players with end-to-end capabilities across both small & large molecules (NCEs & NBEs). Over 8,000 projects executed, 675+ clients served, and 242 active projects in FY25 🔹 Technology-Led Innovation:

9/n  🔹 Specialty Ingredients Edge: Complementary revenue stream with a broad portfolio—GLP-1, enzymes, probiotics, vitamin analogues, and biosimilars—leveraging both chemistry & biology strengths 🔹 High-Quality Manufacturing: Highly automated GMP infrastructure with 100+

10/n  Strategic Priorities 📈🔬  🔹 Deepen Client Relationships via Tech Expansion: Anthem is scaling advanced chemistry platforms and green technologies to attract high-value discovery & development clients, especially in ADCs and peptides  🔹 Maximize Commercial Capacity:

11/n  🔹 Drive Operational Efficiency: Anthem is focused on cost control via high-margin projects, FFS contracts, and supply chain localization—helping reduce dependence on China through Indian supplier partnerships 🔹 Pursue Inorganic Growth: Actively exploring M&A and

12/n  Key Risks ⚠️🧪  🔹 CRDMO Dependence: With 81.65% of FY25 revenue coming from CRDMO services, any slowdown in biotech/pharma R&D or customer setbacks could significantly impact revenues 🔹 Heavy Reliance on Developmental & Commercial Manufacturing: 70.78% of revenue and

13/n  🔹 Patent Expiry Exposure: Loss of exclusivity on client-owned products may lead to generic competition—reducing demand for Anthem’s commercial manufacturing services 🔹 Audit & Approval Risk: Regular inspections by global regulators and clients mean that any failure or

14/n P2P Comparison Source: DRHP

15/n Disc: No Reco to Buy/Sell