THE YEAR 2024-25
INTRODUCTION
As of 2025, India stands firmly as the global leader in generic drug production, earning its title as the "Pharmacy of the World." The country supplies over 50% of the global demand for pharmaceutical products such as vaccines, 40% of the generic pharmaceutical needs of the United States, and provides 25% of all medicines consumed in the United Kingdom. With a vast domestic network of more than 3,000 drug companies and over 10,500 manufacturing units, India ranks third globally in pharmaceutical production by volume and fourteenth by value. Its pharmaceutical sector plays a pivotal role in global health, especially in the fight against AIDS, supplying more than 80% of the worlds antiretroviral drugs. Backed by a deep pool of scientists and engineers, India is rapidly advancing in biosimilars, specialty drugs, and digital health innovation, positioning itself not just as a manufacturing hub but as a driver of pharmaceutical research and development.
GLOBAL OVERVIEW
The global economy in FY 2024-25 showed signs of stabilization after years of volatility triggered by geopolitical tensions and pandemic-related disruptions. Inflationary pressures eased in most major economies, aided by more balanced energy markets and improved supply chain resilience. While central banks in developed nations maintained cautious monetary policies, the threat of recession receded, and global growth began to recover modestly. India continued to outperform, with robust GDP expansion and a resilient domestic market, positioning itself as a key driver of global economic momentum.
In this evolving landscape, governments have not scaled back their commitment to healthcare spending. In fact, global pharmaceutical expenditure is projected to reach approximately USD 1.77 trillion in 2025, with sustained investment from high-income countries such as the United States, Japan, and those in Western Europe. These regions continue to exhibit high per capita usage of prescription drugs, driven by aging populations and chronic disease prevalence. Meanwhile, low- and middle-income countries are witnessing a steady rise in medicine consumption, supported by improved access and healthcare infrastructure. The global pharmaceutical market is expected to grow at a compound annual growth rate (CAGR) of 6.15%, with new drug launches and biosimilars offsetting revenue losses from patent expirations. This growth reflects a broader commitment to innovation, affordability, and equitable access in the post-pandemic healthcare paradigm.
COMPANY PERSPECTIVE
Vista Pharmaceuticals offers over the counter & prescription generic drug products consisting of tablets, capsules and liquids covering various therapeutic categories. Vista Pharmaceuticals was founded in 1992 to Formulate, Register, Produce, Market and Distribute High Quality Pharmaceutical Products, initially focusing on the United States Market with a Vision of expanding Globally.
Vista Pharmaceuticals is the first Indian Company to obtain USFDA Approvals to produce OTC as well as Prescription Drugs to US Market in 1994. Vista Pharmaceuticals is the first Indian Company to export OTC as well as Prescription Drugs to US in 1996.
We have established an extensive Marketing and Distribution Network in the United States. Our
state of- the-art Facility in India is built according to CGMP and US-FDA standards. It has been
operating since 1994 and the Facility built with state-of the art Research & Development (R&D), Quality Assurance/Quality Control (qA/QC) and Production departments.
OBJECTIVES
Develop ANDAs (Generic version of Off-Patented Branded Drugs) to US market.
Develop Generic Drug Products to other Global Markets.
Contract Manufacture Pharmaceutical Drug Products to other Companies.
ACHIEVEMENTS
USFDA Approved Generic Bactrim (Sulfamethoxazole + Trimethoprim - SMZ) for US Market in October 2005.
SMZ Product (Generic Bactrim) is First Manufactured in US in 2006.
SMZ Product (Generic Bactrim) is First launched in US in May 2006.
USFDA approved the Site Transfer of SMZ Product Manufacturing to India in June 2010.
SMZ Product from India is launched in US in November 2010.
VISTA PHARMACEUTICALS, INDIA (VISTA INDIA) FOCUS IS
US Generic Market has better margins and sales volumes compared to other countries.
Almost 85% of the prescription drug market is of Generic Drugs in US.
The company operations are going on as per USFDA cGMP norms. The validations and stability testing studies are going on as per schedules.
PRODUCTS TO BE INTRODUCED TO US MARKET
The management of the Company is planning to introduce generic pharmaceutical products in the following categories in the US market.
Cardiac, Respiratory, and CNS drugs.
ROAD AHEAD
Medicine spending in India is projected to grow 9-12% over the next five years, leading India to become one of the top 10 countries in terms of medicine spending. Going forward, better growth in domestic sales would also depend on the ability of companies to align their product portfolio towards chronic therapies for diseases such as cardiovascular, antidiabetic, antidepressants and anticancer, which are on the rise.
The Indian Government has taken many steps to reduce costs and bring down healthcare expenses. Speedy introduction of generic drugs into the market has remained in focus and is expected to benefit the Indian pharmaceutical companies. In addition, the thrust on rural health programmes, lifesaving drugs and preventive vaccines also augurs well and the pharmaceutical Companies trying their best to move ahead in planned manner to achieve the higher growth.
FINANCIAL PERFORMANCE Revenues
Company has recorded the revenue of Rs. 1007.45 Lakhs during 2024-25 as compared to Rs. 1028.78 Lakhs in 2023-24.
Other Incomes
The Other incomes for 2024-25 of Rs. 44.06 Lakhs, compared to Rs. 33.44 Lakhs in 2023-25. Expenditure
The expenses for 2024-25 of Rs. 1580.51 Lakhs, compared to Rs. 1579.86 Lakhs in 2023-24.
Loss Before Tax
There is Loss Before Tax for 2024-25 of Rs.528.98 Lakhs compared to Loss Before Tax of Rs.517.74 Lakhs in 2023-24.
Loss after Tax
The Loss After Tax for 2024-25 of Rs. 464.87 Lakhs as against Profit After Tax of Rs451.20 Lakhs in 2023-24.
Earnings Per Share
The EPS for 2024-25 has decreased to Rs. (0.79) as compared to Rs. (1.03) in Previous Year 202324.
RISK MANAGEMENT
Risks are inherent to our business as our operating environment is complex, highly regulated, and dynamic. To attain our strategic growth objectives, protect the interests of all our stakeholders and meeting legal requirements we have an established process of identifying, analyzing, and responding appropriately to all business risks. We have a well-embedded Risk Management Framework to ensure that we are well-placed to manage any adverse effect posed by financial, operational, strategic or regulatory related risks.
Our framework adopts appropriate risk mitigation measures for identified risks across functions. The process ensures that new risks, which might arise, or the impact of existing risks which might have increased, are identified and a strategy is put in place for mitigating such risks. The major risks identified by the management are regulatory, competition, supply chain disruption, cyber and data security.
INTERNAL CONTROLS AND ADEQUACY
Your Company has a robust and reliable system of internal controls commensurate with the nature of the business, and the scale and complexity of operations. The Company has adopted policies and procedures covering all financial, operating and compliance functions.
These controls have been designed to provide a reasonable assurance over:
1. Effectiveness and efficiency of operations
2. Safeguarding of assets from unauthorized use or losses
3. Compliance with applicable laws and regulations
4. Prevention and detection of frauds and errors
5. Accuracy and completeness of the accounting records
6. Timely preparation of reliable financial information
The current system of Internal Financial Controls (IFC) is aligned with the requirement of the Companies Act 2013, The Internal Audit (IA) function of the Company functionally reports to the Chairperson of the Audit Committee, thereby maintaining its objectivity.
FORWARD-LOOKING STATEMENTS
Your directors are focusing to strengths its Market through expansion of its activities and will make the necessary investment when attractive opportunities arise.
OPPORTUNITIES & THREATS
The pace at which the pharmaceutical sector in India is growing has increased the Opportunities for the company which can lead to healthy growth of the Company. The pharmaceutical sector is also exposed to various kinds of risks related to change in government policies, pricing of products, intense competition due to growth etc. The Company is well equipped to tackle the risks related to the business of the Company.
OUTLOOK
Your company has been following the philosophy of providing the highest quality products and services at the lowest possible prices. Your Companys philosophy to provide high class quality products i.e., full value for money, to consumers would greatly benefit in the long run. Your company will continue to follow this philosophy in the new operations that it is likely to undertake.
HUMAN RESOURCES
Vista Pharmaceuticals Limited believes in creating an environment, wherein human resources derive a sense of purpose, passion and personal growth at work, leading to organizational performance. Towards realizing this, the company relies on the four pillars, namely, performance management, talent engagement, Capability development and maintaining cordial industrial relations. It also believes in review of its HR processes and systems on an ongoing basis to optimize costs, time and labour.
CAUTIONARY STATEMENT
Statements in the Management Discussion and Analysis describing the Companys objective, projections, estimates, expectations may be forward-looking statements. Actual results may differ materially from those expressed or implied due to various risks and uncertainties. Important factors that could make a difference to the Companys operations include global and Indian demand-supply conditions, Active pharmaceutical Ingredient and finished goods prices, changes in government regulations and policies, tax regimes, economic conditions within India and the countries within which the Company conducts business and other such factors. The Company does not undertake to update these statements.
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