About Anthem Biosciences IPO
Anthem Biosciences Limited, founded in 2006, is one of the growing innovation-driven and technology-focused Contract Research, Development and Manuf ... acturing Organizations (“CRDMO”) with end-to-end operations covering drug discovery, development, and manufacturing. Anthem Biosciences is one of the few companies in India with integrated capabilities in New Chemical Entities (NCE) and New Biological Entities (NBE) throughout drug discovery, development, and commercial manufacturing.

Anthem Biosciences is a one-stop service provider engaged in serving a wide range of customers, including emerging biotech companies and large pharmaceutical firms around the world. The company is involved in the manufacturing of specialized fermentation-based APIs, including probiotics, enzymes, peptides, nutritional actives, vitamin analogues, and biosimilars. The company has supplied to over 150 customers, from small biotech to large pharmaceutical companies, as of March 31, 2024. Currently, the company has a team of 600 employees, including medicinal chemists, microbiologists, molecular biologists, biochemists, and chemical engineers.

Strengths:
 

• Established Market Position: Anthem Biosciences is one of India's fastest-growing Contract Research, Development and Manufacturing Organizations (CRDMO).
• Strong Financial Performance: The company reported a 30% increase in revenue (₹1,930.29 crores in 2025 vs ₹1,483.07 crore in 2024) and a 23% rise in profit (₹451.26 crores in 2025 vs ₹367.31 crore in 2024).
• Comprehensive Service Portfolio: Anthem offers end-to-end CRDMO services across small and large molecules (New Chemical Entities (NCE) and New Biological Entities (NBE)).
• Focus on Innovation and Technology: The company has expertise in advanced modalities like RNAi, ADCs, peptides, lipids, and oligonucleotides.
• Specialized Business Model: Anthem caters to small pharmaceutical and biotech companies, offering cost-effective and quality services through a Fee-for-Service (FFS) model.
  Global Customer Base: It serves over 550 clients across 44 countries, including regulated markets like the US, Europe, and Japan.

Risks:

• Dependence on CRDMO Services and Manufacturing: A significant portion of revenue comes from CRDMO services (81.13% in H1 FY25) and developmental/commercial manufacturing (73.06% in H1 FY25), making the company vulnerable to downturns in these segments.
• Customer Concentration: The top five and top ten customers contributed a substantial portion of revenue (69.86% and 76.75% respectively in H1 FY25), increasing revenue volatility.
• Regulatory Risks: The company operates in a highly regulated industry and is subject to stringent quality and compliance norms, with regulatory approvals and inspections impacting operations.
  Competitive Industry: The CRAMS industry is competitive, with large and established players.