Rubicon Research Ltd IPO

About Rubicon Research Ltd

Our Company was incorporated on May 6, 1999, as a private limited company under the Companies Act, 1956, under the name `Rubicon Consultants Private Limited', pursuant to a certificate of incorporation issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Subsequently, pursuant to a resolution passed by our Board and by our Shareholders on May 6, 2002 and June 15, 2002, respectively, the name of our Company was changed from `Rubicon Consultants Private Limited' to `Rubicon Research Private Limited' as we had set-up a pharma research laboratory, entered into contracts with customers from the pharma industry and was in the process of making applications to secretary, Department of Scientific and Industrial Research, Ministry of Science and Technology for carrying on scientific research development in our laboratories, consequent to which a fresh certificate of incorporation was issued by the RoC dated September 2, 2002 under the Companies Act, 1956. Furthermore, our Company's status was converted from a private limited company to a public limited company pursuant to a resolution passed by our Board and by our Shareholders on April 11, 2024 and May 13, 2024, respectively, the name of our Company was changed from `Rubicon Research Private Limited' to `Rubicon Research Limited' under Companies Act, 2013. A fresh certificate of incorporation dated July 23, 2024 was issued by the registrar of companies, central processing centre, Manesar, Haryana consequent to our Company's conversion into a public limited company.

In 2024, the US dominated the global prescription pharmaceutical market with a commanding 46.9% share. This dominance is attributed to several factors, including a robust healthcare infrastructure, a favorable regulatory environment, an innovative reimbursement mechanism, significant investments in R&D, and a large population with high healthcare expenditure and affordability. Additionally, according to F&S, the US leads in the share of first launches globally, with 65% of new medicines launched in 2021 being first launched in the US.

We are a pharmaceutical formulations company, driven by innovation through focused research and development, with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States. Based on the peer set (of seven listed Indian companies assessed by F&S, and our Company), we are the only Indian pharmaceutical player with a complete focus on regulated markets*. (Source: F&S Report) As on June 30, 2025, we directly or through our Subsidiaries have a portfolio of 72 active ANDA and nine NDA products approved by, and one over-the-counter monograph listed with, the USFDA. As on June 30, 2025, we have 17 new products awaiting USFDA ANDA approval and 63 product candidates in development. Our Company sells branded and non-branded pharmaceutical products, and for the three months ended June 30, 2025, derived 95.05% and 4.95% of our revenue from sale of goods from the sale of non-branded and branded products, respectively. The following table sets forth the therapy area-wise split of our revenue from sale of goods for the three month periods ended June 30, 2025 and 2024, and Fiscals 2025, 2024 and 2023.

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