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Aurobindo Pharma Limited — Q2 FY26
Aurobindo Pharma reported Q2 FY26 consolidated revenue of INR 8,286 crore (+6% YoY) and EBITDA of INR 1,678 crore (20.3% margin, +7% YoY).
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high
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Aurobindo Pharma reported Q2 FY26 consolidated revenue of INR 8,286 crore (+6% YoY) and EBITDA of INR 1,678 crore (20.3% margin, +7% YoY). PAT stood at INR 848 crore. Growth was driven by strong US formulation (6% QoQ ex-GE), Europe (+18% YoY to EUR 243M), and ARV (+69% YoY). Pen-G plant operated at 40-50% capacity, producing ~1,050 MT, nearing EBITDA breakeven. Management reiterated FY26 EBITDA margin guidance of 20-21%. Biosimilar pipeline advanced: denosumab phase 3 success, omalizumab recruitment complete, tocilizumab phase 3 waiver in EU. China OSG facility on track for breakeven by Q3-Q4 FY26. Risk: UGF3 reinspection timeline uncertain, delaying injectable launches.
ऑरोबिंदो फार्मा ने Q2 FY26 में 8,286 करोड़ रुपये की कमाई की, जो पिछले साल से 6% ज्यादा है। कंपनी ने 1,678 करोड़ रुपये का EBITDA कमाया, यानी हर 100 रुपये की बिक्री पर 20.3 रुपये का मुनाफा। शुद्ध मुनाफा 848 करोड़ रुपये रहा। अमेरिका, यूरोप और एंटी-रेट्रोवायरल दवाओं की बिक्री बढ़ने से कमाई बढ़ी। पेन-जी प्लांट 40-50% क्षमता पर चल रहा है और जल्द ही घाटा खत्म कर लाभ कमाने लगेगा। कंपनी ने पूरे साल 20-21% EBITDA मार्जिन का अनुमान दोहराया। बायोसिमिलर दवाओं पर काम जारी है। चीन का OSG प्लांट Q3-Q4 FY26 तक लाभ में आ जाएगा। जोखिम: UGF3 फैक्ट्री का दोबारा निरीक्षण टल सकता है, जिससे नई इंजेक्टेबल दवाओं की लॉन्चिंग में देरी होगी।
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UGF3 reinspection delay
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US Formulation Revenue
$417M
+6% QoQ
US revenue excluding GE development grew 6% quarter-on-quarter, driven by base business and new launches.
Europe Revenue
EUR 243M
+18% YoY
European business delivered 18% YoY growth, on track to exceed EUR 1 billion annual revenue by FY26 end.
Pen-G Production
1,050 MT
40-50% capacity
Pen-G plant produced ~1,050 MT in Q2, operating at 40-50% capacity; yields improving, nearing EBITDA breakeven.
R&D Spend
INR 414 Cr
5% of revenue
R&D expenditure was INR 414 crore, representing 5% of total revenue, consistent with focus on complex generics.
What Changed vs Last Quarter
NEW
Biosimilar denosumab EU submission in April 2026
Marketing authorization application for denosumab biosimilar to be submitted to EMA in April 2026; FDA submission expected in July quarter of 2026.
UPDATED
FY26 EBITDA margin target of 20-21%
Management reiterated confidence in achieving internal margin target of 20-21% for FY26, driven by operational leverage and cost efficiency.
UPDATED
Europe to exceed EUR 1 billion annual revenue by FY26 end
European business on track to comfortably surpass EUR 1 billion annual revenue milestone by end of FY26, driven by consistent growth across major markets.
UPDATED
China OSG facility EBITDA breakeven by Q3-Q4 FY26
The OSG facility in China is on track to deliver EBITDA breakeven by Q3-Q4 FY26, with European approval for 10 products and 3 local approvals.
DROPPED
PNG plant to generate healthy EBITDA from Q3 FY26
The PNG plant resumed operations and is expected to generate healthy EBITDA from Q3 onwards as yields improve.
NEW RISK
UGF3 reinspection delay
FDA reinspection for UGF3 facility is pending; timeline is uncertain (up to 8 months from September 2025), delaying injectable product launches.
NEW RISK
Pen-G MIP policy uncertainty
Minimum import price (MIP) representation to government is pending; if delayed or denied, Pen-G ramp-up and profitability may be impacted.
NEW RISK
Biosimilar competitive intensity
New FDA draft guidance may lower entry barriers, increasing competition; Aurobindo may be third or later entrant in key products like denosumab.
NEW RISK
High CapEx intensity
H1 CapEx at INR 1,500 crore; ongoing investments in biosimilars, biologics CMO, and Pen-G may pressure cash flows despite unutilized capacities.
RISK GONE
Sustained API pricing pressure
API revenue declined 16% YoY due to pricing pressure from both domestic and import competition, which may persist.
RISK GONE
FTC approval delay for Lannett acquisition
The Lannett acquisition is subject to FTC approval, which could take 8-12 months or longer, delaying synergies.
RISK GONE
Generic Revlimid revenue tailwind fading
Generic Revlimid sales have largely been exhausted, with minimal future contribution expected, impacting U.S. revenue.
RISK GONE
U.S. tariff and domestic manufacturing push uncertainty
Potential U.S. tariffs and push for domestic manufacturing could increase costs and alter competitive dynamics.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY25, Q3 FY25
Omalizumab and ophthalmic product trials are delayed; ophthalmic recruitment only 50% and expected to complete in H2 2026, pushing back potential launches.
Mentioned in Q1 FY25, Q3 FY25
The China OSD plant (2B units capacity) commercialized in November 2024, expected to ramp up and contribute to revenues in FY26, initially supplying Europe.
Mentioned in Q3 FY25, Q4 FY25
The US-based OSD plant at Dayton is expected to commence commercial manufacturing in Q2 of FY26.
Fast read
Guidance and risk preview
Management reiterated confidence in achieving internal margin target of 20-21% for FY26, driven by operational leverage and cost efficiency.
FDA reinspection for UGF3 facility is pending; timeline is uncertain (up to 8 months from September 2025), delaying injectable product launches.
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