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Revenue
₹1,407 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹266.4 Cr
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Gland Pharma reported consolidated revenue of INR 14,070 million (+16% YoY), driven by 14% growth in the base business and Cenexi contribution. Base business EBITDA margin held at 29%, while consolidated margin fell to 19% due to Cenexi's negative EBITDA. U.S. revenues grew 27% YoY on volume and new launches, but sequentially declined 13% due to milestone income normalization and a low-margin GPO contract. Cenexi revenue was EUR 43 million with negative EBITDA of EUR 3 million; management expects positive EBITDA by Q4 FY25. Biologics CDMO discussions are advancing, including a potential strategic collaboration. Risks include Cenexi's turnaround timeline, U.S. pricing pressure, and execution on biologics investments.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects base business (ex-Cenexi) to grow in mid-teens for the full fiscal year.
- Management guided base business EBITDA margin in the range of 30-33% for the full year.
- Cenexi is expected to achieve positive EBITDA by the fourth quarter of this fiscal year.
- Cenexi expects revenue to exceed EUR 200 million in the next fiscal year, driving positive EBITDA.
Risks flagged
- Cenexi is still a few quarters away from a complete turnaround; Q2 will be impacted by extended summer shutdown.
- U.S. market remains crowded; low-margin GPO contract and milestone income volatility could pressure margins.
- Discussions for a strategic biologics collaboration are early-stage; may require significant investment with uncertain timeline.
- Fosun sold a large stake in the quarter; management has no visibility on future share sales, which could impact sentiment.
Key quotes
- We are in discussions with a leading biologics company for a potential strategic collaboration. This collaboration could involve large-scale contract manufacturing of our four biosimilars with a possible in-licensing opportunity for Gland Pharma in specific markets of interest.
- Cenexi is still a few quarters away from a complete turnaround.
- We are also gaining good traction from partners in new areas outside of small molecules, such as biologics, plasma fraction, and several difficult-to-make technologies.
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