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Revenue
₹1,511 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sanofi India reported a mixed Q4 FY26 with domestic sales of ₹1,511 crore for FY25, driven by 11% YoY growth in the diabetes segment, led by insulin portfolio (Lantus, Toujeo, Soliqua). However, partnership revenue declined sharply to ₹153 crore in Q4 from ₹200 crore in Q3 due to inventory phasing and a frozen period. PAT grew 4% YoY for the full year, but EBITDA margin fell to 21.5%, an eight-quarter low, impacted by export decline and partnership volatility. Management expects partnership fluctuations to continue through FY26, with stabilization by year-end. Diabetes growth remains robust, with insulin volume accelerating +6% overall and +11% in Q4. Key risk: continued partnership revenue volatility could mask underlying business performance.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects inventory phasing and frozen periods to cause quarterly volatility, with stabilization by end of FY26.
- Driven by insulin portfolio (Toujeo, Soliqua) and expansion in public sector, though market dynamics remain volatile.
- Focus remains on maximizing current portfolio (Soliqua, Toujeo) and real-world evidence publications.
Risks flagged
- Quarterly fluctuations due to inventory phasing and frozen periods may persist through FY26, obscuring underlying growth.
- Aggressive discounting by competitors in certain accounts and institutional business is impacting partnership sales.
- Rapid growth of GLP-1 drugs could cannibalize insulin sales, though Soliqua (GLP-1/insulin combo) may mitigate.
Key quotes
- We are not allowed to give the details by business between the partnership in terms of margin.
- The fluctuation will continue in 2026. By end of 2026 we will stabilize this partnership.
- We have a lot to do with the current portfolio. Soliqua is just one year old in the game.
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