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View Promises →Gland Pharma Limited — Q3 FY24
Gland Pharma reported consolidated revenue of INR 1,545 crore in Q3 FY24, up 65% YoY, driven by the Cenexi acquisition and strong US base business growth of 17% YoY.
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Gland Pharma reported consolidated revenue of INR 1,545 crore in Q3 FY24, up 65% YoY, driven by the Cenexi acquisition and strong US base business growth of 17% YoY. EBITDA margin contracted to 23% (vs 31% YoY) due to Cenexi's negative EBITDA of INR 17 crore, impacted by one-time restructuring costs and lower production absorption. Base business EBITDA margin improved to 34% (up 300 bps YoY). PAT declined 17% YoY to INR 192 crore, weighed by higher depreciation from purchase price allocation. US revenue grew 41% YoY, supported by volume growth, new product launches, and Enoxaparin recovery. Cenexi's operational issues persist, with management guiding for EBITDA breakeven in 12-15 months and targeting 10% margins in the medium term. The company expects incremental revenue of EUR 30-40 million from new programs at Cenexi by FY2026. Key risk: Cenexi's operational turnaround may take longer than expected, delaying margin recovery.
ग्लैंड फार्मा ने तीसरी तिमाही में 1,545 करोड़ रुपये का कारोबार किया, जो पिछले साल से 65% ज्यादा है। यह बढ़ोतरी यूरोप की कंपनी सेनेक्सी को खरीदने और अमेरिका में मजबूत बिक्री (17% बढ़ोतरी) से हुई। मुनाफे की दर (EBITDA) 31% से घटकर 23% रह गई, क्योंकि सेनेक्सी को 17 करोड़ का नुकसान हुआ। यह नुकसान एक बार के पुनर्गठन खर्च और कम उत्पादन के कारण हुआ। मुख्य कारोबार की मुनाफा दर 34% रही, जो पिछले साल से 3% ज्यादा है। शुद्ध मुनाफा 17% घटकर 192 करोड़ रुपये रहा, क्योंकि नई खरीद के कारण मूल्यह्रास बढ़ गया। अमेरिका में बिक्री 41% बढ़ी, जिसमें नए उत्पादों और एनोक्सापैरिन दवा की वापसी का हाथ है। सेनेक्सी की समस्याएं जारी हैं, लेकिन कंपनी का कहना है कि 12-15 महीने में वह बराबर हो जाएगी और 10% मुनाफा कमाएगी। 2026 तक सेनेक्सी से 30-40 मिलियन यूरो अतिरिक्त कमाई की उम्मीद है। खतरा: सेनेक्सी को ठीक होने में ज्यादा समय लग सकता है।
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Cenexi operational turnaround delays
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Read Transcript →Quarter Snapshot
US Revenue Growth (QoQ)
12%
+12% QoQ
US market revenue grew 12% sequentially, driven by volume growth and new product launches.
Cenexi Revenue
INR 443.8 Cr
N/A (first full quarter)
Cenexi contributed INR 443.8 crore in its first full quarter of consolidation.
Cenexi EBITDA
INR -17 Cr
N/A
Cenexi reported negative EBITDA of INR 17 crore due to one-time expenses and lower production.
ANDAs Filed (Q3)
10
N/A
Filed 10 ANDAs during the quarter, with 3 approvals received.
What Changed vs Last Quarter
NEW
Cenexi EBITDA breakeven in 12-15 months
Management expects Cenexi to achieve EBITDA breakeven within 12-15 months, with medium-term EBITDA margin target of 10%.
UPDATED
Cenexi incremental revenue of EUR 30-40 million by FY2026
New programs in tech transfer and approval stages are expected to add EUR 30-40 million to Cenexi's annual revenue in the medium term.
UPDATED
Base business mid-teens growth target
Ex-Cenexi business targets mid-teens revenue growth over the next 2-3 years, driven by US complex products and CDMO opportunities.
UPDATED
Cenexi CapEx of EUR 30 million
Cenexi will invest approximately EUR 30 million in new equipment and capacity expansion over the next year.
NEW RISK
Cenexi operational turnaround delays
Cenexi faces operational issues including lower productivity, old lines, and regulatory hurdles for product line shifts, which may delay margin recovery.
NEW RISK
Cenexi revenue growth may be pushed out
Analyst question highlighted that operational issues could delay the EUR 30-40 million incremental revenue from new programs beyond FY2026.
NEW RISK
India business decline
India revenue declined 7% YoY and remains a low-focus market, with limited growth visibility due to DPCO pricing pressures.
RISK GONE
Cenexi annual summer shutdown impact
Cenexi's annual summer shutdown (4 weeks in France, 3 in Belgium) will continue to cause revenue loss and negative EBITDA in Q2 each year.
RISK GONE
Enoxaparin pricing and volume pressure in ROW markets
ROW revenue declined 9% QoQ due to lower Enoxaparin volumes and pricing pressure from competition, with management noting very low margins.
RISK GONE
Cenexi margin improvement timeline uncertain
Management declined to provide a timeline for Cenexi reaching 13-15% EBITDA margins, citing early stage of integration.
RISK GONE
Potential dilution from milestone income volatility
Milestone income (5% of ex-Cenexi revenue in Q2) can fluctuate between 5-10%, impacting quarterly comparability.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24
Cenexi's annual summer shutdown (4 weeks in France, 3 in Belgium) will continue to cause revenue loss and negative EBITDA in Q2 each year.
Mentioned in Q1 FY24, Q2 FY24
Management declined to provide a timeline for Cenexi reaching 13-15% EBITDA margins, citing early stage of integration.
Mentioned in Q1 FY24, Q2 FY24
Management expects steady quarter-on-quarter growth in the base business, driven by new launches and volume expansion.
Fast read
Guidance and risk preview
Management expects Cenexi to achieve EBITDA breakeven within 12-15 months, with medium-term EBITDA margin target of 10%.
Cenexi faces operational issues including lower productivity, old lines, and regulatory hurdles for product line shifts, which may delay margin rec...
View Risks →