Promises
2 promises
Promise Tracker
0 delivered, 0 close, 2 missed.
View Promises →Gland Pharma Limited — Q3 FY25
Gland Pharma's Q3 FY25 consolidated revenue was INR 1,384 crore, with EBITDA margin improving 100 bps YoY to 26%.
neutral
medium
✓ Verified against BSE filing
2-Minute Summary
✦ AI-Generated from Full Transcript
Gland Pharma's Q3 FY25 consolidated revenue was INR 1,384 crore, with EBITDA margin improving 100 bps YoY to 26%. Base business (ex-Cenexi) revenue declined 8% YoY to INR 1,012 crore due to volume degrowth in key products like Enoxaparin, partly offset by new launches. Base EBITDA margin expanded to 39% (vs 34% YoY) driven by favorable product mix and cost controls. Cenexi posted negative EBITDA of INR 31 crore, impacted by an unannounced ANSM inspection at Fontenay. Management guided for Cenexi EBITDA breakeven by Q3 FY26, pushed out from earlier Q4 FY25. New CEO Shyamakant Giri outlined priorities including ROW market focus, India expansion, and biologics CDMO partnerships. Risk: Cenexi recovery may be further delayed if regulatory issues persist or revenue ramp-up falls short.
ग्लैंड फार्मा की तीसरी तिमाही में कुल कमाई 1,384 करोड़ रुपये रही। कंपनी का मुनाफा मार्जिन (EBITDA) पिछले साल के मुकाबले 1% बढ़कर 26% हो गया। मुख्य कारोबार (Cenexi को छोड़कर) की कमाई 8% घटकर 1,012 करोड़ रुपये रही, क्योंकि एनॉक्सापारिन जैसी दवाओं की बिक्री कम हुई। हालांकि, नई दवाओं के लॉन्च और लागत नियंत्रण से इस कारोबार का मार्जिन 34% से बढ़कर 39% हो गया। Cenexi को 31 करोड़ रुपये का घाटा हुआ, क्योंकि फ्रांस में फैक्ट्री का निरीक्षण हुआ। कंपनी का कहना है कि Cenexi अगले साल की तीसरी तिमाही तक घाटे से बाहर आ जाएगा। नए CEO ने भारत और दूसरे देशों में विस्तार पर ध्यान देने की बात कही है।
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
Research workspace
Focused Modules
Risks
4 risks
Risk Intelligence
Cenexi regulatory delays
View Risks →
Transcript
Full text
Call Transcript
Full transcript text is available on this route.
Read Transcript →Quarter Snapshot
Base Business EBITDA Margin
39%
+500bps YoY
Base business (ex-Cenexi) EBITDA margin improved to 39% from 34% in Q3 FY24, driven by product mix and cost measures.
Cenexi Revenue
EUR 41M
flat YoY
Cenexi revenue was EUR 41 million, below estimates due to reduced manufacturing activity after ANSM inspection.
US ANDA Filings
366 cumulative
+4 filings QoQ
Cumulative ANDA filings in the US reached 366, with 312 approvals and 54 pending.
Enoxaparin US Market Share
6%
flat
Enoxaparin holds about 6% US market share; Heparin share is 20-25%.
What Changed vs Last Quarter
NEW
Cenexi revenue run rate of EUR 15M per quarter
Management targets Cenexi quarterly revenue above EUR 15 million to support EBITDA breakeven, driven by new high-speed lines.
NEW
15KL additional biologics capacity for Henlius
Planned expansion of biologics drug substance capacity by 15KL to support the Shanghai Henlius collaboration, with revenue likely from FY27-28.
UPDATED
Cenexi EBITDA breakeven by Q3 FY26
Cenexi is expected to achieve positive EBITDA by Q3 FY26, delayed from earlier Q4 FY25 guidance due to ANSM inspection impact.
UPDATED
Biologics CDMO revenue from Dr. Reddy's from FY26
Collaboration with Dr. Reddy's for biologics CDMO is expected to generate incremental revenue starting next financial year (FY26).
DROPPED
Low double-digit revenue growth for FY25
Management expects full-year revenue growth in low double-digits, driven by new launches, Saudi recovery, and steady U.S. base business.
DROPPED
Cenexi positive EBITDA by Q4 FY25
Cenexi targets positive EBITDA in Q4 FY25, supported by new ampoule line commercial production starting January 2025.
NEW RISK
Volume recovery in US base business
Base business revenue declined 8% YoY due to volume degrowth in key products like Enoxaparin. Recovery depends on timing of shipments and new product ramp-up.
NEW RISK
Saudi tender revenue deferral
The Saudi tender shipment was pushed out by a quarter, impacting Q3 revenue. Further delays could affect near-term ROW growth.
NEW RISK
Chinese competition and tariff uncertainty
Chinese players control 50-60% of Heparin API supply. While US tariffs may benefit Gland, raw material dependence on China remains a risk.
RISK GONE
U.S. revenue stagnation
U.S. revenue has been flat for three quarters despite multiple launches; growth may not materialize as expected if new contracts or Saudi offtake are delayed.
RISK GONE
Cenexi gross margin volatility
Cenexi gross margin fell sharply to 69% due to product mix; may not normalize quickly if site-level issues persist.
RISK GONE
Biologics CDMO revenue uncertainty
Management declined to provide peak revenue potential for the Dr. Reddy's partnership, indicating early-stage and uncertain financial impact.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q2 FY24, Q3 FY24
Management guided base business EBITDA margin in the range of 30-33% for the full year.
Mentioned in Q1 FY25, Q4 FY24
Management expects base business (ex-Cenexi) to grow in mid-teens for the full fiscal year.
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 FY25, Q2 FY25
Cenexi targets positive EBITDA in Q4 FY25, supported by new ampoule line commercial production starting January 2025.
Fast read
Guidance and risk preview
Cenexi is expected to achieve positive EBITDA by Q3 FY26, delayed from earlier Q4 FY25 guidance due to ANSM inspection impact.
Unannounced ANSM inspection at Fontenay caused production loss and corrective measures, pushing EBITDA breakeven to Q3 FY26.
View Risks →