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View Promises →Gland Pharma Limited — Q2 FY26
Gland Pharma reported a steady Q2 FY26 with consolidated revenue of ₹1,487 crore (+6% YoY) and EBITDA of ₹314 crore (21% margin).
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Gland Pharma reported a steady Q2 FY26 with consolidated revenue of ₹1,487 crore (+6% YoY) and EBITDA of ₹314 crore (21% margin). US revenue grew 8% YoY to ₹805 crore, driven by 7 new launches and 10% volume growth. Base business EBITDA margin improved to 37% (ex-Senexi), reflecting cost initiatives and portfolio mix. Senexi revenue rose 21% YoY to ₹410 crore, with EBITDA losses halving to €5 million; management reiterated breakeven in Q3. R&D spend increased to 5.8% of sales. Guidance for FY26 mid-teens consolidated revenue growth was reaffirmed, supported by Daptomycin launch, GLP-1 capacity expansion (40M to 140M units), and Senexi turnaround. Key risk: milestone revenue volatility and potential delays in Senexi recovery.
ग्लैंड फार्मा ने दूसरी तिमाही में 1,487 करोड़ रुपये की कमाई की, जो पिछले साल से 6% ज्यादा है। कंपनी ने 314 करोड़ रुपये का मुनाफा कमाया, जो बिक्री का 21% है। अमेरिका में बिक्री 8% बढ़कर 805 करोड़ रुपये हुई, क्योंकि 7 नए उत्पाद लॉन्च हुए और बिक्री की मात्रा 10% बढ़ी। सेनेक्सी कंपनी की बिक्री 21% बढ़कर 410 करोड़ रुपये हुई, और उसका घाटा आधा हो गया। कंपनी को उम्मीद है कि सेनेक्सी अगली तिमाही में लाभ कमाने लगेगी। रिसर्च पर खर्च बढ़कर बिक्री का 5.8% हो गया। कंपनी ने पूरे साल 15% कमाई बढ़ने का अनुमान दोहराया है। मुख्य जोखिम: एक बार के बड़े ऑर्डर और सेनेक्सी के सुधार में देरी।
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Milestone revenue volatility
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Read Transcript →Quarter Snapshot
US Revenue Growth (ex-milestones)
17%
+17% QoQ
US product sales grew 17% sequentially, with 7% from new launches and 10% from existing products.
Senexi EBITDA Loss
€5M
-€6M YoY
Senexi EBITDA loss halved from €11M to €5M, driven by turnaround initiatives and higher revenue.
Base Business EBITDA Margin
37%
+200bps YoY
Base business (ex-Senexi) EBITDA margin improved to 37% from 35% target, aided by cost controls.
GLP-1 Cartridge Capacity
140M units
+100M units
Planned expansion from 40M to 140M units by mid-FY27 to support GLP-1 and insulin programs.
What Changed vs Last Quarter
NEW
Senexi EBITDA breakeven in Q3 FY26
Senexi is expected to achieve EBITDA breakeven in Q3 FY26, supported by €50M quarterly revenue target.
NEW
Biologic CDMO capacity expansion to 23k liters
Biologic CDMO capacity to expand from 8k to 23k liters in the next phase to support biosimilar and biologic fill-finish.
UPDATED
FY26 consolidated revenue growth in mid-teens
Management reaffirmed mid-teens percentage revenue growth for FY26, driven by new launches and Senexi improvement.
UPDATED
GLP-1 cartridge capacity expansion to 140M units
Cartridge fill-finish capacity to increase from 40M to 140M units by mid-FY27, targeting GLP-1 and insulin.
DROPPED
Synergia positive EBITDA by Q3 FY26
Synergia is committed to delivering positive EBITDA in Q3 FY26, after a lower Q2 due to summer shutdown.
DROPPED
20M GLP-1 units commercialized in FY27
Management expects to commercialize around 20 million pens/cartridges in FY27 from the expanded capacity.
NEW RISK
Milestone revenue volatility
Milestone revenue was lower at ₹44-45 crore vs normal run rate of ₹75 crore, impacting overall revenue growth.
NEW RISK
Senexi turnaround execution
Senexi's planned shutdown and operational losses persist; breakeven in Q3 depends on achieving €50M quarterly revenue.
NEW RISK
Price erosion in US generics
While price erosion was flat this quarter, sustained competitive pricing could pressure margins in the base US business.
RISK GONE
US tariff uncertainty on pharma products
Potential US tariffs on pharmaceutical imports could impact pricing and margins, though generics may be exempt. Management noted they would pass on costs to partners.
RISK GONE
Synergia Q2 seasonality due to summer shutdown
Synergia expects a lower Q2 due to summer shutdown, which could delay the path to sustained profitability.
RISK GONE
Timing volatility in large US products
Revenue from key products like enoxaparin and heparin is lumpy, causing quarterly fluctuations; ex-enoxaparin, US growth was ~11% but reported -2%.
Fast read
Guidance and risk preview
Management reaffirmed mid-teens percentage revenue growth for FY26, driven by new launches and Senexi improvement.
Milestone revenue was lower at ₹44-45 crore vs normal run rate of ₹75 crore, impacting overall revenue growth.
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