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Gland Pharma Results: Latest Quarterly Results & Analysis

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Gland Pharma Ltd. 15 May 2026 17:43 PM
Result PDF

Q4FY26 & FY26 Result Announced for Gland Pharma Ltd.

Pharmaceuticals company Gland Pharma announced Q4FY26 & FY26 results

Q4FY26 Consolidated Financial Highlights:

  • Revenue from operations stood at Rs 17,428 million, registering a 22% increase YoY compared to Rs 14,249 million in Q4FY25, while growing 3% QoQ.
  • Gross Profit came in at Rs 11,515 million, up 23% YoY from Rs 9,370 million in Q4FY25. Gross margin remained stable at 66%.
  • EBITDA increased to Rs 5,130 million, reflecting a 48% growth YoY versus Rs 3,475 million in Q4FY25. EBITDA margin improved to 29% from 24%.
  • Adjusted EBITDA stood at Rs 5,244 million, rising 51% YoY from Rs 3,475 million in the corresponding quarter last year. Adjusted EBITDA margin expanded to 30% from 24%.
  • Adjusted PBT came in at Rs 5,058 million, registering a 75% increase YoY against Rs 2,883 million in Q4FY25. Adjusted PBT margin improved to 29% from 20%.
  • Adjusted PAT rose sharply to Rs 3,667 million, delivering a 97% growth YoY compared to Rs 1,865 million in Q4FY25. Adjusted PAT margin improved to 21% from 13%.

FY26 Consolidated Financial Highlights:

  • Revenue from operations stood at Rs 64,307 million, registering a 14% increase YoY compared to Rs 56,165 million in FY25.
  • Gross Profit came in at Rs 41,877 million, up 19% YoY from Rs 35,261 million in FY25. Gross margin improved to 65% from 63%.
  • EBITDA increased to Rs 16,295 million, reflecting a 28% growth YoY versus Rs 12,689 million in FY25. EBITDA margin improved to 25% from 23%.
  • Adjusted EBITDA stood at Rs 16,826 million, rising 33% YoY from Rs 12,689 million in FY25. Adjusted EBITDA margin expanded to 26% from 23%.
  • Adjusted PBT came in at Rs 14,889 million, registering a 40% increase YoY against Rs 10,627 million in FY25. Adjusted PBT margin improved to 23% from 19%.
  • Adjusted PAT rose to Rs 10,455 million, delivering a 50% growth YoY compared to Rs 6,985 million in FY25. Adjusted PAT margin improved to 16% from 12%.

Q4FY26 Standalone Financial Highlights:

  • Revenue from operations stood at Rs 12,648 million, registering a 22% increase YoY compared to Rs 10,332 million in Q4FY25, while growing 7% QoQ.
  • Gross Profit came in at Rs 7,800 million, up 24% YoY from Rs 6,280 million in Q4FY25. Gross margin improved to 62% from 61%.
  • EBITDA increased to Rs 5,084 million, reflecting a 29% growth YoY versus Rs 3,954 million in Q4FY25. EBITDA margin improved to 40% from 38%.
  • Adjusted EBITDA stood at Rs 5,198 million, rising 31% YoY from Rs 3,954 million in the corresponding quarter last year. Adjusted EBITDA margin expanded to 41% from 38%.
  • Adjusted PBT came in at Rs 5,663 million, registering a 44% increase YoY against Rs 3,924 million in Q4FY25. Adjusted PBT margin improved to 45% from 38%.
  • Adjusted PAT rose to Rs 4,211 million, delivering a 45% growth YoY compared to Rs 2,913 million in Q4FY25. Adjusted PAT margin improved to 33% from 28%.

FY26 Standalone Financial Highlights:

  • Revenue from operations stood at Rs 45,613 million, registering an 11% increase YoY compared to Rs 41,248 million in FY25.
  • Gross Profit came in at Rs 27,662 million, up 16% YoY from Rs 23,943 million in FY25. Gross margin improved to 61% from 58%.
  • EBITDA increased to Rs 16,632 million, reflecting a 15% growth YoY versus Rs 14,451 million in FY25. EBITDA margin improved to 36% from 35%.
  • Adjusted EBITDA stood at Rs 17,163 million, rising 19% YoY from Rs 14,451 million in FY25. Adjusted EBITDA margin expanded to 38% from 35%.
  • Adjusted PBT came in at Rs 17,808 million, registering a 22% increase YoY against Rs 14,607 million in FY25. Adjusted PBT margin improved to 39% from 35%.
  • Adjusted PAT rose to Rs 13,232 million, delivering a 22% growth YoY compared to Rs 10,868 million in FY25. Adjusted PAT margin improved to 29% from 26%.

Business Highlights:

  • R&D Expenses: Total R&D expenses were Rs 506 million in Q4FY26, representing 4% of base business revenue. The R&D expenditure was mainly focused on complex product development and the number of filings.
  • New Launches: The company launched five molecules in the USA this quarter, including Dalbavancin, Brimonidine etc. During FY26, 31 products were launched in the USA.
  • Filings and Approvals: Eight ANDAs were filed, and 11 were approved in Q4FY26 and 24 ANDAs were filed, and 28 were approved in FY26, contributing to a cumulative total of 388 ANDA filings in the U.S. (337 approved, 51 pending).
  • In-house Complex Pipeline: Six products have already been launched, three more are in line for approval. Complex injectables are expected to remain a central pillar of long-term growth, with more products being added to the pipeline.
  • Co-development Partnerships: Fifteen products are in co-development (seven 505(b)(2) and eight ANDAs), with commercialization anticipated to begin in FY28.
  • Ready-to-Use (RTU) Bags: Filed 21 Ready-to-Use infusion bag products and received approval for 18 so far. An additional 11 are currently under development. Total RTU bag portfolio addresses the market opportunity of approximately $634 million in the US.
  • GLP-1s and Insulin analogs: In FY26, the company launched Liraglutide in the US. Our Pen/cartridge capacity now stands at 140 million units per annum.
  • New CDMO contract: Signed a complex Nano Drug Delivery System-based injectable contract in oncology with a large pharma company in FY26.
  • The Board of Gland Pharma has recommended a final dividend of Rs 20 per equity share for FY26, pending shareholder approval

Srinivas Sadu, Executive Chairman of Gland Pharma, stated, “Our strong FY26 performance, reflected in consolidated revenue growth of 14.5% and an adjusted EBITDA margin of 26%, underscores the progress we are making across the businesses, including Cenexi. The 38% adjusted EBITDA margin of the base business has been supported by robust growth in the CDMO segment, alongside new product launches and improved profitability across our existing portfolio, driven by ongoing cost-efficiency initiatives. We remain confident in sustaining this momentum, supported by a pipeline of complex product launches and the continued ramp-up of CDMO partnerships.”

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Pharmaceuticals company Gland Pharma announced Q3FY26 results

  • Revenue: Rs 16,954 million against Rs 13,841 million during Q3FY25, change 22%.
  • EBITDA: Rs 4,349 million against Rs 3,600 million during Q3FY25, change 21%.
  • EBITDA Margin: 26% for Q3FY26.
  • PBT: Rs 3,865 million against Rs 2,993 million during Q3FY25, change 29%.
  • PBT Margin: 23% for Q3FY26.
  • PAT: Rs 2,797 million against Rs 2,047 million during Q3FY25, change 37%.
  • PAT Margin: 16% for Q3FY26.

Srinivas Sadu, Executive Chairman, Gland Pharma, said: “Our strong Q3FY26 performance, driven by robust year-on-year revenue growth of 22% and healthy adj. EBITDA margin of 26%, reflects the disciplined execution across our businesses. We remain confident in sustaining this momentum as new product launches, CDMO contract ramp-ups, and operational efficiencies continue to strengthen our trajectory.”

Shyamakant Giri, Chief Executive Officer, Gland Pharma, said: “Performance of Q3 FY26 was a clear reflection of consistent execution, with double-digit growth across key markets, of US and Europe, and steady improvement in margins. Cenexi’s breakeven and strong revenue traction in the base business were key contributors to our consolidated performance this quarter.”

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Pharmaceuticals company Gland Pharma announced Q2FY26 results

Consolidated Financial Highlights:

  • Quarterly revenue increased by 6% year-on-year; Half yearly revenues increased by 7%
  • Quarterly R&D investments increase to Rs 614 million against Rs 460 million in previous quarter
  • Quarterly EBITDA increased by 6% year-on-year; Half yearly EBITDA increased by 21%
  • Quarterly EBITDA margin stood at 21%; Half yearly EBITDA margin was at 23%
  • Quarterly adj. EBITDA increased by 13% year-on-year; Half yearly adj. EBITDA increased by 26%
  • Quarterly adj. EBITDA margin increased by 150 bps year-on-year; Half yearly adj. EBITDA margin increased by 370 bps
  • Quarterly PAT increased by 12% year-on-year; Half yearly PAT increased by 30%
  • Quarterly PAT margin increased by 70 bps year-on-year; Half yearly PAT margin increased by ~240 bps

Srinivas Sadu, Executive Chairman of Gland Pharma, stated, “Gland Pharma delivered a strong first half of FY26, with Revenue growth of 7% and PAT up by 30% YoY. We expect stronger momentum in the second half, driven by new launches and Cenexi’s recovery. Our investments in global CDMO expansion, capacity enhancement in high end modalities and complex injectables pipeline continue to strengthen our foundation and support sustainable growth and long-term value for all stakeholders.”

Shyamakant Giri, Chief Executive Officer of Gland Pharma, said, “For the quarter, Gland Pharma’s core business maintained its profitable growth trajectory with strong margin expansion. Encouragingly for consolidated business, we saw year-over-year improvement during the Q2FY26 with USA growing by 10% and Europe by 16%, supported by a 21% top-line increase in Cenexi. With the current momentum, we anticipate a robust growth in the upcoming quarters.”

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Pharmaceuticals company Gland Pharma announced Q1FY26 results

  • Revenue increased to 15,056 million from Rs 14,017 million during Q1FY25, change 7% YoY and by 6% QoQ.
  • EBITDA increased by 39% YoY and by 6% QoQ.
  • EBITDA margin increased by 549 bps YoY to 24% in Q1FY26.
  • Adj. EBITDA increased by 41% YoY and by 8% QoQ.
  • Adj. EBITDA margin increased by 589 bps YoY to 25% in Q1FY26.
  • PAT increased to Rs 2,155 million from Rs 1,438 million during Q1FY25, change 50% YoY and by 16% QoQ.
  • PAT margin increased by 405 bps YoY to 14% in Q1FY26.

Srinivas Sadu, Executive Chairman, Gland Pharma, said: “We're off to a positive start this year with a growth in revenue and a significant jump in profitability, which was driven by a strong performance in our base business and a turnaround at Cenexi. These results show our strategic priorities are progressing and we are strengthening our capabilities, adding new capacity, and boosting R&D with complex products and key partnerships. We're committed to building on this strong foundation, improving our performance, and reinforcing Gland's path toward sustainable growth”

Shyamakant Giri, Chief Executive Officer, Gland Pharma, said: “This quarter’s performance, with improved margins and Cenexi achieving EBITDA break even, reinforces the progress we are making in delivering our long-term vision. By enhancing our base business, investing in differentiated products, and driving operational efficiencies, we are positioning ourselves for sustained growth. At the same time, our continued focus on R&D, adherence to global quality standards, and investment in capability building position us to scale further, tap new markets, and deliver long-term value.”

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Pharmaceuticals company Gland Pharma announced Q3FY25 results

  • Revenue from operations: Rs 13841 million compared to Rs 15452 million during Q3FY24, change -10%.
  • EBITDA: Rs 3,600 million compared to Rs 3,557 million during Q3FY24, change 1%.
  • EBITDA margin: 26% for Q3FY25.
  • PBT: Rs 2,993 million compared to Rs 2,832 million during Q3FY24, change 6%.
  • PBT margin: 22% for Q3FY25.
  • PAT: Rs 2,047 million compared to Rs 1,919 million during Q3FY24, change 7%.
  • PAT margin: 15% for Q3FY25.

Srinivas Sadu, Executive Chairman, Gland Pharma, said: “Our Q3FY25 revenue was at Rs 13,841 million. with an EBITDA of Rs 3,600 million., resulting in a 26% EBITDA margin. Notably, our base business EBITDA margin saw a significant improvement of 500 basis points, reaching 39%. We are also excited about the progress of our strategic biologics CDMO collaborations with some of the leading companies in this space. These partnerships open doors to exciting opportunities in the rapidly growing biologics CDMO segment and is expected to generate incremental revenue starting next financial year. Furthermore, the recent conclusion of the USFDA inspections at our Dundigal and Pashamylaram facilities underscores our unwavering commitment to quality and regulatory compliance. We remain focused on driving long-term value creation through strategic partnerships, innovation, and continued investments in new products and technologies."

Shyamakant Giri, Chief Executive Officer, Gland Pharma, said: “I am honoured and excited to lead Gland Pharma as its new CEO. Building on the company's strong foundation, my focus will be on enhancing operational excellence in our base business, ensuring Cenexi's successful turnaround, identifying and pursuing new growth opportunities, and further solidifying our position as a leader in the CDMO space, particularly in biologics and complex injectables. I believe that by fostering a culture of innovation, collaboration, and customercentricity, we can achieve sustainable growth and create long-term value for all our stakeholders."

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Pharmaceuticals company Gland Pharma announced Q2FY25 results

Financial Highlights:

  • Consolidated revenue increased 2% YoY to Rs 14,058 million.
  • Consolidated EBITDA decreased 8% YoY to Rs 2,961 million.
  • Consolidated EBITDA margin was 21%, compared to 23% in Q2FY24.
  • PAT Rs 1,635 million.
  • Base business (excluding Cenexi) revenue grew 5% YoY to Rs 10,659 million.
  • Base business (excluding Cenexi) EBITDA increased 5% YoY to Rs 3,645 million.
  • Base business (excluding Cenexi) EBITDA margin was 34%, similar to Q2FY24.

Other Highlights:

  • R&D expenses: Rs 493 million (4.6% of revenue).
  • Regulatory filings: 7 ANDAs filed, 8 ANDAs approved in Q2FY25.
  • Total filings: 363 ANDAs in the U.S. (304 approved, 59 pending). Global product registrations: 1,726.
  • Capex: Total Capex incurred during the quarter ended September 30th, 2024, was Rs 1,037 million.
  • US Market: Four molecules, including Cetrorelix Acetate, Ephedrine Sulfate, Tranexamic Acid, and Diazepam, were launched in the US market.
  • China Market: Four of the nine products in the plan for China markets are currently under development, and five have received approvals.
  • Complex Injectables: Nine filings completed in a targeted portfolio of 19 products. Six of these complex products have already been approved (6 launched), with three more expected to secure approval in due course. These products target an IQVIA market opportunity of $7.3 billion, reflecting the significant potential of this segment to drive future growth.
  • Biologics: During the quarter, Gland entered into a binding term sheet with Dr. Reddy's Laboratories (DRL) to establish strategic cooperation for the biologics CDMO business. This partnership will leverage our state-of-the-art biologics manufacturing facility at Genome Valley in Hyderabad. We are very optimistic about this partnership's potential to create value for both organizations, and we expect to sign a definitive agreement shortly.

Srinivas Sadu, Executive Chairman and CEO of Gland Pharma, said: “We had a good first half of 2025 and are on course to achieve our outcomes for the full year. This quarter, we reported Rs 14,058 million in revenue and Rs 2,961 million in EBITDA, representing a 21% EBITDA margin. Although our overall EBITDA margin was affected by Cenexi, our base business maintained a steady 34% EBITDA margin. Our core regulated markets, particularly the United States, continue to perform well. Our overall performance is in line with expectations. Looking ahead, we remain focused on our strategic priorities, which include entering new markets and building a solid foundation for future growth.”

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Pharmaceuticals company Gland Pharma announced Q1FY25 results:

  • Consolidated revenue surged 16% YoY to Rs 14,017 million.
  • Consolidated EBITDA decreased 11% YoY to Rs 2,654 million.
  • Consolidated EBITDA margin was at 19% versus 25% in Q1FY24.
  • Base business (ex-Cenexi) revenue grew 14% YoY to Rs 10,134 million.
  • Base business (ex-Cenexi) EBITDA jumped 12% YoY to Rs 2,941 million.
  • Base business (ex-Cenexi) EBITDA margin was at 29% versus 30% in Q1FY24.

Commenting on the results, Srinivas Sadu, Executive Chairman and CEO of Gland Pharma, said, “We reached Rs 14,017 million in total revenue, a 16% increase from Q1FY24. This growth aligns with our projections and is primarily driven by the US market, which saw a 27% revenue increase led by existing and certain new products. Our base business EBITDA margins were at 29%, and consolidated EBITDA margins for the quarter were 19%, mainly affected by Cenexi. We're confident in our ability to meet our fiscal year goals and are excited about the growing opportunities and even stronger results expected in the coming quarters.”

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Pharmaceuticals company Gland Pharma announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Consolidated revenue surged 96% YoY to Rs 15,375 million.
  • Consolidated EBITDA soared 113% YoY to Rs 3,587 million.
  • Consolidated EBITDA margin was at 23% versus 21% in Q4FY23.
  • Base business (ex-Cenexi) revenue grew 50% YoY to Rs 11,737 million.
  • Base business (ex-Cenexi) EBITDA jumped 156% YoY to Rs 4,306 million.
  • Base business (ex-Cenexi) EBITDA margin expanded to 37% in Q4FY24 from 21% in Q4FY23.

FY24 Financial Highlights:

  • Consolidated revenue climbed 56% YoY to Rs 56,647 million.
  • Consolidated EBITDA rose 30% YoY to Rs 13,331 million.
  • Consolidated EBITDA margin stood at 24%, a decline of ~400 basis points due to Cenexi integration.
  • Base business (ex-Cenexi) revenue increased 15% YoY to Rs 41,769 million.
  • Base business (ex-Cenexi) EBITDA jumped 38% YoY to Rs 14,142 million.
  • Base business (ex-Cenexi) EBITDA margin stood at 34% against 28% in FY23.
  • The Board recommends a final dividend of Rs 20 per equity share for the fiscal year ending March 31st, 2024, subject to the approval of our shareholders.

Commenting on the results, Srinivas Sadu, MD & CEO of Gland Pharma, said, “We are delighted to close out the last quarter and FY24 with positive results. This year marked a significant rebound for our base business, and we began an exciting new chapter as we completed our first international acquisition, Cenexi, in Europe. Despite the dynamic business landscape, we've shown resilience and delivered a performance that positions us well for continued growth and success. We see continued momentum in this segment and are optimistic about its future opportunities. The strategic rationale behind Cenexi’s acquisition remains intact, and we expect it to deliver significant value as we move forward.”

Result PDF

Pharmaceuticals company Gland Pharma announced Q3FY24 results:

Financial Performance

  • Revenue from Operations: Rs 15,452 million, a YoY increase of 65% (Q3FY23: Rs 9,383 million).
  • Gross Profit: Rs 9,459 million, with a Gross Profit Margin of 61%.
  • EBITDA: Rs 3,557 million with a YoY growth reported at 23%.
  • PBT (Profit Before Tax): Rs 2,832 million with a PBT Margin of 18%.
  • PAT (Profit After Tax): Rs 1,919 million, which is slightly down by 17% from Q3FY23
  • PAT Margin: 12%.

Segment-wise Performance

  • US Market Share: US accounted for 53% of the Q3FY24 revenue, a decrease from 62% in Q3FY23.
  • Europe and Rest of the World: Significant growth in Europe and ROW market due to the acquisition of Cenexi.
  • India Market: Accounts for 5% of Q3FY24 revenue, down from 9% in Q3FY23.

Operational Highlights

  • R&D Expenses: Rs 530 million for Q3 FY24 which is 5% of operating revenue.
  • ANDA Filings: 10 ANDAs filed during the quarter with 3 approvals. A total of 346 ANDAs filed in the US till date.

Capital Expenditure

  • Capex: Rs 810 million incurred for the quarter ended December 31, 2023.

Cenexi Acquisition Impact

  • Cenexi Revenue: Rs 4,439 million reported for Q3 FY24 with a gross contribution of 75% but a negative EBITDA of Rs 170 million.

Commenting on the results, Srinivas Sadu, MD & CEO of Gland Pharma, said, “With strong results in the third quarter, we continued our positive momentum for the fiscal year. Our consolidated Q3 FY24 reported sales of Rs 15,452 million, reflecting a quarter-on-quarter increase of 13% and a YoY increase of 65%. We achieved a consolidated EBITDA of Rs 3,557 million and a consolidated net profit of Rs 1,919 million. In the ex-Cenexi base business, we are happy to keep up with the growth aspirations, and the performance has been encouraging with the introduction of new products and improved volumes of the current basket.

In the Cenexi business, we reported a negative EBITDA of Rs 170 million, largely due to one-off expenses, which, if adjusted, would have resulted in a break-even at the operational level. Our post-merger integration review is now mostly complete, and we have identified areas where Cenexi would need investments and significant improvements. Our partner order book is healthy, and we have significant opportunities through the signed contracts to play out long-term growth. However, in the near term, we continue to face issues with operational performance, leading us to rebalance our capacity and shift certain products to different lines, which will take time due to regulatory processes. We target realizing our acquisition thesis over the next 12–15 months.

Overall, we are confident that we will end FY24 on a high note and continue to be excited about the opportunities ahead of us.”

 

Result PDF

Pharmaceuticals company Gland Pharma announced Q2FY24 & H1FY24 results:

1. Financial Performance:
- Gland Pharma's Q2FY24 revenue stood at Rs 13,734 million, representing a YoY growth of 32%.
- The company achieved a net profit of Rs 1,941 million during Q2FY24.
- Revenue for H1FY24 was Rs 25,821 million, a 36% increase compared to the previous year.

2. Gross Profit Margin and EBITDA:
- Gland Pharma reported a gross profit margin of 63% in Q2FY24, higher than the previous year.
- The EBITDA margin for the quarter was 23%.
- Cenexi, a subsidiary of Gland Pharma, showed a gross profit margin of 77% despite an operational shutdown.

3. Geographic Revenue Breakdown:
- The USA accounted for 54% of Q2FY24 revenue, down from 65% in the same quarter last year.
- Europe and Rest of the World (ROW) markets saw growth due to the inclusion of Cenexi.
- India contributed to 6% of Q2FY24 revenue.

4. R&D Expenditure:
- Gland Pharma spent Rs 351 million on research and development in Q2FY24.
- The company filed 1 ANDA and received approval for 5 ANDAs during the quarter.

5. Capex:
- Gland Pharma invested a total of Rs 971 million in capital expenditure during Q2FY24.

Commenting on the results, Srinivas Sadu, MD & CEO, Gland Pharma, said, “We ended the first half of FY24 with revenue of Rs 25,821 million, a 36% year-over-year increase, and a net profit of Rs 3,882 million. Pricing and market share trends have shown encouraging indicators of normalization in our key products, contributing to our revenue growth. The overall business stability is restoring confidence, and we stay optimistic about future growth with the forthcoming launches, portfolio expansion, and entry into new markets via a partner-led strategy.

Considering the annual summer shutdown in France & Belgium, revenues at Cenexi are in line with our estimates; However, the gross contribution margins saw a sequential improvement. Cenexi remains a strategic asset with a distinctive acquisition thesis, and we are committed to instituting effective measures and new investments to optimize operations and deliver long-term value to our shareholders.”

 

 

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