Gland Pharma Limited (BSE: 543245 I NSE: GLAND), a generic injectable-focused
pharmaceutical company, today announced its financial results for the Second quarter (Q2FY25) ended on
September 30th, 2024.
Financial Highlights
Q2 FY25 (July 2024 to September 2024)
• Consolidated revenue increased 2% year-over-year to INR 14,058 million.
• Consolidated EBITDA decreased 8% year-over-year to INR 2,961 million.
• Consolidated EBITDA margin was 21%, compared to 23% in Q2 FY24.
• Base business (excluding Cenexi) revenue grew 5% year-over-year to INR 10,659 million.
• Base business (excluding Cenexi) EBITDA increased 5% year-over-year to INR 3,645 million.
• Base business (excluding Cenexi) EBITDA margin was 34%, similar to Q2 FY24.
Commenting on the results, Mr. 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 INR 14,058 million
in revenue and INR 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.”
Consolidated Financial Performance
Particulars Q2 FY25 Q2 FY24 YoY Q1 FY25 QoQ 6M FY25 6M FY24 YoY
Revenue from operations 14,058 13,734 2% 14,017 0% 28,075 25,821 9%
Gross Profit 8,304 8,519 -3% 8,375 -1% 16,678 16,077 4%
Gross Profit Margin 59% 62% 60% 59% 62%
EBITDA (1) 2,961 3,205 -8% 2,654 12% 5,615 6,187 -9%
EBITDA Margin (%) 21% 23% 19% 20% 24%
PBT 2,568 2,899 -11% 2,182 18% 4,750 5,512 -14%
PBT Margin (%) 18% 21% 16% 17% 21%
PAT 1,635 1,941 -16% 1,438 14% 3,073 3,882 -21%
PAT Margin (%) 12% 14% 10% 11% 15%
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Base Business (Ex-Cenexi) Financial Performance
Particulars Q2 FY25 Q2 FY24 YoY Q1 FY25 QoQ 6M FY25 6M FY24 YoY
Revenue from operations 10,659 10,146 5% 10,134 5% 20,793 19,019 9%
Gross Profit 5,957 5,746 4% 5,348 11% 11,305 10,868 4%
Gross Profit Margin 56% 57% 53% 54% 57%
EBITDA (1) 3,645 3,473 5% 2,941 24% 6,586 6,109 8%
EBITDA Margin (%) 34% 34% 29% 32% 32%
PBT 3,832 3,510 9% 3,006 27% 6,838 6,048 13%
PBT Margin (%) 36% 35% 30% 33% 32%
PAT 2,843 2,615 9% 2,248 26% 5,091 4,488 13%
PAT Margin (%) 27% 26% 22% 24% 24%
Cenexi Financial Performance
Particulars Q2 FY25 Q2 FY24 YoY Q1 FY25 QoQ 6M FY25 6M FY24 YoY
Revenue from operations 3,399 3,588 -5% 3,883 -12% 7,282 6,802 7%
Gross Profit 2,347 2,773 -15% 3,026 -22% 5,373 5,208 3%
Gross Profit Margin 69% 77% 78% 74% 77%
EBITDA (1)
-685 -268 -286 -971 78
EBITDA Margin (%) -20% -7% -7% -13% 1%
1) EBITDA = Profit before tax plus exceptional items plus finance expense plus depreciation and amortization expense excluding other income and foreign
exchange loss or gain.
Business Highlights (Gland)
Key Highlights:
• R&D expenses: INR 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 INR 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.
INR Mn
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Press Release
Market Wise Performance (Consolidated)
Particulars(2) Q2 FY25 Q2 FY24 YoY Q1 FY25 QoQ 6M FY25 6M FY24 Y-o-Y
USA 7,547 7,354 3% 7,628 -1% 15,175 13,375 13%
Europe 2,459 2,488 -1% 2,566 -4% 5,025 4,712 7%
Canada, Australia and
New Zealand (Other Core Markets) 515 356 45% 447 15% 962 616 56%
India 874 876 0% 527 66% 1,401 1,523 -8%
Rest of the world 2,663 2,660 0% 2,849 -7% 5,512 5,596 -1%
TOTAL 14,058 13,734 2% 14,017 0% 28,075 25,821 9%
Market Wise Performance (Ex-Cenexi)
Particulars(2) Q2 FY25 Q2 FY24 YoY Q1 FY25 QoQ 6M FY25 6M FY24 Y-o-Y
USA 7,393 7,082 4% 7,524 -2% 14,917 12,988 15%
Europe 329 252 31% 407 -19% 736 756 -3%
Canada, Australia and
New Zealand (Other Core Markets) 405 198 105% 194 109% 600 391 53%
India 874 876 0% 527 66% 1,401 1,523 -8%
Rest of the world 1,658 1,738 -5% 1,481 12% 3,139 3,361 -7%
TOTAL 10,659 10,146 5% 10,134 5% 20,793 19,019 9%
2) Sales made to Indian customers for the US market have been considered in the US sales.
Business Highlights (Cenexi)
Key Highlights:
Fontenay Site (Paris, France):
• Our new high-capacity ampoule line is on track for commercial production in January 2025. This project
has stayed within budget and schedule and will significantly boost our manufacturing capacity, customer
service, and revenue.
Hérouville Site (Normandy, France):
• Good progress is being made on validation batches for our new inactivated vaccine and ophthalmic gel
projects, paving the way for commercial production before the end of the year.
• While the site is currently operating at lower volumes, we are encouraged by the growing interest from
new partners for the capacity.
Braine-l’Alleud Site (Belgium):
• Temporary setback caused by a lyophilizer breakdown at the site. We are currently operating at full
capacity with our remaining lyophilizers. The issue will be fully resolved during the quarter, and a new
backup unit will be installed in the first half of 2025 to prevent future disruptions and increase in
capacity.
Outlook:
• Despite these near-term headwinds, we continue to strive to achieve our short-term outlook: a positive
EBITDA for Q4 of FY25.
• We maintain our goal of a positive EBITDA for the next fiscal year, driven by an increase in revenue above
the €200 million threshold.