Gland Pharma Ltd

Meeting Details

• Dates: Aug 26 and 27, 2026; Type: One-on-One meetings.
• Mode: not specified.

Participants

• Investor participants: Nomura; HDFC MF (arranged by Investec).
• Company management attendees not disclosed.

Purpose

• Purpose: outline Analyst/Institutional Investor Meetings schedule.

Financial Performance

• Consolidated revenue: INR 18,003 million, up 20% YoY.
• Gross margin: 65%.
• EBITDA: INR 4,930 million; EBITDA margin 27% (excluding forex loss of INR 36 million).
• Adjusted EBITDA: INR 5,102 million; margin 28%.
• PAT: INR 3,170 million; up 47% YoY; PAT margin 18%.
• Tax rate: ~27%.
• Cash & cash equivalents: INR 35,466 million; net cash: INR 32,939 million.
• Operating cash flow: INR 3,183 million.
• Capital expenditure: INR 1,132 million; part of INR 2,000 crore capex program.

Segments & Geography

• CDMO revenue: INR 8,915 million, +20% YoY; 50% of total.
• B2B revenue: INR 9,088 million, +19% YoY; 50% of total.
• US revenue: INR 9,810 million, +32% YoY.
• Europe revenue: INR 4,488 million, +11% YoY.
• Rest of World: INR 3,039 million; broadly in line with last year; Saudi disruptions noted.
• India revenue: INR 666 million.
• NUPCO tender award delayed; results expected shortly.
• R&D spend: INR 772 million; ~4% of consolidated revenue; YoY +16%.

Strategic Developments & Capex

• INR 2,000 crore capex program commenced; brownfield/greenfield expansions across manufacturing network.
• Immediate capex: INR 165 crore isolator line in oncology plant; installation January 2027.
• Capex on Neuland API front; building a new suite; capacity constraints easing with expansion.
• GLP-1 collaboration with a KOL pharma; 55 SKUs across three sites; revenue potential USD 90–100 million; calendar year 2029 start.
• Neuland collaboration: sterile APIs for microparticle depot; capacity fully occupied; 2 APIs currently; 5–6 more planned.
• Cenexi integration: Cenexi fully integrated; Cenexi revenue EUR 48 million; EBITDA EUR 2 million.

Guidance & Outlook

• FY27 constant currency growth guidance: 15%.
• Cenexi guidance: near EUR 200 million revenue; high single-digit margins for FY27.
• Near-term consolidated EBITDA target: around 30%; current ~28%.
• GLP-1 ramp-up expected to contribute meaningfully from FY30; near-term impact limited.
• Guidance assumes constant currency; FX not forecast.

Q&A Highlights

• CDMO vs B2B mix: near-term consolidation target ~30% CDMO contribution; Cenexi profitability emphasized.
• GLP-1: capacity line on track; transfer/exhibits in next 1–2 quarters; sema & tirzepatide contracts signed.
• US run-rate: current around USD 110–120 million; main volume from FY30–31.
• Canada opportunity for GLP-1; upside if launches materialize.
• NDDS timeline: management cites ~FY29; a director cites ~FY28, creating a timeline conflict.

Risks & Watchpoints

• NUPCO tender results delayed; timing uncertain.
• Saudi Arabia supply disruptions impacted Rest of World demand.
• Cenexi face heat-wave impact; second quarter expected to be better than last year.
• Execution risk on INR 2,000 crore capex and Cenexi integration.

CEO appointment

• Board approved appointment of Mr. Deepak Sapra as CEO, effective 16 November 2026, subject to acceptance.
• Profile: 27 years' experience; 23+ years in pharma; current CEO-API & Services at Dr. Reddy's.
• Appointment follows Nomination and Remuneration Committee recommendation.

Meeting Details

• Earnings Call for Q1 FY27 held on July 24, 2026 (time not specified).
• Earnings Call for Q1 FY27 held on August 10, 2026 at 18:30 IST.
• Organiser: Gland Pharma Limited.
• Mode: not specified.

Participants

• Key company participant: Company Secretary & Compliance Officer.

Purpose

• Discuss Q1 FY27 earnings results for quarter ended June 30, 2026.

Additional Notes

• Audio recording of the call uploaded to the company website.

Meeting Details

• August 13, 2026: One-on-One meeting with UTI MF (arranged by ICICI Securities).
• August 17, 2026: One-on-One & Group meetings at Motilal Oswal Investor Conference.
• August 20, 2026: One-on-One meeting with Ashmore (arranged by ICICI Securities).
• Company representative: Company Secretary & Compliance Officer.
• Purpose: Schedule of Analyst/Institutional Investor Meetings.

Business Overview

• CDMO and B2B pharma segments; focus on complex injectables and global markets.
• Strategic emphasis on in-house complex pipeline and US market expansion.

Key Operational Highlights

• CDMO launches boosted by new products; four molecules launched in US.
• B2B demand up from existing customers; volume growth.
• Three ANDAs filed and seven approved in Q1 FY27; cumulative 389 filed, 342 approved.
• In-house Complex Pipeline: six launched; three more awaiting approval; core growth pillar.
• Co-development: fifteen products in partnership; commercialization expected FY28.
• RTU bags: 21 filings; 18 approvals; 11 more under development.
• CDMO partnership with a Global Company: USD 90-100m annualized revenue potential by 2029.
• Neuland collaboration for sterile APIs for microparticle depot products.
• In-licensing agreement: liposomal product for US and Europe; China partner.

Financial Performance

• Revenue from operations ₹18,003 mn; up 20% YoY.
• Total income ₹18,615 mn; YoY growth 19%.
• Gross profit ₹11,759 mn; margin 65%.
• EBITDA ₹4,930 mn; margin 27%.
• Adj. EBITDA ₹5,102 mn; margin 28%.
• PBT ₹4,350 mn; margin 24%.
• PAT ₹3,170 mn; margin 18%.
• R&D expense ₹772 mn; 4% of revenue.

Strategic Priorities & Outlook

• Complex injectables to remain long-term growth pillar.
• Pipeline and partnerships to drive future revenue: USD 90-100m yearly post commercialization by 2029.
• US, Europe, Rest of World expansions; mix growth in CDMO/B2B.
• R&D focus on complex products; filings and approvals continue.

Financial highlights

• Revenue from operations ₹18,003 mn, up 20% YoY.
• Gross profit ₹11,759 mn; gross margin 65%.
• EBITDA ₹4,930 mn; EBITDA margin 27%.
• Adj. EBITDA ₹5,102 mn; margin 28%.
• PAT ₹3,170 mn; PAT margin 18%.

Business mix & growth drivers

• CDMO contributed 50% of revenues, growing 20% YoY.
• B2B contributed 50% of revenues, grew 19% YoY.

Key operational & pipeline developments

• Launched 4 molecules in the USA in Q1 FY27.
• Filed 3 ANDAs; 7 approved in Q1 FY27.
• Total US filings: 389 (342 approved, 47 pending).
• Six in-house complex products launched; three more awaiting approval.
• RTU bags: 21 filed, 18 approved; 11 under development; US market ~USD 644 million.
• CDMO partnership with a Global Pharmaceutical Company: USD 90–100 million potential annual revenue.
• Tech transfer expected within two years; revenues to commence in 2029.
• Strategic collaboration with Neuland Laboratories for sterile APIs for microparticle depot products.
• In-licensing with China-based developer for niche liposomal product in US/Europe.

Outlook & strategic focus

• Management notes long-term growth supported by CDMO pipeline and capacity expansions.

Consolidated Performance

• Consolidated revenue for Q1 FY27 rose 20% YoY to ₹18,003 mn.
• Gross profit ₹11,759 mn; gross margin 65%.
• EBITDA ₹4,930 mn; EBITDA margin 27%.
• Adj EBITDA ₹5,102 mn; margin 28%.
• PBT ₹4,350 mn; PAT ₹3,170 mn.
• EPS Basic ₹19.23; Diluted ₹19.22.
• CDMO revenue ₹8,915 mn; B2B ₹9,088 mn.
• CDMO and B2B together account for 50% each of revenue.
• USA revenue ₹9,810 mn; Europe ₹3,954 mn; Rest of World ₹3,039 mn.
• India revenue ₹666 mn; Canada/Australia/NZ ₹534 mn.
• R&D expense ₹772 mn; 4% of consolidated revenue.
• New launches: 4 molecules in USA.
• ANDA filings: 3 filed; 7 approved; cumulative 389 filed, 342 approved, 47 pending.
• RTU bags: 21 filed; 18 approved; 11 under development; US market US$644 mn.
• CDMO partnership: USD 90–100 mn annualized revenue potential; revenues from 2029.
• Neuland collaboration for sterile APIs; liposomal product licensing with China firm.

Geography & Segments

• USA revenue ₹9,810 mn; YoY growth 32%.
• Europe revenue ₹3,954 mn; YoY growth 20%.
• Rest of World revenue ₹3,039 mn; YoY growth 2%.
• India revenue ₹666 mn; YoY growth 12%.
• Canada/Australia/NZ revenue ₹534 mn; YoY decline 28%.
• CDMO contributes 50% of revenues; B2B contributes 50%.

R&D & Pipeline

• R&D spend ₹772 mn in Q1 FY27; 4% of revenue.
• Launched 4 USA molecules in the quarter.
• Three ANDAs filed; seven approved; cumulative 389 filings.
• Six in-house complex products launched; three awaiting approval.
• 15 products in co-development; commercialization expected FY28.
• RTU bags portfolio: 21 filed, 18 approved; 11 under development.

Outlook & Growth

• CDMO strategy remains growth driver; capacity expansions planned.
• R&D and new pipeline expected to sustain long-term growth.
• Tech transfer for CDMO partnership to complete within two years; revenue starting 2029.
• Licensing & collaborations to support future product launches in US/Europe.

Business Model

• Pharmaceuticals manufacturing and sale; CDMO and B2B are core revenue streams.
• Group operates with a single reportable segment per Ind AS 108.
• Global presence across 60 countries.

Deal overview

• Strategic CDMO partnership with a global pharma company; Manufacturing and Supply Agreement for sterile injectables.

Scope and offerings

• 55 SKUs across three sites; technology transfer, development, and long-term supply.

One-stop CDMO solution

• Integrated development, technology transfer, manufacturing, and regulatory support for partner.

Financial outlook

• Annual revenue potential of USD 90-100 million post-commercialization.

Timeline

• Technology transfer expected within two years; revenues from calendar year 2029.

Strategic rationale

• Strengthens Gland Pharma's position as an end-to-end sterile injectables CDMO.