Gland Pharma Limited, a generic injectable focused pharmaceutical company, Q2 FY23 revenue stood at Rs. 1,044.4 crore and profit of Rs. 241.2 crore. 

Commenting on the results, Srinivas Sadu, MD & CEO, Gland Pharma said, “We closed this quarter Q2 FY23, with a revenue of Rs. 1,044.4 crore and a PAT of Rs. 241.2 crore. We continue to make investments in R&D and were able to complete 6 ANDA filings during this quarter. Although we have seen increased competition in our new products, we remain confident of our launch pipeline that will ensure sustainable growth. We are seeing positive momentum in our Biologics/Biosimilar CDMO business.”

Revenue from operations during the quarter has improved by 22% as compared to first quarter of the current year but declined by 3% as compared to corresponding quarter of the previous year. Revenue from operations for the six months ended September 30, 2022, declined by 15% as compared to the corresponding period of previous year due substantial business impact in the first quarter of the current financial year and higher base due to COVID related products sales in last year.

The company has generated Rs. 395.6 crore of cash flow from operations during the first half of FY23. As of September 2022, the company had a total Rs. 3,820 crore of Cash and Bank balances.

Core markets of US, Europe, Canada, and Australia accounted for 72% of revenue during Q2 FY23 as compared to 67% in Q2 FY22. Sale to the US market is composed of products sold to both US customers and Indian customers for US markets. For Q2 FY23 direct sale to US customers Rs. 598.4 crore and to Indian customers for US markets was Rs. 75.4 crore, totalling Rs. 673.8 crore. Total sales to the US market grew by 5% on Y-o-Y basis and by 6% on Q-o-Q basis.

Rest of the World markets accounted for 21% of Q2 FY23 revenue for the quarter and maintained a similar level of revenue contribution as compared to Q2 FY22. Company has witnessed recovery of business in its key market in MENA. India market accounts for 7% of Q2 FY23 revenue as compared to 12% in Q2 FY22. Insulin line was operational during the second half of the quarter. Input costs continued to remain high due to supply side challenges for core portfolio impacting sales.

The total R&D expense for Q2 FY23 was Rs. 41.4 crore which is 4% of revenue. During the quarter ended September 30, 2022, the company filed 6 ANDAs, 3 DMFs, and received 6 ANDA approvals. As of September 30, 2022, the company and its partners had 322 ANDA filings in the United States, of which 259 were approved and 63 pending approvals.

Total Capex incurred during the quarter ended September 30, 2022, was Rs. 41.1 crore. During the first half of the current financial year, total Capex incurred was Rs. 82.5 crore.