By: IPP Bureau
Last updated : August 07, 2024 5:12 pm
The drugmaker's net profit slipped 26 per cent on-year to Rs 143.8 crore
Gland Pharma Limited, a generic injectable-focused pharmaceutical company, today announced its financial results for the first quarter (Q1FY25) ended on June 30th, 2024.
During the quarter, the company’s consolidated revenue surged 16% YoY to Rs 1,401.7 crore as against Rs 1,208.7 crore in the year ago period. The drugmaker's net profit slipped 26 per cent on-year to Rs 143.8 crore in the April-June quarter, largely due to lower milestone income.
Commenting on the results, Srinivas Sadu, Executive Chairman and CEO of Gland Pharma said, “We reached Rs. 1,401.7 crore in total revenue, a 16% increase from Q1 FY24. 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 re- sults expected in the coming quarters.”
Key Highlights:
R&D expenses: Rs. 48.9 crore (5% of revenue).
Regulatory filings: 8 ANDAs filed, 7 ANDAs approved in Q1FY25.
Total filings: 356 ANDAs in the U.S. (295 approved, 61 pending). Global product registrations: 1,708.
Capex: Total Capex incurred during the quarter ended June 30th, 2024, was Rs. 63.7 crore
US Market: Eight molecules, including Eribulin mesylate, Plerixafor, Nelarabine, and Edaravone, were launched in the market.
China Market: Nine products have been filed to date, of which three have been approved and one has been commercialized.
Complex Injectables: Six approvals have been received out of 19 molecules under development to date. To accelerate growth, we are exploring acquisitions, in-licensing, and co-development opportunities.
Biologics: Our biologics facility in Genome Valley is attracting advanced-stage interest from multiple players for contract manufacturing of monoclonal antibodies and novel plasma-based proteins. In addition, we are in discussions with a leading biologics company for a potential strategic collaboration. This collaboration could involve large-scale contract manufacturing of key biosimilars, with a possible in- licensing opportunity for Gland in specific markets of interest. Although this discussion is in the early stages, it represents promising avenues for Gland to maximize its value in both CDMO and complex portfolio expansion. We will continue to update you on our progress.
Quality & Operations: The USFDA made two surprise inspections of our manufacturing sites in Hyderabad. The inspections concluded with two and three form 483 observations at Dundigal and Pashamylaram, respectively. As previously communicated, these observations are procedural and do not affect our compliance status.