Gland Pharma announced Q4FY23 & FY23 results: Revenue from operations for FY23, at Rs 36,246 million declined by 18% as compared to the previous year Rs 44,007 million. Revenue from operations during Q4FY23 has declined at Rs 7,850 million by 29% as compared to the corresponding quarter of the previous year Rs 11,030 million. Sale to US market is comprising of products sold to both US customers and Indian customers for US markets. For Q4FY23 direct sale to US customers Rs 4,233 million and to Indian customers for US markets was Rs 578 million, totalling Rs 4,808 million. During the quarter the Company has Launched 10 product SKUs. Rest of the World markets, accounted for 22% of Q4FY23 revenue for the quarter. EBITDA of Rs 10,248 million in FY23, as compared to Rs 15,102 million for the previous financial year, a decrease of 32%. The total R&D; expense for Q4FY23 was Rs 678 million which is 8.6% of revenue. During the year financial year, the Company has incurred Rs 2,014 million in R&D; which is 5.6% of revenue. During Q4FY23, the Company has filed 9 ANDAs, and received 7 ANDA approvals. As on March 31, 2023, we along with our partners has 334 ANDA filings in the United States, of which 263 were approved and 71 pending approvals. Commenting on the results, Mr. Srinivas Sadu, MD & CEO of Gland Pharma said “We have formally closed the acquisition of Cenexi and welcome it to be a part of the Gland-Fosun family. This is our first overseas acquisition and our move into the next phase of growth and expansion. We made progress on our path to building a Bio-CDMO and signed our first contract for Plasma Protein at our Shamirpet facility. Our full year FY23 revenue stood at Rs 36,246 Mn, and our full year FY23 PAT stood at Rs 7,810 Mn in the midst of challenging business environment. As an important milestone we received our first China approval and have also initiated launch of our first product. Our progress on the complex portfolio is in-line with plan and this year we filed a total of 3 complex products during the year. Our priority for the next year shall be seamless integration of Cenexi along with a focus on driving sustainable business growth”. Result PDF
Gland Pharma announced Q3FY23 results: Q3FY23: Financial summary: Revenue from operations for the nine months ended December 31, 2022, declined by 14% as compared to the corresponding period of the previous year due to significant business impact in the first quarter of the current financial year because of non-availability and long lead times for several processing and primary materials, softer offtake of few of our key products in the US and higher base of last year due to COVID related products sale. Revenue from operations during the quarter has declined by 12% as compared to the corresponding quarter of the previous year. Gross margin of the company improved during the quarter as compared to same quarter previous year and remained stable in nine months period of the year as compared to same period of previous financial year largely due to favourable geography mix and product mix. Marketwise Revenue: Core markets of US, Europe, Canada, Australia, and New Zealand accounted for 70% of revenue during Q3FY23, maintaining similar level of revenue contribution as compared to Q3FY22. Sale to US market is comprising of products sold to both US customers and Indian customers for US markets. For Q3FY23 direct sale to US customers Rs 5,179 million and to Indian customers for US markets was Rs 650 million, totalling Rs 5,829 million. During the quarter the Company launched 5 product SKUs. Rest of the world markets accounted for 21% of Q3FY23 revenue for the quarter. India market accounts for 9% of Q3FY23 revenue and witnessed the sequential recovery of business due to normalization of insulin production line. Research and Development: The total R&D; expense for Q3FY23 was Rs 512 million which is 5.5% of revenue. During nine months period of the current financial year, the company has incurred Rs 1,336 million in R&D; which is 4.7% of revenue. During Q3FY23, the Company filed 8 ANDAs and received 4 ANDA approvals. As on December 31, 2022, we along with our partners have 325 ANDA filings in the United States, of which 257 were approved and 68 pending approvals. Capex: Total Capex incurred during the quarter was Rs 427 million. During nine months, ended December 31, 2022, total capex incurred was Rs 1,253 million. The company is adding new capabilities of Combi-line for Microsphere, additional Bag line and lyos for the Penem block in Pashamylaram facility in Hyderabad. The Company will be earmarking capital for further building on its Biosimilar CDMO facility Commenting on the results, Mr. Srinivas Sadu, MD & CEO of Gland Pharma said “We closed this quarter Q3 FY23, with a revenue of Rs 9,383 Mn and a PAT of Rs 2,319 Mn. Challenging business environment, ongoing supply chain disruptions leading to production delays continue to impact our performance. We have received EIR from US FDA after the last audit at our Dundigal facility. Our continued focus on product quality and compliance differentiates us and provide confidence to our partners for long-term association. We also completed signing the share purchase agreement for the proposed acquisition of Cenexi. This is our first acquisition overseas and it is in line with Gland’s long-term growth objectives. It will enable Gland to increase its presence and to expand its product and service offering capability in Europe. Our new production lines in our sterile facility, in Pashamylaram, will support our product portfolio of complex and differentiated delivery formats. Amidst the tough business environment, we are taking all steps towards generating long-term stakeholder value.” Result PDF