Gland Pharma Ltd. share price target

Gland Pharma (GLAND) delivered in-line revenue in 2QFY26. However, EBITDA/PAT came in below our expectations by 9%/11%. A lowerthan-expected share of milestone income and lower tech transfer/CMO business in ROW markets impacted 2QFY26 performance.

We revise our rating from HOLD to BUY

About the stock: Gland Pharma is one of the largest generic injectable-focused Along with its partners, Gland owns 1,748 products registrations globally of which ~490 in US, Europe, Canada, Australia, and New Zealand, ~73 in...

Gland Pharma (GLAND) posted revenue in line with our estimate in 1QFY26. However, EBITDA/PAT exceeded our estimates (13%/16% beat).

We maintain our HOLD rating on the stock with a target price of Rs 1,950/share.

We maintain our HOLD rating with a target price of Rs 1,580, implying an upside potential of 4%, valuing the company at a PE of 20x for FY27.

Gland Pharma (Gland) delivered a better-than-expected operating performance for the quarter. While revenue came in line, product mix and a higher share of milestone income led to better-than-expected margins in the base business.

we maintain our HOLD rating with a target price of 1,760, implying an upside potential of ~9.4%, valuing the company at a PE of 26x for FY26.

We have Hold on the stock

Gland Pharma (GLAND) reported a miss on its 1QFY25 earnings, largely due to lower milestone income for the quarter. Further, postponement of the off-take of products by European customers hit 1QFY25 performance.

Investing in capacity expansion through Capex reflects the company's commitment to meeting future demand and capturing new opportunities in the market. We have Hold on the stock

China remains a key geographic focus area for the company. Gland has received and launched one product this year. Recommendation: HOLD

Stability in the Base Business; Maintain HOLD

Injectable companies (HIKMA, HOSIPORA, and Aurobindo) in the US market reported sales growth of ~4% YoY. We expect similar growth for GLAND in the core markets over a longer period and high single-digit growth in India and RoW over a long-term.

Company Outlook & Guidance: Injectable companies (HIKMA, HOSIPORA, and Aurobindo) in the US market sales grew by ~4% YoY. We expect similar growth for GLAND in the core markets over a longer period and high single-digit growth in India and RoW over a long-term outlook.

We recommend a HOLD rating on the stock with a TP of Rs 1,500/share.

We expect similar growth for GLAND in core markets over a longer period and high double digits growth in India &RoW. FY23 seems to be flat revenue growth due to increased competition and moderation demand for GLAND, therefore we recommend HOLD with TP of Rs 2,100.