Gland Pharma has confronted deterioration in earnings over previous three years on account of elevated competitors in its base merchandise and operational losses at its Cenexi enterprise. Having stated this, largely regular worth erosion within the base portfolio, new launches throughout key markets, and enhancing working efficiency of Cenexi would drive a 20% earnings CAGR over FY25-27.
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Motilal Oswal Report
Gland Pharma Ltd. delivered marginally below-expected income (3% miss) in This autumn FY25. Nonetheless, it delivered better-than-expected Ebitda (17% beat), on account of increased contribution from milestone revenue/revenue share. The next tax charge led to in-line earnings for the quarter.
This autumn FY25 is the second consecutive quarter to witness YoY decline in core market gross sales to Rs 11 billion.
ROW markets (down 21% YoY to Rs 1.3 billion) additionally witnessed quantity decline, affecting total efficiency for This autumn FY25.
Cenexi’s manufacturing challenges at its Paris website and persevering with normalcy at Belgium website moderated its YoY progress to eight% for This autumn FY25.
We lower our estimates by 7%/8% for FY26/FY27, factoring in-
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manufacturing disruption at Cenexi’s website, and
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gradual enchancment in enterprise of core markets.
We worth Gland Pharma at 28x 12 months ahead earnings to reach at a worth goal of Rs 1,740.
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