Gland Pharma’s US and Europe sales reached 84% of Q2 revenue

Gland Pharma generated 84% of Q2 FY27 revenue from the US and Europe, which contributed 64% and 20%, respectively, as US revenue rose 42% year on year and US CDMO revenue increased 81% to Rs 321.2 crore. The two regions together reported Rs 1,550.5 crore of Gland Pharma’s Rs 1,833.6 crore quarterly revenue.

How much of Gland Pharma’s Q2 revenue came from the US and Europe?

Gland Pharma received 84% of Q2 FY27 revenue from the US and Europe, based on its reported regional contributions of 64% and 20%. The US generated Rs 1,179.5 crore and Europe generated Rs 371 crore, for a combined Rs 1,550.5 crore in the quarter. Consolidated revenue was Rs 1,833.6 crore, up 23% from Rs 1,486.9 crore in Q2 FY26.

The US and Europe both expanded from Q2 FY26, but their sequential movements differed. US revenue rose 42% year on year from Rs 827.9 crore and also increased from Rs 981 crore in Q1 FY27. Europe revenue rose 30% year on year from Rs 284.7 crore, but declined from Rs 395.4 crore in Q1 FY27 to Rs 371 crore in Q2 FY27.

For 6M FY27, US revenue reached Rs 2,160.5 crore, compared with Rs 1,572.2 crore in 6M FY26, while Europe revenue rose to Rs 766.4 crore from Rs 615 crore. The US added Rs 588.3 crore over the prior-year six-month period, compared with Europe’s Rs 151.4 crore increase. The presentation does not disclose regional profitability, so the figures measure revenue concentration rather than earnings contribution.

What drove Gland Pharma’s US growth in Q2 FY27?

Gland Pharma attributed US CDMO growth to recent launches of Dalbavancin and Multi-Vitamin, while Critical Injectables growth reflected the Sugammadex launch and higher volumes of Ketorolac, Chlorthiazide and Heparin. Total US revenue reached Rs 1,179.5 crore in Q2 FY27, up 42% year on year. The US accounted for 64% of Gland Pharma’s quarterly revenue.

US CDMO revenue increased 81% year on year to Rs 321.2 crore from Rs 177.5 crore in Q2 FY26, and rose from Rs 265.3 crore in Q1 FY27. US Critical Injectables revenue increased 32% year on year to Rs 858.3 crore from Rs 650.5 crore and was also above Rs 715.7 crore in Q1 FY27. Critical Injectables remained the larger US category, although CDMO grew at the faster year-on-year rate.

Gland Pharma launched four molecules in the US during Q2 FY27: Sugammadex, Erythromycin, Fluorouracil and Atropine sulfate. It filed 11 ANDAs and received 10 approvals in the quarter. Cumulatively, Gland Pharma reported 399 US ANDA filings, comprising 350 approvals and 49 pending filings; this count includes technology-transfer ANDAs.

Why did Europe grow despite lower sequential revenue?

Gland Pharma’s Europe revenue rose 30% year on year to Rs 371 crore in Q2 FY27 because CDMO revenue increased 31%, despite Europe’s revenue declining sequentially from Rs 395.4 crore in Q1 FY27. Management attributed European CDMO growth to the Dalbavancin launch and volume expansion in Daptomycin. Europe contributed 20% of Q2 FY27 revenue.

European CDMO revenue was Rs 367.6 crore in Q2 FY27, up from Rs 280 crore in Q2 FY26 but down from Rs 391.6 crore in Q1 FY27. For 6M FY27, Europe CDMO revenue rose 25% to Rs 759.3 crore from Rs 606.6 crore in 6M FY26. CDMO represented Rs 367.6 crore of Europe’s Rs 371 crore quarterly revenue.

European Critical Injectables revenue fell 30% year on year to Rs 3.3 crore in Q2 FY27 from Rs 4.8 crore, and declined from Rs 3.8 crore in Q1 FY27. In 6M FY27, Europe Critical Injectables revenue was Rs 7.1 crore, down 14% from Rs 8.3 crore in 6M FY26. The increase in total Europe revenue therefore occurred despite lower sales in its smaller Critical Injectables category.

How did Gland Pharma’s other markets compare with the US and Europe?

Gland Pharma’s other reported geographies all declined year on year in Q2 FY27, unlike the US and Europe. Other core markets, comprising Canada, Australia and New Zealand, contributed 2% of revenue and declined 18% to Rs 40 crore from Rs 48.8 crore. Management attributed the decline to lower volumes in existing products.

Rest of the World revenue fell 21% year on year to Rs 204.4 crore from Rs 259 crore and accounted for 11% of Q2 FY27 revenue. CDMO revenue in the region declined 7% to Rs 99.5 crore, while Critical Injectables revenue fell 31% to Rs 105 crore. Management said lower volumes resulting from delayed tender business in the Middle East affected regional growth.

India contributed 2% of Q2 FY27 revenue, with sales declining 42% year on year to Rs 38.7 crore from Rs 66.5 crore. India CDMO revenue fell 55% to Rs 17.7 crore, while Critical Injectables revenue declined 24% to Rs 21 crore. Management attributed the India decline to lower volume uptake, contrasting with volume expansion reported in several US products.

What product and partnership developments could affect future revenue?

Gland Pharma reported six launches from its in-house complex pipeline, with three more products in line for approval. It said complex injectables are expected to remain a central pillar of long-term growth as products are added to the pipeline. Research and development expense was Rs 107.7 crore in Q2 FY27, or 6% of consolidated revenue, compared with Rs 81.7 crore in Q2 FY26.

Gland Pharma has 15 products in co-development, including seven 505(b)(2) products and eight ANDAs, with commercialization anticipated to begin in FY29. Its Ready-to-Use infusion bag portfolio includes 24 filed products, 18 approvals and eight products under development, addressing an estimated US market opportunity of about $640 million. The company also said technology-transfer work under a CDMO partnership with a global pharmaceutical company was advancing according to plan.

Conclusion

Gland Pharma’s Q2 FY27 geographic growth was concentrated in the US and Europe, which supplied 84% of quarterly revenue. The US delivered the larger revenue base and the faster increase in CDMO, with total revenue up 42% and CDMO revenue up 81% year on year. Europe grew 30%, led by CDMO, while other core markets, Rest of the World and India reported year-on-year declines.

The next disclosures to watch are progress on three complex products in line for approval, the 49 pending US ANDA filings and commercialization of 15 co-development products anticipated from FY29. Gland Pharma also reported that two facilities underwent USFDA audits, with zero observations at VSEZ and four procedural observations at Dundigal in October 2026.