Gland Pharma US revenue rises 42% after four launches

Gland Pharma Limited reported US revenue of Rs 1,179.5 crore in Q2 FY27, up 42% year-on-year, after Gland Pharma launched four molecules in the market and received 10 abbreviated new drug application approvals. US revenue also rose 20% from Rs 981 crore in Q1 FY27 for the quarter ended September 30, 2026.

How fast did Gland Pharma's US sales grow in Q2 FY27?

Gland Pharma's US revenue increased 42% year-on-year to Rs 1,179.5 crore in Q2 FY27 from Rs 827.9 crore in Q2 FY26. It also increased 20% sequentially from Rs 981 crore in Q1 FY27, compared with consolidated revenue growth of 23% year-on-year and 2% quarter-on-quarter to Rs 1,833.6 crore.

The US accounted for about 64% of Gland Pharma's Rs 1,833.6 crore Q2 FY27 revenue, based on the reported market totals. Europe was the next-largest reported market at Rs 371 crore, up 30% year-on-year but down 6% from Rs 395.4 crore in Q1 FY27, while the US grew on both comparisons.

For 6M FY27, Gland Pharma's US revenue reached Rs 2,160.5 crore, up 37% from Rs 1,572.2 crore in 6M FY26. The US increase of Rs 588.3 crore represented most of the Rs 641.4 crore increase in consolidated revenue, which rose 21% to Rs 3,633.9 crore over the same six-month comparison.

Which products did Gland Pharma launch in the US?

Gland Pharma launched four molecules in the US in Q2 FY27: Sugammadex, Erythromycin, Fluorouracil and Atropine sulfate. The filing does not disclose the revenue, launch date or individual contribution of any of the four products to the 42% growth in US revenue.

Gland Pharma filed 11 abbreviated new drug applications, or ANDAs, and received 10 approvals during Q2 FY27. Those actions brought its cumulative US ANDA filings to 399, including 350 approved applications and 49 pending applications; the company did not name the products covered by the quarterly filings and approvals.

Research and development expenditure increased to Rs 107.7 crore, or 6% of Q2 FY27 consolidated revenue, from Rs 81.7 crore in Q2 FY26. Gland Pharma said the expenditure was mainly focused on complex product development and the number of filings, linking the higher spend with its development and regulatory-submission activity.

What does Gland Pharma's injectable pipeline include?

Gland Pharma said six in-house complex products have already been launched and three more are in line for approval. The company described complex injectables as a central pillar of long-term growth, but did not provide expected approval dates or product names for the three candidates.

Gland Pharma also has 15 products in co-development, comprising seven products under the US Food and Drug Administration's 505(b)(2) pathway and eight ANDAs. Management said commercialization of these partnership products is anticipated to begin in FY29, which is a disclosed expectation rather than a confirmed future revenue contribution.

Ready-to-use, or RTU, infusion bags are another identified US pipeline area for Gland Pharma. It has filed 24 RTU bag products, received approval for 18, and has another eight under development; the full portfolio addresses an estimated US market opportunity of about $640 million, although Q2 FY27 revenue from approved bags was not disclosed.

How did Gland Pharma's businesses and earnings perform?

Gland Pharma reported Q2 FY27 revenue of Rs 1,833.6 crore, up 23% from Rs 1,486.9 crore in Q2 FY26, while profit after tax rose 58% to Rs 290.8 crore from Rs 183.7 crore. Earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 53% to Rs 480.4 crore, and the EBITDA margin rose to 26% from 21%.

Adjusted EBITDA increased 50% to Rs 503 crore from Rs 335.5 crore, while the adjusted EBITDA margin rose to 27% from 23% in Q2 FY26. Gland Pharma defines adjusted EBITDA as EBITDA plus employee stock-option compensation expenses and a one-off goods and services tax provision; profit after tax margin increased to 16% from 12%, but was below 18% in Q1 FY27.

Contract Development and Manufacturing Operations, or CDMO, contributed 45% of Q2 FY27 revenue and grew 31% year-on-year, though it declined 8% from Q1 FY27. Critical Injectables, which includes business-to-business and business-to-consumer operations, contributed 55% of revenue, grew 18% year-on-year and increased 11% sequentially.

Gland Pharma said technology-transfer activities with a global pharmaceutical company were advancing according to plan, with further dossiers added to the partnership. It also secured manufacturing contracts for microspheres and respiratory products, while two facilities were audited by the US Food and Drug Administration: VSEZ had zero observations and the Dundigal audit concluded in October 2026 with four procedural observations.

Conclusion

Gland Pharma's Q2 FY27 US revenue increase of 42% to Rs 1,179.5 crore exceeded its 23% consolidated revenue growth and coincided with four US launches, 11 ANDA filings and 10 approvals. Europe also grew, by 30% to Rs 371 crore, while Canada, Australia and New Zealand, India, and rest-of-world revenue declined year-on-year.

The next disclosed pipeline points are the three in-house complex products in line for approval and management's expectation that 15 co-development products will begin commercialization in FY29. Progress in the RTU bag portfolio, where 18 of 24 filed products have approvals and eight products remain in development, and the outcome of follow-up actions on Dundigal's four procedural observations are also matters to watch.