Gland Pharma US revenue rose 42%, reaching 64% of sales

Gland Pharma Limited generated Rs 117.95 crore in US revenue in Q2 FY27, up 42% year on year and equal to 64% of Rs 183.36 crore in quarterly revenue. Growth in the US and Europe outweighed revenue declines in India, other core markets and the rest of the world.

How concentrated was Gland Pharma’s Q2 FY27 revenue in the US?

Gland Pharma’s revenue was concentrated in the US, which supplied Rs 117.95 crore, or 64%, of Q2 FY27 sales. US revenue rose from Rs 82.79 crore in Q2 FY26 and Rs 98.10 crore in Q1 FY27, making it the company’s largest reported geographic market by both revenue and contribution.

Europe was the second-largest market, contributing 20% of Q2 FY27 revenue, while rest of the world represented 11%. Other core markets, covering Canada, Australia and New Zealand, and India each contributed 2%. Consolidated revenue increased 23% year on year to Rs 183.36 crore despite declines in three of the five reported geographies.

The sequential pattern also favoured the US. US revenue increased by Rs 19.85 crore from Q1 FY27, whereas Europe fell by Rs 2.44 crore and rest-of-the-world revenue fell by Rs 9.95 crore. The geographic results show that quarterly growth was driven disproportionately by the US rather than being evenly distributed across markets.

What drove Gland Pharma’s US revenue growth?

Gland Pharma’s US growth came from both contract development and manufacturing organisation, or CDMO, and critical injectables. US CDMO revenue rose 81% year on year to Rs 32.12 crore in Q2 FY27, while US critical-injectables revenue rose 32% to Rs 85.83 crore.

Management attributed US CDMO growth to recent Dalbavancin and Multi-Vitamin launches. It attributed critical-injectables growth to the Sugammadex launch and higher volumes in products including Ketorolac, Chlorothiazide and Heparin. Gland Pharma also launched four molecules in the US during the quarter: Sugammadex, Erythromycin, Fluorouracil and Atropine sulfate.

The US growth rates exceeded those of the corresponding businesses across all geographies. Company-wide CDMO revenue rose 31% year on year to Rs 82.27 crore, while critical-injectables revenue increased 18% to Rs 101.09 crore. This comparison indicates that the US supplied a larger share of growth than either business line achieved across the group.

Gland Pharma filed 11 abbreviated new drug applications, or ANDAs, and received 10 approvals in Q2 FY27. Its cumulative US total was 399 ANDA filings, including 350 approvals and 49 pending applications; the filing count includes technology-transfer ANDAs.

How did Europe compare with the US in Q2 FY27?

Gland Pharma’s Europe revenue rose 30% year on year to Rs 37.10 crore in Q2 FY27, but remained below Rs 39.54 crore in Q1 FY27. Europe’s 20% contribution was substantially below the US contribution of 64%, while its quarterly revenue was less than one-third of the US total.

Europe’s gain was almost entirely a CDMO outcome. European CDMO revenue increased 31% year on year to Rs 36.76 crore, and management cited recent Dalbavancin launches and volume expansion in Daptomycin. Critical-injectables revenue in Europe fell 30% to Rs 0.33 crore from Rs 0.48 crore in Q2 FY26.

For 6M FY27, Europe generated Rs 76.64 crore, up 25% from Rs 61.50 crore in 6M FY26. CDMO accounted for Rs 75.93 crore of the six-month European total, while critical injectables contributed Rs 0.71 crore, down 14% year on year.

Which Gland Pharma markets declined during the quarter?

Gland Pharma’s other core markets revenue declined 18% year on year to Rs 4 crore in Q2 FY27 because of lower volumes in existing products. CDMO revenue in these markets fell 34% to Rs 1.67 crore, while critical-injectables revenue declined 1% to Rs 2.33 crore.

Rest-of-the-world revenue fell 21% year on year to Rs 20.44 crore and represented 11% of quarterly sales. Management said delayed tender business in the Middle East reduced volumes. Critical-injectables revenue declined 31% to Rs 10.50 crore, compared with a 7% decline in CDMO revenue to Rs 9.95 crore.

India recorded the largest percentage fall among the reported markets, with revenue declining 42% year on year to Rs 3.87 crore. Management attributed the result to lower volume uptake; India CDMO revenue fell 55% to Rs 1.77 crore and critical-injectables revenue declined 24% to Rs 2.10 crore.

What does Gland Pharma’s six-month regional performance show?

Gland Pharma’s US revenue rose 37% year on year to Rs 216.05 crore in 6M FY27, exceeding consolidated revenue growth of 21%. Total revenue increased to Rs 363.39 crore from Rs 299.25 crore, meaning the US accounted for the largest absolute regional increase over the first half.

Both US businesses expanded over the six months. US CDMO revenue increased 64% to Rs 58.65 crore, while US critical-injectables revenue rose 30% to Rs 157.40 crore. Europe also increased 25% to Rs 76.64 crore, whereas other core markets fell 24% to Rs 9.34 crore, rest of the world fell 9% to Rs 50.83 crore and India fell 16% to Rs 10.53 crore.

The reported regional revenue totals equal Gland Pharma’s Rs 363.39 crore consolidated revenue for 6M FY27. The comparison shows that first-half expansion in the US and Europe more than offset lower revenue in the three other reported geographies.

Conclusion

Gland Pharma’s Q2 FY27 revenue growth relied heavily on the US, where revenue increased by Rs 35.16 crore year on year and the market reached 64% of sales. Europe added revenue through CDMO, but declining volumes in India and other core markets, together with delayed Middle East tender business, reduced revenue elsewhere.

The next disclosed milestones include three in-house complex products in line for approval and 15 co-development products, including seven 505(b)(2) products and eight ANDAs, for which commercialisation is anticipated from FY29. Gland Pharma also has eight ready-to-use infusion bag products under development after receiving 18 approvals from 24 filings.