India's Gland Pharma posts 41% jump in quarterly revenue on Cenexi acquisition

Gland Pharma

07/08/2023 13:39

HYDERABAD, Aug 7 (Reuters) - Indian generic injectables
maker Gland Pharma Ltd  GLAD.NS  reported a 41% jump in
first-quarter revenue on Monday, aided by its acquisition of
French pharmaceutical group Cenexi.
    The Hyderabad-based company, which draws the bulk of its
revenue from the United States, Europe, Canada, Australia and
New Zealand, said revenue jumped to 12.09 billion Indian rupees
($146.13 million) from 8.57 billion rupees.
    The company said 37% of the total revenue came from its
acquisition of Cenexi in January. Revenue from Europe jumped
more than five-fold to 2.22 billion rupees.
    Excluding the Cenexi acquisition, Gland Pharma's revenue
rose 3.5% on the back of improvement in its base business and
stability in the United States.
    "The efforts made for business recovery, after a challenging
previous year, are yielding fruitful results," Gland Pharma
Chief Executive Officer Srinivas Sadu said in a statement.
    Gland Pharma, majority owned by  China's Shanghai Fosun
Pharmaceutical Group Co  600196.SS , however, reported a 15.3%
fall in profit to 1.94 billion rupees for the quarter ended June
30 amid price erosions and increased competition.
    Gland Pharma, founded in 1978, primarily operates on a
business-to-business model and focuses on sterile and complex
injectables. The company also has contract manufacturing, along
with direct consumer sales.
    Sales in the Indian market, which accounts for 5% of its
total revenue, rose 29% to 647 million rupees.
    Gland Pharma also said it launched cardioprotective agent
Dexrazoxane in China during the quarter, the company's first
product in the country.
    Shares of the company closed marginally up at 1342.55 rupees
on Monday.
    
($1 = 82.7340 Indian rupees)

 (Reporting by Rishika  Sadam in Hyderabad; Editing by Maju
Samuel)
 ((Rishika.S@thomsonreuters.com;))