Healthcare, Pharma

Gland Pharma Ltd – Shaping the Future of Healthcare

Gland Pharma has a presence in over 60 countries, with the US and Europe being some of its main markets.

(A) About

Gland Pharma Ltd_Logo_PA wealth

Gland Pharma Ltd was established in Hyderabad in 1978 Global footprint across 60 countries, It also including the United States, Europe, Canada, Australia, India and other markets. Moreover, The Company operate B2B model and have an good track record in the development, manufacturing and marketing of complex injectables. The Company also aim to improve their manufacturing capabilities for complex injectables including peptides, long-acting injectables, suspensions, and hormonal products.

(B) Journey of Gland Pharma Ltd

(C) Board of Directors

(D) Shareholding Pattern

Gland pharma ltd_shareholding_PAwealth.
Gland pharma ltd_shareholding_PAwealth.

(E) Business Segments

Gland pharma ltd_Business segments_PAwealth.
  • In B2B intellectual property-led operations, Gland Pharma conducts development, licensing, manufacturing, as well as supplying as a part of its deal with pharmaceutical companies. Further, The Revenue streams for this business include profit sharing, royalties, and selling prices per unit dose of the product.
  • In the B2B technology transfer business, Gland Pharma offers to conduct studies regarding elements method transfer and validation and execution of scale-up, as well as supports the customer with dossier compilation. Gland Pharma receives a selling price per unit dose of the product developed by the customer, royalties, and also a technology transfer fee.
  • As a B2B Contract Manufacturing Organization (CMO), Gland Pharma provides pharmaceutical manufacturing as well as development services to other companies. Moreover, their focus on quality, technology, and regulatory compliance makes them a trusted partner in the pharmaceutical industry.
  • Gland Pharma's Business-to-Consumer (B2C) activities involve marketing as well as selling pharmaceutical products directly to end consumers. Furthermore, They ensure accessibility and quality healthcare solutions. Their focus on innovation as well as patient-centricity drives their success in the retail pharmaceutical market.

(F) Revenue Segment

(G) Cost Structure

Gland pharma ltd_Cost Structure_PAwealth.

(H) Financials

Gland pharma ltd_Financial_PAwealth.

The company’s revenue has grown at a CAGR of 13.82% over the past 10 years from Rs 990.92 Cr. in FY14 to Rs 3616.53 Cr. in FY23, while its PAT has grown from Rs 223.89 Cr. in FY14 to Rs 775.82 Cr. in FY23. However, The company’s ROE has decreased from 26.9% in FY14 to 9.8% in FY23.

Gland pharma ltd_Dupont analysis_PAwealth.

(I) Management Discussion & Concall Highlights

  • The company has recently debuted 34 items in the US market, with a further nine of them newly introduced as of Q2FY24.
  • Injectables have experienced rapid growth compared to other drug delivery forms.
  • The demand for injectable drugs is expanding as well as they are increasingly used in the treatment of various conditions.
  • In September 2023, Gland and its partners filed a total of 336 ANDAs in the US Among these, 275 received approval, while 61 remained unresolved. Additionally, the company holds an impressive global presence with 1641 product registrations worldwide.
  • The company's future plans include geographic expansion, portfolio development, collaborative alliances, as well as, worldwide business integration.
  • The company gross margins witnessed an improvement on a yearly basis, backed by favorable geographies, product mix and also, the enhancement of the margins in the Cenexi business.
  • The US market accounted for 53% of Q3 FY24 revenue as against 62% in Q3 FY23. subsequently, Sales made to Indian customers to export to the US market have been considered in the US sales.

Capex

  • In April 2023, This Company acquired 100% of Cenexi for €120 million Founded in 2004, Cenexi and its subsidiaries are engaged in Contract Development & Manufacturing Operations. Additionally, Cenexi has four manufacturing sites in Europe – three in France and one in Belgium.

(J) Strengths and Weaknesses

Strengths

  • The company has a strong focus on Research and Development as they are investing a significant amount of their revenue in R&D to develop new drugs and technologies. Subsequently, The Company has a strong distribution network that covers its presence in over 60 countries worldwide.

Weakness

  • The entry of new competitors into the market might lead to heightened pricing pressures within the injectable portfolio, Consequently, The company may have to strategically navigate these challenges to maintain a competitive edge.

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References:  Annual Reports, News Publications, Investor Presentations, Corporate Announcements, Management Discussions, Analyst Meets and Management Interviews, Industry Publications.

Disclaimer: The report only represents the personal opinions and views of the author. No part of the report should be considered a recommendation for buying/selling any stock. Thus, the report & references mentioned are only for the information of the readers about the industry stated.

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