Message from the Executive Chairman
Dear Esteemed Stakeholders,
Stepping into the role of Executive Chairman of Gland Pharma fills me with profound
responsibility. Your continued trust in me to lead this organisation, built on a
remarkable legacy, is both humbling and inspiring.
Having been part of Gland Pharma's extraordinary journey since 2000, I have seen
firsthand our ascent to becoming one of the leading players in injectables.
Our rise has been guided by a clear vision, strategic alignment with global healthcare
needs, and an unwavering commitment to quality and compliance.
Our core strengths have not only enabled us to navigate a dynamic industry but also
created an organisation poised for more. Together, we will continue to build on this
powerful foundation, delivering value and making a meaningful impact.
Operating landscape
The past year marked an important inflection point in the global economy. As resilience
took root, new growth avenues began to emerge. The International Monetary Fund's latest
outlook reflects cautious optimism - crediting disciplined policymaking, stronger
cross-border collaboration, and innovation as key drivers of economic stabilisation
However, challenges persist. The reintroduction of reciprocal tariffs by the US
administration has added complexity for Indian pharmaceutical firms with a significant
footprint in the US market. These developments call for strategic agility and cost
discipline to ensure continued growth and competitiveness.
Amidst these shifts, the Indian pharmaceutical sector continues to demonstrate
strength, and Gland remains firmly positioned within it. The fundamentals of our industry
- and our business - remain robust, supported by structural demand drivers and our strong
execution capability.
The global injectable market is expected to witness sustained expansion. This is being
driven by the rising burden of chronic diseases, greater adoption of patient-centric drug
delivery formats, and advancements in complex biologies. Additionally, the increasing
uptake of biosimilars following key patent expirations is reshaping the treatment
landscape. While regulatory compliance and pricing pressures remain, the overall
opportunity is significant and growing.
Our performance in FY 2024-25
In FY 2024-25, Gland Pharma delivered consolidated revenue of Rs.56,165 Million and
EBITDA of Rs.12,689 Million, with a margin of 23%. This marks a 100-basis-point decrease
in EBITDA margin year- on-year, reflecting the adaptability of our business model in
navigating external uncertainties.
Excluding Cenexi, our core base business generated Rs.41,248 Million in revenue. This
was supported by a strong pipeline of new product launches, continued investments in
complex injectables and advanced delivery platforms, and a robust in- house R&D
programme.
Our base business also demonstrated operational strength, with EBITDA margins rising to
35%, up from 34% in the previous year. This margin expansion was the result of a
favourable product mix, disciplined cost management, and improved efficiency across our
value chain.
Cenexi contributed Rs.14,916 Million in revenue during the fiscal year. While
performance was below initial expectations, we have laid the groundwork for a clear
turnaround. Our focus is shifting from lower- value, high-volume offerings to higher-value
segments, such as prefilled syringes, lyophilised vials and ophthalmic gels. This
transition is expected to increase realisable revenue per unit and drive longterm
profitability.
On the regulatory front, we strengthened our global compliance profile. Our facilities
in Dundigaland Pashamylaram received Establishment Inspection Reports (EIRs) from the
USFDA
- affirming our unwavering commitment to quality, safety, and compliance. These are
foundational to sustaining trust with regulators, customers, and patients worldwide.
ESG commitments
Our approach to Environmental, Social, and Governance (ESG) is holistic and embedded in
our operations. We are accelerating our shift towards cleaner energy through solar
infrastructure investments at our manufacturing sites, reducing our carbon footprint in
measurable ways. Our water conservation initiatives - through upgrades and real-time
monitoring - reflect our responsible stewardship of natural resources.
On the social front, our efforts span school infrastructure, orphanage support, and
rural welfare projects
- initiatives that significantly impact the communities we serve. Our CSR Committee
provides strategic oversight to ensure that these programmes are not only aligned with our
values but also create tangible and lasting outcomes
Way forward
As we look to the future, we do so with confidence, clarity, and momentum. With Mr.
Shyamakant Giri taking over as CEO, we are entering a new chapter marked by renewed energy
and execution focus.
Our strategic priorities are centred around scaling core operations, deepening our
innovation pipeline, and driving sustainable value creation. Specifically, we are
advancing across six dimensions:
• Expanding our base business through operational excellence, market expansion,
and differentiated delivery platforms
• Enhancing manufacturing capabilities with a focus on scalability, quality, and
global compliance
• Accelerating innovation through a robust pipeline of complex injectables and the
scale-up of our biologies CDMO platform
• Exploring strategic M&A to access new technologies, diversify our portfolio,
and enter untapped markets
• Embedding ESG in every aspect of our value chain-from environmental impact to
social upliftmentand governance
• Upholding a culture of compliance, trust, and safety across our operations,
ensuring we deliver with integrity to patients and partners worldwide
The future of Gland Pharma is bright. It is fueled by the dedication of our people, the
strength of our collaborations, and the enduring trust of our stakeholders. Together, we
are poised to redefine excellence, delivering enduring value and shaping a healthier
future for all.
Thank you for your continued confidence in Gland Pharma.
Warm regards,
Srinivas Sadu
Executive Chairman
Gland Pharma Limited.