The company's PAT is, however, lower by 15% as compared with Rs 229.2 crore recorded in Q1 FY23.

During the first quarter of financial year 2024, revenue from operation grew by 41% to Rs 1,208.7 crore as compared to corresponding quarter of the previous year, of which 37% contributed from the acquisition of Cenexi and 4% from the base business.

On the segmental font, the company's US revenue was Rs 602.1 crore (down 6% YoY), Europe revenue was Rs 222.4 crore (up 432% YoY), revenue from Other Core Markets (Canada, Australia and New Zealand) was Rs 26 crore (up 3% YoY), India revenue was Rs 64.7 crore (up 29% YoY) and revenue from the Rest of the world was Rs 293.5 crore (up 193% YoY).

"The growth in the Europe and ROW market due to acquisition of Cenexi,” Gland Pharma said in a statement.

The company further stated that it has improved gross margin both on yearly and sequential basis due to improved margin from the base business US portfolio and Cenexi's margin profile.

For Q1 FY24, EBITDA was Rs 263.6 crore (down 2% YoY) and EBITDA margin was 30% (down 100 bps YoY).

Profit before tax in Q1 FY24 stood at Rs 253.7 crore, down by 18% from Rs 308.5 crore in Q1 FY23.

The total R&D expense for Q1 FY24 was Rs 45.7 crore, which is 5% of revenue from operation (excluding Cenexi). During the quarter, the company filed 5 ANDAs and received approval for 9 ANDAs. As of 30 June 2023, the company along with its partners had 337 ANDA filings in the United States, of which 270 were approved and 67 pending approvals. The company has total 1,620 product registrations globally.

Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India, and other markets. It operates primarily under a business to business (B2B) model. It has a wide range of injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, oncology, and ophthalmic solutions and also enjoys the distinction of having pioneered Heparin technology in India.