Revenue from operations during the third quarter of financial year 2022 grew by 24% to Rs 1063.3 crore as compared to corresponding quarter of the previous year. The growth in revenue was on account of launch of new products and volume growth in existing products, the company said.

The company's key market, USA, has seen a YoY revenue growth rate of 23% for the quarter, including the India sales for USA market. Its core markets, US, Canada, Europe, and Australia accounted for 63% of the revenue during Q3 FY22.

Rest of the World markets witnessed a growth of 88% and accounted for 19% of Q3 FY22 revenue in line with the company's increased focus on geographic expansion.

India accounted for 18% of Q3 FY22 revenue and witnessed a 31% YoY growth for the quarter.

The total R&D expense for Q3 FY22 was Rs 69.9 crore which is 6.6% of the revenue from operations. Total R&D expenditure for Q3 FY21 was ₹434 million which was 5.1% of the revenue from operations.

During the quarter ended 31 December 2021, the company has filed 18 ANDAs, 3 DMFs and received 4 ANDA approvals. As on 31 December 2021, the company along with its Partners has filed total 309 ANDAs, out of which 249 were approved and 60 are pending approval.

EBITDA improved by 32% to Rs 394.6 crore in Q3 FY22 from Rs 318.1 crore in Q2 FY21. EBITDA margin was 36% as on 31 December 2021 as against 33% as on 31 December 2020.

Profit before tax in the third quarter stood at Rs 365.6 crore, up by 34% from Rs 273.2 crore reported in the same period last year.

Srinivas Sadu, MD & CEO of Gland Pharma, said: “While our key market USA grew by 23% during the quarter, our focus on geographical diversification is showing robust results with a y-o-y growth of 88% in the Rest of the World markets during the quarter. In alignment with our strategic priorities, we completed four complex injectable filings and a total of eighteen ANDA filings during the quarter.”

Hyderabad-based 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 and it engaged in development, manufacturing and marketing of complex injectables.

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