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Investor Presentation Q3 & 9M FY26 28 January 2026 GLAND PHARMA GLANDI GLAND PHARMA InvestorPresentationQ3 & 9M FY2628 January 2026
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2 Safe Harbour Statement The Presentation is to provide the general background information about the Company’s activities as at the date of the Presentation. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any investor should subscribe / purchase the company shares. This presentation may include certain “forward looking statements”. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties which could cause actual outcomes and results to differ materially from these statements. Important factors that could cause actual results to differ materially from our expectations include, amongst others general economic and business conditions in India and any other country, ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global pharmaceuticals industries, increasing competition, changes in political conditions in India or any other country and changes in the foreign exchange control regulations in India. Neither the company, nor its directors and any of the affiliates or employee have any obligation to update or otherwise revise any forward-looking statements. The readers may use their own judgment and are advised to make their own calculations before deciding on any matter based on the information given herein. No part of this presentation may be reproduced, quoted or circulated without prior written approval from Gland Pharma Limited. 2 Safe Harbour Statement The Presentation is to provide the general background information about theCompany’s activities as at the date of the Presentation. The informationcontained herein is for general information purposes only and based onestimates and should not be considered as a recommendation that any investorshould subscribe / purchase the company shares.This presentation may include certain “forward looking statements’’. Thesestatements are based on current expectations, forecasts and assumptions thatare subject to risks and uncertainties which could cause actual outcomes andresults to differ materially from these statements. Important factors that couldcause actual results to differ materially from our expectations include, amongstothers general economic and business conditions in India and any othercountry, ability to successfully implement our strategy, our research anddevelopment efforts, our growth and expansion plans and technologicalchanges, changes in the value of the Rupee and other currencies, changes inthe Indian and international interest rates, change in laws and regulations thatapply to the Indian and global pharmaceuticals industries, increasingcompetition, changes in political conditions in India or any other country andchanges in the foreign exchange control regulations in India. Neither thecompany, nor its directors and any of the affiliates or employee have anyobligation to update or otherwise revise any forward-looking statements. Thereaders may use their own judgment and are advised to make their owncalculations before deciding on any matter based on the information givenherein.No part of this presentation may be reproduced, quoted or circulated withoutprior written approval from Gland Pharma Limited.
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Financial Highlights GLAND Financial Highlights
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4 1.Gross Profit = Revenue from Operations – Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense excluding other income. 3. EBITDA margin = EBITDA / Revenue from operations; 4.Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minus equivalent taxes Consolidated P&L Highlights ₹ Mn Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY Revenue from operations 16,954 13,841 22% 14,869 14% 46,879 41,916 12% Other Income 632 585 8% 842 -25% 2,049 1,696 21% Total Income 17,585 14,426 22% 15,710 12% 48,927 43,612 12% Gross Profit(1) 11,187 9,213 21% 9,331 20% 30,363 25,892 17% Gross Profit margin (%) 66% 67% 63% 65% 62% EBITDA(2) 4,349 3,600 21% 3,139 39% 11,165 9,214 21% EBITDA margin(%)(3) 26% 26% 21% 24% 22% Adj. EBITDA(4) 4,490 3,600 25% 3,355 34% 11,582 9,214 26% Adj. EBITDA margin(%) 26% 26% 23% 25% 22% Adj. PBT(5) 3,865 2,993 29% 2,839 36% 9,831 7,743 27% Adj. PBT margin(%) 23% 22% 19% 21% 18% Adj. PAT (6) 2,797 2,047 37% 1,837 52% 6,789 5,120 33% Adj. PAT margin(%) 16% 15% 12% 14% 12% Consolidated P&L Highlights?MnParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25YoYRevenue from operations16,95413,84122%14,86914%46,87941,91612%Other Income 6325858%842-25%2,0491,69621%Total Income17,58514,42622%15,71012%48,92743,61212%Gross Profit(1) 11,1879,21321%9,33120%30,36325,89217%Gross Profit margin (%)66%,67%63% 65%62%EBITDA(2) 4,3493,60021%3,13939%11,1659,21421%EBITDA margin(%)(3) 26%,26%21%24%,22%Adj. EBITDA(4) 4,4903,60025%3,35534%11,5829,21426%Adj. EBITDA margin(%)26%,26%23% 25%22%Adj. PBT(5> 3,8652,99329%2,83936%9,8317,74327%Adj. PBT margin(%)23%,22%19%,21%,18%,Adj. PAT (6> 2,7972,04737%1,83752%6,7895,12033%Adj. PAT margin(%)16%,15%,12%,14%,12%, -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 41. Gross Profit = Revenue from Operations - Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense excluding other income. 3. EBITDA margin = EBITDA / Revenue from operations;4.Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minusequivalent taxes
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5 2,047 1,837 2,797 5,120 6,789 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 15% 14% 12% 16% 12% 3,600 3,355 4,490 9,214 11,582 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 23% 25% 26% 26% 22% Consolidated Financial Highlights 1.Gross Profit = Revenue from Operations – Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expense. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. 5. Adj. PAT = Adj. PBT minus equivalent taxes. 6. Adj. PAT margin = Adj. PAT / Revenue from operations. Revenue from Operations (₹ Mn) Gross Profit (1) / Gross Profit Margin (2) (₹ Mn / %) Adj. PAT(5) / Adj. PAT Margin (6) (₹ Mn / %) Adj. EBITDA (3) / Adj. EBITDA Margin (4) (₹ Mn / %) 13,841 14,869 16,954 41,916 46,879 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 9,213 9,331 11,187 25,892 30,363 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 63% 65% 67% 66% 62% Consolidated Financial Highlights Revenue from Operations(? Mn) Gross Profit *1> / Gross Profit Margin <2)(? Mn I %) 30,36346,87941,916 16,95414,86913,841 Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 25,89265%62%11,1879,3319,21363%66%67%Q3 FY25Q2 FY26Q3 FY269M FY259M FY26Adj. EBITDA*3)/ Adj. EBITDA Margin (4)(? Mn / %)Adj. PAT*5) / Adj. PAT Margin *6>(< Mn / %) 6,78914%5,12012%2,7972,0471,83716%15%12%Q3 FY25Q2 FY26Q3 FY269M FY269M FY25 11,5829,21425%22%4,4903,6003,35526%23%26%Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 1. Gross Profit = Revenue from Operations - Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-relatedexpense. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. 5. Adj. PAT = Adj. PBT minus equivalent taxes. 6. Adj. PAT margin = Adj. PAT / Revenue from operations.
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6 Base Business (Gland) P&L Highlights ₹ Mn Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY Revenue from operations 11,790 10,123 16% 10,767 10% 32,965 30,917 7% Other Income 631 555 14% 861 -27% 2,048 1,643 25% Total Income 12,421 10,678 16% 11,628 7% 35,013 32,559 8% Gross Profit(1) 7,147 6,357 12% 6,571 9% 19,862 17,663 12% Gross Profit margin (%) 61% 63% 61% 60% 57% EBITDA(2) 4,201 3,911 7% 3,755 12% 11,548 10,497 10% EBITDA margin(%)(3) 36% 39% 35% 35% 34% Adj. EBITDA(4) 4,342 3,911 11% 3,971 9% 11,965 10,497 14% Adj. EBITDA margin(%) 37% 39% 37% 36% 34% Adj. PBT(5) 4,382 3,845 14% 4,127 6% 12,145 10,683 14% Adj. PBT margin(%) 37% 38% 38% 37% 35% Adj. PAT(6) 3,274 2,864 14% 3,055 7% 9,021 7,955 13% Adj. PAT margin(%) 28% 28% 28% 27% 26% 1.Gross Profit = Revenue from Operations – Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense excluding other income. 3. EBITDA margin = EBITDA / Revenue from operations; 4.Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minus equivalent taxes Base Business (Gland) P&L Highlights?MnParticularsQ3 FY26Q3 FY25YoYQ2 FY26QoQ9M FY269M FY25YoYRevenue from operations11,79010,12316%10,76710%32,96530,9177%Other Income 63155514%861-27%2,0481,64325%Total Income12,42110,67816%11,6287%35,01332,5598%Gross Profit(1) 7,1476,35712%6,5719%19,86217,66312%Gross Profit margin (%) 61%63%61%60%57%EBITDA(2) 4,2013,9117%3,75512%11,54810,49710%EBITDA margin(%)(3) 36%39%35%35%34%>Adj. EBITDA(4) 4,3423,91111%3,9719%11,96510,49714%Adj. EBITDA margin(%)37%39%37%36%34%>Adj. PBT(5) 4,3823,84514%4,1276%12,14510,68314%Adj. PBT margin(%)37%38%38%37%35%Adj. PAT(6) 3,2742,86414%3,0557%9,0217,95513%Adj. PAT margin(%)28%28%28%27%26% ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 61. Gross Profit = Revenue from Operations - Materials consumed; 2. EBITDA = Profit before tax plus finance expense plus depreciation and amortization expense excluding other income. 3. EBITDA margin = EBITDA / Revenue from operations;4.Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expenses. 5. Adj. PBT = PBT before exceptional items which is the one-time impact due to new wage code. 6. Adj. PAT = Adj. PBT minusequivalent taxes
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7 Revenue from Operations (₹ Mn) Adj. EBITDA(3) / Adj. EBITDA Margin (4) / Adj. PAT(5) / Adj. PAT Margin (6) (₹ Mn / %) R&D Expenses (₹ Mn / %) Base Business (Gland) Financial Highlights 3,911 3,971 4,342 10,497 11,965 2,864 3,055 3,274 7,955 9,021 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 28% 34% 28% 26% 37%39% Adj. EBITDA Adj. PAT 37% 28% 36% 27% 437 614 650 1,419 1,725 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 4.3% 5.8% 5.4% 4.6% 5.2% Gross Profit (1) / Gross Profit Margin (2) (₹ Mn / %) 10,123 10,767 11,790 30,917 32,965 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 6,357 6,571 7,147 17,663 19,862 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 63% 60% 61% 61% 57% 1.Gross Profit = Revenue from Operations – Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-related expense. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. 5. Adj. PAT = Adj. PBT minus equivalent taxes. 6. Adj. PAT margin = Adj. PAT / Revenue from operations. Base Business (Gland) Financial Highlights Gross Profit *1> / Gross Profit Margin *2)(< Mn / %)Revenue from Operations32,96530,917 11,79010,76710,123 Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 19,86217,66360%57%7,1476,5716,357 61%63%61%Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 R&D Expenses(? Mn / %) 1,725Adj. EBITDA*3) / Adj. EBITDA Margin *4)/ Adj. PAT*5) / Adj. PAT Margin *6)(? Mn / %) 11,9659,02110,4977,95534%26%4’3423,2743' 9713,05528%3'9112,86428% 37%28%37%39%Q3 FY25Q2 FY26 Q3 FY26 9M FY25■ ■ Adj. EBITDA ■ Adj. PAT9M FY26 1,4195.2%4.6%6506144375.8%5.4%4.3%Q3 FY25Q2 FY26Q3 FY269M FY259M FY26 1. Gross Profit = Revenue from Operations - Materials consumed 2. Gross Profit Margin = Gross profit /Revenue from operations 3. Adj. EBITDA = EBITDA plus Employee stock option compensation expenses and one-off GST-relatedexpense. 4. Adj. EBITDA margin = Adj. EBITDA / Revenue from operations. 5. Adj. PAT = Adj. PBT minus equivalent taxes. 6. Adj. PAT margin = Adj. PAT / Revenue from operations.
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8 Group Financial Highlights (1/2) Net Worth (1) (₹ Mn) 1.Net Worth refers to sum of equity share capital and other equity. 2. Return on Capital Employed (ROCE) = EBIT/ Average Capital Employed for the period. Capital Employed represents Total Assets – Current Liabilities; 3. Return on Net Worth (RONW) = Profit for the period / Average Net Worth for the period. Net Worth represents sum of equity share capital and other equity. 4. Asset Turnover is calculated as Revenue from operations for the period divided by average total assets for the period; 5. Fixed Asset Turnover is calculated as Revenue from operations for the period divided by average total fixed assets for the period (Property, plant and equipment + Right-of-use assets + Capital work in progress) 87,238 91,507 98,789 FY24 FY25 9M FY26 ROCE (2) / RONW (3) (%) 11% 9% 11% 9% 8% 9% 0.00% 5.00% 10.00% 15.00% FY24 FY25 9M FY26 RoCE RoNW Asset Turnover Ratio (4)(5) (x) 0.6 1.5 0.5 1.4 0.5 1.5 Total asset turnover Fixed asset turnover FY24 FY25 9M FY26 Capital Expenditure (₹ Mn) 3,975 3,938 3,566 FY24 FY25 9M FY26 Group Financial Highlights (1/2) Net Worth <1>(? Mn) ROCE (2)/RONW (3)(%) RoCE RoNW98,78991,50787,238 FY24FY259M FY26 11% 11%9%9% 9%8% FY24FY259M FY26Asset Turnover Ratio <4)<5)(X)Capital Expenditure(? Mn)3,9753,9383,566 FY24FY259M FY26 1.5 14 1.50.60.50.5Total asset turnover Fixed asset turnoverFY24 ■ FY25 ■ 9M FY26-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 8I.Net Worth refers to sum of equity share capital and other equity. 2. Return on Capital Employed (ROCE) = EBIT/ Average Capital Employed for the period. Capital Employed represents Total Assets - Current Liabilities; 3. Return on Net Worth(RONW) = Profit for the period I Average Net Worth for the period. Net Worth represents sum of equity share capital and other equity. 4. Asset Turnover is calculated as Revenue from operations for the period divided by average total assets forthe period; 5. Fixed Asset Turnover is calculated as Revenue from operations for the period divided by average total fixed assets for the period (Property, plant and equipment + Right-of-use assets + Capital work in progress)
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9 Group Financial Highlights (2/2) Cash Conversion Cycle (CCC) (3)(4) (# of Days) Cash Flow from Operations (₹ Mn) 78 100 97 152 138 132 -57 -66 -63 173 172 166 FY24 FY25 9M FY26 Receivable days Inventory days Payable days Cash conversion cycle 6,228 5,889 6,269 9M FY24 9M FY25 9M FY26 1. Net Cash refers to Cash and Cash equivalents less total borrowings(including current maturities). 2. Net Working Capital refers to Current assets (excluding cash and bank balances) less Current liabilities. 3. COGS mean cost of goods sold includes cost of materials consumed, purchases of traded goods, change in inventories of finished goods, traded goods and work-in-progress and manufacturing overheads; 4. Receivable days calculated as average trade receivables for the period divided by revenue from operations * over 275/365 days (as applicable), Inventory days calculated as average inventory for the period divided by COGS* over 275/365 days (as applicable), & Payable days calculated as average trade payable for the period divided by COGS* over 275/365 days (as applicable). CCC is calculated as Receivable days + Inventory days - Payable days. Cash and Bank Balances / Net Cash (1) (₹ Mn) 18,394 25,562 26,565 15,197 22,870 23,191 FY24 FY25* 9M FY26* Total Cash Net Cash Net Working Capital (2) (₹ Mn) 21,554 21,683 23,980 FY24 FY25 9M FY26 . * Excluding non-callable deposits of INR 3,960 million. Group Financial Highlights (2/2)Cash Flow from Operations(? Mn)Cash and Bank Balances / Net Cash* (1)(? Mn) ■■Total CashNet Cash 5,889 6’2696,22825,56223,19118,39415,197 9M FY249M FY25 9M FY26FY24 FY25* 9M FY26*Excluding non-callable deposits of INR 3,960 million. Net Working Capital (2)(? Mn) Cash Conversion Cycle (CCC) (3)(4)(# of Days)23,980 FY24 FY25 9M FY26 173 172 166152 138 13278 100 97■ -57■ -66■ -63FY24 FY25 9M FY26Receivable days Inventory days Payable days Cash conversion cycle 91. Net Cash refers to Cash and Cash equivalents less total borrowings(including current maturities). 2. Net Working Capital refers to Current assets (excluding cash and bank balances) less Current liabilities. 3. COGS mean cost of goods soldincludes cost of materials consumed, purchases of traded goods, change in inventories of finished goods, traded goods and work-in-progress and manufacturing overheads; 4. Receivable days calculated as average trade receivables for theperiod divided by revenue from operations * over 275/365 days (as applicable), Inventory days calculated as average inventory for the period divided by COGS* over 275/365 days (as applicable), & Payable days calculated as average tradepayable for the period divided by COGS* over 275/365 days (as applicable). CCC is calculated as Receivable days + Inventory days - Payable days.
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Business Update GLAND Business Update
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11 Base Business (Gland) Updates • R&D Expenses: Total R&D expenses were ₹650 million in Q3 FY26, representing 5.4% of revenue versus ₹437 million, representing 4.3% of revenues, in Q3 FY25. The increase in R&D is on account of complex product development and number of filings. • New Launches: The company launched nine molecules in the USA this quarter, including Argatroban, Acetazolamide and Doxycycline. There were 2 new launches in other regulated markets of Europe, Canada, Australia and New Zealand. • Filings and Approvals: Nine ANDAs were filed, and four were approved in Q3 FY26, contributing to a cumulative total of 384 ANDA filings in the U.S. (331 approved, 53 pending). There were 3 new filings in Q3 FY26, contributing to a cumulative total of 134 filings in th e other regulated markets (89 approved, 45 pending). • In-house Complex Pipeline: Six products have already been launched, three more are in line for approval. Complex injectables are expected to remain a central pillar of long-term growth, with more products being added to the pipeline. • Co-development Partnerships: Fifteen products are in co-development (seven 505(b)(2) and eight ANDAs), with commercialization anticipated to begin in FY28. • Ready-to-Use (RTU) Bags: Filed 20 Ready to Use infusion bag products and received approval for 16 so far. An additional 13 are currently under development. Total RTU bag portfolio addresses the market opportunity of approximately $685 million in the US. • Drug Device Combinations (DDCs): The company launched its first partnered GLP-1, Liraglutide, in the US. We are aggressively increasing our Pen/cartridge capacity from ~40 million to 140 million units. We are also exploring opportunities beyond GLP -1s including insulin and insulin analogs. • New CMO contract: Signed a complex Nano Drug Delivery System based Injectable contract in Oncology with Big Pharma. Since its already a commercial product across the globe, it gives clear revenue visibility over mid -to-the-long term. Base Business (Gland) Updates ; R&D Expenses: Total R&D expenses were 650 million in Q3 FY26, representing 5.4% of revenue versus 437 million, representing 4.3% ofrevenues, in Q3 FY25. The increase in R&D is on account of complex product development and number of filings. New Launches: The company launched nine molecules in the USA this quarter, including Argatroban, Acetazolamide and Doxycycline. There were 2new launches in other regulated markets of Europe, Canada, Australia and New Zealand. Filings and Approvals: Nine ANDAs were filed, and four were approved in Q3 FY26, contributing to a cumulative total of 384 ANDA filings in theU.S. (331 approved, 53 pending). There were 3 new filings in Q3 FY26, contributing to a cumulative total of 134 filings in the other regulated markets(89 approved, 45 pending). In-house Complex Pipeline: Six products have already been launched, three more are in line for approval. Complex injectables are expected toremain a central pillar of long-term growth, with more products being added to the pipeline. Co-development Partnerships: Fifteen products are in co-development (seven 505(b)(2) and eight ANDAs), with commercialization anticipated tobegin in FY28. Ready-to-Use (RTU) Bags: Filed 20 Ready to Use infusion bag products and received approval for 16 so far. An additional 13 are currently underdevelopment. Total RTU bag portfolio addresses the market opportunity of approximately $685 million in the US. Drug Device Combinations (DDCs): The company launched its first partnered GLP-1, Liraglutide, in the US. We are aggressively increasing ourPen/cartridge capacity from ~40 million to 140 million units. We are also exploring opportunities beyond GLP-1s including insulin and insulin analogs. New CMO contract: Signed a complex Nano Drug Delivery System based Injectable contract in Oncology with Big Pharma. Since its already acommercial product across the globe, it gives clear revenue visibility over mid-to-the-long term.IcUXND] 11
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12 • Financial Performance: Increased volumes due to increase in capacity and new product ramp-ups supported revenue growth; contract and pricing renegotiations, cost reduction initiatives and operating leverage helped margin profile. • Fontenay Facility: New high-capacity ampoule line is being added, with a capacity of 30 million by 2027, strengthening the position of the site on the market as the largest ampoule manufacturing site in Europe. • Hérouville Facility: This quarter saw continued ramp-up in production of two products launched in 2025: an inactivated vaccine and a sterile ophthalmic gel. • Braine-l'Alleud & Osny: Business from the two sites, maintained momentum. At Braine, a combo line - for prefilled syringes and cartridges – will be installed in 2026 and a new vial line under isolator is being planned. Cenexi Updates Particulars Q3 FY26 Q3 FY25 YoY Q2 FY26 QoQ 9M FY26 9M FY25 YoY € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. € Mn. ₹ Mn. Revenue from operations 50 5,164 41 3,717 39% 40 4,102 26% 138 13,913 121 10,999 26% Gross Margin 39 4,040 32 2,856 41% 27 2,760 46% 104 10,501 91 8,229 28% % margin 78% 78% 77% 77% 67% 67% 75% 75% 75% 75% EBITDA 1.4 148 (4) (312) (6) (616) (4) (383) (14) (1,283) % margin 3% 3% -8% -8% -15% -15% -3% -3% -12% -12% Cenexi UpdatesQ3 FY26Q3 FY25Q2 FY269M FY269M FY25Particulars YoY QoQ YoY€ Mn. ?Mn.€ Mn. ? Mn.€ Mn. ? Mn.€ Mn. ? Mn.€ Mn. ? Mn.Revenue from operations505,164413,71739%404,10226%13813,91312110,999 26%Gross Margin394,040322,85641%272,76046%10410,501918,229 28%% margin 78%78%77%77%67%67%75%75%75%75%EBITDA1.4148(4)(312)(6)(616)(4)(383)(14)(1,283)% margin 3°/o3%-8%-8%-15%-15%-3%-3%-12%-12% Financial Performance: Increased volumes due to increase in capacity and new product ramp-ups supported revenue growth; contractand pricing renegotiations, cost reduction initiatives and operating leverage helped margin profile. Fontenay Facility: New high-capacity ampoule line is being added, with a capacity of 30 million by 2027, strengthening the position ofthe site on the market as the largest ampoule manufacturing site in Europe. Herouville Facility: This quarter saw continued ramp-up in production of two products launched in 2025: an inactivated vaccine and asterile ophthalmic gel.Braine-l'Alleud & Osny: Business from the two sites, maintained momentum. At Braine, a combo line - for prefilled syringes andcartridges - will be installed in 2026 and a new vial line under isolator is being planned. 12|CLAND|
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Geographical Revenue GLAND GeographicalRevenue
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14 US Filings Update US Contribution to the Group Business Update Cenexi US Market Q3FY26 Cumulative ANDAs (1) - Filed 9 384 - Approved 4 331 52%9M FY26 Group Revenue Contribution Gland 7,293 8,279 8,685 22,469 24,407 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 9% YoY Note: 1. ANDA count includes technology transfer ANDAs. ₹ Mn 19% YoY 7,135 8,005 8,290 22,052 23,466 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 6% YoY16% YoY 158 274 395 417 941 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 126% YoY150% YoY • Q3 FY26: Uptake in base business including Enoxaparin, Daptomycin, Diazepam etc. • The company launched nine molecules in the USA this quarter, including Argatroban, Acetazolamide, Doxycycline etc. US Market tMnCenexiGroup Revenue ContributionGland9% YoY19% YoY i 6% YoY 150% YoY 126% YoY941417395274158Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 16% YoY i 22,469 24,4078,279 8,685 8,005 8,2907,1357,293Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26Q3 FY25Q2 FY26 Q3 FY26 9M FY25 9M FY26 US Filings UpdateUS Contribution to the GroupBusiness UpdateQ3FY26 Cumulative Q3 FY26: Uptake in base business includingEnoxaparin, Daptomycin, Diazepam etc. The company launched nine molecules inthe USA this quarter, including Argatroban,Acetazolamide, Doxycycline etc.52%ANDAs (1)- Filed 9 384-Approved 4 331 ND|Note: 1. ANDA count includes technology transfer ANDAs. 14
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15 Europe Contribution to the Group Europe Market 22% 9M FY26 CenexiGroup Revenue Contribution Gland 2,646 2,847 4,071 7,672 10,221 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 33% YoY ₹ Mn 54% YoY 419 189 593 1,155 1,421 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 23% YoY42% YoY 2,227 2,658 3,478 6,517 8,800 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 35% YoY56% YoY Business Update • 9M FY26 & Q3 FY26: Supported by improvement in base business & new launches like Dalbavancin • Signed two product out-licensing deals during the quarter • Cenexi: Ramp-up of an inactivated vaccine and a sterile ophthalmic gel resulted in increased revenue Europe Market ? MnCenexiGroup Revenue ContributionGland33% YoY54% YoY 23% YoY 35% YoY42% YoY 56% YoY1,421 8,8001,15510,221 6,5173,4787,6724,071 593419 2,6582,2272,8472,646 189Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26Q3 FY25 Q2 FY26Q3 FY26 9M FY25 9M FY26Q3 FY25Q2 FY26 Q3 FY26 9M FY259M FY26 Europe Contribution to the GroupBusiness Update 9M FY26 & Q3 FY26: Supported by improvement in basebusiness & new launches like Dalbavancin Signed two product out-licensing deals during the quarter Cenexi: Ramp-up of an inactivated vaccine and a sterileophthalmic gel resulted in increased revenue 22% 15ICLANDj
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16 Other Core Markets Contribution to the Group Business Update Other Core Markets (Canada, Australia and New Zealand) 4% 9M FY26 CenexiGroup Revenue Contribution Gland 459 488 454 1,420 1,680 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 18% YoY ₹ Mn -1% YoY 338 273 288 937 1,033 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 10% YoY-15% YoY 121 215 166 483 647 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 34% YoY37% YoY • Q3 FY26: Lower uptake in a few products led to a decline in base business. • 9M FY26: Volume growth in the existing products, contributing to overall positive performance. Other Core Markets (Canada, Australia and New Zealand) tMnCenexiGroup Revenue ContributionGland18% YoY-1% YoY 10% YoY-15% YoY 37% YoY1,6801,420 1,033937 483215488459 454 338 166288273 121Q3 FY25 Q2 FY26 Q3 FY26 9M FY259M FY26Q3 FY25 Q2 FY26Q3 FY26 9M FY259M FY26Q3 FY25 Q2 FY26Q3 FY26 9M FY25 34% YoY647 9M FY26 Other Core Markets Contributionto the GroupBusiness Update4%9MFY26 Q3 FY26: Lower uptake in a few products led to adecline in base business.9M FY26: Volume growth in the existing products,contributing to overall positive performance. 16
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17 Cenexi RoW Contribution to the Group Business Update Rest of the World 18% 9M FY26 Group Revenue Contribution Gland 2,881 2,590 3,000 8,392 8,568 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 2% YoY ₹ Mn 4% YoY 1,212 955 1,124 3,582 3,524 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 -2% YoY-7% YoY4% YoY12% YoY 1,444 1,493 1,550 3,786 4,340225 142 326 1,023 704 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Own Products TT & CMO 5,0444,810 1,8761,6351,669 Base business: • Growth seen across some of the key products including Enoxaparin, Huminsulin etc. • For Q3 FY26, our own product sales grew by 7% and the tech-transfer & CMO product revenue grew by 44%. Rest of the World ? MnGroup Revenue Contribution Gland Cenexi4% YoY2% YoY4% YoY -2% YoY12% YoY -7% YoYOwn Products■ TT&CMO■ 4,810 5,044! |l,023 704 3,582 3,5248,5688,392 1,876 ■“326 ! 3,7861,5503,000 1,669 1,635—225 ------1,444 1,4932,881 1,2122,590 4,340 955142Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26Q3 FY25 Q2 FY26 Q3 FY26 9M FY25 9M FY26 RoW Contribution to the GroupBusiness UpdateBase business: Growth seen across some of the keyproducts including Enoxaparin, Huminsulinetc. For Q3 FY26, our own product sales grewby 7% and the tech-transfer & CMOproduct revenue grew by 44%. 18%9MFY26 17
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Thank You Gland Pharma Limited Plot No. 11 & 84, TSIIC Phase: IV Pashamylaram (V), Patancheru (M), Sangareddy District Hyderabad 502307, Telangana, India Corporate Office 543245 GLAND GLAND:IN Shriniwas P. Dange Investor Relations investors@glandpharma.com Investor Relations: 18 GLAND PHARMA Sampath Kumar Pallerlamudi Company Secretary & Compliance Officer 18 iGiANPl GLAND PHARMA Thank You Corporate OfficeGland Pharma LimitedPlot No. 11 & 84, TSIIC Phase: IVPashamylaram (V), Patancheru (M),Sangareddy DistrictHyderabad 502307, Telangana, India Investor Relations:Sampath Kumar PallerlamudiCompany Secretary & Compliance OfficerShriniwas P. DangeInvestor Relationsinvestors@glandpharma.com 3SE 5432450 NSE GLANDBloomberg 3LANDJN