Gland Pharma beat muted expectations for Q2FY25. There was increased Ebitda (Earnings before interest, taxes, depreciation and amortisation) loss at Cenexi, the CRAM subsidiary. However, overall Ebitda margin was better than expectations at 21.1 per cent. But given two years of earnings decline in FY23 and FY24, the business may have bottomed and upper-teens EPS (earnings per share) growth looks possible over next two financial years.
Analysts are downgrading optimistic EPS estimates for FY25 and FY26, due to continuing slowdown in US sales and a temporary issue at Cenexi's site in Belgium. Uptick in the biologics business was also slow. But H2FY25 onwards, there's hope for better volumes for base products like Enoxaparin, Ebitda break-even for Cenexi, and better business in biologics.
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