India · Delayed Price · Currency is INR Torrent Pharmaceuticals Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw 18% revenue and 19% EBITDA growth, led by strong India and Brazil performance. JB Pharma acquisition is underway, with cost synergies of INR 400-450 crore expected over 2-3 years. US and Brazil growth to be driven by new launches, while Germany faces supply challenges.
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Q2 FY26 saw 14% revenue and 15% EBITDA growth, led by strong India and Brazil performance, while Germany faced supply disruptions. Field force expansion and new launches drove India’s outperformance, and semaglutide filings in Brazil and India present major future opportunities.
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Branded markets drove double-digit growth in India and Brazil, with strong U.S. and steady Germany performance despite supply issues. Adjusted margins are expected to remain at 32.9% for FY26, with continued field force expansion and new launches supporting future growth.
Fiscal Year 2025
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Q4 saw 8% revenue and 9% EBITDA growth, with strong India and U.S. performance offsetting Brazil currency headwinds. India outperformed the market, and new launches are expected to drive future growth, while debt reduction remains a priority.
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Q3 saw 3% revenue and 5% EBITDA growth, with India and Brazil outperforming in constant currency. Insulin revenues to rebound in Q4, while BRL depreciation and U.S. business remain headwinds. Margin improvement and debt reduction continue.
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Branded business drove 74% of revenue with strong growth in India, Brazil, Germany, and the U.S. Gross margin improved above 75% due to a higher branded mix, and net debt to EBITDA fell below 0.5x. Insulin revenue shortfall from a planned shutdown will be recovered in Q4.
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Q1 FY25 saw 10% revenue growth and 14% EBITDA growth, led by strong India and Brazil performance, with India chronic therapies and new launches outpacing the market. Margin expansion and robust cash flow are expected to continue, while U.S. profitability depends on new product approvals.