Piramal Pharma Ltd
NSE:PPLPHARMA
Piramal Pharma Ltd
Piramal Pharma Ltd. has embarked on a remarkable journey that reflects the dynamic world of pharmaceuticals and healthcare. Emerging from the rich tapestry of the Piramal Group's diverse business ventures, it has carved out a distinctive place for itself in the global pharmaceutical landscape. The company primarily navigates through three major streams: Contract Development and Manufacturing Organization (CDMO), Critical Care, and Consumer Products. Its CDMO division is the backbone, providing end-to-end solutions spanning the entire drug lifecycle, from development through to commercial manufacturing. By offering tailored solutions to pharmaceutical companies globally, Piramal Pharma not only strengthens its revenue streams but also builds lasting partnerships with some of the world’s leading pharmaceutical innovators.
Beyond the realm of CDMO, Piramal Pharma's Critical Care segment specializes in catering to the acute care sector, dealing especially with inhalation anesthesia and pain management solutions. This division operates globally, emphasizing a diligent supply chain that ensures these life-sustaining products reach hospitals and clinics around the world. Meanwhile, its Consumer Products business makes a concerted effort to touch lives in a different manner—through over-the-counter health solutions that meet everyday health concerns of countless individuals. Operating at this unique intersection where science meets humanity, Piramal Pharma not only thrives through product sales but also invests heavily in R&D, seeking out innovative ways to address evolving market needs and inch its way forward in the competitive pharmaceutical arena.
Piramal Pharma Ltd. has embarked on a remarkable journey that reflects the dynamic world of pharmaceuticals and healthcare. Emerging from the rich tapestry of the Piramal Group's diverse business ventures, it has carved out a distinctive place for itself in the global pharmaceutical landscape. The company primarily navigates through three major streams: Contract Development and Manufacturing Organization (CDMO), Critical Care, and Consumer Products. Its CDMO division is the backbone, providing end-to-end solutions spanning the entire drug lifecycle, from development through to commercial manufacturing. By offering tailored solutions to pharmaceutical companies globally, Piramal Pharma not only strengthens its revenue streams but also builds lasting partnerships with some of the world’s leading pharmaceutical innovators.
Beyond the realm of CDMO, Piramal Pharma's Critical Care segment specializes in catering to the acute care sector, dealing especially with inhalation anesthesia and pain management solutions. This division operates globally, emphasizing a diligent supply chain that ensures these life-sustaining products reach hospitals and clinics around the world. Meanwhile, its Consumer Products business makes a concerted effort to touch lives in a different manner—through over-the-counter health solutions that meet everyday health concerns of countless individuals. Operating at this unique intersection where science meets humanity, Piramal Pharma not only thrives through product sales but also invests heavily in R&D, seeking out innovative ways to address evolving market needs and inch its way forward in the competitive pharmaceutical arena.
Muted Year: FY '26 was described as a muted year for Piramal Pharma, mainly due to inventory destocking by a large customer, weak early-stage order inflows from biopharma, and regulatory delays impacting certain product launches.
Early Signs of Recovery: Management noted early signs of recovery with improved RFPs and order inflows in the last 3-4 months, driven by better biopharma funding and increased M&A activity in the US.
Kenalog Acquisition: Announced the acquisition of Kenalog from Bristol-Myers Squibb for $35 million upfront (plus up to $65 million contingent), expecting annual revenue of $30–40 million from this complex injectable product.
Financial Performance: Q3 revenue was INR 2,140 crores, down 3-4% YoY, with EBITDA margin at 11%. The 9-month revenue was INR 6,117 crores with a 10% EBITDA margin.
CHG and Consumer Health: Complex Hospital Generics saw stable leadership positions in key products; Consumer Healthcare delivered strong Q3 growth of 20%, with digital/e-commerce sales up over 50% and now 26% of the business.
Guidance Maintained: Management reiterated both FY '26 and long-term 2030 guidance, acknowledging they are stretch targets but not making changes at this time.
Q4 Outlook: Q4 is expected to be the strongest quarter sequentially, but not expected to surpass last year’s Q4 due to a large previous order.
