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Jubilant Pharmova jumps after reporting turnaround Q4 performance

16-May-25 16:07 Hrs IST

Revenue from operations increased 9.7% YoY to Rs 1,915.80 crore in Q4 FY25.

The company reported pre-tax profit of Rs 206 crore in Q4 FY25 as against pre-tax loss of Rs 53.70 crore in Q4 FY24.

EBITDA jumped 23% to Rs 357 crore during the quarter compared with Rs 289 crore in Q4 FY24. EBITDA margin expanded 210 bps to 18.4% in Q4 FY25 as against 16.3% in Q4 FY24.

In Q4 FY25, radiopharmaceuticals revenue grew by 15% YoY to Rs 296 crore, while revenue from radio pharmacy increased 7% YoY to Rs 600 crore in Q4 FY25. Revenue from Allergy Immunotherapy rose 2% YoY to Rs 192 crore and CDMO sterile injectables grew by 31% YoY to Rs 340 crore during the quarter .

Contract research, development and manufacturing organisation (CRDMO) revenue stood at Rs 338 crore in Q4 FY25, up 19.86% YoY. The generics business reported revenue of Rs 157 crore in Q4 FY25, reflecting a 22% YoY decline.

On full year basis, the company's consolidated net profit surged 988.7% to Rs 839.40 crore on 8.2% increase in revenue from operations to Rs 7,192.10 crore in FY25 over FY24.

On the outlook front, in the Radiopharmaceuticals business, the company expects continued growth in Ruby-Fill installations. It remains on track to launch multiple new products in PET and SPECT imaging between FY27 and FY29. The dosing for the Phase 2 clinical trial of MIBG has been completed, and the data package is being prepared for submission to the US FDA by the second half of FY26. On the therapeutic front, over 10 new products are expected to be commercially available starting in 2029, supporting the expansion of the PET imaging industry. The proposed investment in six radiopharmacies is progressing, with commercial operations expected to begin from FY28 onwards.

In the Allergy Immunotherapy segment, the company, as the sole supplier of Venom in the US, is working to expand the market by enhancing customer awareness. Revenue continues to grow in the US allergenic extracts business, and efforts are underway to penetrate markets beyond the US.

In the CDMO Sterile Injectables segment, the capacity expansion at the Spokane, Washington facility is on schedule. Line 3 and Line 4 are expected to commence commercial production in late FY26 and FY28, respectively. Peak utilisation for Line 3 is now anticipated within three years of commercial launch, ahead of the earlier estimate of four years.

In the CRDMO business, the medium-term outlook continues to be positive. In the short term, the business is trying to diversify its customer base and for the medium term, it is adding 'development' capabilities in addition to research and manufacturing. In the CDMO API segment, efforts are concentrated on improving capacity utilisation through CDMO projects and custom generics manufacturing.

In the Generics business, the company plans to launch six to eight products per annum in across US and non-US international markets. Export volumes to the US are being scaled up gradually and meaningfully, with increased contributions expected from contract manufacturing partners. The business aims to enhance profitability and return to growth in FY26.

In the Proprietary Novel Drugs segment, interim data from the Phase 2 trial of JBI-802 is anticipated in FY26.

Shyam. S. Bhartia, chairman Jubilant Pharmova and Hari S Bhartia, co-chairman & non-executive director, said, 'We are pleased to announce revenue of Rs 7,235 crore in FY25, growth of 8% over last year. We delivered robust revenue growth across Radiopharma, Allergy Immunotherapy, CDMO Sterile Injectables and CRDMO businesses. EBITDA grew by 24% to Rs 1,230 crore on the back of strong operating performance across all business units. EBITDA margins for the year expanded by 220 basis points. Reported PAT grew by 1,050% to Rs 836 crore, while normalised PAT grew by 112% to Rs 415 crore on the back of improved operating performance and reduced finance cost. Net Debt / EBITDA reduced from 2.5x in Mar'24 to 1.1x in Mar'25 on the back of voluntary debt prepayment of USD 125 million in FY25.

In Feb'2025, we outlined our Vision 2030, which is to double our revenues from FY24 to FY30, improve EBITDA margins to 23% to 25% range, reduce Net debt to zero and grow Return on Capital to high teens. Our FY25 financial performance takes us one-step closer to our Vision.

During the year, the company started distributing Pylarify, an industry leading prostate cancer diagnostic imaging agent from PET radiopharmacies, completed Media Fills on Line 3 in CDMO Sterile Injectables, added strategic capabilities in the area of Biologics and Antibody drug conjugates in Drug Discovery, reached profitability in the Generics business and dosed first patients in JBI-802 and JBI-778 clinical trials.

The large innovator pharma companies, for their US requirements, are now looking to create an alternate manufacturing site in the US as a risk management measure in the event of tariff imposed by the US govt. Therefore, the company is starting to see excellent traction in the CDMO Sterile Injectable business for new lines in the Spokane facility. We expect to reach peak utilisation for Line 3 in 3 years from start of commercial production vs 4 years, expected earlier.

Meanwhile, the company's board recommended a final dividend of Rs 5 per share of Re 1 each for FY25. The dividend, if approved by the shareholders, will be paid within 30 days from the date of the Annual General Meeting. The company has fixed the record date as Friday, 25 July 2025, for the purpose of final dividend payment.

Jubilant Pharmova is a globally present company engaged in radiopharmaceuticals, allergy immunotherapy, CDMO sterile injectables, contract research, development and manufacturing (CRDMO), generics, and proprietary novel drugs businesses.