Gland Pharma Ltd

- There is no explicit mention of any current or planned new fundraising through debt or equity in the transcript. - The company currently has a strong net cash position of INR 24,122 million after accounting for Cenexi’s debt, as of December 31, 2024. - Cash flow from operations remains healthy at INR 5,889 million for the nine months ended December 2024. - Capex is being funded through internal resources, including INR 1,379 million spent in the quarter on growth and capacity expansion. - No indications were given about plans for raising debt or equity capital in the short or medium term. - Financial costs have included a one-off INR 18 crore for a GST refund matter but no debt raising is mentioned. Therefore, based on the available information, there are no announced or immediate plans for external fundraising.

- Adding one more pen/auto injector assembly line this year, adding 100 million capacity; most of the capex already spent; commissioning expected by FY '28 (major volumes end FY '27). - Evaluating biosimilars capacity expansion (~15 KL), estimated capex $80-$100 million; process of project evaluation ongoing. - GLP-1 line investment mostly done; line to be installed within next 2 quarters; planning a greenfield project for next growth phase. - Cartridge capacity expansion: new cartridge line addition at Suite 9 in India in progress alongside existing line. - At Cenexi (France), installing new high-speed ampoule and prefilled syringe lines to improve capacity and capabilities. - Considering further capex for bulk cartridge production at Cenexi; current plans under evaluation. - Overall strategic focus includes inorganic expansion in India and potential M&A for high-value injectables.

- Base business (ex-Cenexi) revenue declined 8% YoY in Q3 FY'25 due to volume de-growth in key products but is expected to recover volumes in coming quarters. - U.S. sales strengthened with 13 new molecule launches, enhancing portfolio for growth. - Enoxa volumes are expected to increase, although higher Enoxa volumes may slightly reduce overall margins. - New launches (complex generics, RTUs) with higher gross margins (~65%) are being aggressively pushed to sustain/improve margins. - New auto injector line adding 100 million capacity expected to contribute mainly from end FY'27, with smaller volumes from FY'26. - Cenexi business expected to reach EBITDA breakeven by Q3 FY'26 with new high-speed lines and cost controls. - Focus on expanding presence in key RoW markets (top 5-6 countries) with aggressive partnerships and filings. - GLP-1 CDMO contracts anticipated to start generating revenue slowly from FY'26. - Biosimilar manufacturing capacity expansion planned to 15 KL to meet growing demand by FY'27-FY'28.

- EBITDA margins expected to improve beyond past levels of 33%-34%, reflecting better product mix and new product launches (Ravi Mitra, Page 15). - Base business excluding Cenexi showed strong EBITDA margin improvement to 39% from 34% YoY, driven by product mix and cost control (Page 7). - Cenexi expects positive EBITDA by full year FY 2026, with revenue targets beyond EUR 200 million, despite recent quarter challenges (Alain Kirchmeyer, Page 6). - New capacity additions at Cenexi (new ampoule and prefilled syringe lines) to boost production and support growth (Page 6). - Launch of 13 new molecules in the U.S. market strengthens portfolio and growth potential (Page 3). - GLP-1 CDMO revenues expected to materialize gradually from FY 2026 (Page 11). - Medium-term strategy focuses on R&D pipeline expansion and cost management to sustain margin improvements and growth (Page 6). Overall, the company is optimistic about future margin expansion, revenue recovery especially in U.S. markets, and achieving positive EBITDA at Cenexi by FY 2026.

- The current order book for the fourth quarter is approximately EUR 60 million, carrying over backlog from 2024. (Page 17) - Cenexi typically maintains a 3-month confirmed order horizon with customers. (Page 17) - There's a pipeline of RFPs being addressed, with recent validation batches for 2 products moving into commercial production in Q1. (Page 14) - Some contracts and shipments, such as the Saudi contract, have faced delays, with expected progress in Q4 or early next year. (Page 9) - Interest is seen in shifting RoW capacity from Cenexi's Europe site to India, though business discussions are ongoing. (Page 11) - For biosimilars and GLP-1 CDMO contracts, timelines indicate revenues starting from FY '26, with new capacities in evaluation. (Pages 11, 17)