Submission of earning calls transcript.
AUROPHARMA · price
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Aurobindo Pharma reported highest-ever annual revenues of ₹33,653 crores and EBITDA of ₹6,856 crores (20.4% margin) for FY26. Q4 revenues stood at ₹8,853 crores with EBITDA of ₹1,801 crores (20.3% margin), despite negligible Revlimid sales versus Q4 FY25. Gross margin improved 153 bps QoQ to 61.3%. Europe formulations achieved a milestone of €1 billion annual revenue. U.S. formulations reported $1,631 million for the year. Management guided for EBITDA margins to improve to north of 21% in FY27, driven by new product launches, the Lannett acquisition, and better product mix. The company expects U.S. business to reach $2 billion in revenue over the near term (1-2 years) as Lannett acquisition (expected to close Q2 FY27) contributes incremental $300 million. Biosimilars and CDMO remain long-term growth drivers.
The results demonstrate operational resilience with margin expansion despite challenging inputs and Revlimid headwinds. The FY27 margin guidance of 21%+ signals management confidence in profitability improvement through backward integration (Pen-G/6-APA), acquisitions, and new product launches, which could be positive for the stock.