Natco Pharma Limited has informed the Exchange about Transcript
NATCOPHARM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
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Natco Pharma reported Q1 FY26 consolidated revenue of INR1,390.6 crores (vs INR1,410.7 crores YoY), EBITDA of INR632.7 crores at 45.5% margins, and net profit of INR480.3 crores. The company declared an interim dividend of INR2 per share. Management cited pricing pressure in the US portfolio (especially Revlimid) and higher R&D spend on cancer products, peptides, and oligonucleotides as reasons for the margin dip. Revlimid earnings are expected to be largely captured in H1 FY26 before declining further. The Adcock Ingram (South Africa) acquisition for INR2,000 crores (35.75% stake) is expected to close in 2-3 months, with management guiding it could contribute 15-25% of FY27 base earnings. Cash balance stands at INR3,500 crores pre-deal. Key pipeline updates include NRC-2694 Phase II for head and neck cancer (13-14 patients enrolled, data expected mid-FY27), semaglutide launch on track for next year, and risdiplam launch awaiting Delhi High Court verdict.
Investors should note near-term headwinds from Revlimid price erosion and elevated R&D expenses, partly offset by the diversification play into South Africa via Adcock and upcoming launches (semaglutide, risdiplam, pomalidomide). Management declined to give FY27 guidance citing too many moving parts, which may keep the stock range-bound until more clarity emerges on new product launches and Adcock contribution.