Pharma CDMO ExportsPharma CDMO Exports: 3QFY26 Snapshot: 3QFY26 Snapshot
Jan 14, 2026
AdvisorAlpha
Summary
Gland saw strong US-led growth in key injectables, while Syngene faced a client-driven export decline.
We analysed export shipment data for leading Pharma CDMO companies for 3QFY26, with a closer look at product-specific trends across key portfolios. The data highlights a clear divergence in performance, driven by molecule-level execution and customer concentration.
Gland Pharma: Strong YoY Growth, Mixed Product Trends
Gland’s export shipments grew 18% cc YoY in 3QFY26, supported by sharp growth in select injectable products and strong traction in the US market.
Enoxaparin shipments rose 120% YoY in 3Q, led by 153% YoY growth in US shipments.
Daptomycin shipments increased 117% YoY, with US shipments up 118% YoY.
Levothyroxine shipments for 9MFY26 stood at USD 3m, compared with USD 1.2m / USD 1.9m in FY24 / FY25.
Norepinephrine shipments improved to USD 2.4m in 3QFY26, up from USD 1.6m in 3QFY25 and USD 0.4m in 2QFY26.
However, not all products contributed positively. Heparin shipments declined 20% YoY in 3Q, driven by a similar 20% YoY decline in US shipments.
On a QoQ basis, the decline in overall shipments was led by Enoxaparin, Caspofungin, Micafungin, and Regadenoson. This was partly offset by sequential growth in Daptomycin, Biphasic Isophane, Sincalide, Norepinephrine, Dalbavancin, and Colistimethate.
Overall, Gland’s US shipments grew 35% YoY in 3Q, driven primarily by Enoxaparin, Daptomycin, and Ketorolac, reinforcing the company’s continued strength in complex injectables.
Syngene: Customer-Led Decline
Syngene’s export shipments declined 14% YoY in 3QFY26. The contraction was largely attributable to a sharp reduction in supplies of Librela to Zoetis.
Librela shipments fell 63% YoY, declining from USD 15m in 3QFY25 to USD 6m in 3QFY26.
This highlights the impact of customer-specific order variability on quarterly export performance.
Key Takeaway
3QFY26 export data underscores that product mix and customer concentration remain critical drivers for Pharma CDMOs. While Gland benefited from strong US-led growth in select injectables, Syngene’s performance reflects near-term volatility tied to large-client ordering patterns.
