Cohance Lifesciences (COHANCE) Q4 24/25 earnings summary

Executive summary

• Completed merger and rebranding as Cohance Lifesciences, creating a global CDMO with a proforma revenue base of $335 million and a $4.95bn market cap, aiming for $1 billion revenue by 2030.

• Integrated acquisitions of NJ Bio, Sapala Organics, and Casper Pharma, expanding technology capabilities in ADCs and oligonucleotides.

• Established three growth engines: Pharma CDMO, API PLUS, and Specialty Chemicals, with dedicated teams and international business development.

• Recognized for ESG leadership, including SBTi validation and global sustainability awards.

• Achieved regulatory milestones: USFDA EIR and EU-GMP approvals for key manufacturing sites.

Financial highlights

• FY25 consolidated revenue reached INR 26.1 billion ($335 million), up 9.1% YoY; Pharma CDMO segment up 18% YoY; API up 10% YoY.

• Q4FY25 revenue was INR 8.41 billion, up 20% YoY; Pharma CDMO Q4 growth at 31% YoY; Specialty Chemicals up 75% YoY.

• Adjusted EBITDA margin for FY25 was 34%; Q4FY25 adjusted EBITDA margin at 31.3%.

• Free cash flow for FY25 was INR 3.61 billion; year-end cash and bank balances at INR 2.9 billion.

• FY25 capital expenditure was INR 3.16 billion, focused on capacity expansion and modernization.

Outlook and guidance

• FY26 expected to deliver double-digit revenue growth across all business segments, with growth weighted toward H2 due to shipment phasing and inventory normalization.

• EBITDA margin guidance for FY26 is in the low 30% range, with a mid-term target in the mid-30s as scale increases.

• FY26 CapEx projected around INR 3.5 billion, with continued investment in NJ Bio's expanded facility.

• Continued investments planned in differentiated modalities and value-accretive M&A to scale capabilities.

• Targeting $1 billion (INR 85bn) CDMO revenue by 2030.