Zydus Lifesciences (ZYDUSLIFE) Q3 25/26 earnings summary

Executive summary

• Consolidated revenues for Q3 FY26 reached INR 68.6 billion to INR 69,759 million, up 30% year-over-year, with all key businesses outperforming expectations.

• EBITDA rose 31% to INR 18.2 billion, with a margin of 26.5%, up 20 bps year-over-year.

• Adjusted net profit increased 9% year-over-year to INR 11.1 billion.

• All major business lines—India, North America, International Markets, and Consumer Wellness—delivered double-digit growth.

• Financial results were reviewed by the Audit Committee and approved by the Board on February 9, 2026.

Financial highlights

• North America pharmaceutical revenues grew 16% year-over-year to INR 28 billion, driven by volume expansion and new launches.

• India branded formulations grew 12.9%-14% year-over-year, led by chronic therapies and innovation.

• International formulations revenue rose 38%-38.2% year-over-year to INR 7.9 billion, with broad-based growth.

• Consumer wellness revenue surged 113%-113.4% year-over-year to INR 9.6 billion, reflecting Comfort Click consolidation.

• Medical devices revenue reached INR 3 billion, with Amplitude Surgical consolidated for the first full quarter.

Outlook and guidance

• U.S. business expected to maintain growth despite loss of Revlimid, with robust base business and new launches.

• International and India markets expected to sustain double-digit growth; emerging markets and Europe to continue 20%+ growth.

• EBITDA margin guidance for Q4 FY26 at 23%+, even with lower Revlimid sales and lower-margin consumer business.

• R&D spend guided at 7.5%-8.8% of revenue for FY26.

• NDA filings for Saroglitazar Magnesium and a novel sterile injectable oncology product are planned.