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Jubilant Pharmova: Can Spokane and radiopharma unlock the next growth phase?
Developing
In Short: Jubilant Pharmova’s portfolio spans radiopharma, allergy immunotherapy, sterile injectable CDMO (Contract Development and Manufacturing Organization), CRDMO (Contract Research, Contract Development and Manufacturing
Jubilant Pharmova’s portfolio spans radiopharma, allergy immunotherapy, sterile injectable CDMO (Contract Development and Manufacturing Organization), CRDMO (Contract Research, Contract Development and Manufacturing Organization), generics and proprietary drugs, with operations across India, North America, and Europe.
Two businesses, however, stand out for their potential to drive the next leg of meaningful growth: US sterile injectables CDMO and radiopharma.
These are also the areas where Jubilant is deploying significant capital today, making the company’s current earnings a somewhat misleading indicator of its underlying growth potential.
Underneath the near-term earnings pressure, however, Jubilant is investing in capacity that could materially reshape its earnings profile over the next three years.
Radiopharma provides scale and differentiation, while allergy immunotherapy remains a high-margin and relatively stable franchise.
Radiopharma is the largest and most differentiated business.
It combines radiopharmaceutical manufacturing with a US radiopharmacy network, giving the company exposure to both the product and distribution sides of nuclear medicine.
Revenue grew 14% to Rs 8,280 crore in FY26, while EBITDA rose 8% to Rs 1,326 crore and normalised PAT increased 7% to Rs 442 crore.
What's confirmed
What's still developing
- However, each business is at a different stage of its growth cycle.
- Generics are recovering, and the CRDMO business is gradually moving toward higher-value research services.
Sources
- The Indian Expresslink