Bad numbers…. Not sure what happened this time.
Revenue 293.11 Cr vs 354.76 Cr
(-17.38% YoY┃+24.91% QoQ)
EBITDA 98.08 Cr vs 120.99 Cr
(-18.94% YoY ┃+37.62% QoQ)
EBITDA Margin 33.46% vs 34.11% YoY & 30.37% QoQ
PBT 105.95 Cr vs 122.86 Cr
(-13.77% YoY┃+21.57% QoQ)
PAT 78.26 Cr vs 91.17 Cr
(-14.16% YoY┃+21.63% QoQ)
Other Income 15.24 Cr vs 8.25 Cr YoY & 22.92 Cr QoQ.
EBITDA
Q1FY26…121 cr
Q2FY26…55 cr
Q3FY26…47 cr
Q4FY26…71 cr
Q1FY27… 98 cr
Superficially numbers aren’t great but the API revenue recovery is a silver lining. But a sharp contraction in Contrast Media Intermediates has affected the revenue badly. Awaiting management commentary on the upcoming conference call.
Disclosure - Holding and biased, do your own research. Not an investment advice!
For folks trying to understand Bluejet more closely this is a great read:
All - Trying to understand the Bempedoic Acid value chain and value capture between Neuland, Bluejet and Morepen more accurately. Appreciate any pointers or further references on this topic
Bempedoic Acid Value Chain: Upstream to Innovator Delivery
It helps to break down the production model into two distinct tracks: The Innovator Channel (Esperion / Daiichi Sankyo) and The Generic / Alternative API
Channel.
Track A: The Innovator Channel (Esperion & Daiichi Sankyo)
In the innovator channel (producing branded drugs Nexletol®, Nexlizet®, Nilemdo®, and Nustendi®), the supply chain is structured across specialized stages:
[Neogen] ──(KSMs)──> [Blue Jet] ──(N-2 Intermediate)──> [Fareva] ──(Final API)──> [Drug Formulation] ──> [Daiichi /Esperion]
Step 1: Key Starting Materials (KSMs)
Supplier: Neogen Chemicals (and specialized raw material suppliers).
Role: Supplies basic bromine compounds and foundational chemical precursors.
QS: Does Bluejet consume KSM from Neogen or procure/produce on its own ?
Step 2: Advanced Intermediate Synthesis (N-2 Stage)
Supplier: Blue Jet Healthcare.
Role: Blue Jet procures the early KSMs and executes complex chemical reactions to synthesize the N-2 advanced intermediate. Blue Jet holds a
multi-year supplier relationship for these proprietary intermediates.
Step 3: Conversion to Active Pharmaceutical Ingredient (API)
Supplier: Fareva (Contract Development and Manufacturing Organization - CDMO).
Role: Fareva acts as the primary CDMO partner for the innovator supply chain. Fareva purchases/receives the advanced intermediate (N-2) from
Blue Jet, performs the final chemical transformation to yield finished Bempedoic Acid API, and manages final purification/micronization.
Step 4: Finished Dose Formulation & Packaging
Entities: Contract Manufacturing Organizations (CMOs) under contract with Esperion (US) or Daiichi Sankyo (Europe/Asia) convert the API into
oral solid doses.
Step 5: Commercial Distribution
Entities: Esperion Therapeutics distributes in North America, while Daiichi Sankyo commercializes in Europe and other international markets.
Track B: The Alternative / Generic API Supply Channels
[Neogen / KSM Suppliers] ──(Raw KSMs)──> [Neuland / Morepen] ──(Full API Synthesis)──> [Secondary / Generic Formulators]
Neuland Laboratories and Morepen Laboratories operate through a direct, end-to-end API synthesis route separate from Fareva’s intermediate pipeline:
Neuland Laboratories (Validated Commercial Supplier)
Role: Neuland does not route its work through Fareva. Instead, Neuland acts as an independent, fully integrated API manufacturer.
Mechanism: Neuland procures early KSMs (primarily from suppliers like Neogen) and runs the entire synthesis chain internally (N-x )─> N-2──> Final API
Market Position: Neuland acts as a secondary/qualified API supplier for regional drug developers, licensing partners, and generic formulators preparing for global commercial launches.
Morepen Laboratories (Emerging High-Volume CDMO/Generic API)
Role: Like Neuland, Morepen produces finished Bempedoic Acid API directly without relying on Fareva or Blue Jet’s intermediates.
Mechanism: Morepen procures basic KSMs (from suppliers like Neogen) and executes the full API reaction sequence inside its USFDA/EU-GMP compliant reactors.
Market Position: Morepen targets generic formulators and large-scale CDMO clients, capturing market share by offering full API manufacturing at scale.
