Piramal Pharma is a global pharmaceutical company built on the idea that making complex drugs for others, selling hard-to-copy hospital medicines, and building consumer health brands are three faces of the same skill: turning scientific difficulty into a defensible business. It was carved out of the Piramal Group conglomerate and listed independently in October 2022, but its approach was set long before - buy or build manufacturing capabilities that are hard to replicate, then let each business fund the next. That is how a contract manufacturing engine, a critical-care generics franchise, and a consumer portfolio of over 25 brands came to sit inside one company, sharing a quality-obsessed culture and a footprint that reaches more than 100 countries. # Business segments Three businesses at different stages - a contract development and manufacturing engine serving global pharma, a complex hospital generics franchise with leading market shares, and a self-funded Indian consumer health platform - each built on capabilities the others helped establish. ## 1. Contract development and manufacturing: where pharma companies outsource their hardest chemistry **It runs 15 facilities across three continents making drug substances and drug products for over 500 customers, from discovery-stage biotechs to large pharma - and nearly half its revenue comes from innovation-related work.** - **Paid to solve difficult problems** - the business offers services across the entire drug life cycle, from early development to commercial manufacturing, with differentiated capabilities in High Potency APIs (highly potent active ingredients), Antibody-Drug Conjugates (targeted cancer therapies that link an antibody to a drug), sterile injectables, peptides, and hormone drugs. These are areas few competitors can handle, which is why differentiated offerings made up 40% of CDMO revenue in FY26. - **A pipeline that turns into long contracts** - it has 157 molecules in development across clinical phases, including 25 in Phase III trials; once those drugs are approved, the company is positioned to win the multi-year commercial manufacturing contracts because it already knows the chemistry. It is already making 16 on-patent molecules commercially, which generated US$96 million in FY26. - **The world's first approved ADC factory** - its Grangemouth site in Scotland was the first USFDA-approved commercial facility for Antibody-Drug Conjugates, a fast-growing class of cancer drugs, and generated roughly US$64 million in revenue in FY26 with five manufacturing suites and over 400 commercial batches completed. - **Quality that keeps the regulators away** - since FY2012, the business has maintained a clean record with zero Official Action Indicated classifications from the USFDA, and in FY26 alone it closed 38 regulatory inspections and hosted 209 customer audits without critical observations. The quality function reports directly to the Chairperson, not to operations, so there is no conflict of interest. - **Betting on injectables in the US** - a US$90 million investment program is adding commercial-scale sterile injectable capacity at Lexington and payload-linker (the connector in an ADC drug) capacity at Riverview, with Lexington expected to more than double its annual batch output from 104 to over 240 by the end of 2027. ## 2. Complex hospital generics: the anaesthesia and pain drugs hospitals cannot easily switch **It is the world's fourth-largest inhalation anaesthesia company, holds the number-one position in the US for the most widely used anaesthetic gas, and sells into more than 6,000 hospitals globally - with vertical integration from raw material to finished product.** - **Makes its own starting material** - the key chemical that goes into Sevoflurane and Desflurane is manufactured at Dahej in India, while the finished anaesthetic gases are produced at sites in the US and India. Owning the full chain gives it a cost advantage and insulates it from supply disruptions that competitors relying on third-party suppliers face. - **The US anaesthesia leader** - in a global inhalation anaesthesia market worth about US$1 billion, Sevoflurane commands roughly 84% of volume, and Piramal holds an estimated 48% value share of the US Sevoflurane market, up from 45% two years earlier. The top four players control about 81% of the market, so the competitive set is small and stable. - **A near-monopoly in a niche therapy** - its Gablofen brand, used in intrathecal baclofen therapy (a treatment for severe spasticity delivered directly into the spinal fluid), holds roughly 75% value share in the US pre-filled syringe and vial market. That is a tiny market in volume terms but one with very high barriers to entry. - **Bought a 30-year-old drug with no generic competition** - in April 2026 it acquired Kenalog, an injectable corticosteroid that lost patent exclusivity more than three decades ago yet still faces limited competition because it is complex to manufacture, for US$35 million upfront. The product is sold in over 15 countries and earns margins in line with the rest of the hospital generics business. - **Recycling anaesthetic gas** - a collaboration with Blue-Zone Technologies captures waste anaesthetic gases from hospitals and recycles them, with Piramal processing the captured gas into fresh Sevoflurane for the Canadian market, a circular-economy angle that could expand to more countries. ## 3. Consumer healthcare: India's self-funded over-the-counter brand builder **It grew from three brands and ₹100 crore in sales in 2008 to over 25 brands and more than ₹1,200 crore in FY26, without owning a single factory - an asset-light model where all manufacturing is outsourced to third parties.** - **Six power brands do the heavy lifting** - Little's, Lacto Calamine, i-range, CIR, Tetmosol, and Polycrol together contributed 52% of consumer revenue and grew at a compound rate above 22% over the past four years. The rest of the portfolio spans kids' wellness, skincare, geriatric care, digestives, and women's health. - **Quick commerce is half of online sales** - e-commerce now contributes about 27% of consumer sales and grew 48% year-on-year in FY26, with quick-commerce platforms alone accounting for half of that online business. Offline, the products reach over 180,000 general trade and chemist shops and 13,000 modern trade outlets. - **Spends like a consumer company** - the business invested about 12% of its PCH sales in media and trade promotion in FY26, and has consistently spent between 11% and 15% over the past four years, using a mix of social media, television, and influencers to build brand recall. - **A partnership that extends the portfolio** - it has a strategic manufacturing and distribution arrangement with Bayer for brands including Saridon, Supradyn, Becozym, and Benadon, adding established names to its own portfolio without the cost of building them from scratch. # Group structure and partners **A listed parent with 21 subsidiaries across the world, a joint venture with AbbVie in Indian ophthalmology, and a minority stake in a biologics company - the structure mirrors the strategy of being present wherever the capabilities or markets demand it.** - The company was demerged from Piramal Enterprises and listed in October 2022, with 20 of its 21 subsidiaries incorporated outside India - in the US, UK, Europe, Canada, South Africa, Japan, and Australia - reflecting the global nature of its CDMO and hospital generics businesses. - The Carlyle Group holds a 20% strategic stake acquired in October 2020, before the listing. - The AbbVie Therapeutics India joint venture, in which Piramal holds 49%, is a market leader in ophthalmology in India with brands like Lumigan, Combigan, and Refresh Tears, and generated ₹526 crore in revenue in FY26 with a 23% profit-after-tax margin. The CDMO business supplies products to this venture, creating a captive customer relationship. - A 33.33% minority investment in Yapan Bio extends capabilities into biologics, biotherapeutics, and vaccines - segments the company can serve without building from the ground up - and one of Piramal's 17 global facilities is counted through this investment. - A multi-million-dollar joint investment with NewAmsterdam Pharma at the Sellersville site in the US dedicated a manufacturing suite to a fixed-dose combination drug, opened in August 2025, while a partnership with BrePco Biopharma gives Piramal commercialization rights for a paediatric dopamine product in the EU, UK, and Norway.