Shilpa Medicare has expanded its partnership with Orion Corporation to co-develop and supply an intravenous Nivolumab biosimilar for the European market. The agreement leverages the loss of exclusivity of the originator drug to increase patient access to high-quality, EU-GMP-manufactured biosimilars across Europe, targeting a market opportunity of approximately USD4.1 billion.

Strategic Partnership With Orion Corporation

Shilpa Biologicals Private Limited, a wholly owned subsidiary of Shilpa Medicare, has entered into a co-development and supply agreement with Finland-based Orion Corporation. The collaboration focuses on the intravenous Nivolumab biosimilar, one of the world's most widely used cancer immunotherapies. Under the terms, Orion Corporation will hold the exclusive right to register, market, distribute and sell the product across Europe, acting as the Marketing Authorization holder in the territory.

Development And Supply Scope

Shilpa Biologicals will lead product development and serve as the exclusive long-term commercial manufacturer and supplier for the European market from its advanced biologics facility in Dharwad, India. The agreement combines Shilpa's manufacturing capabilities with Orion's commercial and regulatory expertise. Shilpa is entitled to receive from Orion certain development and regulatory milestone payments, in addition to supply revenue over the life of the partnership.

Market Opportunity In PD-1 Immunotherapy

Nivolumab is a blockbuster oncology drug belonging to the PD-1 immunotherapy class. In 2025, Nivolumab recorded sales of approximately USD4.1 billion in Europe, according to IQVIA/IMS data. This partnership aims to widen patient access to advanced immuno-oncology therapy while easing pressure on healthcare budgets. The deal follows the partners’ earlier collaboration to bring Shilpa’s Recombinant Human Albumin to Europe.

Shilpa Medicare Limited reported a 96% rise in consolidated net profit to ₹2,433 crore for the financial year ended March 31, 2026, compared to ₹783 crore in the previous year. The company’s revenue from operations for the year increased to ₹15,389 crore from ₹12,864 crore in FY25. The Board of Directors approved the audited standalone and consolidated financial results for the year and recommended a final dividend of Re 0.60 per equity share of face value Re 1 each, subject to shareholder approval.

The standalone net profit for FY26 stood at ₹1,330 crore, a significant increase from ₹679 crore in the previous year. Revenue from operations in the standalone entity grew to ₹5,970 crore from ₹4,774 crore. The statutory auditors, M/s B N P S and Associates LLP, issued an unmodified opinion on the financial statements. The company also recorded exceptional items during the year, including a gain on the sale of a stake in Sravathi Advance Process Technologies Pvt Ltd and provisions for legal settlements.

Strategic Investments and Approvals

The Board approved an equity investment of 28% in Neo Green Power Project Private Limited by the company’s wholly owned subsidiaries—Shilpa Pharma Lifesciences Limited, Shilpa Biologicals Pvt Ltd, and Shilpa Biocare Pvt Ltd. The total group contribution for this investment is ₹4.44 crore, with the acquisition expected to be completed on or before June 15, 2026. This move is intended to meet the energy requirements for captive power consumption in the subsidiaries.

Furthermore, the Board appointed M/s. V.J. Talati & Co. as Cost Auditors and M/s ANEJA ASSOCIATES as Internal Auditors for FY 2026-27. The company also initiated the process to shift its registered office from Karnataka to Maharashtra, subject to member approval via postal ballot. Mr. Santosh Kumar Gunemoni was appointed as the scrutinizer for the postal ballot process.

Financial Performance Overview

The following table summarizes the key financial metrics for the standalone entity for the year ended March 31, 2026:

For the consolidated entity, profit after tax attributable to owners of the parent company rose to ₹2,433 crore in FY26 from ₹783 crore in the previous year. The company’s cash and cash equivalents improved to ₹4,518 crore as of March 31, 2026, compared to ₹2,857 crore in the prior year. The financial results were prepared in compliance with Indian Accounting Standards (Ind AS) and reviewed by the Audit Committee.