Vista Pharmaceuticals Limited has reported its unaudited financial results for the quarter and nine months ended December 31, 2025, showing a significant deterioration in financial performance. The pharmaceutical manufacturer posted a net loss of ₹231.94 lakhs for the third quarter of FY26, representing a substantial increase from the ₹132.23 lakhs loss recorded in the corresponding quarter of the previous year.

Financial Performance Overview

The company's quarterly performance reflected challenging operating conditions across key metrics:

Nine-Month Performance Analysis

The nine-month results showed an even more pronounced decline in the company's financial position:

Key Financial Highlights

The company's earnings per share deteriorated significantly, with basic EPS for the quarter at ₹(0.41) compared to ₹(0.07) in the previous year. For the nine-month period, the basic EPS stood at ₹(1.05) against ₹(0.53) in the corresponding period of FY25.

Significant Provisions and Adjustments

During the third quarter, Vista Pharmaceuticals recognized a provision for Expected Credit Loss amounting to ₹205.43 lakhs against long-pending trade receivables. This provision was made in accordance with Ind AS 109 - Financial Instruments requirements, reflecting management's assessment of credit losses expected on receivables outstanding for extended periods.

Outstanding Statutory Liabilities

As of December 31, 2025, the company reported outstanding statutory liabilities totaling ₹95.48 lakhs, comprising:

The company attributed the delay in payments to working capital management challenges and indicated its intention to clear these dues in subsequent periods.

Board Approval and Compliance

The financial results were approved by the Board of Directors at their meeting held on February 13, 2026, following recommendation by the Audit Committee. The meeting commenced at 2:30 PM IST and concluded at 3:10 PM IST. The statutory auditors A.M Reddy & D.R Reddy conducted a limited review of the unaudited financial results as required under Regulation 33 of SEBI (LODR) Regulations, 2015.

The auditors highlighted two emphasis matters in their review report: the Expected Credit Loss provision of ₹205.43 lakhs and the outstanding statutory dues of ₹95.48 lakhs, while confirming that their conclusion was not modified by these matters.

Vista Pharmaceuticals Ltd has announced a strategic joint venture partnership with Pleiades Therapeutics, marking a significant expansion in its global pharmaceutical development capabilities. The company informed BSE Limited about this development through a regulatory filing dated February 3, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Strategic Partnership Overview

The joint venture partnership establishes a collaborative framework for the end-to-end development of pharmaceutical products across two key segments:

Synergistic Business Model

The partnership is designed to leverage the complementary strengths of both organizations. Pleiades Therapeutics brings specialized R&D expertise to the collaboration, while Vista Pharmaceuticals contributes its robust manufacturing infrastructure and established marketing presence in strategic markets.

Key Strategic Elements

• R&D Integration: Combining Pleiades Therapeutics' research and development capabilities
• Manufacturing Leverage: Utilizing Vista Pharmaceuticals' established production facilities
• Market Access: Leveraging existing marketing presence in the United States and other key pharmaceutical markets
• Global Reach: Targeting both regulated markets and rest-of-the-world territories

Expected Business Impact

The collaboration is positioned to deliver multiple strategic benefits for both partner companies:

Regulatory Compliance

Vista Pharmaceuticals has fulfilled its disclosure obligations by informing BSE Limited of this material development. The company has also made the information available on its corporate website at www.vistapharmaceuticals.com , ensuring transparency for all stakeholders.

The announcement was signed by Dhananjaya Alli, Whole Time Director (DIN: 00610909), confirming the company's commitment to this strategic partnership. This joint venture represents Vista Pharmaceuticals' continued focus on expanding its pharmaceutical development capabilities and strengthening its position in the competitive global pharmaceutical market.