BLS Pharmaceuticals (ASX:BLS) Lifts Quarterly Revenue 91% to a Record A$26.7m

Sonal Goyal

21 October 2026 01:26 PM AEDT

BLS Pharmaceuticals (ASX:BLS) Lifts Quarterly Revenue 91% to a Record A$26.7m

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Key Highlights

Revenue for the first quarter of FY27 reached A$26.7m, up 23% on the previous quarter and 91% on the prior corresponding period, and the highest of any quarter in the company's history.
Net operating cash flow was A$2.0m positive, against negative A$4.1m a year earlier, on customer receipts of A$22.4m.
Cash stood at A$12.7m on 30 September 2026 after A$2.4m was invested in the Scotland facility and A$0.3m in expanding Australian facilities.
FY27 guidance of A$105m to A$115m in revenue and a 23% to 26% adjusted EBITDA margin was reaffirmed.

BLS Pharmaceuticals Limited (ASX:BLS) reported revenue of A$26.7m for the first quarter of its 2027 financial year (Q1 FY27), the highest quarterly figure in the company's history. The unaudited result is 23% above the A$21.7m recorded in Q4 FY26 and 91% above the A$14.0m recorded in Q1 FY26, the prior corresponding period. BLS also reported positive net operating cash flow of A$2.0m, held cash of A$12.7m at 30 September 2026, and reaffirmed FY27 guidance of A$105m to A$115m in revenue and an adjusted EBITDA margin of 23% to 26%.

Revenue Rises in Each of the Last Four Quarters

Quarterly revenue has increased in each of the last four quarters, from A$14.0m in Q1 FY26 to A$17.2m in Q2 FY26, A$21.3m in Q3 FY26, A$21.7m in Q4 FY26 and A$26.7m in Q1 FY27. The four FY26 quarters add up to A$74.2m, which matches the company's audited FY26 revenue. Revenue grew by A$5.0m on Q4 FY26 and by A$12.7m on the prior corresponding period.

BLS named four drivers for the quarter: higher manufacturing volumes across its Australian operations; continued growth in white-label and contract manufacturing, meaning products made for sale under another party's brand or specification; ongoing supply to ADREXpharma in Germany under a two-year supply agreement; and increasing utilisation of its GMP manufacturing platform. GMP stands for good manufacturing practice, the standard under which medicines are produced. The company estimates annual revenue capacity at its Brisbane GMP facility at more than A$250m, compared with FY26 revenue of A$74.2m.

Customer Receipts, Operating Cash Flow and Facility Spending

Receipts from customers totalled A$22.4m in the quarter, up from A$12.9m in Q1 FY26 and A$20.7m in Q4 FY26. Net cash from operating activities was an inflow of A$2.0m, compared with an outflow of A$4.1m a year earlier. Across the five quarters from Q1 FY26, the operating figure ran at negative A$4.1m, then positive A$2.5m, A$1.2m, A$6.3m and A$2.0m, so each of the last four quarters has been cash positive. Receipts are shown on a cash basis and are not directly comparable with statutory revenue.

Cash was A$12.7m at 30 September 2026, against A$13.3m at 30 June 2026, a reduction of A$0.6m. During the quarter BLS invested A$2.4m in its Scotland facility and A$0.3m in further expansion of its Australian facilities, a combined A$2.7m. It also paid A$2.3m in deposits to suppliers for inventory not yet received. The cash figures come from the Appendix 4C for the quarter ended 30 September 2026, the ASX quarterly cash flow statement.

Guidance Ranges, Inventory and Four FY27 Priorities

FY27 revenue guidance of A$105m to A$115m is 42% to 55% above FY26 revenue of A$74.2m. Q1 revenue of A$26.7m equals 25.4% of the A$105m low end of that range and 23.2% of the A$115m high end. Adjusted EBITDA, a non-IFRS measure, is earnings before interest, tax, depreciation, amortisation and share-based payments. BLS said guidance is underpinned by higher utilisation of existing Australian manufacturing capacity, execution of international supply agreements, onboarding of additional pharmaceutical manufacturing customers, growing international manufacturing and supply activity, and progress of the Scotland facility toward operational status.

Inventory was A$17.5m at 30 September 2026, compared with A$17.8m at 30 June 2026. The company said stock built through FY26 is held to meet forecast customer demand, continuity-of-supply requirements, larger purchasing and manufacturing programs, and its expanding domestic and international business.

Management set four FY27 priorities. Manufacturing scale covers higher utilisation of Australian capacity, production volumes and customer activity. International growth covers volumes across existing domestic and international customers and delivery of contracted supply agreements. Pharmaceutical expansion covers moving the Scotland facility toward regulatory approval and broadening pharmaceutical manufacturing capabilities. Financial delivery means meeting the revenue and margin guidance. BLS also began trading under the ASX code BLS on 7 July 2026, appointed Angus Walker as Alternate Director to Edward Myer on 14 September 2026, and joined the S&P/ASX All Ordinaries Index on 21 September 2026.

Taking Stock of the First Quarter

BLS Pharmaceuticals Limited (ASX:BLS) opened FY27 with revenue of A$26.7m, customer receipts of A$22.4m, operating cash flow of A$2.0m and cash of A$12.7m. Inventory of A$17.5m and A$2.3m of supplier deposits sit alongside A$2.7m of facility investment, mostly in Scotland. The company describes itself as a manufacturer of next-generation medicines and special access drugs for chronic and treatment-resistant health and mental health conditions, built on a GMP manufacturing platform and a multi-jurisdictional licence stack. Guidance was left unchanged at A$105m to A$115m of revenue and a 23% to 26% adjusted EBITDA margin.

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