Jubilant Pharmova reported a mixed start to its 2027 fiscal year, with revenue climbing sharply even as profits and margins declined. But beneath the headline earnings numbers is a more consequential story for nuclear medicine: Jubilant is assembling one of the larger radiopharmaceutical manufacturing and distribution infrastructures in the United States.
For the quarter ended June 2026, Jubilant reported revenue of ₹2,229.4 crore, up 17.3% from a year earlier, while net profit declined 45% to ₹56.5 crore. EBITDA fell 14.4% to ₹248 crore and EBITDA margin narrowed to 11.1% from 15.2%. At an exchange rate of approximately ₹95.30 to the U.S. dollar on August 10, that translates to roughly $234 million in quarterly revenue, $26 million in EBITDA and $5.9 million in net profit. For the nuclear medicine industry, however, the more revealing numbers sit deeper inside Jubilant’s business.
During FY26, Jubilant’s radiopharmaceutical business generated ₹1,178 crore, or approximately $124 million, in revenue, an increase of 10%. Its U.S. radiopharmacy operation generated another ₹2,512 crore, or approximately $264 million, up 9%. Combined, those businesses produced approximately $387 million in annual revenue.
That scale is important because Jubilant is not simply developing or manufacturing individual radiopharmaceuticals. The company operates across several layers of the nuclear medicine supply chain, including radiopharmaceutical manufacturing, PET and SPECT products, radiopharmacy services and distribution.
Jubilant says its U.S. network currently includes 45 radiopharmacies and describes it as the second-largest radiopharmacy network in the country. And the network is getting larger.
Jubilant is in the middle of a $50 million expansion of its U.S. PET radiopharmacy network, adding six locations to bring its PET footprint from three sites to nine. When the investment was announced, the company said the expansion would bring its overall U.S. radiopharmacy network to 52 locations. The company has also contracted with IBA for five Cyclone KIUBE 180 cyclotrons and associated equipment for the expansion, significantly increasing its ability to manufacture PET radiotracers closer to the patients and health systems that use them.
Harsher Singh, CEO of Jubilant Radiopharma, described the strategy when the investment was announced.
“This investment shall help us meet increasing demand of novel PET products from our customers.” Singh added that the larger network should help Jubilant “secure long-term contracts with leading PET radiopharmaceutical manufacturers.”
That second point may ultimately be the more important one. PET radiopharmaceuticals have unusually demanding manufacturing and distribution requirements because many rely on short-lived isotopes. A geographically distributed network of cyclotrons, manufacturing facilities and radiopharmacies therefore represents more than additional production capacity. It can become strategic infrastructure through which drug developers reach patients.
Jubilant has already begun demonstrating that model. Its PET facilities are distributing Lantheus’ PYLARIFY, the F-18 PSMA PET imaging agent used in prostate cancer, and the company has also begun distributing Novartis’ Pluvicto, the lutetium-177 PSMA-targeted radiopharmaceutical therapy. Jubilant has additionally disclosed a PET imaging partnership involving Life Molecular Imaging’s F-18 Neuraceq.
Jubilant’s recent results also demonstrate what happens when that infrastructure encounters problems. The company has historically maintained a strong position in higher-margin SPECT imaging products, but production problems at its Montreal contract manufacturing operation reduced availability of certain SPECT products and pressured radiopharmaceutical earnings.
Jubilant had warned earlier this year that it expected a negative revenue impact during Q4 FY26 and Q1 FY27 because of SPECT supply shortages. The company has also said it is developing alternative contract manufacturers to reduce supply-chain risk for key products.
The disruption offers a useful reminder of how different the economics of nuclear medicine can be from conventional pharmaceuticals. Having an approved or commercially successful radiopharmaceutical is only one part of the equation. Manufacturing reliability, isotope availability, radiopharmacy capacity and distribution can directly determine how much product actually reaches the market.
At the same time, Jubilant continues to expand its PET portfolio. Ruby-Fill installations increased 35% during FY26, compared with 21% growth in FY25, and the company says multiple additional PET and SPECT imaging products are planned for introduction from FY28 through FY29.
Taken together, Jubilant’s numbers illustrate a broader shift underway across nuclear medicine. Much of the investment flowing into radiopharmaceuticals has understandably centered on molecules, clinical pipelines and isotopes. But as more PET diagnostics and radiopharmaceutical therapies reach commercialization, another competitive layer is becoming increasingly important: the physical network required to manufacture, prepare and move radioactive medicines to patients within narrow time windows.
Jubilant is effectively positioning itself on both sides of that transition. Its established SPECT business remains an important source of revenue and profitability, while its capital investment increasingly points toward PET manufacturing, cyclotron capacity and distribution of newer diagnostic and therapeutic products.
The company has previously said it expects its new PET radiopharmacies to become fully operational in FY28 and has targeted a return on capital employed above 20% for the investment. And for an industry increasingly focused on blockbuster radiopharmaceuticals, that may be the larger lesson in Jubilant’s earnings.
As radiopharmaceuticals scale, the companies controlling the infrastructure between isotope production and the patient may become nearly as strategically important as the companies developing the drugs themselves.
