MUMBAI, India, April 28, 2026 /PRNewswire/ — Piramal Pharma Limited (NSE: PPLPHARMA | BSE: 543635), a leading global pharmaceutical, health and wellness company, today announced its standalone and consolidated results for the Fourth Quarter (Q4) and Full-year ended 31st March 2026.

1. During the quarter, the management has recognized an impairment loss of ₹. 176Cr in relation to intangible assets under development. Based on a reassessment incorporating changes in market conditions and updated commercial viability estimates, management concluded that the probable future economic benefits from the asset are no longer expected to be adequate to justify further capital deployment.  Accordingly, the carrying amount has been written down in full.

Key Highlights

Revenue – Growth was impacted by inventory destocking, slower early-stage order inflows in H1FY26, and softer traction in inhalation anesthesia across ex‑US markets. Adjusted for inventory destocking, we delivered YoY growth in Q4 and FY26.EBITDA Margin – Despite lower revenues, impact on EBITDA was partly offset by our efforts towards cost optimization and operational excellence.Capex – US$94Mn invested in FY26 across growth and maintenance projects. Lexington and Riverview expansions on track. Seeing good customer interest.Net Debt – No increase over FY25.

Nandini Piramal, Chairperson, Piramal Pharma Limited said, “FY26 was a transitional year, shaped by external disruptions and certain business-specific factors. Despite these challenges, we exited the year on a stronger note, with clear momentum across all our businesses. The meaningful recovery in biopharma funding seen from Sep’25,  is translating into good RFP momentum and healthy pick up in order inflows in our  CDMO business. In the CHG business, the recently completed Kenalog® acquisition alongside ramp up of inhalation anesthesia sales in ex-US markets are expected to be key growth drivers. Our Consumer Healthcare business is also well positioned to sustain its growth momentum with margin improvement driven by Power Brands and rapid growth in e‑commerce.

Overall, all three businesses are well positioned to deliver growth in FY27, accompanied by accelerated growth in EBITDA and PAT.”

Key Business Highlights

Contract Development and Manufacturing Organization (CDMO):

Healthy traction in RFPs and order inflows in H2FY26 driven by stronger US biopharma funding (up YoY 75% in H2FY26, 30% in FY26) and M&A activity. (Industry Source)Overseas sites seeing rising demand from shifting customer geographical preferences and strong growth in differentiated areas such as ADC, HP API, on‑shore injectables and drug product capabilities.US$90Mn Capex on track to scale sterile injectable and payload-linker capacities at Lexington and Riverview sites.Net Promoter Score of 60 – surpassing industry average. Meaningful improvement in execution with stronger performance across key operational matrices, driven by our operational excellence initiatives.209 customer site audits in FY26 vs. 165 in FY25 — highest ever. Reflecting heightened customer engagement, deeper technical interactions, and the growing complexity of programs we support.Maintained our Best-in-Class Quality Track Record – Successfully closed 38 regulatory inspections, including 3 USFDA inspections in FY26. Continue to maintain our ‘Zero OAI’ status.

Complex Hospital Generics (CHG):

Completed Kenalog® acquisition

– Upfront consideration of US$35Mn, and contingent consideration of up to US$65Mn.
– Broadens CHG portfolio, adds revenues with minimal incremental cost, and expands presence in US, Europe & Asia Pacific.
– Niche brand with complex manufacturing process. EBITDA margins in line with CHG business.

Inhalation Anesthesia (IA) 

– Continue to maintain leadership with 47% market share – up from 45% in Mar’24. (Source:- IQVIA)
– Initiated Sevoflurane supplies from lower cost Digwal facility in select RoW markets. Expect traction to build going ahead.

Intrathecal Therapy – Maintained our #1 Rank in intrathecal Baclofen segment in the US. (Source:- IQVIA)Injectable Pain Management – Continue to work with our supplier to resolve supply constraints.

Piramal Consumer Healthcare (PCH):

Power Brands continued growth momentum with 24% YoY growth in FY26, contributing 52% to PCH sales. Little’s, Lacto Calamine, CIR, and i-range remained primary driver of growth.New Product Launches – Fewer, high‑potential product launches with better success rates. Launched 31 new products and SKU in FY26. Focus on premiumization of portfolio.E-commerce sales grew at 48% rate YoY in FY26, contributing about 27% to PCH sales. Evolve product mix toward premium offerings and high margin channel (e.g. quick commerce).Invested about 12% of PCH sales on Media and Trade Promotion in FY26. Optimizing the media mix – Social Media, Television, Influencers, etc.

During the quarter, the management has recognized an impairment loss of Rs. 176Cr in relation to intangible assets under development. Based on a reassessment incorporating changes in market conditions and updated commercial viability estimates, management concluded that the probable future economic benefits from the asset are no longer expected to be adequate to justify further capital deployment.  Accordingly, the carrying amount has been written down in full.

2. IAUD – Intangible Assets Under Development; 3. Other Assets include Investments and Deferred Tax Assets (Net)

Earnings Conference Call

Piramal Pharma Limited will be hosting a conference call for investors / analysts on 29th April 2026 from 9:30 AM to 10:15 AM (IST) to discuss its Q4 and full-year FY26 Results.

The dial-in details for the call are as under:

About Piramal Pharma Limited:

Piramal Pharma Limited (PPL, NSE: PPLPHARMA I BSE: 543635), offers a portfolio of differentiated products and services through its 171 global development and manufacturing facilities and a global distribution network in over 100 countries. PPL includes Piramal Pharma Solutions (PPS), an integrated contract development and manufacturing organization; Piramal Critical Care (PCC), a complex hospital generics business; and Piramal Consumer Healthcare (PCH) business, selling over-the-counter consumer and wellness products. In addition, one of PPL’s associate companies, Abbvie Therapeutics India Private Limited, a joint venture between Abbvie and PPL, has emerged as one of the market leaders in the ophthalmology therapy area in the Indian pharma market. Further, PPL has a strategic minority investment in Yapan Bio Private Limited, that operates in the biologics / bio-therapeutics and vaccine segments.

For more information, visit:  Piramal Pharma | LinkedIn

1. Includes one facility via PPL’s minority investment in Yapan Bio.

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WESTERLY, R.I., April 28, 2026 /PRNewswire/ — Washington Trust Bancorp, Inc. (“the Corporation”), (NASDAQ: WASH) today announced that Jeffrey M. Wilhelm, an industry leader with more than 25 years of data, technology and digital transformation experience, has been elected to the boards of the Corporation and its subsidiary bank, The Washington Trust Company, effective April 28, 2026.  Wilhelm will also serve on the Audit Committees of both companies.

Wilhelm is the founder and chief executive officer of Infused Innovations, a strategic technology consulting firm specializing in digital transformation, cloud engineering, cybersecurity and AI.  He has held senior corporate and consulting roles across a range of industries and partnered with global teams to develop and responsibly deploy data‑driven solutions to complex business and technology challenges.

Wilhelm is active in civic, educational, and innovation‑focused organizations across Rhode Island, serving on the Rhode Island Artificial Intelligence Taskforce and the Rhode Island Foundation’s AI Advisory Committee, and as an advisor to the University of Rhode Island’s Launch Lab.  He is also chair of the North Kingstown Town Council’s Information Technology Advisory Committee.

“Jeff brings valuable expertise in technology, data, artificial intelligence, and cybersecurity at a time when these areas are increasingly important to the financial services industry,” said Washington Trust Chairman and CEO Edward O. “Ned” Handy III.  “His leadership experience and service on governing boards across the public, private, and nonprofit sectors will be a strong asset to Washington Trust.” 

ABOUT WASHINGTON TRUST BANCORP, INC.
Washington Trust Bancorp, Inc. (“the Corporation), NASDAQ: WASH, is the publicly-owned holding company of The Washington Trust Company (“Washington Trust”, “the Bank”), with $6.5 billion in assets as of March 31, 2026. Founded in 1800, Washington Trust is recognized as the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast’s premier financial services companies. Washington Trust values its role as a community bank and is committed to helping the people, businesses, and organizations of New England improve their financial lives. The Bank offers a wide range of commercial banking, mortgage banking, personal banking and wealth management services through its offices in Rhode Island, Connecticut and Massachusetts and a full suite of convenient digital tools. Washington Trust is a member of the FDIC and an equal housing lender. For more information, visit the Corporation’s website at ir.washtrust.com, or the Bank’s website at www.washtrust.com.

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SOURCE Washington Trust Bancorp, Inc.

Growing Demand Increases Confidence in Sequential and 2nd Half 2026 Growth

Momentum Building in New Markets including AIOps and Data Center Interconnect

First Quarter Revenue in Line with Expectations

PLANO, Texas, April 28, 2026 /PRNewswire/ — Ribbon Communications Inc. (Nasdaq: RBBN), a global leader in real-time communications technology and IP optical networking solutions, today announced its financial results for the first quarter of 2026. Ribbon Communications is dedicated to assisting the world’s largest service providers, enterprises, and critical infrastructure operators in modernizing and safeguarding their networks and services.

First Quarter 2026 Highlights

Financial Results¹:

Revenue was $163 million, compared to $181 million for the first quarter of 2025GAAP Operating Loss was ($32) million, compared to ($20) million for the first quarter of 2025Non-GAAP Adjusted EBITDA was ($8) million, compared to $6 million for the first quarter of 2025GAAP Gross Margin was 42.9%, compared to 45.4% for the first quarter of 2025Non-GAAP Gross Margin was 45.8%, compared to 48.6% for the first quarter of 2025

“We remain confident in the underlying demand environment and continue to expect meaningful second-half growth across multiple end markets including voice transformation projects with U.S. Service Providers and Federal agencies, and growing IP and Optical deployments in the U.S. and EMEA regions, with significant improvement beginning in the second quarter,” stated Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. “Revenue in the first quarter was in line with expectations and reflected the timing dynamics we outlined earlier this year. While margins were pressured by a slower deployment pace with key U.S. Tier 1 Service Providers and higher sales in India, we expect margin expansion as revenue increases throughout the year.”

Mr. McClelland continued, “We were particularly pleased by several new Data Center Interconnect wins in the first quarter, as well as multiple new secure private optical network awards supporting major energy producers and distributors in multiple countries. Importantly, we are gaining traction with our Ribbon Acumen™ AIOps platform with several new customer engagements and a growing pipeline of POCs. Furthermore, we believe our recent Strategic Collaboration Agreement with Amazon Web Services further strengthens our leadership position in cloud-native communications infrastructure to enable Agentic and AI voice capabilities.”

John Townsend, Chief Financial Officer of Ribbon Communications, remarked, “We continue to make deliberate investments to support our expected second half revenue growth including maintaining higher professional services capacity and retaining highly skilled resources. Notwithstanding this, we are staying focused on controlling expenses and driving efficiencies, helping mitigate currency headwinds.”

Business Highlights:

Ribbon Provides Edge Solutions for Salt’s Enterprise Voice ExpansionRibbon and AWS Transform Cloud Deployment for Service Providers and Enterprises

Business Outlook2
For the second quarter of 2026, the Company projects revenue of $185 million to $195 million. Non-GAAP gross margin is projected in a range of 49% to 50%. Adjusted EBITDA is projected in a range of $9 million to $14 million.

The Company’s outlook is based on current indications for its business, which are subject to change.

Upcoming Conference Schedule

May 12, 2026:            21st Annual Needham Technology, Media, & Consumer 1×1 ConferenceMay 21, 2026:            B. Riley Securities 26th Annual Investor ConferenceJune 17, 2026:           TD Cowen and CEO Summit Inaugural Disruptive Technology SummitJune 23, 2026:           Northland Growth Conference

Conference Call and Webcast Information
Ribbon Communications will host a conference call to discuss the Company’s financial results at 4:30 p.m. ET on Tuesday, April 28, 2026.

Dial-in Information:

US/Canada: 877-407-2991
International: 201-389-0925
Instant Telephone Access: Call me™ 

A live (listen-only) webcast and replay will be available on the Company’s Investor Relations website at investors.ribboncommunications.com.

Investor Contact
+1 (978) 614-8050
ir@rbbn.com

Media Contact
Catherine Berthier
+1 (646) 741-1974
cberthier@rbbn.com

About Ribbon
Ribbon Communications (Nasdaq: RBBN) is a global provider of voice communications software, IP routing, and optical networking to mobile and wireline service providers, enterprises, critical infrastructure and defense sectors. We support our customers’ Path to Autonomous Networks by leveraging the latest AIOps automation platforms and Agentic AI technologies, helping them deliver better customer experiences, reduce operational costs, and achieve sustainable growth.

To learn more about Ribbon visit rbbn.com.

Important Information Regarding Forward-Looking Statements
This release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation, statements regarding Company’s projected financial results for the second quarter of 2026 and beyond; expected customer spend and timing; beliefs about the Company’s business strategy, including new product introductions such as the Acumen AIOps platform; beliefs about the accelerating adoption of AI and the shift towards autonomous networking; and the timing of customer network transformation projects, are forward-looking statements. Without limiting the foregoing, the words “anticipates”, “believes”, “could”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, “projects” and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are unknown and/or difficult to predict and that may cause the Company’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, unpredictable fluctuations in quarterly revenue and operating results; the impact of restructuring and cost-containment activities; increases in tariffs, trade restrictions or taxes on our products; supply chain disruptions resulting from component availability and/or geopolitical instabilities and disputes (including those related to the wars in the Middle East and Ukraine); other impacts from the wars in the Middle East and Ukraine and related economic volatility and uncertainty resulting therefrom; the impact of military call-ups of our employees in Israel; material litigation; the impact of fluctuations in interest rates; material cybersecurity and data intrusion incidents, including any security breaches resulting in the theft, transfer, or unauthorized disclosure of customer, employee, or company information; our ability to comply with applicable domestic and foreign information security and privacy laws, regulations and technology platform rules or other obligations related to data privacy and security; failure to compete successfully against telecommunications equipment and networking companies; failure to grow our customer base or generate recurring business from our existing customers; credit risks; the timing of customer purchasing decisions and our recognition of revenues; macroeconomic conditions, including inflation; our ability to adapt to rapid technological and market changes; our ability to generate positive returns on our research and development; our ability to protect our intellectual property rights and obtain necessary licenses; our ability to maintain partner, reseller, distribution and vendor support and supply relationships; the potential for defects in our products; risks related to the terms of our credit agreement; higher risks in international operations and markets; currency fluctuations; unanticipated adverse changes in legal, regulatory or tax laws; future accounting pronouncements or changes in our accounting policies; and/or failure or circumvention of our controls and procedures. We therefore caution you against relying on any of these forward-looking statements.

These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company’s business and results from operations. Additional information regarding these and other factors can be found in the Company’s reports filed with the Securities and Exchange Commission, including, without limitation, its Form 10-K for the year ended December 31, 2025. Any forward-looking statement made by the Company in this release speaks only as of the date on which this release was first issued. The Company undertakes no obligation to update any forward-looking statement publicly or otherwise, whether as a result of new information, future developments or otherwise, except as required by law.

Discussion of Non-GAAP Financial Measures
The Company’s management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, planning and forecasting future periods, and determining payments under compensation programs. The Company considers the use of non-GAAP financial measures helpful in assessing the core performance of its continuing operations and when planning and forecasting future periods. The Company’s annual financial plan is prepared on a non-GAAP basis and is approved by its board of directors. In addition, budgeting and forecasting for revenue and expenses are conducted on a non-GAAP basis, and actual results on a non-GAAP basis are assessed against the annual financial plan. The Company defines continuing operations as the ongoing results of its business adjusted for certain expenses and credits, as described below. The Company believes that providing non-GAAP information to investors allows them to view the Company’s financial results in the way its management views them and helps investors to better understand the Company’s core financial and operating performance and evaluate the efficacy of the methodology and information used by its management to evaluate and measure such performance.

While the Company’s management uses non-GAAP financial measures as tools to enhance its understanding of certain aspects of the Company’s financial performance, management does not consider these measures to be a substitute for, or superior to, GAAP measures. In addition, the Company’s presentations of these measures may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures should not be considered alternatives for, or in isolation from, the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures. In particular, many of the adjustments to the Company’s financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future.

Stock-Based Compensation
The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. The Company believes that presenting non-GAAP operating results that exclude stock-based compensation provides investors with visibility and insight into its management’s method of analysis and its core operating performance.

Amortization of Acquired Technology (including software licenses); Amortization of Acquired Intangible Assets
Amortization amounts are inconsistent in frequency and amount and are significantly impacted by the timing and size of acquisitions. Amortization of acquired technology is reported separately within Cost of revenue and Amortization of acquired intangible assets is reported separately within Operating expenses. These items are reported collectively as Amortization of acquired intangible assets in the accompanying reconciliations of non-GAAP and GAAP financial measures. The Company believes that excluding non-cash amortization of these intangible assets facilitates the comparison of its financial results to its historical operating results and to other companies in its industry as if the acquired intangible assets had been developed internally rather than acquired.

Litigation Costs
In connection with certain ongoing litigation where Ribbon is the defendant (as described in the Company’s Commitments and Contingencies footnotes in its Form 10-Qs and Form 10-Ks filed with the SEC, the Company has incurred litigation costs beginning in 2023. These costs are included as a component of general and administrative expense. The Company believes that such costs are not part of its core business or ongoing operations, are unplanned, and generally are not within its control. Accordingly, the Company believes that excluding litigation costs related to these specific legal matters facilitates the comparison of the Company’s financial results to its historical operating results and to other companies in its industry.

Cybersecurity Incident
The Company has recorded expenses associated with responding to and remediating a cybersecurity incident, including costs for external legal services, cybersecurity experts, and IT restoration activities. The Company believes that excluding these expenses facilitates the comparison of its financial results to its historical operating performance and to other companies in its industry, as these costs are non‑recurring in nature and are not associated with future revenue streams or ongoing operational benefits.

Acquisition-, Disposal- and Integration-Related
The Company considers certain acquisition-, disposal- and integration-related costs to be unrelated to the organic continuing operations of the Company and its acquired businesses. Such costs are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In 2025, the Company recorded expense for legal and professional fees associated with contemplated corporate development activities. The Company excludes such acquisition-, disposal- and integration-related costs to allow more accurate comparisons of its financial results to its historical operations and the financial results of less acquisitive peer companies and allows management and investors to consider the ongoing operations of the business both with and without such expenses.

Restructuring and Related
The Company has recorded restructuring and related expense to streamline operations and reduce operating costs by closing and consolidating certain facilities and reducing its worldwide workforce. The Company believes that excluding restructuring and related expense facilitates the comparison of its financial results to its historical operating results and to other companies in its industry, as there are no future revenue streams or other benefits associated with these costs.

Preferred Stock and Warrant Liability Mark-to-Market Adjustment
The Company recorded adjustments to the fair value of its Series A Preferred Stock and Warrants to purchase shares of the Company’s common stock in Other (expense) income, net. Both of these instruments were issued in March 2023 in connection with the Company’s private placement and have been classified as liabilities and marked to market each reporting period until the Series A Preferred Stock was fully redeemed on June 25, 2024. The Warrant liability remains outstanding and will continue to be marked to market each reporting period. The Company excluded these gains and losses from the change in the fair value of these liabilities because it believes that such gains or losses were not part of its core business or ongoing operations.

Tax Effect of Non-GAAP Adjustments
The Non-GAAP income tax provision is presented based on an estimated tax rate applied against forecasted annual non-GAAP income. The Company computes its non-GAAP estimated tax rate using its estimated GAAP annual effective tax rate for the period and adjusting for the tax effect of pre-tax non-GAAP adjustments. The Company computes a single annual non-GAAP rate for the Company and applying that rate (rather than multiple rates by jurisdiction) to its consolidated quarterly results. The Company expects that this methodology will provide a consistent rate throughout the year and allow investors to better understand the impact of income taxes on its results. Due to the methodology applied to its estimated annual tax rate, the Company’s estimated tax rate on non-GAAP income will differ from its GAAP tax rate and from its actual tax liabilities.

Adjusted EBITDA
The Company uses Adjusted EBITDA as a supplemental measure to review and assess its performance. The Company calculates Adjusted EBITDA by excluding from income (loss) from operations: depreciation; stock-based compensation; amortization of acquired intangible assets; certain litigation costs; expenses related to cybersecurity incidents; acquisition-, disposal- and integration-related expense; and restructuring and related expense. In general, the Company excludes the expenses that it considers to be non-cash and/or not a part of its ongoing operations. The Company may exclude other items in the future that have those characteristics. Adjusted EBITDA is a non-GAAP financial measure that is used by the investing community for comparative and valuation purposes. The Company discloses this metric to support and facilitate dialogue with research analysts and investors. Other companies may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.

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SOURCE Ribbon Communications Inc.