Glenmark Pharmaceuticals Limited – Investor Presentation Summary

Key Operational Highlights

  • Consolidated Revenue of ₹37,706 million for Q4 FY26, representing a YoY growth of 15.8%.
  • India business growth of 8.2% in terms of secondary sales, outperforming the IPM (Indian Pharmaceutical Market).
  • North America core business growth of 7.8% for the quarter.
  • EU business growth of 21.4% for the quarter.
  • Emerging Markets (EM) business growth of 13.7% for the quarter.
  • Robust secondary sales growth of >50% for RYALTRIS® in FY26.
  • Key drivers include the successful launch of RYALTRIS® in China and Thailand in Q4, initiation of its commercialization in the USA, and multiple differentiated product launches.

Segment-wise Performance

  • India: Revenue of ₹10,201 million for Q4 FY26 (₹37,237 million for 12M FY26). The business recorded strong performance in its Oncology segment and launched GLIPIQ® (semaglutide). It continues to be top-ranked in its core therapeutic areas.
  • North America: Revenue of ₹9,248 million for Q4 FY26 (₹71,390 million for 12M FY26), a 29.4% YoY growth. This includes deferred out-licensing income recognition for ISB 2001. The business strengthened its generic Respiratory franchise with the first generic approval of FloVent® HFA 44 mcg.
  • Europe: Revenue of ₹8,907 million for Q4 FY26 (₹31,007 million for 12M FY26), a 21.4% YoY growth. The business established a branded Dermatology footprint with the UK launch of WINLEVI®.
  • Emerging Markets: Revenue of ₹8,979 million for Q4 FY26 (₹29,405 million for 12M FY26), a 13.7% YoY growth. This region includes Russia + CIS (RCIS), Latin America (LATAM), Middle East and Africa (MEA), and Asia-Pacific (APAC). The business accelerated its Oncology expansion through in-licensing.

Financial Highlights

  • Revenue: ₹37,706 million for Q4 FY26.
  • EBITDA: ₹7,626 million for Q4 FY26.
  • PAT: ₹3,013 million for Q4 FY26.
  • Margins: EBITDA margin of 20.2%; PAT margin of 7.6%.
  • YoY comparison: Q4 FY26 Consolidated Revenue grew 15.8% from ₹32,562 million in Q4 FY25. For the full year (12M FY26), Consolidated Revenue was ₹169,825 million, a 27.5% YoY growth from ₹133,217 million in 12M FY25.
  • Drivers of financial performance: Growth was driven by strong performance across regions, the landmark AbbVie partnership, and successful product launches.
  • Forex rates: Average conversion rate for 12M FY26 was INR 88.33 / USD 1.00; for 12M FY25 it was INR 84.54 / USD 1.00.

Geographical Revenue Split

  • Domestic (India): ₹10,201 million for Q4 FY26, representing 27.0% of total Q4 revenue.
  • Export/International: Comprises North America, Europe, and Emerging Markets.
  • Regional Breakdown:
  • North America: ₹9,248 million (24.5% of total)
  • Europe: ₹8,907 million (23.6% of total)
  • Emerging Markets: ₹8,979 million (23.8% of total)

Strategic & R&D Initiatives

  • Landmark AbbVie Partnership: IGI (Innovative Medicines Group) secured a licensing deal with AbbVie for ISB 2001, involving a USD 700 million upfront payment and a potential total deal value of USD 1.925 billion. Glenmark will develop, manufacture, and commercialize ISB 2001 in territories outside AbbVie's licensed markets.
  • Oncology Expansion: In-licensed Trastuzumab Rezetecan from Hengrui Pharma and Aumolertinib from Hansoh Pharma for commercialization in Emerging Markets.
  • RYALTRIS® Update: Now commercialized in 55 markets; launched in China and Thailand in Q4 FY26; initiated US commercialization.
  • WINLEVI® Update: Launched in the UK in Q1 FY26; received EU marketing authorization approval with launch planned for FY27.
  • Pipeline Updates:
  • ISB 2001/ABBV-2001: Phase 1 Dose Expansion enrolment progressing.
  • ISB 2301: Clinical candidate selected; IND submission intended for end of the year.
  • ISB 2302 and ISB 2501: In early preclinical development.
  • ISB 880/LAD191 (with Almirall): Phase 2 study in Hidradenitis Suppurativa ongoing; PoC study for another inflammatory skin disease planned.
  • ISB 830-X8/STAR-0310 (OX40 antagonist): In development for Atopic Dermatitis.
  • Manufacturing: Monroe manufacturing facility received U.S. FDA EIR with VAI classification, enabling restart of commercial manufacturing for injectables.

Management Commentary & Growth Outlook

  • Strategic Outlook: Chairman and Managing Director Glenn Saldanha stated FY26 was a "defining year" marked by strong performance and progress on strategic priorities. The company is focused on combining global pharmaceutical scale with scientific innovation.
  • Focus Areas: Disciplined execution, differentiated science, and creating impact for patients globally.