Glenmark Pharmaceuticals Limited (GLENMARK)
₹2,226.70 -1.06% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Glenmark Pharmaceuticals' revenue was ₹4,018 Cr (+23.1% year on year, +6.6% on the previous quarter), and net profit ₹483 Cr (+927.9% year on year); the operating margin was 20.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,018 | +23.1% | +6.6% |
| Operating profit | ₹805 | +38.6% | +5.5% |
| Net profit | ₹483 | +927.9% | +60.4% |
| EPS (₹) | 17.11 | +930.7% | +60.2% |
| Operating margin | 20.0% | — | — |
GLENMARK delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 63.02% of the GLENMARK shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.68%. The price fell 1.06% on that unusually high delivery, the pattern the delivery dashboard labels distribution. In GLENMARK futures, open interest rose 2.43% while the futures price fell 1.10%: short buildup (new short positions).
Delivery in the last 5 sessions: 50.6% · 44.6% · 44.0% · 49.5% · 63.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Glenmark Pharmaceuticals' US subsidiary, Glenmark Therapeutics Inc., USA, has launched Adapalene Gel USP, 0.1% (OTC) in new pump packs (15g and 45g) available via Amazon and Walmart.com. The product is comparable to the active ingredient in Differin Gel, targeting an annual market of approximately $45.8 million based on Nielsen data for the 52-week period ending September 5, 2026. Given Glenmark's TTM revenue of Rs 17,737 crore (~$2.1 billion), the addressable market size of ~$45.8M (~Rs 380 crore) represents an incremental niche addition of around 2.1% of TTM revenue.
- Targets US Differin Gel 0.1% OTC market valued at approximately $45.8 million
- Market data measured over the latest 52-week period ending September 5, 2026
- Introduced in two pack sizes: 15 g and 45 g pump formats
- Commercial availability live on retail platforms including Amazon and Walmart.com
Glenmark Pharmaceuticals has received an Establishment Inspection Report (EIR) from the U.S. FDA for its formulations manufacturing facility located in Goa, India. The inspection, which was carried out from June 22 to June 30, 2026, concluded with a Voluntary Action Indicated (VAI) status. This classification confirms that while objectionable conditions were observed, they do not meet the threshold for regulatory or administrative action, effectively clearing the facility. The successful closure removes regulatory overhang on product approvals and exports from this critical site.
- US FDA issues EIR with Voluntary Action Indicated (VAI) classification for the Goa formulations plant
- Inspection concluded was conducted between June 22, 2026 and June 30, 2026
- Goa facility represents one of Glenmark's 11 manufacturing facilities globally
Glenmark Pharmaceuticals announced the proceedings and voting results of its 48th Annual General Meeting held on September 11, 2026. Shareholders approved all agenda items with strong majorities, including the adoption of FY26 standalone and consolidated financial statements. A dividend of ₹2.50 per equity share for FY26 was approved with 99.9998% votes in favor. Additionally, the re-appointment of Non-Executive Director Mrs. Blanche Saldanha was passed with 99.77% votes.
- Declared dividend of INR 2.50 per equity share approved by 99.9998% of votes cast (230,704,654 shares)
- Adoption of FY26 consolidated financial statements approved with 95.88% favor (220,789,273 shares)
- Re-appointment of Mrs. Blanche Saldanha as Non-Executive Director approved with 99.77% votes
- A total of 54 shareholders attended the 48th AGM conducted via Video Conferencing
Glenmark Pharmaceuticals announced the launch of its innovative RYALTRIS Nasal Spray in Brazil through wholly-owned subsidiary Glenmark Specialty S.A. The product has already secured approvals across 57 markets globally, including the US, EU, and China. Allergic rhinitis affects an estimated 20% to 30% of Brazil's population (approx. 40 to 60 million people), making it Latin America's largest healthcare market. While no revenue potential was quantified in the release, the launch supports Glenmark's strategy to expand branded, high-margin respiratory offerings across Rest of World (ROW) markets.
- RYALTRIS launched in Brazil following regulatory approval from ANVISA granted earlier in 2026
- Target addressable disease population in Brazil is estimated at 20-30%, or approximately 40-60 million people
- Introduces the first olopatadine-containing intranasal combination therapy in the Brazilian market
- Expands RYALTRIS global footprint, which is already approved in 57 global markets
India Ratings and Research has upgraded Glenmark Pharmaceuticals' long-term bank loans to 'IND AA+' from 'IND AA' with a Stable outlook, while affirming short-term ratings at 'IND A1+'. The upgrade covers Rs 1,850 crore of existing facilities and assigns the same rating to an additional Rs 2,350 crore of facilities. The credit rating agency highlighted improved financial visibility driven by the USD 700 million upfront licensing deal with AbbVie for ISB 2001 (USD 560 million recognized in FY26), turning subsidiary IGI self-funding and pushing Glenmark into a net cash position.
- Long-term bank loan rating upgraded to 'IND AA+' with Stable outlook; short-term affirmed at 'IND A1+'.
- Covers Rs 1,850 crore existing bank loan facilities and assigns 'IND AA+/Stable/IND A1+' to Rs 2,350 crore additional facilities.
- USD 560 million recognized in FY26 from the USD 700 million upfront AbbVie licensing deal, with balance USD 140 million due across FY27-FY28.
- Consolidated net adjusted leverage stood at negative 0.13x in FY26, with interest coverage improving to 21.9x.
Glenmark Pharmaceuticals Inc., USA has launched Calcium Gluconate Injection USP in 1,000 mg/10 mL, 5,000 mg/50 mL Single-Dose Vials, and 10,000 mg/100 mL Pharmacy Bulk Packages. The product is bioequivalent and therapeutically equivalent to Fresenius Kabi USA's reference listed drug (NDA 208418). According to IQVIA sales data for the 12-month period ending June 2026, the US market size for this product was approximately $69.9 million. This launch expands Glenmark's institutional injectables and hospital offerings in the US market.
- Commercial launch of Calcium Gluconate Injection USP across three vial configurations in the US
- Targeted US addressable market size of approximately $69.9 million for the 12-month period ending June 2026
- Therapeutically equivalent to reference listed drug of Fresenius Kabi USA, LLC (NDA 208418)
Glenmark Pharmaceuticals has secured US FDA approval for Fluticasone Propionate Nasal Spray USP, 0.05 mg/spray. The approved product is bioequivalent and therapeutically equivalent to Haleon's Flonase Nasal Spray. According to IQVIA data for the 12 months ending June 2026, the relevant US market achieved annual sales of approximately $295.2 million. The product will be commercialized and distributed across the US through Glenmark Pharmaceuticals Inc., USA.
- US FDA approval received for Fluticasone Propionate Nasal Spray USP, 0.05 mg/spray
- Therapeutic generic equivalent to reference listed drug Flonase (Haleon US Holdings LLC)
- Targeted US market size is approximately $295.2 million for the 12 months ended June 2026
- Commercial distribution to be handled directly by Glenmark Pharmaceuticals Inc., USA
Glenmark Pharmaceuticals has scheduled its 48th Annual General Meeting (AGM) for September 11, 2026, at 2:00 PM IST via video conferencing. The company is distributing the Integrated Annual Report for FY 2025-26 to all shareholders, including those without registered email addresses, by providing web links and QR codes. This follows a fiscal year where the company reported TTM revenue of Rs 16,983 Cr and a PAT of Rs 1,362 Cr. The report is expected to detail the progress of the 'Glenmark 3.0' strategy and the financial impact of the $1.925 billion AbbVie deal.
- 48th Annual General Meeting scheduled for September 11, 2026, at 2:00 PM IST
- Integrated Annual Report for FY 2025-26 released for shareholder review
- TTM Revenue for the period ending March 2026 reported at Rs 16,983 Cr
- TTM PAT stands at Rs 1,362 Cr with an Operating Profit Margin of 26.9%
- Company maintains a low Debt/Equity ratio of 0.00 as of the latest reporting period
Glenmark Pharmaceuticals has scheduled its 48th Annual General Meeting (AGM) for September 11, 2026. The Board has recommended a dividend of ₹2.50 per equity share for FY26, with the record date for eligibility set as August 31, 2026. Key agenda items include the re-appointment of Mrs. Blanche Saldanha (86) as a Non-Executive Director and the ratification of ₹2.8 million in cost auditor fees for FY27. The dividend, if approved, will be paid on or after September 14, 2026.
- Dividend of ₹2.50 per equity share recommended for the financial year ended March 31, 2026.
- Record date for dividend eligibility is fixed as Monday, August 31, 2026.
- 48th Annual General Meeting scheduled for September 11, 2026, at 2:00 PM IST via video conferencing.
- Special resolution proposed for the re-appointment of Mrs. Blanche Saldanha, who holds a 15.72% beneficial interest.
- Proposed ratification of ₹2.8 million remuneration for Cost Auditors (M/s. R A & Co.) for FY27.
Glenmark Pharmaceuticals' US subsidiary has entered into a settlement agreement with Humana Inc. for $15.28 million (approx. ₹127 Cr) to resolve antitrust litigation. The settlement addresses allegations of price-fixing and anti-competitive conduct involving generic drugs, which Glenmark continues to deny. The payment will be made in two installments and has already been fully provided for in the company's financial statements. This settlement is part of a larger consolidated legal matter involving over 35 complaints and 46 state attorneys general.
- Settlement amount of $15.28 million ($15,285,369) including interest to be paid in two installments
- Resolves 3 specific complaints filed by Humana Inc. within a larger consolidated litigation framework
- Glenmark USA has been named in more than 35 similar complaints since 2016 regarding generic drug pricing
- Full settlement amount has already been provided for in the company's financials, resulting in no fresh P&L impact
- Litigation involves 46 state attorneys general and various classes of purchasers
Glenmark Pharmaceuticals has allotted 23,863 equity shares to employees under its 2016 ESOP scheme on August 10, 2026. The shares were issued at an exercise price of Rs 600 per share, which is a substantial discount to the current market price of Rs 2,279.5. This transaction results in a negligible equity dilution of approximately 0.008%. The total paid-up capital of the company now stands at Rs 28.22 crore.
- Allotment of 23,863 equity shares of face value Re 1 each on August 10, 2026
- Exercise price of Rs 600 per share, generating approximately Rs 1.43 crore in proceeds
- Total paid-up share capital increased to 28,22,24,672 shares
- Negligible equity dilution of 0.008% relative to the existing share base
Glenmark Pharmaceuticals has announced its schedule for four upcoming institutional investor conferences in Mumbai, starting August 12, 2026. The company will participate in events hosted by Emkay, Motilal Oswal, Elara, and Kotak over a six-week period ending September 17, 2026. These meetings will involve both group and one-on-one physical interactions. Management has confirmed that no unpublished price-sensitive information (UPSI) will be disclosed during these sessions.
- 4 institutional investor conferences scheduled in Mumbai between August and September 2026
- First meeting at Emkay Confluence 2026 on August 12, 2026
- Participation in Motilal Oswal 22nd Annual Investor Conference on August 17, 2026
- Final scheduled meeting at Kotak Healthcare Forum on September 17, 2026
Glenmark Pharmaceuticals has filed the formal transcript of its earnings call held on August 3, 2026, for the quarter ended June 30, 2026. The discussion centered on the 'Glenmark 3.0' strategy, which targets a 15% annual growth rate and a shift toward a branded-led portfolio. Management highlighted the utilization of the $700 million upfront payment from the $1.925 billion AbbVie deal to achieve a zero-debt status. The company is also aiming for 25% EBITDA margins by focusing on higher-margin innovative assets like ISB 2001.
- Earnings call conducted on August 3, 2026, following the Q1 FY27 results.
- Company maintains a long-term annual growth target of 15% through innovation and branded products.
- Total value of the AbbVie partnership for ISB 2001 is $1.925 billion.
- Planned annual capital expenditure (Capex) remains at INR 700-800 Cr.
- Targeting 25% EBITDA margins, supported by a shift away from commoditized generics.
Glenmark Pharmaceuticals has uploaded the audio recording of its Q1 FY 2026-27 earnings call held on Aug ust 03, 2026. This procedural filing allows investors to access management discussions regarding the company's TTM revenue of ₹16,983 cr and its 'Glenmark 3.0' strategy. The call likely covered progress on the US D 1.925 billion AbbVie deal and the target to reach zero debt. The company continues to focus on a brand-led portfolio to achie ve 25% EBITD A margins.
- Earnings call for Q1 FY 2026-27 conducted on Aug ust 03, 2026
- Company maintains a TTM revenue base of ₹16,983 cr with a 26.9% operating margin
- Strategic focus remains on the US D 1.925 billion AbbVie deal for IS B 2001
- Planned annual capital expenditure of ₹700-800 cr to support growth
- Target ing 15% annual growth through brand-led portfolio expansion
Glenmark Pharmaceuticals has updated its internal policy for determining the materiality of events and information as per SEBI (LODR) Regulations. The Board of Directors approved these amendments in a meeting held on July 31, 2026. The company has designated four key officials, including the Chairman & Managing Director and the Global CFO, to oversee disclosures to stock exchanges. This is a standard administrative update and does not impact the company's financial standing or operations.
- Board of Directors approved amendments to the Policy on Determination of Materiality on July 31, 2026
- Designated 4 key officials for determining materiality and making disclosures to exchanges
- Authorized officials include the Chairman & Managing Director, Executive Director, Global CFO, and Company Secretary
- Filing made in compliance with Regulation 30(5) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
Financial Performance
Revenue Growth by Segment
India formulations grew 32% in FY25 (total revenue INR 13,321 Cr). The US market contracted by 2.5% in FY25. In Q2 FY26, India formulation sales were INR 165 Cr, an 87% decline from INR 1,281.7 Cr due to GST transition impacts. Consolidated revenue for H1 FY26 was INR 9,311.3 Cr, up 39.4% YoY.
Geographic Revenue Split
India (significant contributor with 32% growth in FY25), US (contraction of 2.5% in FY25), Europe and Rest of World (continued traction and growth).
Profitability Margins
Operating profitability improved from 10.1% in FY24 to 17.7% in FY25. Net profit was INR 687 Cr in FY25 compared to a loss of INR 1,686 Cr in FY24. The company targets an EBITDA margin of 23% in H2 FY26 and 25% in the future.
EBITDA Margin
EBITDA margin was 17.7% in FY25, up from 10.1% in FY24. The company aims for 23% in H2 FY26 and 25% long-term, driven by a shift to branded products and licensing income from the AbbVie deal.
Capital Expenditure
Planned annual capital expenditure is INR 700-800 Cr over the medium term to support growth and maintain 10 manufacturing facilities.
Credit Rating & Borrowing
CRISIL AA with a Stable outlook; short-term rating is CRISIL A1+. Ratings were reaffirmed following the USD 700 million AbbVie deal. The company repaid INR 1,300 Cr of gross debt post-deal.
Operational Drivers
Raw Materials
Not disclosed in available documents; however, 'benign input costs' were cited as a key driver for the margin improvement to 17.7% in FY25.
Capacity Expansion
The company currently operates 10 manufacturing facilities across India, the USA, and other countries. While specific MTPA expansion figures are not disclosed, the company plans to incur annual capital expenditure of INR 700-800 Cr over the medium term to support its 15% growth target.
Raw Material Costs
Raw material costs are described as 'benign' and 'stable', contributing to the improvement in operating margins to 17.7% in FY25. Specific cost as a % of revenue is not disclosed.
Manufacturing Efficiency
The company maintains an inventory level of 80 days, which is more efficient than the industry average of 90 days. This efficiency supports the H2 FY26 growth targets and was achieved through a one-time working capital correction of INR 1,600 Cr.
Logistics & Distribution
Distribution costs were impacted by freight and reverse logistics during the GST transition, contributing to the 87% decline in India primary sales in Q2 FY26. The company uses a unique 3-tier distribution system in India.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Glenmark 3.0 strategy targets 15% annual growth through a branded-led portfolio and innovation. The USD 700M AbbVie upfront payment will be used to reach zero debt, improving free cash flow for reinvestment. US growth is expected to revive with new launches, while India continues to outperform the market (10.8% vs 6.4% growth).
Products & Services
Pharmaceutical formulations, Active Pharmaceutical Ingredients (APIs), and innovative assets like ISB 2001 (biologics).
Brand Portfolio
Glenmark, Ichnos Glenmark Innovation (IGI).
New Products/Services
ISB 2001 (partnered with AbbVie) and new US product launches are expected to drive future revenue. The AbbVie deal total value is USD 1.925 billion.
Market Expansion
Expansion is focused on Europe and Rest of World (ROW) markets, alongside a revival of the US market through new product launches.
Market Share & Ranking
Glenmark's India formulation business grew 10.8% in Q2 FY26, significantly outperforming the overall Indian pharma market growth of 6.4%.
Strategic Alliances
Exclusive global licensing deal with AbbVie Inc. for ISB 2001 (total value USD 1.925 billion) and the sale of a majority stake in Glenmark Life Sciences to Nirma Ltd in March 2024.
External Factors
Industry Trends
The industry is shifting toward innovation-led biotech deals (e.g., USD 1.925B AbbVie deal) and branded portfolios (Glenmark 3.0) to achieve 25% margins and offset generic pricing pressure in the US (2.5% contraction).
Competitive Landscape
Key competitors include other large Indian pharma companies. Glenmark competes by outperforming market growth (10.8% vs 6.4%) and moving into innovative biologics to differentiate from generic peers.
Competitive Moat
The company's moat is built on its robust R&D platform, specifically through Ichnos Glenmark Innovation (IGI), which successfully developed ISB 2001. This asset's validation through a USD 1.925 billion deal with AbbVie creates a competitive advantage in the innovative biologics space.
Macro Economic Sensitivity
The business is sensitive to regulatory changes like the GST regime, which caused an 87% temporary drop in India sales. It is also exposed to US market dynamics, where a lack of new launches led to a 2.5% revenue contraction.
Consumer Behavior
Demand is driven by a strong position in the chronic therapeutic segment in India, which is fast-growing and less sensitive to short-term economic shifts than acute segments.
Geopolitical Risks
The company operates 10 facilities globally and exports to developing nations, exposing it to trade barriers and regulatory risks in diverse international markets.
Regulatory & Governance
Industry Regulations
Operations are affected by pricing controls (e.g., INR 900.1 Cr settlement for pricing practices), manufacturing standards across 10 global facilities, and tax regime changes like GST which impacted India sales by 87%.
Environmental Compliance
The company has a board-level ESG committee to monitor its ESG strategy and action plans. Specific compliance costs in INR are not disclosed.
Taxation Policy Impact
The company paid INR 75 Cr in cash tax as part of its Q2 FY26 cash flow reconciliation. It aims for tax efficiencies through balance sheet restructuring.
Legal Contingencies
Exceptional losses of INR 372.8 Cr in FY25 and INR 900.1 Cr in FY24 for legal settlements regarding pricing and other claims. These settlements significantly impact cash generation and debt metrics.
Risk Analysis
Key Uncertainties
Key risks include the uncertain returns on high R&D investments (7% of sales), potential for sluggish business performance impacting the 15% growth target, and further stretch in the working capital cycle.
Geographic Concentration Risk
India formulations (32% growth in FY25) and the US market (-2.5% contraction) are the primary regions. The US market's performance is a key risk factor for overall top-line improvement.
Technology Obsolescence Risk
The company is mitigating technology risks by transitioning to 'Glenmark 3.0', focusing on innovative biologics (ISB 2001) to move up the value chain and avoid the obsolescence of traditional generic manufacturing.
Credit & Counterparty Risk
Receivables quality is being addressed by discontinuing legacy pre-collection practices and taking a one-time INR 1,600 Cr provision for debtors and inventory to ensure the balance sheet reflects true capital efficiency.
