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Glenmark Pharmaceuticals (GLENMARK) investor relations material
Glenmark Pharmaceuticals Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Consolidated revenue for Q1 FY26 was INR 32,644 million, up 0.6% year-over-year, with strong India and North America growth offset by Europe and emerging markets declines.
India formulation business grew 3.7% year-over-year, led by cardiac, respiratory, and dermatology segments.
North America revenue rose 8.9% sequentially to INR 7,718 million (US$91 million), driven by injectable launches and partnerships.
Europe revenue declined 4% year-over-year, but branded respiratory products and new launches are expected to drive future growth.
Emerging markets revenue was nearly flat year-over-year, with strong Russia and APAC growth offset by seasonality in Latin America.
Financial highlights
Gross margin for Q1 FY26 was 68.9%, up from 65.8% year-over-year.
EBITDA margin was 17.8% for Q1 FY26, with expectations to stabilize at 23%+ from Q3 onwards.
Net debt at quarter-end was around INR 1,500 crores, with gross debt at INR 3,200 crores.
CapEx addition for the quarter was INR 180 crores, with a 65:35 split between tangible and intangible assets.
Exceptional loss of INR 3,232 million (US$37.75 million) related to US litigation settlement impacted reported PAT.
Outlook and guidance
Europe and emerging markets are expected to return to double-digit growth from Q2 FY26.
North America to see continued growth with new injectable and respiratory launches, including generic Flovent.
India business targets long-term CAGR of 10–15% over 3–5 years, with convergence of reported and secondary sales growth from Q3.
Gross margin of 68–69% and EBITDA margin of 23%+ are expected to be sustainable.
RYALTRIS® and QINHAYOT launches planned in new markets; innovation arm restructuring to align with long-term vision.
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