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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.
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Q1 2026 earnings summary18 Aug, 2025

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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Frequently asked questions

Glenmark Pharmaceuticals Ltd. is a pharmaceutical company engaged in the research, development, manufacturing, and marketing of generic and specialty medicines. The company operates across multiple therapeutic areas, including dermatology, respiratory, oncology, and cardiovascular diseases. The company is headquartered in Mumbai, India, and its shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE).

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