Glenmark Pharmaceuticals (GLENMARK) Q1 24/25 earnings summary

Executive summary

• Consolidated revenue for Q1 FY25 was INR 32,442 million, up 6.9% year-over-year, with strong growth in India and Europe, and improved operational performance driving higher margins.

• EBITDA grew 34.5% YoY to INR 5,882 million, with an adjusted margin of 18.8%.

• PAT stood at INR 3,402 million, with a PAT margin of 10.5%.

• R&D expenses were INR 2,410 million, representing 7.4% of sales.

• RYALTRIS commercialized in 40 markets, achieving high double-digit market shares in several regions.

Financial highlights

• India formulation revenue: INR 11,962 million (36.9% of consolidated revenue), up 11.9% YoY.

• North America revenue: INR 7,808 million, up 3.3% sequentially; Europe revenue: INR 6,957 million, up 21.4% YoY.

• Gross margin improved to 65.8% from 60.9% YoY; adjusted EBITDA margin at 18.8%.

• PAT margin improved to 10.5% from 1.2% YoY.

• Flagship brand Candid Powder grew 22% in Q1, reaching a 58.8% market share.

Outlook and guidance

• FY25 revenue guidance: INR 1,35,000–1,40,000 million; EBITDA margin expected at ~19%.

• US business recovery expected in H2 FY25, driven by respiratory product approvals.

• R&D spend for innovation (IGI) to remain stable in FY25, with potential reduction in FY26 if partnerships are secured.

• Working capital days expected to stabilize around 70-75 days.

• Consolidated CAPEX planned at INR 7,000 million; aiming for double-digit PAT margin.