Glenmark Pharmaceuticals (GLENMARK) Q2 2026 earnings summary

Executive summary

• Consolidated Q2 FY26 revenue rose 76.1% year-over-year to INR 60,469 million, driven by the AbbVie ISB 2001 deal and strong international performance.

• North America and Europe showed robust growth, while India faced a one-time impact from GST regime changes and inventory reduction.

• Specialty and innovation businesses advanced, with global expansion of RYALTRIS®, UK launch of WINLEVI®, and progress in oncology assets.

• Major pipeline progress with specialty launches, global partnerships, and new regulatory approvals.

• Significant settlements and restructuring, including US antitrust lawsuits and business transfers, impacted results.

Financial highlights

• Q2 FY26 consolidated revenue: INR 60,469 million, up 76.1% year-over-year.

• North America Q2 sales: INR 44,656 million, up 503% YoY, driven by ISB 2001 deal; core business grew 7.4% YoY.

• Europe Q2 sales: INR 7,600 million, up 8.5% YoY, with double-digit growth in Western Europe.

• India Q2 revenue dropped 87.1% YoY to INR 1,650 million due to GST-related inventory adjustments.

• Consolidated net profit after tax for Q2 FY26 was INR 6,104 million, with EBITDA margin at 39.0%.

Outlook and guidance

• India business expected to return to INR 1,150-1,200 crore quarterly run rate from Q3, with FY27 target of over INR 4,800 crore.

• FY27 group revenue guidance: INR 17,000-18,000 crore; anticipated 12-15% annual revenue growth.

• EBITDA margin projected to stabilize at ~23% from H2 FY26, with target of 25%+ in coming years.

• ROCE estimated at 25-30% and ROE at 20-25% for FY27.

• Zero gross debt expected by FY26, with strong free cash flow and industry-leading return ratios.