Glenmark Pharmaceuticals (GLENMARK) Q3 24/25 earnings summary

Executive summary

• Consolidated revenue for Q3 FY25 was INR 33,876 million, up 35.1% YoY, with strong growth across regions and robust performance in India and Europe.

• EBITDA stood at INR 6,002 million with a margin of 17.7%; PAT was INR 3,480 million, reflecting a PAT margin of 10.3%.

• India business saw 300% YoY growth in Q3, contributing 31.4% of total revenue and outperforming the market.

• U.S. business remains challenging but expects significant growth from FY26 with key respiratory and injectable launches.

• Secured MHRA authorization for WINLEVIⓇ in the UK and presented promising Phase 1 data for ISB 2001, with strategic partnerships under exploration.

Financial highlights

• Q3 FY25 consolidated revenue: INR 33,876 million (up 35.1% YoY); sequentially down 1.3%.

• Nine-month FY25 revenue: INR 101,655 million (up 15% YoY).

• India formulation sales: INR 10,637 million in Q3 (up 300% YoY).

• North America revenue: INR 7,813 million in Q3 (up 1.4% YoY); Europe revenue: INR 7,297 million (up 14.8% YoY); ROW revenue: INR 7,491 million (up 3% YoY).

• EBITDA margin for Q3 FY25 was 17.7%, up from -8.3% YoY; PAT margin reached 10.3%.

Outlook and guidance

• Confident of meeting full-year top-line and EBITDA guidance, adjusted for currency impacts.

• FY26 expected to be strong for India and U.S. businesses, driven by new launches in diabetes, oncology, and respiratory.

• North America business expected to accelerate from FY26, with major respiratory and injectable launches.

• WINLEVIⓇ launch in the UK planned for FY26; further launches in Europe and South Africa pending approval.

• Envafolimab filings planned in over 20 markets in FY25, with first launch expected in FY26.