Glenmark Pharmaceuticals (GLENMARK) Q3 25/26 earnings summary

Executive summary

• Consolidated revenue for Q3 FY26 was INR 39,600 million (some reports INR 39,006 million), up 15.1% YoY, with strong growth across India, North America, Europe, and emerging markets.

• Innovation-led growth strategy advanced with key launches and regulatory milestones in respiratory, dermatology, and oncology portfolios.

• RYALTRIS achieved $100 million in annualized sales, commercialized in 52 markets, with further launches planned.

• Unaudited financial results for Q3 and nine months ended 31 December 2025 were approved by the Board on 30 January 2026.

• Results include both standalone and consolidated financials, reflecting performance of parent and subsidiaries.

Financial highlights

• Q3 FY26 consolidated revenue: INR 39,600 million (15.1% YoY growth); nine-month revenue: INR 132,119 million (31.3% YoY growth).

• EBITDA margin at 23% (some reports 22.3%); PAT for Q3 FY26 was INR 4,032 million, including an exceptional item of INR 1,843 million due to new labour codes.

• Margin profile supported by operating leverage; gross margin impacted by product/geographical mix.

• Net cash position of INR 1,200 crore as of December 2025; gross debt at INR 600 crore.

• R&D expense for the quarter was INR 290 crore, with about 50% related to IGI.

Outlook and guidance

• Strong finish to FY26 expected, with continued growth in the U.S. and India and focus on innovation and portfolio expansion.

• Guidance to maintain EBITDA margin at 23% on a sustainable basis.

• Targeting net working capital days at 115 by March 2026; currently at 110 days.

• CapEx for next year projected at INR 800 crore, focused on plant expansion and in-licensing.

• The company continues to monitor the impact of new labour codes and regulatory changes, with provisions recognized.