Glenmark Pharmaceuticals (GLENMARK) Q4 24/25 earnings summary

Executive summary

• Consolidated FY25 revenue rose 12.8% YoY to INR 133,217 million, with Q4 revenue up 6.3% to INR 32,562 million.

• Leadership positions maintained in India: 2nd in dermatology, 3rd in cardiac, and 2nd in respiratory; Ryaltris commercialized in 45+ markets.

• Innovation pipeline advanced, with ISB 2001 receiving FDA fast-track and orphan drug designations and positive Phase 1 data.

• Audited FY25 results approved with unmodified opinions; Board recommended a final dividend of Rs. 2.5 per share.

• FY25 consolidated profit after tax was Rs. 10,471 million, rebounding from a prior year loss.

Financial highlights

• Q4 FY25 consolidated revenue: INR 32,562 million, up 6.3% YoY; FY25 EBITDA: INR 23,510 million (margin 17.6%).

• Adjusted Q4 PAT: INR 3,466 million (margin 10.6%); FY25 Adjusted PAT: INR 13,894 million (margin 10.4%).

• Gross margin for FY25 at 67.3%; R&D expenditure for Q4: INR 2,367 million (7.3% of revenue).

• Net debt as of March 2025: INR 489 crore; net working capital at 104 days.

• Standalone net cash from operating activities for FY25: INR 5,888 million; consolidated net cash from operating activities: INR (8,276) million.

Outlook and guidance

• FY2026 revenue growth guidance: 10%-12%; EBITDA margin guidance: 19%-20%.

• Free cash generation expected at INR 300-400 crore, post-interest and dividend.

• R&D spend to remain at 6%-7% of sales; region-wise growth guidance to be detailed in July investor day.

• Expecting continued momentum in Europe and branded businesses, with further global expansion and innovation-led growth.

• Anticipate uptick in North America from FY26, driven by new launches in respiratory and injectables.