Glenmark Pharmaceuticals (GLENMARK) Q4 24/25 earnings summary

Executive summary

• Consolidated revenue for FY25 was INR 133,217 million, up 12.8% YoY; Q4 FY25 revenue was INR 32,562 million, up 6.3% YoY.

• Europe business grew 17.6%-18% for FY25, now contributing 21.4% to consolidated revenue.

• Ryaltris commercialized in 45+ markets, Winlevi approved in the UK with launch planned in FY26.

• ISB 2001 received US FDA Fast Track designation and positive Phase 1 data; IGI restructuring and closure of Switzerland facility completed.

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

Financial highlights

• Q4 FY25 consolidated revenue: INR 32,562 million, up 6.3% YoY; FY25 revenue: INR 133,217 million, up 12.8%.

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

• FY25 EBITDA: INR 23,510 million (margin 17.6%); Q4 EBITDA: INR 5,607 million (margin 17.2%).

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

• Basic EPS (consolidated) for FY25: Rs. 37.11, compared to Rs. (67.30) in FY24.

Outlook and guidance

• FY2026 revenue growth guidance: 10%-12%; EBITDA margin: 19%-20%; free cash generation: INR 300-400 crore.

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

• Continued momentum expected in Europe and branded businesses, with new launches in respiratory, injectables, and oncology.