Glenmark Pharmaceuticals (GLENMARK) Q4 25/26 earnings summary

Executive summary

• Consolidated Q4 FY 2026 revenue rose 15.8% YoY to INR 37,706 million; full-year revenue up 27.5% YoY to INR 169,825 million, with EBITDA at INR 7,626 million and PAT at INR 3,013 million, reflecting strong business performance.

• Landmark $700 million upfront licensing deal with AbbVie for ISB 2001, total potential value $1.925 billion, validating innovation capabilities and expanding the differentiated product portfolio.

• Strong branded business growth in India and emerging markets, with new launches in oncology, respiratory, and diabetes; Ryaltris global brand achieved 50%+ secondary sales growth and expanded to 55 markets, including launches in China and Thailand.

• Achieved gross debt-free status at FY 2026 end, maintaining a healthy cash position.

• Audited financial results approved, with the Board recommending a final dividend of Rs. 2.5 per share for FY 2025-26, subject to shareholder approval.

Financial highlights

• Q4 FY26 consolidated revenue grew 15.8% YoY to INR 37,706 million; full-year revenue rose 27.5% to INR 169,825 million; EBITDA margin for Q4 FY26 was 20.2%, with PAT margin at 7.6%.

• North America Q4 revenue: INR 9,248 million, up 29.4% YoY; core business growth 7.8% YoY after adjusting for deferred licensing income; full-year North America revenue surged 136.6%.

• Europe Q4 revenue: INR 8,907 million, up 21.4% YoY; emerging markets Q4 revenue: INR 8,979 million, up 13.7% YoY.

• Consolidated profit after tax for FY 2025-26 was Rs. 13,619.52 million, compared to Rs. 10,471.42 million in the previous year.

• Exceptional items of INR 373 crore, mainly due to litigation settlement; other income of INR 189 crore from forex impact.

Outlook and guidance

• FY 2027 revenue guidance: INR 17,000–18,000 crore; EBITDA margin targeted at 21–22%.

• Growth to be driven by new oncology launches, respiratory products, and expansion in India and emerging markets; plans to expand the commercial respiratory portfolio in Europe and launch Ryaltris in Brazil.

• U.S. business expected to rebound with full-year impact of new launches and resolution of supply chain issues.

• R&D spend to remain at 7–8% of sales.

• The Board recommended a final dividend of Rs. 2.5 per share (250% of face value) for FY 2025-26, pending shareholder approval.