Glenmark Pharmaceuticals Ltd(GLENMARK)

NSE: GLENMARKBSE: 532296

₹ 2,129.6-2.45%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 60,103 crNext results: 5 Nov 2026Website: www.glenmarkpharma.comUpdated: 24 Oct 2026

About

Glenmark Pharmaceuticals is an India-headquartered global pharmaceutical company with branded and generic formulations across India, North America, Europe, and Emerging Markets, alongside an innovative biologics subsidiary (IGI). In FY26, consolidated revenue reached Rs. 169,825 million (+27.5% YoY), with growth accelerated by the AbbVie licensing deal for ISB 2001. Its portfolio spans branded generics, speciality, generics and OTC products, with a commercial presence in over 80 countries. The India business ranked 13th with a 2.25% market share (IQVIA MAT March 2025).^[1][2]

Revenue by geography

India formulations: Rs. 14,321 million in Q1 FY27 (+15.5% YoY); IQVIA secondary sales grew 18.1% vs IPM growth of 12.2% in the same quarter.^[3]
North America: Rs. 10,974 million in Q1 FY27 (+41.1% YoY); core business growth was +19.8% YoY excluding out-licensing income.^[3]
Europe: Rs. 7,472 million in Q1 FY27 (+11.9% YoY); branded products ~30% of EU revenues, up from ~20% in FY21.^[3]
Emerging Markets: Rs. 7,304 million in Q1 FY27 (+27.7% YoY), driven by Russia (ranked 8th in dermatology), LATAM and MEA market share gains.^[3]
Consumer Care (GCC): primary sales of Rs. 1,558 million in Q1 FY27 (+28% YoY), after 17.5% primary sales growth in FY25.^[3][2]
FY25 segment revenue: India Rs 44,845 million (+31.9%), North America Rs 30,172 million (-2.5%), Europe Rs 28,463 million (+17.6%), Emerging Markets Rs 28,138 million (+1.7%).^[2]

India branded portfolio

India market share was 2.3% (MAT Sep-25), with rank 13 and 2.32% share as of Q3 FY26; 10 brands in the IPM Top 300 as of FY25.^[4][2]
In India the company ranks 2nd in Dermatology, 3rd in Respiratory and 3rd in Cardiac (FY25).^[2]
Ranked 2nd fastest-growing company among top-15 IPM companies; India secondary sales outpaced IPM by 1.5x over the three years to FY26.^[1]
TEVIMBRA and BRUKINSA (oncology) combined crossed Rs. 100 crores in their first 12 months in India as of Q1 FY27.^[3]
Candid Powder holds more than 56% market share per IQVIA as of Q3 FY26; consumer brands also include La Shield, Bontress and Scalpe.^[5][2]

Operations and manufacturing

11 manufacturing sites and 4 R&D centres globally as of FY25: 8 plants in India and 3 international.^[2]
4 manufacturing facilities approved by the U.S. FDA as of FY25.^[2]
Monroe, North Carolina facility received US FDA EIR with VAI classification in November 2025, enabling restart of commercial injectable manufacturing.^[5]
Global workforce of 15,800 employees as of FY25.^[2]
R&D spend was Rs. 2,890 million in Q1 FY27; guided at 7 - 8% of revenues on an ongoing basis.^[3]

North America generics and injectables

US portfolio of 214 products; 53 ANDAs pending with FDA (including 25 Para IV) as of Q3 FY26, vs 51 pending (23 Para IV) in FY25.^[5][2]
15th largest generic company by prescriptions filed in the U.S. (FY25).^[2]
FloVent HFA 44 mcg first generic approval with 180-day Competitive Generic Therapy exclusivity; launched in Q1 FY27.^[1]
Nine products launched in North America in Q1 FY27, including injectables; more than 10 injectable products in the US market.^[3]

RYALTRIS global respiratory brand

RYALTRIS commercialised in 57 markets as of Q1 FY27 (44 in FY25), filed in 90+ countries; secondary sales grew >40% YoY in Q1 FY27.^[3][2]
Global secondary sales grew >50% in FY26; cumulative global sales crossed US$300 million since first launch.^[1]
Launched in China (via Grand Pharma) and Thailand in Q4 FY26; direct US commercialisation initiated in Q1 FY27.^[1][3]
Estimated peak sales of US$250 - 300 million; Brazil launch targeted in H2 FY27 and 10 additional markets over the next few quarters.^[1]

Customers and markets

Commercial presence in over 80 countries; 15 offices in India and 48 internationally (FY25).^[2]
Customers include wholesalers, distributors, pharmacy chains, healthcare providers, government institutions and hospitals.^[2]
Exports were 51.39% of standalone turnover in FY25.^[2]
Ranks 2nd in Kenya's overall pharma market and 2nd in Russia's expectorants market (FY25).^[2]

Innovative biologics (IGI) and in-licensed oncology

ISB 2001, a CD38 x BCMA x CD3 trispecific for Multiple Myeloma, licensed to AbbVie for US$700 million upfront; total potential value US$1.925 billion plus royalties; Glenmark keeps Emerging Markets rights.^[1]
More than 160 subjects dosed in the TRIgnite 1 Phase 1 study of ISB 2001 as of Q1 FY27; Phase 1/2 combination study initiated.^[3]
ISB 2301, an NK-cell engager, entered IND-enabling stage in October 2025; IND submission targeted later in CY2026.^[5]
IGI R&D burn guided at ~US$70 million per year for 2 - 3 years, targeting one IND filing a year from FY27.^[3]
Aumolertinib (Hansoh) MA applications submitted in 13 markets as of June 2026; first launch anticipated toward end of FY27.^[5]
Trastuzumab Rezetecan (Hengrui) first EM MA filings to begin Q2 FY27; QiNHAYO (Envafolimab) filed in 24 countries, first launch expected in FY28.^[3]

Expansion and pipeline plans

Monroe differentiated injectables facility expected to start contributing to the US business in FY28.^[3]
2 - 3 additional North America respiratory approvals expected in H2 FY27 (fluticasone 110 mcg, fluticasone nasal spray Rx, ipratropium).^[3]
Europe branded portfolio targeted to grow from ~30% to ~60% of revenues over 5 years; WINLEVI launched in Nordics, CEE and Spain; HILKOTA approved in Nordics.^[3]
Annual capex guided at ~Rs. 800 crore for FY27.^[5]

Recent developments

Completed divestment of its 75% stake in Glenmark Life Sciences to Nirma Limited (FY25).^[2]
Gross debt reduced to zero in FY26 (from Rs. ~1,300 crore) using AbbVie upfront proceeds.^[4]

Market Cap

₹60,103 Cr

High / Low

₹2,537 / 1,794

Stock P/E

40.2

Price / Book

5.7

Book Value

₹373

EPS

₹48.3

No. of Shares

28.22 Cr

ROCE

37.6%

ROE

14.1%

OPM

25.6%

Debt / Equity

0.00

Sales

₹16,983 Cr

Net Profit

₹1,362 Cr

Promoter holding

46.6%

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