Earnings Review
One-off revenue lifts Glenmark Pharma Q2 PAT, sales
This story was originally published at 20:53 IST on 14 November 2025
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--Glenmark Jul-Sept consol net profit INR 6.10 bln
--Glenmark Jul-Sept consol net profit INR 6.10 bln vs INR 3.54 bln year ago
--Glenmark Jul-Sept consol revenue INR 60.47 bln vs INR 34.34 bln year ago
--Glenmark Apr-Sept consol net profit INR 6.57 bln vs INR 6.94 bln year ago
--Glenmark Apr-Sept consol revenue INR 93.11 bln vs INR 66.78 bln year ago
--Glenmark Jul-Sept consol net profit includes one-time cost INR 13.85 bln
--Glenmark Jul-Sept consol EBITDA INR 23.60 bln vs INR 6.02 bln year ago
--Glenmark Q2 North America revenue INR 44.66 bln vs INR 7.41 bln yr ago
--Glenmark Q2 Europe revenue INR 7.46 bln vs INR 6.87 bln year ago
--Glenmark Jul-Sept India revenue INR 1.65 bln vs INR 12.82 bln year ago
--Glenmark Q2 emerging markets revenue INR 6.59 bln vs INR 7.04 bln yr ago
--Glenmark: See India ops growth from Q3 in line with secondary sales growth
--Glenmark: Q2 India sales hit on fall in distributor inventory amid GST cuts
--Glenmark: Recognised revenue of $525 mln in Q2 from AbbVie deal
--Glenmark Q2 North America revenue up 7.4% net of income from AbbVie deal
By Narayana Krishna
HYDERABAD – Glenmark Pharmaceuticals Ltd. Friday reported a consolidated net profit of INR 6.1 billion for the September quarter, up more than 72% on year, led by recognition of the first tranche from its deal with American pharmaceutical company AbbVie. Glenmark Pharma's revenue for the quarter was up a little over 76% on year at INR 60.5 billion.
The company recognised the first tranche of payment, amounting to $525 million, from AbbVie during the September quarter, boosting its overall earnings performance. "The AbbVie partnership for ISB 2001, along with the income recognised this quarter, is a significant validation of our scientific strength and enables us to advance the pipeline in a financially self-sustaining way," Glenmark Pharma's Chairman and Managing Director Glenn Saldanha was quoted as saying in a press release from the company.
In July, Glenmark Pharma had announced a global agreement with AbbVie to license its cancer drug ISB 2001. As per the deal, AbbVie agreed to pay $700 million in cash and up to an additional $1.23 billion based on various milestones. Glenmark Pharma's North America revenue for the September quarter was INR 44.66 billion, against INR 7.41 billion a year ago, thanks to the AbbVie revenue.
Excluding the payment from Abbvie, the company's North America revenue was up 7.4% on year, Glenmark Pharma said. As per the agreement, AbbVie will pay another $35 million in Oct-Mar of the current fiscal, $70 million in the financial year 2026-27 (Apr-Mar), and $70 million in FY28.
While the earnings were a one-off boost for the company, it also reported a one-time exceptional cost of INR 13.85 billion. Glenmark Pharma's India formulation sales declined over 87% on year to INR 1.7 billion owing to goods and services tax-related distributor inventory adjustments and the impact of the transition to revised GST rates. The company's Oct-Dec sales are expected to be better, led by secondary sales, Glenmark Pharma said.
In Europe, the company reported 8.5% year-on-year growth for the quarter to INR 7.5 billion. In emerging markets, the company recorded a fall of 6.5% on year in sales to INR 6.6 billion.
For the September quarter, Glenmark Pharma's earnings before interest, tax, depreciation, and amortisation margin was 39%, led by the one-off benefits. The company expects its EBITDA margin to be 23% in Oct-Mar. The EBITDA for the quarter under review rose to INR 23.60 billion from INR 6.02 billion a year ago.
The pharmaceutical company's total expenses for the quarter were up 30% on year at INR 38.9 billion. The other expenses were up 37% on year at INR 13.4 billion. Inventory adjustment losses were at INR 784.4 million. The tax outgo for the quarter shot up more than three times on year to INR 3.6 billion.
For Apr-Sept, Glenmark Pharmaceuticals reported a consolidated net profit of INR 6.57 billion, down 5.4% on year. Its revenue, however, was up over 39% on year at INR 93.11 billion. Friday, the company's shares ended 0.8% lower at INR 1895.60 on the National Stock Exchange. End
US$1 = INR 88.74
Edited by Rajeev Pai
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