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Informist, Thursday, Jul. 30, 2026

By Gunjan Rajut

NEW DELHI – Glenmark Pharmaceuticals Ltd. is expected to report a sharp rise in consolidated net profit for the June quarter, driven by strong growth in its Europe and India businesses and a partial payout from its licensing deal with AbbVie Inc., according to analysts.

The company's net profit is estimated between INR 4.70 billion and INR 5.36 billion, compared with INR 3.70 billion a year earlier, according to estimates from three brokerages. Revenue is seen between INR 35.79 billion and INR 40.92 billion, against INR 32.64 billion a year ago. Motilal Oswal Financial Services Ltd. has the highest estimates for both net profit and revenue, while ICICI Securities Ltd. has the lowest.

Glenmark's domestic formulations business is expected to grow 12.5% on year, led by continued scale-up of innovative therapies, particularly oncology brands Tevimbra and Brukinsa, as well as its chronic respiratory portfolio, according to Motilal Oswal. ICICI Securities expects the India business to grow about 10% on year. The company posted 3.7% growth in its India business in the year-ago quarter.

The company's revenue from Europe is expected to rise 15-18% on year, supported by strong traction in Ryaltris and Winlevi, according to ICICI Securities and Motilal Oswal Financial Services. European sales had declined 4% in the year-ago quarter. The US business, however, is expected to decline around 5% in constant currency, according to ICICI Securities.

Another key support for earnings is expected to come from a partial payout under Glenmark's licensing agreement with AbbVie for cancer drug candidate ISB 2001. Under the agreement, the company is eligible for a $700-million upfront payment, up to $1.225 billion in milestone payments and tiered double-digit royalties.

The company's earnings before interest, tax, depreciation and amortisation are expected  between INR 6.59 billion and INR 8.69 billion, according to estimates from two brokerages. The highest estimate for EBITDA is from Motilal Oswal and the lowest estimate for EBITDA is from ICICI Securities.

The EBITDA margin, excluding out-licensing income and one-off items, is expected to improve 62 basis points year-on-year to 18.4%, according to ICICI Securities. The company posted an EBITDA margin of 17.8% in the year-ago quarter.
 

"Glenmark have been investing in R&D for novel products which would potentially drive exponential growth in coming years," 360 ONE Capital Market Pvt. Ltd. said in its report.

Investors will closely watch the progress of Glenmark's generic Flovent launch in the US, the performance of its glucagon-like peptide-1 brands in India, updates on potential out-licensing deals for its novel drug assets, and developments in its innovative pipeline.

Glenmark Pharmaceuticals is scheduled to report its earnings on Friday. On Wednesday, the company's shares ended at  INR 2,261.70 on the National Stock Exchange, up 3.5%. The shares have risen nearly 3% since the company announced its March quarter results.

Of the three brokerage reports available with Informist, two have a 'buy' recommendation on the stock with an average target price of INR 2,535 per share. This is over 12% higher than the current market price. One brokerage has a 'sell' recommendation on the stock with a target price of INR 2,100.

Following are the June quarter earnings estimates for Glenmark Pharmaceuticals from three brokerages in descending order of the estimate of net profit in INR billion:

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Edited by Himanshi Gupta

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