Earnings Review
Glenmark Pharmaceuticals Q1 Profit After Tax jumps over 10-fold on low base
This story was originally published at 20:33 IST on 31 July 2026
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--Glenmark Pharma Apr-Jun consol PAT INR 4.83 bln vs INR 468.71 mln yr ago
--Glenmark Pharma Apr-Jun consol sales INR 40.18 bln vs INR 32.64 bln yr ago
--Glenmark Pharma Apr-Jun consol EBITDA INR 8.05 bln, up 38.6% on year
--Glenmark Pharma Apr-Jun consol EBITDA margin 20.3%
--Glenmark Pharma Q1 consol India sales INR 14.32 bln vs INR 12.40 bln yr ago
--Glenmark Pharma Q1 consol N America sales INR 10.97 bln vs INR 7.78 bln
--Glenmark Pharma Q1 consol Europe sales INR 7.47 bln vs INR 6.68 bln yr ago
--Glenmark Pharma Q1 consol emerging markets sales INR 7.3 bln vs INR 5.7 bln
By Gunjan Rajput
NEW DELHI – Glenmark Pharmaceuticals Ltd. Friday reported a more than 10-fold increase in consolidated net profit for the June quarter over a low base in the corresponding period last year. The company also posted a healthy year-on-year revenue growth for the three months. The June quarter marked the fourth consecutive quarter of year-on-year growth in both the net profit as well as the revenue. However, Jan–Mar recorded the strongest net profit growth during this period, the data showed.
The pharma company's consolidated net profit surged over 930% on year to INR 4.83 billion for the June quarter. Analysts had anticipated the bottom line between INR 4.70 billion and INR 5.36 billion. The company had reported a net profit of INR 469 million in the year-ago quarter. The consolidated revenue rose over 23% on year to INR 40.18 billion, which was once again in the range expected by the Street. Analysts had pegged the top line between INR 35.79 billion and INR 40.92 billion for the quarter.
The company's total income rose over 24% on year to INR 40.84 billion and other income grew nearly 149% on year to INR 658 million for the June quarter. The company's total expenses rose nearly 20% on year to INR 34.41 billion. Other expenses, which accounted for 30% of the total expenditure, rose over 14% on year to INR 10.33 billion, and employee benefits expenses grew nearly 23% on year to INR 9.35 billion. Expenses related to input cost declined nearly 18% on year to INR 6.01 billion, and expenses tied to purchases of stock-in-trade grew nearly 14% on year to INR 6.61 billion.
The sharp improvement in profitability came alongside a 38.6% rise in earnings before interest, tax, depreciation and amortisation to INR 8.05 billion. The EBITDA margin stood at 20.03% during the quarter.
The growth during the quarter was broad-based across geographies, with all of Glenmark's major markets reporting higher sales. The India business revenue rose 15.5% year-on-year to INR 14.32 billion, while North America revenue jumped 41.1% to INR 10.97 billion. Europe revenue increased 11.9% to INR 7.47 billion, and emerging markets revenue climbed 27.7% to INR 7.30 billion.
The rise in North America revenue, however, included recognition of deferred out-licensing income related to ISB 2001. Excluding this income, Glenmark said its core North America business grew 19.8% year-over-year during the quarter. Glenmark's arm is in a licensing deal with AbbVie Inc. for cancer drug candidate ISB 2001. The company launched nine prescription and over-the-counter products in the region during Apr-Jun and expects several more approvals and launches in the September quarter.
"Glenmark's marketing portfolio through June 30, 2026, consists of 225 generic products authorised for distribution in the US market. The Company currently has 53 applications pending in various stages of the approval process with the US FDA, of which 26 are Paragraph IV applications," the company said in the press release.
In India, Glenmark's formulations business continued to outperform the broader Indian pharmaceutical market. According to IQVIA data cited by the company, its India formulations business grew 18.1% during Apr-Jun, compared with 12.2% growth for the Indian pharmaceutical market. Growth was supported by its core dermatology, respiratory, cardiac and oncology therapies.
"India continued to outperform the market, North America delivered robust underlying growth driven by our first-to-market respiratory launches, and Emerging Markets sustained strong momentum, underscoring the strength of our diversified global business. The results reinforce the direction of Glenmark's next phase: strengthening our core businesses while expanding our differentiated speciality and innovation-led platforms," Glenn Saldanha, Chairman and Managing Director, said in the investor presentation.
The emerging markets segment includes revenue contribution from Russia, Latin America, West Asia, and Africa. Glenmark's respiratory portfolio continued to outperform the markets covered in the emerging markets segment. The company plans to launch its allergic rhinitis treatment Ryaltris in Brazil in the second half of the current financial year. "As of June 2026, marketing applications for RYALTRIS have been submitted to more than 90 countries across the world and the product has been commercialized in 57 markets. Further, it is expected to be launched in additional 10 markets over the next few quarters," the company said in a press release.
The company's consumer care business also remained strong, with primary sales rising 28% year-on-year to INR 1.56 billion. Flagship brand Candid recorded revenue growth of over 30?ross all its variants, while the Scalpe portfolio also grew more than 30% for the June quarter.
The company's oncology pipeline also progressed during the quarter. More than 160 subjects have so far been dosed in the TRIgnite 1 Phase 1 study, while a Phase-I/II combination study of the drug in multiple myeloma has been initiated, as mentioned in the press release.
The company announced its results after market hours. Friday, shares of the company ended at INR 2,233.90 on the National Stock Exchange, up 2%. End
Edited by Akul Nishant Akhoury
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