Consolidated revenue growth of 10-11% for FY24
Management expects full-year revenue growth of 10-11%, with potential to exceed guidance.
GLENMARK / guidance tracker
Keep management guidance in view.
Glenmark Pharmaceuticals · forward-looking guidance across the available source record.
Research layer active
Guidance tracker
What management said would happen.
revenue
Consolidated EBITDA margin of 19-20%+ for FY24
EBITDA margin target of 19-20%+ for the full year, with Q1 at 18.6% (19% ex-forex).
Europe business to grow 25-30% in FY24
Europe expected to deliver 25-30% growth this year, becoming a ~$300M business.
CapEx of INR 600-700 crore for FY24
Consolidated capital expenditure guided at INR 600-700 crore for the full year.
Full-year EBITDA margin guidance of ~19%
Management guided to approximately 19% EBITDA margin for FY25, supported by India growth, RYALTRIS ramp-up, and lower R&D spend.
RYALTRIS sales target of $80 million in FY25
Management reiterated the target of $80 million in RYALTRIS sales for the full year, with new market launches expected in FY26.
US recovery expected in H2 FY25
Management expects US business to recover in the second half of FY25, driven by respiratory product approvals and Monroe facility restart.
IGI partnership expected in FY26
Management plans to partner IGI's clinical asset 2001 in FY26 after presenting data at ASH in December 2024.
EBITDA margin of 23%+ from Q3 FY26
Management guided that EBITDA margin will stabilize close to 23%+ from Q3 FY26 onwards, including the impact of generic Flovent launch.
India business to grow 10-15% CAGR over 3-5 years
Management expects India business to grow at 10-15% CAGR over the next three to five years, driven by branded products and new launches.
Europe to return to double-digit growth from Q2 FY26
Management anticipates Europe region returning to double-digit growth from Q2 FY26 and expects double-digit growth for full year FY26.
Emerging markets double-digit growth in FY26 on constant currency
Management expects emerging markets to record double-digit growth in FY26 on a constant currency basis.
Core EBITDA margin target of ~19% by FY25
Management expects core EBITDA margins to reach ~19% in FY25, driven by 2% improvement from lower R&D spend and additional operating leverage from Europe and LatAm.
India business to grow 12-15% over next 3 years
India formulation business expected to grow at 12-15% CAGR over the next three years, supported by Rx, OTC, and institutional segments.
Europe business to grow 15-20% minimum
Europe business expected to grow at a minimum of 15-20% going forward, driven by respiratory portfolio and Ryaltris.
Fluticasone MDI filing by Q4 FY24/Q1 FY25
Glenmark expects to file the fluticasone MDI (generic Flonase) in the US by end of FY24 or early FY25.
Full-year EBITDA margin of ~19%
Management expects FY25 EBITDA margin to be close to 19%, with gradual improvement of 1-1.5% per year thereafter.
Monroe plant resumption by end of FY25
Management expects to reinitiate commercial production at Monroe before end of FY25, following FDA meeting.
First respiratory launch in 6-9 months
Glenmark expects to launch its first respiratory product in the US within 6-9 months, pending approval.
IGI partnership for ISB 2001 by FY26
Management aims to initiate partnering discussions post-ASH 2024 and expects a deal by FY26.
India business Q3 run-rate of INR 1,150-1,200 crore
Management expects India formulation sales to return to INR 1,150-1,200 crore per quarter from Q3 FY26, with FY27 revenue exceeding INR 4,800 crore.
FY27 revenue guidance of INR 17,000-18,000 crore
Management guided for FY27 consolidated revenue of INR 17,000-18,000 crore, implying ~15% growth over FY26 run-rate.
EBITDA margin target of 23% moving to 25%+
EBITDA margin to trend towards 23% immediately and strengthen to 25%+ over time, driven by discontinuation of pre-collections and operating leverage.
Zero gross debt by end of FY26
Management targets zero gross debt by March 2026, with strong free cash flow generation from H2 FY26.
India business to return to ~INR 1,000 crore quarterly run rate in Q4
After the one-time restructuring, India primary sales will normalize to ~INR 1,000 crore per quarter, growing 10-12% YoY.
Ryaltris FY25 sales of ~$80 million
Management expects Ryaltris to generate ~$80 million in booked sales in FY25, with high margins.
R&D spend to reduce by $30-35 million in FY25
IGI alliance will lower annual R&D spend from $75-80 million to $45-50 million, boosting EBITDA.
Net cash positive by end of FY24
Proceeds from GLS divestment (~INR 5,000 crore net) will make the company net cash positive by March 2024.
India business to achieve 9-10% growth for FY25
Management reiterated guidance of INR 1,100 crore per quarter average, implying 9-10% YoY growth for the full year.
EBITDA margin improvement of 1-1.5% YoY
Management expects year-on-year EBITDA margin improvement of 1-1.5% going forward, driven by critical launches.
Fluticasone 44 MDI approval in H1 FY26
The company expects approval for Fluticasone 44 mcg MDI in the first half of FY26, with potential for earlier approval.
IGI to be self-funded from FY27 onwards
Management expects FY26 to be the last year of Glenmark's capital investment in IGI, with a partnership expected to fund IGI going forward.
EBITDA margin guidance of 23% sustainable
Management reiterated guidance of 23% EBITDA margin on a sustainable basis, with potential upside from new product approvals.
Net working capital days target of 115 by March 2026
Targeting net working capital days of 115 by end of FY26, with current levels at ~110 days.
Gross debt zero by March 2026
Company remains on track to achieve gross debt zero by March 2026.
US respiratory approvals expected in Q4 FY26
Expecting FLOVENT 44 and other respiratory product approvals in Q4, which will drive US growth.
FY25 consolidated revenue target INR 135,000-140,000 million
Management guided FY25 revenue between INR 135-140 billion, implying ~14-18% growth over FY24.
FY25 EBITDA margin target close to 19%
EBITDA margin expected to be near 19% for full year FY25, supported by mix improvement and cost control.
FY25 R&D investment 7%-7.25% of revenue
R&D spend guided at 7-7.25% of total revenue, with generic R&D increasing and IGI spend declining.
FY25 consolidated capital investment INR 7,000 million
CapEx of INR 700 crore planned for additional lines, Rialtris capacity, and in-licensing opportunities.
Revenue growth 10%-12% in FY26
Consolidated revenue from operations expected to grow 10%-12% year-over-year in FY2026.
EBITDA margin 19%-20% in FY26
EBITDA margin guided to 19%-20% for FY2026, driven by Ryaltris, U.S. launches, and R&D efficiencies.
Cash generation INR 300-400 crore in FY26
Free cash flow (post-interest and dividends) expected to be INR 300-400 crore in FY2026.
Generic Flovent 44 mcg approval by end of Q2 FY26
Expects approval for generic Flovent 44 mcg strength by end of Q2 FY2026, with launch thereafter.