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Revenue
₹3,244.2 Cr
verified against source
Revenue YoY
6.9%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Glenmark's Q1 FY25 consolidated revenue grew 6.9% YoY to INR 32,442 million, driven by strong India (11.9% YoY) and Europe (21.4% YoY) performance, while US remained soft. EBITDA margin adjusted for forex was 18.8%, with full-year guidance of ~19%. Management expects US recovery in H2, driven by respiratory product approvals and Monroe facility resolution. RYALTRIS sales are on track for $80 million in FY25. Key risks include USFDA delays at Monroe and Goa facilities, and potential market share erosion in GLP-1 as semaglutide goes off-patent in 2026. IGI's clinical asset 2001 is progressing, with partnership expected in FY26.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided to approximately 19% EBITDA margin for FY25, supported by India growth, RYALTRIS ramp-up, and lower R&D spend.
- Management reiterated the target of $80 million in RYALTRIS sales for the full year, with new market launches expected in FY26.
- Management expects US business to recover in the second half of FY25, driven by respiratory product approvals and Monroe facility restart.
- Management plans to partner IGI's clinical asset 2001 in FY26 after presenting data at ASH in December 2024.
Risks flagged
- Monroe facility has an FDA meeting in September 2024, but no restart timeline; Goa remediation completed but inspection pending. Delays could impact US launches.
- Semaglutide patent expiry in 2026 may shift patients from liraglutide to newer GLP-1s, potentially limiting liraglutide's revenue potential.
- CFO guided working capital days to increase to ~75 days from current 62 days, driven by business growth and receivables, which could pressure cash flows.
Key quotes
- The U.S. business continues to remain challenging, but I think the second half of this year, right, once we get our respiratory products approved, right, I think that's when you'll really see the recovery.
- Given the European performance, right, we are thinking that the European business could be as big as, almost as big as the US business by the end of this year.
- Our goal with IGI is to get to POC and, you know, we are seeing some very good data on 2001, which we will present at ASH.
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