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Revenue
₹3,387.6 Cr
verified against source
Revenue YoY
35.1%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Glenmark delivered a strong Q3 FY25 with consolidated revenue of INR 3,388 crore, up 35.1% YoY, driven by a 300% surge in India formulation sales to INR 1,064 crore, aided by new launches like Lirafit and Jabryus. The US business remained flat at INR 781 crore, but management expects an uptick from FY26 with respiratory ANDA approvals, including Fluticasone MDI and nasal spray, targeting a $600-700 million franchise by FY27. Europe grew 14.8% to INR 730 crore, led by Ryaltris, which is on track to reach $80 million in annual sales. The innovation pipeline, particularly ISB 2001 (trispecific antibody for multiple myeloma), showed promising data with 83% overall response rate, and partnering discussions are underway. Key risks include US FDA inspection delays at the Monroe plant and currency headwinds in emerging markets.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated guidance of INR 1,100 crore per quarter average, implying 9-10% YoY growth for the full year.
- Management expects year-on-year EBITDA margin improvement of 1-1.5% going forward, driven by critical launches.
- The company expects approval for Fluticasone 44 mcg MDI in the first half of FY26, with potential for earlier approval.
- Management expects FY26 to be the last year of Glenmark's capital investment in IGI, with a partnership expected to fund IGI going forward.
Risks flagged
- The Monroe facility is awaiting FDA inspection, delaying potential revenue from injectable products. Management has limited visibility on timing.
- Adverse currency movements in LATAM, South Africa, and Russia impacted reported growth and EBITDA margins by approximately INR 71 crore in Q3.
- Q3 India formulation growth was impacted by a slowdown in acute respiratory sales, though management expects recovery in Q4.
- The Indian GLP-1 market is expected to become crowded, potentially limiting Glenmark's market share despite its first-mover advantage with Lirafit.
Key quotes
- ISB 2001 is a super exciting product, right, and has the ability to be a transformational asset for Glenmark and probably the entire multiple myeloma space, right, given the data we put out at ASH.
- If I look out to FY 2026, we have two major launches in the first half of FY 2026. One is, of course, Fluticasone 44 MDI, right, Flonase, where we believe we have an exclusive position.
- Our view is FY 2026 will be the last year where Glenmark will have to put capital into IGI.
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