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Revenue
₹3,256 Cr
verified against source
Revenue YoY
6.3%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Glenmark's Q4 FY25 consolidated revenue grew 6.3% YoY to INR 3,256 crore, with full-year revenue up 12.8% to INR 13,322 crore. Adjusted PAT was INR 246.6 crore (margin 10.6%). India formulation sales were flat (+0.4% YoY) due to weak acute respiratory demand, competitive diabetes market, and discontinuation of low-margin brands. Europe grew 20% YoY, driven by branded respiratory portfolio and Ryaltris. North America declined 5.4% due to lack of meaningful launches, but management expects an uptick from H1 FY26 with generic Flovent and nasal spray approvals. Management guided FY26 revenue growth of 10%-12%, EBITDA margin of 19%-20%, and cash generation of INR 300-400 crore. Key risks include delayed U.S. launches, FDA compliance issues at Pithampur and Monroe plants, and continued diabetes portfolio erosion in India.
Colored figures show movement against the previous available record.
Guidance to track
- Consolidated revenue from operations expected to grow 10%-12% year-over-year in FY2026.
- EBITDA margin guided to 19%-20% for FY2026, driven by Ryaltris, U.S. launches, and R&D efficiencies.
- Free cash flow (post-interest and dividends) expected to be INR 300-400 crore in FY2026.
- Expects approval for generic Flovent 44 mcg strength by end of Q2 FY2026, with launch thereafter.
Risks flagged
- Pithampur plant under FDA discussion; Monroe plant awaiting inspection. Delays could impact U.S. launch timelines.
- Remogliflozin and Teneligliptin, which contributed ~60% of diabetes sales, faced generic competition; new launches (Lirafit, Empagliflozin) yet to fully offset decline.
- North America revenue declined 5.4% due to back-ended launches; Flovent and nasal spray approvals may slip further.
- ISB 2001 licensing deal is critical to fund IGI's $70M annual burn; any delay could pressure margins.
Key quotes
- We think a deal for 2001 will really be transformational for Glenmark, right? It will overshadow anything else that we are doing in the near term.
- Overall, the business continues to do well, right? ROW is strong. Europe is seeing strong growth.
- The two big players are Keytruda, is the biggest there, right, which pretty much dominates the market. Then we have Nivolumab, right, of Bristol.
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