Glenmark Pharmaceuticals Management Guidance Tracker

44 forward-looking guidance items tracked across 11 quarters.

Revenue

Q1 FY24Consolidated revenue growth of 10-11% for FY24Tracked

Management expects full-year revenue growth of 10-11%, with potential to exceed guidance.

Q3 FY24India business to return to ~INR 1,000 crore quarterly run rate in Q4Active

After the one-time restructuring, India primary sales will normalize to ~INR 1,000 crore per quarter, growing 10-12% YoY.

Q3 FY24Ryaltris FY25 sales of ~$80 millionTracked

Management expects Ryaltris to generate ~$80 million in booked sales in FY25, with high margins.

Q4 FY24FY25 consolidated revenue target INR 135,000-140,000 millionTracked

Management guided FY25 revenue between INR 135-140 billion, implying ~14-18% growth over FY24.

Q1 FY25RYALTRIS sales target of $80 million in FY25Tracked

Management reiterated the target of $80 million in RYALTRIS sales for the full year, with new market launches expected in FY26.

Q1 FY25US recovery expected in H2 FY25Active

Management expects US business to recover in the second half of FY25, driven by respiratory product approvals and Monroe facility restart.

Q3 FY25India business to achieve 9-10% growth for FY25Active

Management reiterated guidance of INR 1,100 crore per quarter average, implying 9-10% YoY growth for the full year.

Q4 FY25Revenue growth 10%-12% in FY26Tracked

Consolidated revenue from operations expected to grow 10%-12% year-over-year in FY2026.

Q1 FY26Europe to return to double-digit growth from Q2 FY26Active

Management anticipates Europe region returning to double-digit growth from Q2 FY26 and expects double-digit growth for full year FY26.

Q2 FY26India business Q3 run-rate of INR 1,150-1,200 croreActive

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.

Q2 FY26FY27 revenue guidance of INR 17,000-18,000 croreTracked

Management guided for FY27 consolidated revenue of INR 17,000-18,000 crore, implying ~15% growth over FY26 run-rate.

Q3 FY26US respiratory approvals expected in Q4 FY26Active

Expecting FLOVENT 44 and other respiratory product approvals in Q4, which will drive US growth.

Margins

Q1 FY24Consolidated EBITDA margin of 19-20%+ for FY24Tracked

EBITDA margin target of 19-20%+ for the full year, with Q1 at 18.6% (19% ex-forex).

Q2 FY24Core EBITDA margin target of ~19% by FY25Tracked

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.

Q3 FY24R&D spend to reduce by $30-35 million in FY25Tracked

IGI alliance will lower annual R&D spend from $75-80 million to $45-50 million, boosting EBITDA.

Q4 FY24FY25 EBITDA margin target close to 19%Tracked

EBITDA margin expected to be near 19% for full year FY25, supported by mix improvement and cost control.

Q1 FY25Full-year EBITDA margin guidance of ~19%Tracked

Management guided to approximately 19% EBITDA margin for FY25, supported by India growth, RYALTRIS ramp-up, and lower R&D spend.

Q2 FY25Full-year EBITDA margin of ~19%Tracked

Management expects FY25 EBITDA margin to be close to 19%, with gradual improvement of 1-1.5% per year thereafter.

Q3 FY25EBITDA margin improvement of 1-1.5% YoYTracked

Management expects year-on-year EBITDA margin improvement of 1-1.5% going forward, driven by critical launches.

Q4 FY25EBITDA margin 19%-20% in FY26Tracked

EBITDA margin guided to 19%-20% for FY2026, driven by Ryaltris, U.S. launches, and R&D efficiencies.

Q1 FY26EBITDA margin of 23%+ from Q3 FY26Tracked

Management guided that EBITDA margin will stabilize close to 23%+ from Q3 FY26 onwards, including the impact of generic Flovent launch.

Q2 FY26EBITDA margin target of 23% moving to 25%+Active

EBITDA margin to trend towards 23% immediately and strengthen to 25%+ over time, driven by discontinuation of pre-collections and operating leverage.

Q3 FY26EBITDA margin guidance of 23% sustainableActive

Management reiterated guidance of 23% EBITDA margin on a sustainable basis, with potential upside from new product approvals.

Growth

Q1 FY24Europe business to grow 25-30% in FY24Tracked

Europe expected to deliver 25-30% growth this year, becoming a ~$300M business.

Q2 FY24India business to grow 12-15% over next 3 yearsTracked

India formulation business expected to grow at 12-15% CAGR over the next three years, supported by Rx, OTC, and institutional segments.

Q2 FY24Europe business to grow 15-20% minimumTracked

Europe business expected to grow at a minimum of 15-20% going forward, driven by respiratory portfolio and Ryaltris.

Q4 FY24FY25 R&D investment 7%-7.25% of revenueTracked

R&D spend guided at 7-7.25% of total revenue, with generic R&D increasing and IGI spend declining.

Q2 FY25First respiratory launch in 6-9 monthsTracked

Glenmark expects to launch its first respiratory product in the US within 6-9 months, pending approval.

Q3 FY25Fluticasone 44 MDI approval in H1 FY26Tracked

The company expects approval for Fluticasone 44 mcg MDI in the first half of FY26, with potential for earlier approval.

Q4 FY25Generic Flovent 44 mcg approval by end of Q2 FY26Active

Expects approval for generic Flovent 44 mcg strength by end of Q2 FY2026, with launch thereafter.

Q1 FY26India business to grow 10-15% CAGR over 3-5 yearsTracked

Management expects India business to grow at 10-15% CAGR over the next three to five years, driven by branded products and new launches.

Q1 FY26Emerging markets double-digit growth in FY26 on constant currencyTracked

Management expects emerging markets to record double-digit growth in FY26 on a constant currency basis.

Capex

Q1 FY24CapEx of INR 600-700 crore for FY24Tracked

Consolidated capital expenditure guided at INR 600-700 crore for the full year.

Q4 FY24FY25 consolidated capital investment INR 7,000 millionTracked

CapEx of INR 700 crore planned for additional lines, Rialtris capacity, and in-licensing opportunities.

Ai Strategy

Q2 FY24Fluticasone MDI filing by Q4 FY24/Q1 FY25Active

Glenmark expects to file the fluticasone MDI (generic Flonase) in the US by end of FY24 or early FY25.

Q1 FY25IGI partnership expected in FY26Tracked

Management plans to partner IGI's clinical asset 2001 in FY26 after presenting data at ASH in December 2024.

Q2 FY25IGI partnership for ISB 2001 by FY26Tracked

Management aims to initiate partnering discussions post-ASH 2024 and expects a deal by FY26.

Other

Q3 FY24Net cash positive by end of FY24Active

Proceeds from GLS divestment (~INR 5,000 crore net) will make the company net cash positive by March 2024.

Q2 FY25Monroe plant resumption by end of FY25Active

Management expects to reinitiate commercial production at Monroe before end of FY25, following FDA meeting.

Q3 FY25IGI to be self-funded from FY27 onwardsTracked

Management expects FY26 to be the last year of Glenmark's capital investment in IGI, with a partnership expected to fund IGI going forward.

Q4 FY25Cash generation INR 300-400 crore in FY26Tracked

Free cash flow (post-interest and dividends) expected to be INR 300-400 crore in FY2026.

Q2 FY26Zero gross debt by end of FY26Tracked

Management targets zero gross debt by March 2026, with strong free cash flow generation from H2 FY26.

Q3 FY26Net working capital days target of 115 by March 2026Active

Targeting net working capital days of 115 by end of FY26, with current levels at ~110 days.

Q3 FY26Gross debt zero by March 2026Active

Company remains on track to achieve gross debt zero by March 2026.