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Glenmark Pharmaceuticals Margin Trend — Quarter by Quarter

Glenmark Pharmaceuticals's EBITDA margin moved from 14.0% in Q1 FY24 to 22.0% in Q3 FY26 across 6 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q3 FY2622.0%—
Q4 FY2517.0%—
Q1 FY2518.8%—
Q3 FY24-8.0%—
Q2 FY2414.0%—
Q1 FY2414.0%—

What management said about ebitda margin

G

Q3 FY26 · EBITDA margin guidance of 23% sustainable

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

G

Q2 FY26 · 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.

G

Q1 FY26 · 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.

G

Q4 FY25 · EBITDA margin 19%-20% in FY26

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

G

Q3 FY25 · 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.

G

Q2 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.

G

Q1 FY25 · 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.

G

Q4 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.

G

Q3 FY24 · Ryaltris FY25 sales of ~$80 million

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

G

Q3 FY24 · 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.

G

Q2 FY24 · 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.

G

Q1 FY24 · 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).