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Monroe facility FDA observations unresolved
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Glenmark Pharmaceuticals Limited — Q1 FY26
Glenmark's Q1 FY26 consolidated revenue was flat at ₹3,264 crore (+0.6% YoY), with India formulation growing 3.7% (secondary sales +15.1%) and North America up 8.9% QoQ to $91 million.
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Glenmark's Q1 FY26 consolidated revenue was flat at ₹3,264 crore (+0.6% YoY), with India formulation growing 3.7% (secondary sales +15.1%) and North America up 8.9% QoQ to $91 million. Europe declined 4% YoY but management expects double-digit growth from Q2. The US business benefited from injectable launches, while the India business faced drag from discontinued tail brands and diabetes underperformance. Key positive was the IGI partnership with AbbVie for ISB 2001, expected to close in September, which will make the company net cash positive. Management guided for 23%+ EBITDA margin from Q3 onwards and expects India secondary and reported growth to converge from Q3. Risks include unresolved FDA observations at Monroe facility and ongoing US antitrust litigation.
ग्लेनमार्क की पहली तिमाही (अप्रैल-जून 2025) की कुल कमाई लगभग पिछले साल जितनी ही रही, यानी ₹3,264 करोड़। भारत में दवाओं की बिक्री 3.7% बढ़ी, जबकि दुकानों पर असली बिक्री 15.1% बढ़ी। अमेरिका में कमाई पिछली तिमाही से 8.9% बढ़कर 91 मिलियन डॉलर हो गई। यूरोप में बिक्री 4% गिरी, लेकिन कंपनी को अगली तिमाही से दो अंकों की बढ़त की उम्मीद है। अमेरिका में नए इंजेक्शनों से फायदा हुआ, जबकि भारत में कुछ पुराने उत्पादों और डायबिटीज की दवाओं की कम बिक्री से नुकसान हुआ। अच्छी खबर यह है कि कंपनी ने AbbVie के साथ साझेदारी की है, जिससे सितंबर तक कंपनी के पास कर्ज से ज्यादा नकदी हो जाएगी। कंपनी को अक्टूबर से 23% से ज्यादा मुनाफा (EBITDA) होने की उम्मीद है। जोखिम: अमेरिकी फैक्ट्री पर FDA की पाबंदी और मुकदमा जारी है।
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India secondary sales growth (IQVIA)
15.1%
+6.6pp vs IPM growth of 8.5%
India formulation secondary sales grew 15.1% in Q1, outperforming the IPM growth of 8.5%.
ISB 2001 overall response rate
79%
N/A (first disclosure)
Phase 1 dose escalation results showed 79% overall response rate in heavily pre-treated multiple myeloma patients.
Net debt
₹1,500 crore
Sequential increase from Q4 FY25
Net debt stood at ₹1,500 crore at end-Q1, driven by inventory buildup and one-off payments.
R&D spend as % of revenue
7%
Flat vs guided 7.5% for FY26
R&D spend was 7% of revenue in Q1, with about half related to IGI.
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Guidance and risk preview
Management guided that EBITDA margin will stabilize close to 23% plus range from Q3 onwards, excluding Q2 which will be impacted by IGI deal accoun...
Five observations from last FDA inspection remain unresolved; management is awaiting FDA response.
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