Glenmark Pharmaceuticals Ltd. (NSE: GLENMARK) reported consolidated revenue of ₹39,006 million for the third quarter ended December 31, 2025, a 15.1% increase over the ₹33,876 million recorded in the previous year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached ₹8,697 million, representing a 44.9% year-over-year increase. The EBITDA margin expanded to 22.3% for the quarter. Profit After Tax (PAT) stood at ₹4,032 million, reflecting a 15.9% YoY growth with a PAT margin of 10.3%.
Performance Overview
Consolidated revenue for the first nine months of FY26 reached ₹132,119 million, a 31.3% increase from ₹100,655 million in the corresponding period last year. India formulations revenue grew 22.1% YoY to ₹12,986 million, driven by outperformance in core therapeutic areas like Dermatology and Respiratory.
North America revenue rose 24.2% to ₹9,706 million, a figure that includes out-licensing income for ISB 2001; excluding this income, core business growth was 4.1%. European operations recorded a 9.1% growth to ₹7,963 million, while Emerging Markets increased by 8.4% to ₹8,119 million.
Trial Results
The company advanced several clinical programs through its IGI division and global partnerships:
- ISB 2001/ABBV-2001: The Phase 1 TRIgnite-1 study for multiple myeloma moved to Dose Expansion in April 2025 and continues patient enrollment in the U.S., Australia, and Europe.
- ISB 2301: A first-in-class NK cell-engager for solid tumors entered the IND-enabling stage after clinical candidate selection in October 2025.
- ISB 880 (anti-IL-1RAP): Almirall’s Phase 2 study for Hidradenitis Suppurativa is ongoing, with plans to initiate Proof of Concept (PoC) studies for additional inflammatory skin diseases.
- NEBZMART GFB / AIRZ FB: A clinical study in India for this nebulized triple therapy for COPD demonstrated rapid improvement in lung function and breathlessness with a good safety profile.
Forward Outlook
Management aims for a more innovation-led trajectory, focusing on scaling global brands and innovative oncology assets. RYALTRIS is expected to launch in 10-12 additional markets in the coming quarters and in China by Q1 FY27. Commercial launch for WINLEVI in licensed EU territories is planned for Q1 FY27. Preparations are underway for the first wave of Marketing Authorization applications for Trastuzumab Rezetecan in Q1 FY27. Aumolertinib commercial launch is anticipated in the second half of FY27.
SWOT Analysis
Strengths
- Market leadership in India: Ranked 2nd in Dermatology and Respiratory.
- Strong EBITDA growth (44.9%) and margin expansion to 22.3%.
- Successful product diversification with 11 brands in the IPM Top 300.
Weaknesses
- Nine-month India revenue declined 23.7% YoY.
- Subdued secondary sales growth in key Middle East and Africa markets.
- Dependency on one-time out-licensing income for high North American growth figures.
Opportunities
- Expansion of innovative portfolio (RYALTRIS, WINLEVI) in global markets.
- Recent VAI status for Monroe site allows for restart of commercial manufacturing.
- Large pipeline of 53 pending ANDAs with the US FDA.
Threats
- Increasing competition in the pharmaceutical industry and customer sectors.
- Volatility in global macro-economic parameters, including currency and interest rates.
- Regulatory risks and changes in laws, such as new Indian labor codes.
Investor Monitoring
Investors are tracking the commercial progress of RYALTRIS and WINLEVI in new geographies and the regulatory progress of the 53 pending ANDAs in the U.S.. The transition of the IGI pipeline assets into later-stage clinical trials remains a key focus.
Risks & Concerns
Primary concerns include the impact of exceptional items, such as the ₹1,843 million charge related to new labor codes in India. Ongoing success is subject to the ability to implement R&D strategies and navigate competitive pressures in the formulation business.
Market Context Portfolio Momentum
Glenmark outperformed the Indian Pharmaceutical Market (IPM), growing 15.8% compared to the market’s 10.9% in Q3 FY26. The launch of the world’s first nebulized fixed-dose triple therapy for COPD marks a new entry into the respiratory segment. In Europe, the respiratory franchise aided recovery during the winter season.