GLENMARK PHARMACEUTICALS

Develops, manufactures and sells branded and generic pharmaceutical formulations across India, North America, Europe and emerging markets. FY26 consolidated revenue of Rs 16,982.51 crore grew 27.5% YoY, driven heavily by North America jumping 136.6% YoY on recognition of an AbbVie licensing deal for ISB 2001 worth USD 700 million upfront and potential USD 1.925 billion total. India revenue fell 17% YoY to Rs 37,237 million, while Europe and Emerging Markets posted 21.4% and 13.7% growth respectively. The portfolio spans branded speciality products such as RYALTRIS nasal spray and WINLEVI, plus a US generics pipeline that launched 13 products in FY26 and 9 in Q1 FY27, including the first generic FloVent HFA with 180-day exclusivity. Manufacturing includes a Goa facility inspected by the US FDA in June 2026 with six procedural observations and a Monroe facility classified VAI after inspection. R&D spend in Q1 FY27 was Rs 2,494 million. Cost structure is led by other operating expenses at 24.1% of revenue, employee costs at 21.1% and materials at 17.4%, with capex at 8.0% of revenue.