Glenmark Pharma.

Glenmark Pharmaceuticals reported a robust Q3 FY26, with consolidated revenue from operations reaching INR39,006 million, marking a 15.1% year-on-year growth. For the first nine months of FY26, consolidated revenue stood at INR132,119 million, a significant 31.3% increase. The company achieved a 23% EBITDA margin for the quarter, demonstrating strong operating leverage despite product mix impacts. Management expressed confidence in closing FY26 on a strong note and commencing Glenmark 3.0 from 2027 onwards.

The India formulation business delivered strong performance, with sales growing 22.1% year-on-year to INR12,986 million in Q3 FY26. According to IQVIA data, Glenmark's India business recorded a 15.8% growth in Q3 and 13% for MAT December 2025, significantly outperforming the overall market growth of 10.9% and 8.3% respectively. The company launched Nebzmart GFB Smartules and Glenmark Airz FB Smartules, the world's first nebulized fixed-dose triple therapy for COPD, and continues to see strong uptake for TEVIMBRA and BRUKINSA. The Consumer Care business also saw a 21.5% Y-o-Y sales growth, with Candid Powder growing 17%.

North America business recorded revenues of INR9,706 million in Q3 FY26, a 24.2% Y-o-Y growth, which includes out-licensing income for ISB 2001. The core business growth for the region was 4.1%. Glenmark launched 4 injectable products in Q3 and filed 2 ANDAs, with plans for 3 more in the upcoming quarter. In Europe, operations grew 9.1% to INR7,963 million, benefiting from the winter season and a recovery in the respiratory portfolio. WINLEVI, launched in the UK earlier this year, has seen strong uptake, and marketing authorization for WINLEVI in the EU was received in October 2025, with commercial launch planned for Q1 FY27.

RYALTRIS continues its strong global performance, with marketing applications in over 90 countries and commercialization in 52 markets, showing 50%+ Y-o-Y secondary sales growth. The company aims for RYALTRIS to reach $100 million in sales this year and $200-250 million in the next 3-5 years. Glenmark also advanced its innovative pipeline, including QiNHAYO (first commercial launch expected FY27), Trastuzumab Rezetecan (MA applications in Q1 FY27), and Aumolertinib (MA applications in H1 CY2026, commercial launch H2 FY27). These 7-8 innovative assets are expected to drive sales growth over the next 5 years, particularly from FY28 onwards.

The Monroe manufacturing facility received an EIR from the U.S. FDA with a Voluntary Action Indicated (VAI) status in November 2025, allowing manufacturing to restart. Management expects commercial production to begin this quarter, with 1-2 approved products commercializing next year, and anticipates 3-odd complex injectable filings annually from the site. The facility is projected to breakeven at the operating level in approximately 4 years. R&D spend for the quarter was INR290 crores, with about 50% allocated to IGI-related activities. The IGI platform's ISB 2001 is progressing well in Phase I, and ISB 2301 is expected to file IND by calendar year 2026.

Glenmark is net cash positive, with gross debt around INR600 crores and total cash around INR1200 crores. The company is on track to achieve net debt zero by March '26. Working capital management initiatives are underway to normalize net working capital days to around 115 by March '26, currently at 110 days. Capex for Q3 FY26 was INR215 crores, with YTD capex at INR715 crores, and annual capex is expected to be around INR700-800 crores for FY26 and FY27. The company foresees a strong finish to FY26 and a good start to its next growth journey, Glenmark 3.0, from 2027 onwards, with significant margin uplift expected from FY28 due to the innovative portfolio.