Glenmark Pharmaceuticals – Q2 FY26 Performance Update

Glenmark Pharmaceuticals delivered a strong and transformative Q2 FY26 performance, supported by the landmark **AbbVie partnership for ISB 2001**, improved global execution, and one-time revenue recognition that significantly boosted reported numbers. Consolidated revenue surged **76% YoY to ₹60,469 million**, largely driven by the **US$525 million revenue recognition** from IGI linked to the AbbVie upfront payment. Operational momentum was mixed across geographies. The **North America business soared 503% YoY**, reflecting the deal impact and continued traction in injectables and respiratory launches such as Micafungin and Eribulin. Europe recorded **8.5% YoY growth**, supported by strong uptake in dermatology and respiratory products, including the expansion of **RYALTRIS®** and the UK launch of **WINLEVI®**. Emerging Markets saw a marginal decline due to geopolitical pressures, though key brands like RYALTRIS® continued to scale. The India business faced a temporary setback, declining sharply due to GST-related disruption and Glenmark’s unique legacy 3-tier distribution model. Distributor destocking, postponed orders, and reverse logistics led to an 87% YoY drop in primary sales; however, **secondary sales grew 10.8%**, outperforming IPM, and recovery is expected from Q3 onwards. Profitability improved robustly with **EBITDA rising to ₹23,596 million** and margins expanding to **39%**, supported by the one-time inflow and cost restructuring. PAT came in at ₹6,104 million. Glenmark expects **H2 FY26 revenue to exceed ₹80,000 million** with EBITDA margins near **23%**, reflecting normalization post one-time items. With strengthened balance-sheet visibility, advancing specialty portfolio, and improved cash generation from the AbbVie deal, Glenmark is well-positioned for enhanced return ratios and sustainable growth ahead. This update is for information only, not investment advice. For faster result summaries & market updates, follow for more.