GLENMARK

Enters Weight Loss Market with Low-Cost Semaglutide

has seen its stock trade about 9% below its 52-week high of ₹2,297.9 (11 March), supported by improving business recovery. Q3FY26 consolidated revenue rose 15% YoY to ₹3,901 crore, while Ebitda margin expanded to 22% from 18%, reflecting better operating efficiency and product mix. A fresh growth trigger is the launch of Glipiq (semaglutide), marking Glenmark’s entry into the weight loss therapy market. Growth Drivers - Glipiq launch (21 March): - Priced at ₹1,300–1,800 per month, far below global GLP-1 therapy costs of ₹15,000–30,000. - Significantly improves accessibility, boosting potential volumes. - India business: +22% YoY in Q3FY26, outperforming market in respiratory, dermatology, and cardiac therapies. - North America: +24% YoY, with focus on complex generics, injectables, and respiratory products offering higher margins. Pipeline & Expansion - Over 50 ANDA filings pending, providing visibility for future launches. - Monroe facility (US) restarted after FDA clearance, enabling scale-up of complex products. - Ryaltris commercialized in 50+ markets. - Expanding branded presence in Europe and emerging markets, where pricing pressure is lower. - Management expects 7–8 innovative and specialty assets in oncology, dermatology, and respiratory segments over the next few years. Margins & Valuation - Specialty products, global brands, and complex generics expected to lift margins further. - Better utilization of US manufacturing facilities will aid expansion. - Stock trades at ~22x FY28E earnings, not considered demanding. - ICICI Securities highlights enhanced free cash generation and prudent balance sheet management as key monitorables. Outlook Glenmark’s entry into weight loss therapies, strong pipeline, and margin expansion drivers position it well for sustained growth. With accessible pricing in semaglutide and diversification across geographies, the company is poised to strengthen both revenue and profitability in the medium term.