Glenmark Pharmaceuticals Limited · NSE:GLENMARK
Glenmark Pharmaceuticals — Investor Day (July 2025)
50 slides from Glenmark Pharmaceuticals's investor day presentation, Jul 16, 2025
Slide 1: Filing cover letter to stock exchanges
July 16, 2025 To, To, Dy. General Manager The Manager – Listing, Department of Corporate Services, The National Stock Exchange of India Ltd., BSE Ltd. Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Bandra Kurla Complex, Dalal Street, Fort, Mumbai – 400 001 Bandra (E), Mumbai – 400 051 Ref: Scrip Co
Slide 2: Investor Day 2025: Reimagining Possibilities
INVESTOR DAY 2025 Reimagining Possibilities July 16, 2025 Mumbai © 2025 Glenmark Pharmaceuticals Ltd. All Rights Reserved 1
Slide 3: Disclaimer
Disclaimer This document has been prepared by Glenmark Pharmaceuticals Limited and the information, statements and analysis made in this document describing the Company’s or its affiliates’ objectives, projections and estimates are forward looking statements. Forward- looking statements are all stat
Slide 4: Agenda
Agenda Glenmark 3.0: Sustained Value Creation Glenn Saldanha Chairman & Managing Director Future-ready Glenmark: Innovation-led, Global Execution Christoph Stoller President & Business Head – Europe and Emerging Markets Collaboration Propels Innovation Cyril Konto, M.D. President, Executive Director
Slide 5: Glenmark 3.0: Sustained Value Creation
Glenmark 3.0: Sustained Value Creation Glenn Saldanha Chairman & Managing Director 4
Slide 6: Differentiated Business Model for Sustainable Value Creation
Differentiated Business Model for Sustainable Value Creation To emerge as a Leading, Research-led, Global pharmaceutical company Large Scale Focused Diversified ~US$1.6 >60% >80 countries billion contribution to revenue presence across from branded markets3 key markets consolidated revenue1 15,000+
Slide 7: Driving Innovation for More Than Two Decades
Driving Innovation for More Than Two Decades Set up NCE R&D centre at Established first Foundational Out-licensed the Navi Mumbai, NBE R&D Centre BEAT® protein OX40 portfolio to India in Switzerland platform Astria Therapeutics 2000 2004 2006 2011 2014 2021 2023 2025 First NCE out- First NBE out- Ou
Slide 8: Transitioning into a Pivotal Stage of Overall Growth Journey
Transitioning into a Pivotal Stage of Overall Growth Journey 2030 and beyond Become a 2025-2030 - Leading - Global Grow Innovative / Branded 2022-2025 business by strengthening overall - Innovation-driven portfolio company with a large commercial footprint and leadership position Broadened global co
Slide 9: Building Deep Expertise in Key Therapeutic Areas
Building Deep Expertise in Key Therapeutic Areas Dermatology Respiratory Oncology • Ranked 2nd in India1 • Ranked 3rd in India1 • Among the leading companies in • Ranked 9th in Russia2 • Ranked 2nd in Expectorants market India; launched multiple innovative Branded of Russia2 products through partner
Slide 10: Value-Chain Enhancement Driving Higher Branded Contribution
Value-Chain Enhancement Driving Higher Branded Contribution FY20 FY25 FY30E ~55% >60% >70% Branded1 Generics2 Branded1 Generics2 Differentiated product launches to help drive consistently high growth in branded markets 1. Branded includes revenue from India, EM, and part of Europe (products / market
Slide 11: IGI Unlocks Long-term Value for Glenmark
IGI Unlocks Long-term Value for Glenmark IGI brings in multiple strategic advantages to Glenmark • Enhanced reputation globally in Innovation and Oncology • Further expansion of Oncology franchise in Emerging Markets • Eventual front-end presence in the US innovative branded market post IGI IPO Post
Slide 12: Core Pillars to Deliver Future Aspirations
Core Pillars to Deliver Future Aspirations Strategic Pillars Financial Pillars Focus on Revenue Growth and Build Innovative Product continue to drive Operating Pipeline via IGI & In-licensing Margin Improvement Build a Globally Diversified Strive to remain Net Cash Positive Business with no major de
Slide 13: Future-ready Glenmark: Innovation-led, Global Execution
Future-ready Glenmark: Innovation-led, Global Execution Christoph Stoller President & Business Head - Europe and Emerging Markets 12
Slide 14: De-risked, Robust Business Through Global Commercial Footprint
De-risked, Robust Business Through Global Commercial Footprint Branded & OTC Generics EMERGING INDIA EUROPE NORTH AMERICA MARKETS Revenue ~21% ~34% Contribution1 ~21% ~23% Russia / CIS, LATAM, Key Markets WEU, CEE USA, Canada MEA, APAC Key Focus Areas2,3 Dermatology, Respiratory, Oncology 1. As per
Slide 15: Innovative Brands to be Key Catalysts for Future Growth
Innovative Brands to be Key Catalysts for Future Growth (Abrocitinib) (Envafolimab) Therapeutic Respiratory Dermatology Oncology Area Europe1, the UK# Key Regions Global India India India, EM South Africa Launch Launched Launched FY26 Launched FY27 Calendar Peak Sales Estimated total annual global s
Slide 16: India: Market-beating Performance through Strong Brand-Building
India: Market-beating Performance through Strong Brand-Building One of the fastest growing Legacy of creating mega-brands companies in the IPM1 Glenmark has grown faster than IPM consistently 10 brands1 15 brands1 ₹1,000+ million ₹500+ million 10 brands1 IPM Top 300 Apr-23 Jul-23 Oct-23 Jan-24 Apr-2
Slide 17: India: Growth Levers Aimed at Supporting the Strong Base
India: Growth Levers Aimed at Supporting the Strong Base Growing Building & expanding core therapies brands franchises Launching new products, including in-licensing of Increasing OTC / DTC innovative molecules business thrust 16
Slide 18: EM: Therapeutic Focus Driving Strong Performance
EM: Therapeutic Focus Driving Strong Performance Tailwinds driving growth across regions Revenue (₹ million) Russia / CIS LATAM ~10% 28,138 Large US$ 20+ billion US$ 70+ billion 18,210 overall market MEA APAC opportunity4 US$ 20+ billion US$ 50+ billion FY20 FY25 Russia / CIS LATAM MEA APAC • 2nd la
Slide 19: EM: Targeting High Double-Digit Growth Through Multiple Levers
EM: Targeting High Double-Digit Growth Through Multiple Levers Gain scale and expand Launch differentiated market share in existing products to build strong, markets and core TAs regional brands Enhance regional position Utilize strategic partners to by executing strategic new fill up white spaces i
Slide 20: Europe: Portfolio Offerings Leading to Robust Expansion
Europe: Portfolio Offerings Leading to Robust Expansion Fastest growing region Direct footprint across 5 out Increasing share of branded for Glenmark of the 6 major markets in the overall product mix Glenmark presence Revenue (₹ million) FY201 3rd party business >18% 28,463 Branded 20% 12,484 Generi
Slide 21: Europe: Double-Digit Growth Expected to Continue
Europe: Double-Digit Growth Expected to Continue Therapy area focus Further expand portfolio in branded Respiratory across markets Expand into branded Dermatology via WINLEVI® Strategic portfolio expansion Augment in-house pipeline with strategic partnerships Focus on low competition, high complexit
Slide 22: North America: Poised to Overcome Challenging Period
North America: Poised to Overcome Challenging Period Glenmark maintains Growth has been challenging Business has a well leadership position in key Focused on continuous due to multiple factors diversified portfolio products quality improvement Revenue (US$ million) Revenue contribution1 Engaged to r
Slide 23: North America: Differentiated Launches To Drive Near-term Growth
North America: Differentiated Launches To Drive Near-term Growth Market opportunity1 FY25 FY26E FY27E FY28E (US$ billion) Injectable portfolio: partnered products launched from FY25 onwards; ~1.0 Monroe pipeline to be commercialised once plant is approved Respiratory portfolio: nasal sprays + pMDIs
Slide 24: Collaboration Propels Innovation
Collaboration Propels Innovation Cyril Konto, M.D. President, Executive Director & Chief Executive Officer
Slide 25: About IGI
ABOUT IGI
Slide 26: Clinical-Stage Biotechnology Company at the Forefront of Innovation in Oncology
Clinical-Stage Biotechnology Company at the Forefront of Innovation in Oncology OUR MISSION OUR VISION “To provide curative therapies that extend and improve lives.” “We dare to imagine a world where cure is possible.” Fully Integrated Biotech Biologics Discovery Engine Robust Pipeline • Core capabi
Slide 27: Multispecific antibodies will drive the next wave of Innovation in Oncology
Multispecific antibodies will drive the next wave of Innovation in Oncology 1990s 2010s 2014 2017 TARGETED THERAPIES IMMUNO-ONCOLOGY BISPECIFIC ANTIBODIES CAR-T CELLS FC Function-based Tumour Checkpoint and Innate CD3 T-Cell Engagers Engineered T Cells Killing Immunity Modulators Next Wave MULTISPEC
Slide 28: Diversity Of Immune Cell Engagement And Indications Across Hematologic And Solid Tumours
Diversity Of Immune Cell Engagement And Indications Across Hematologic And Solid Tumours GLOBAL ASSET DESCRIPTION INDICATION DISCOVERY PRE-CLINICAL PHASE 1 PHASE 2 PHASE 3 RIGHTS CD38 x BCMA x CD3 Multiple ISB 2001 TREAT trispecific T-Cell Engager Myeloma Hidradenitis ISB 880 / ALM27134 IL-1RAP anta
Slide 29: ISB 2001
ISB 2001
Slide 30: ISB 2001 (CD38 × BCMA × CD3): First TREAT Trispecific Antibody
ISB 2001 (CD38 × BCMA × CD3): First TREAT Trispecific Antibody for Relapsed/Refractory Multiple Myeloma Key Attributes • Generated using IGI’s proprietary BEAT® protein platform • Enhanced avidity-based binding to myeloma cells with both BCMA and CD38 Fab domains • CD38 Fab domain targets non- overl
Slide 31: Journey of ISB 2001
Journey of ISB 2001 Oral Presentation Oral Presentation (clinical) Oral Presentation (clinical)4 (pre-clinical)1 IND-enabling studies Manuscript3 2020 2022 2023 2024 2025 Discovery US FDA – Orphan Drug US FDA – Fast-track Designation Designation FIH – November 2023 Out-licensing Agreement with AbbVi
Slide 32: TRIgnite-1 Study with ISB 2001: Phase 1b Dose-Expansion is Ongoing
TRIgnite-1 Study with ISB 2001: Phase 1b Dose-Expansion is Ongoing Dose-Escalation Findings: • Dose escalation completed with no DLTs observed up to 2700 µg/kg • 35 heavily pretreated RRMM patients with ≥1-month follow-up included • Favourable safety profile for a T-cell engager: Mild CRS, a single
Slide 33: TRIgnite-1: High Response Rates in Difficult to Treat Patient Subgroups
TRIgnite-1: High Response Rates in Difficult to Treat Patient Subgroups Response in DL3 to DL9 No prior Failed prior Failed prior Refractory Refractory to 0-6 months Extramedullary High Risk CART or CART or BCMA to last line CD38 since last Disease at cytogenetics Bispecific Bispecific targeted of t
Slide 34: ISB 2001 addresses unmet needs in Multiple Myeloma
ISB 2001 addresses unmet needs in Multiple Myeloma High unmet medical need Limitations of select current therapies 3rd most common blood cancer1 accounting for 10% of all hematologic cancer Decreased CD38 expression limits efficacy of CD38-targeted therapies4 ~190,000 new cases worldwide globally2 ~
Slide 35: Multiple Myeloma market anticipated to witness high growth
Multiple Myeloma market anticipated to witness high growth Expected to be ~$50 billion by the year 2030 Large market across lines of therapy CAGR US$ billion CY 2024 CY 2030 CAGR 26.4 49.5 11% First line# 8.4 18.2 14% 10.8 Second line 10.7 13.7 4% 11.8 2.0 Third line + 7.4 17.6 15% 8.9 0.9 At ~US$5
Slide 36: Global Licensing Agreement of ISB 2001 to AbbVie and Glenmark
Global Licensing Agreement of ISB 2001 to AbbVie and Glenmark • Upfront Payment: US$700 million Commercials with • Total Deal Value: US$1.925 billion AbbVie • Milestones (Development, Regulatory, Commercial): US$1.225 billion • Additional Royalties on Net Sales: Tiered, Double-Digit • AbbVie – exclu
Slide 37: ISB 830-X8 / STAR-310
ISB 830-X8 / STAR-310
Slide 38: Potential First-Choice for Moderate-to-Severe AD
Potential First-Choice for Moderate-to-Severe AD Large market opportunity in AD for a differentiated Potential best-in-class OX40 inhibitor product with low treatment burden ~6.6 million in the US with moderate or severe AD First Indication – Atopic Dermatitis (AD); including ~3.2 million children <
Slide 39: ISB 880 / ALM27134
ISB 880 / ALM27134
Slide 40: Viable Treatment Option for a Progressive & Debilitating Disease
Viable Treatment Option for a Progressive & Debilitating Disease Growing market due to increased treatment-seeking First-in-class IL-1RAP antagonist – abrogates multiple disease drivers among the IL-1 family of proinflammatory patients and higher biologic penetration cytokine receptors ~2 million su
Slide 41: IGI - Way Forward
IGI - WAY FORWARD
Slide 42: Investment Outlook
IGI well poised to progress additional programs, remain self-sustaining Investment Outlook Strategic Revenue Streams Diversified income over the Focused capital allocation to next few years through: maximize pipeline value: Upfront, development and ISB 2301 expected to enter regulatory milestones
Slide 43: Driving Financial Discipline, Delivering Shareholder Value
Driving Financial Discipline, Delivering Shareholder Value Anurag Mantri Executive Director & Global Chief Financial Officer 42
Slide 44: De-risking the Business in a Challenging Global Environment
De-risking the Business in a Challenging Global Environment Geo-political tensions Evolving global Slow-down in key macroeconomics; long Challenges severely impacting period of high interest pharmaceutical global supply chain rates, currency volatility markets Striving for Geographically well contin
Slide 45: Multiple Initiatives Planned to Improve Operational Performance
Multiple Initiatives Planned to Improve Operational Performance Ensuring Continuous Operational Margin Enabling Sustainable Free Cash Improvement Generation More differentiated, branded portfolio to aid Maintaining a steady CAPEX budget despite YoY Gross Margin improvement on an ongoing basis scale-
Slide 46: Continuous Optimization of R&D and CAPEX Investments
Continuous Optimization of R&D and CAPEX Investments R&D expenses (₹ million) & Growth CAPEX (₹ million) R&D as % of revenue 9.2% 7.0% 8,984 10,860 7,496 9,305 FY24 FY25 FY24 FY25 Medium-term guidance: 7-7.5% Medium-term guidance: ~₹8,000 million 45
Slide 47: Significant Improvement in Return Ratios Going Forward
Significant Improvement in Return Ratios Going Forward ROCE2 ROE3 ~18% >20% ~16% >20% Peer Average1 Glenmark Peer Average1 Glenmark 1. Based on Bloomberg consensus estimates of select listed pharmaceutical companies with a similar business model and geographical presence 2. ROCE = EBIT / Capital Emp
Slide 48: Focus on Enduring Value Creation
Focus on Enduring Value Creation Financial Pillars Medium-term Targets Focus on Revenue Growth and Revenue Growth: 12-14% CAGR continue to drive Operating R&D Investment: 7-7.5% of consolidated Revenue Margin Improvement Move up to 23% consolidated EBITDA margin Strive to remain Net Cash Posit
Slide 49: Thank You
INVESTOR DAY 2025 Reimagining Possibilities THANK YOU © 2025 Glenmark Pharmaceuticals Ltd. All Rights Reserved 48
Slide 50: Appendix: Abbreviations
Appendix Abbreviation Full Form Abbreviation Full Form AD Atopic Dermatitis ICANS Immune effector Cell-Associated Neurotoxicity Syndrome ADC Antibody-Drug Conjugate IGI Ichnos Glenmark Innovation APAC Asia-Pacific IPM Indian Pharmaceutical Market BEAT Bispecific Engagement by Antibodies based on the