FY 2024-25

August 29, 2025

To, To,Dy. General Manager The Manager – ListingDepartment of Corporate Services, National Stock Exchange of India Ltd., BSE Ltd., Plot No. C/1, G Block,P. J. Towers, Dalal Street, Bandra Kurla Complex,Fort, Mumbai – 400 001. Bandra (E), Mumbai – 400 051.Ref: Scrip Code: 532296 Ref: Scrip Name: GLENMARK

Dear Sirs,

Sub: Submission of Annual Report under Regulation 34 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the Integrated Annual Report for the Financial Year 2024-25.

The Annual Report is being sent through electronic mode to all those members whose e-mail ids have been registered with the Company/ Depository Participant/ Registrar and Transfer Agent and the same is also being made available on the website of the Company, at: https://www.glenmarkpharma.com

Request you to kindly take the same on record. Thanking you,

Yours Faithfully,

For Glenmark Pharmaceuticals Limited

HARISH

Digitally signed by HARISH

VINAYAK VINAYAK KUBER

KUBER

Date: 2025.08.29

18:55:54 +05'30'

Harish KuberCompany Secretary & Compliance Officer

Encl: As above

Glenmark Pharmaceuticals Limited

Glenmark House, B D Sawant Marg, Andheri (E), Mumbai 400 099

T: 91 22 4018 9999 F: 91 22 4018 9988 CIN No: L24299MH1977PLC019982 W: https://www.glenmarkpharma.com

Registered office: B/2, Mahalaxmi Chambers, 22 Bhulabhai Desai Road, Mumbai 400 026 E: complianceofficer@glenmarkpharma.com

Reimagining

Possibilities

Integrated Annual Report FY 2025

Reimagining Possibilities

The world of healthcare is being rewritten. Science is moving faster than ever. Technology is redrawing boundaries. Patients are demanding more: better

access, improved outcomes, and faster innovation. In this environment of relentless change, Glenmark is reimagining what’s possible and what’s next.

Transformation has always defined us. From our origins in generics to building strongholds in branded markets, from emerging markets to establishing a global presence, our journey has been one of constant evolution. This moment marks a sharper pivot. We

are moving beyond business as usual to building a future-ready organization that is agile, disciplined, and designed for impact.

We have articulated this decisive next step in our evolution as Glenmark 3.0. It is a bold, strategic reset that repositions us as a focused, science-led innovator,

committed to creating long-term stakeholder value, and driving impact across diverse markets.

Our strategic focus remains anchored in our core therapy areas: Respiratory, Dermatology, and Oncology. Through Ichnos Glenmark Innovation (IGI), we are advancing next-generation science in immunology and oncology. And, through deep partnerships and differentiated platforms, we are bringing breakthrough science closer to patients across the globe. The foundation is laid, the momentum is real, and the opportunity is now.

This Integrated Annual Report captures the mindset that powers us. It is a mindset of reinvention, responsibility, and relentless pursuit of impact.

This is the story of how Glenmark is reimagining possibilities: boldly, purposefully, and globally.

Table of Contents

17-19

20-21

22-23

24-25

26-29

30-37

38-41

42-45

Managing Director’s Desk Forward Looking Strategy Governance Framework Board of Directors

Our Offerings and Key Market Highlights Dermatology

Respiratory Oncology

Ichnos Glenmark Innovation

78-79

80-85

86-95

96-105

106-115

116-133

134-143

144-152

153

154-157

Value Creation Model Financial Capital Manufactured Capital Intellectual Capital Human Capital

Social and Relationship Capital Natural Capital

GRI Data Table Corporate Information

Assurance Statement (Non-Financial Information)

158 Statutory Reports

158-167

168-191

192-216

217-255

256-259

260

Management Discussion and Analysis Board’s Report

Report on Corporate Governance

Business Responsibility and Sustainability Report Assurance Statement

Financial Statements

260-328

329-403

Standalone Financial Statements

Consolidated Financial Statements

404

GRI Index

About The Report

Glenmark Pharmaceuticals Limited

About the Report

We are pleased to present the fourth Integrated Annual Report of Glenmark Pharmaceuticals Limited (GPL) for the financial year ended March 31, 2025.

Developed in alignment with the International

Framework, this Report reflects our ongoing commitment to integrated thinking, transparency, and long-term value creation.

Structured around the six capitals: Financial, Manufactured, Intellectual, Human, Social and Relationship, and Natural, we offer a holistic view of how our strategy, governance, and performance are interlinked to drive sustainable outcomes in a dynamic global environment.

Reporting Scope and Boundary

Reporting Period

This report provides information on our financial and non-financial performance for the period 1st April 2024 to 31st March 2025.

This Report covers the operations and performance of Glenmark Pharmaceuticals Limited and our Indian and overseas subsidiaries at the group level, unless indicated otherwise in specific sections.

Reporting Standards and Frameworks

This Integrated Annual Report has been prepared in alignment with globally accepted reporting frameworks, regulatory guidelines and standards:

• The Report is structured in accordance with the principles and content elements of the Framework developed by the International Integrated Reporting Council (IIRC), promoting integrated thinking and long-term value creation.

• It has been prepared with reference to the Global Reporting Initiative (GRI) Standards (2021), ensuring that disclosures on material sustainability topics are consistent with global best practices and responsive to stakeholder expectations.

• The Report complies with the mandatory Business Responsibility and Sustainability Reporting (BRSR) requirements introduced by SEBI and is aligned with the nine principles of the National Guidelines on Responsible Business Conduct (NGRBC).

• We have also referred to the recommendations of the Task Force on Climate-Related Financial

Disclosures (TCFD) to strengthen our climate-related risk and opportunity disclosures and Taskforce

on Nature-related Financial Disclosures (TNFD) to enhance our approach to nature-related risks and dependencies.

• Furthermore, the Report reflects our alignment with the United Nations Sustainable Development Goals (UN SDGs) and National Voluntary Guidelines (NVGs) on the Social, Environmental, and Economic Responsibilities of Business.

• The financial and statutory disclosures presented in this Report, including the Directors’ Report, Corporate Governance Report, and Management

Discussion and Analysis, are prepared in accordance with the applicable provisions of the Companies

Act, 2013, the Indian Accounting Standards (Ind AS), and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, along with other relevant regulatory requirements.

Restatements of Information

Any restatements of information, where applicable, have been explicitly disclosed in the relevant sections of this report, along with appropriate explanations to provide clarity and context.

External Assurance

Our statutory auditor, Suresh Surana & Associates LLP, has provided assurance on the financial statements included in this Report. These audited financial statements can be found on pages 260 to 403. In addition, the non-financial disclosures have been independently assured by DNV Business Assurance India Private Limited. The corresponding assurance statement for the non-financial information is available on page 154 of this Report.

Responsibility Statement

The Board of Directors hereby acknowledges and accepts responsibility for the contents of this Integrated Annual Report. The Report provides

a true and fair representation of the Company’s financial, non-financial, operational, and sustainability performance for FY 2025. The disclosures made herein demonstrate the Company’s continued commitment to accountability, transparency, and the creation of long-term stakeholder value through integrated and responsible business practices.

Forward-looking Statements

This Report may contain forward-looking statements, which can be identified by the use of words such as “believes,” “expects,” “may,” “will,” “could,” “should,” “intends,” “estimates,” “plans,” “assumes,” and “anticipates,” as well as their negative forms or similar expressions. These statements are based on current expectations, assumptions, and projections about future events and trends, which are subject to known and unknown risks and uncertainties, many of which are beyond the Company’s control.

Integrated Annual Report FY 2025 About The Report

As a result, actual outcomes and results may differ materially from those expressed or implied in such forward-looking statements. Given the evolving nature of risks and opportunities inherent in the business environment, no assurance can be given that these expectations will prove accurate or that the Company and its subsidiaries will achieve the results implied in this Report.

Financial Statements Statutory Reports Corporate Overview

Point of Contact for Queries

For queries, please contact complianceofficer@glenmarkpharma.com

Highlights of FY 2025 Glenmark Pharmaceuticals Limited

Highlights of FY 2025

Strong

INR 23,514 Mn

EBITDA

INR 10,471 Mn

Profit after tax

7

Active partnerships for innovative molecules (3 out-licensing and 4 in-licensing)

3

Innovative assets in clinical development (1 in Oncology and 2 in Immunology [Out-licensed])

1,343+

Patents granted

Financial Performance

Enhancing Access to Healthcare

INR 1,33,217 Mn

Revenue from operations

4

ANDAs filed with the U.S. FDA

INR 4,34,866 Mn

Market capitalization

4.5 Mn

Lives positively impacted

Integrated Annual Report FY 2025

Highlights of FY 2025

Financial Statements Statutory Reports Corporate Overview

Advancing

Eco-Conscious Practices

Investing in Our People

INR 43 Mn

Total capital invested in energy efficiency & conservation in FY 2025

15,800

Global employees

1,75,463 KL

Wastewater recycled

9.9%

Women in management roles

B Rating

CDP Climate change and CDP Water security

44%

Women on the Board

Bronze

Medal in sustainability by EcoVadis score for 2024

6,05,971

Training hours delivered

About Glenmark

Glenmark Pharmaceuticals Limited

About Glenmark

A New Way for A New World

Glenmark Pharmaceuticals Limited is a global pharmaceutical company headquartered in Mumbai, India, with a presence in over 80 countries. With science, speed, and impact at the core, Glenmark 3.0 marks our bold transformation into a more focused, innovation-led, and resilient enterprise, built to shape the future of global health.

Our portfolio spans branded generics, speciality, generics, and OTC products, built on deep therapeutic expertise and a strong commercial presence across India, the U.S., Europe, Latin America, Asia Pacific, the Middle East and Africa. With 11 world-class manufacturing sites and 4 cutting-edge R&D centres, we deliver high-quality, accessible medicines across categories and geographies, consistently upholding the highest standards of quality, compliance, and supply reliability.

At the heart of our portfolio is a clear therapeutic focus on Oncology, Dermatology, and Respiratory, where

we bring scientific depth and commercial agility to address unmet patient needs at scale. This focused strategy strengthens our ability to move decisively up the value chain and lead in complex, high-value

segments while addressing some of the most pressing healthcare challenges of our time.

Through our biotech arm, Ichnos Glenmark Innovation (IGI), and a robust network of global in-licensing partnerships, we are expanding a pipeline of differentiated, accessible, and globally relevant therapies. At Glenmark, innovation is embedded across our value chain, from discovery to delivery.

We are equally defined by purpose. Aligned with the UN Sustainable Development Goals (UN SDGs), we are proud to be a water-positive organization, among the first pharmaceutical companies globally to align with the Taskforce on Nature-related Financial Disclosures (TNFD) framework, and validated by the Science Based Targets initiative (SBTi) for our climate goals. Through our social responsibility efforts, we have positively impacted 4.5 Mn lives, focusing on maternal and child health, livelihood, education, promotion of

swimming as a sport and other priority areas of sustainable development.

At Glenmark, we are building a company that is future-ready, anchored in science, and powered by impact.

This is Glenmark 3.0 - A New Way For A New World.

Our Vision

To emerge as a leading, research-led, global pharmaceutical Company.

Our Values

Achievement

We value the achievement

of objectives and consistently strive towards our vision

with perseverance.

Respect

We respect all our stakeholders.

Knowledge

We place importance on knowledge such that it empowers our people to find innovative solutions to manage change.

Integrated Annual Report FY 2025

About Glenmark

Financial Statements Statutory Reports Corporate Overview

Operational Highlights

>60%

Contribution to revenue from branded markets

80+

Countries - Global commercial footprint

75

Products launched globally

11

Manufacturing sites globally across dosage forms

4

R&D centers covering the entire value chain

10

Out-licensing deals executed since 2004

Milestones

Our Journey So Far

1977

Mr. Gracias Saldanha (Founder Emeritus) laid the foundation stone of Glenmark

1979

Forayed into Dermatology therapy with the launch of ‘Candid Cream’

1980

Commenced operations in Russia and CIS

1970-2000

2001

Commenced production of APIs at the Kurkumbh API manufacturing facility in Maharashtra

2002

Acquired API manufacturing plants at Ankleshwar, Gujarat

2003

Established North American subsidiary, Glenmark Pharmaceuticals, Inc.

2004

Entered the European market through Glenmark Pharmaceuticals Europe Limited

Signed our first out-licensing agreement for Oglemilast (GRC 3886) with Forest Laboratories for USD 35 Mn (upfront and milestone payments)

2001-2010

2011

Out-licensed our first New Biological Entity, GBR 500, to Sanofi-Aventis for USD 55 Mn (upfront and milestone payments)

2012

Out-licensed mPEGS-1 Inhibitor to Forest Labs for USD 15 Mn (upfront payment)

2014

Commissioned a new manufacturing facility for injectables and oral solids in Monroe, North Carolina, U.S.

Established a new antibody manufacturing facility to provide clinical GMP-grade biologics for clinical trials in La Chaux-de-Fonds, Switzerland

2011-2019

1983

Commissioned first manufacturing unit in Nashik

1987

Entered the Respiratory segment with the launch of Ascoril®, a cough expectorant

1999

Set up our first Research and Development center at Sinnar

2000

Went public with a market capitalization of USD 40 Mn on the Indian bourses, NSE & BSE

Set up a second R&D center at Mahape, Navi Mumbai, to focus on Novel Chemical Entities

2005

Launched front-end commercial sales with first generic product in the U.S.

Set up our first manufacturing facility built to the U.S. FDA specifications in Goa, India

Struck our second out-licensing deal for Oglemilast (GRC 3886) with Teijin Pharma, Japan for USD 6 Mn (upfront payment)

2006

Made our debut in the Oncology segment with the launch of Aprecap® (Aprepitant capsules) in India

Established our first R&D Center for New Biological Entities research in Switzerland

Signed our third out-licensing deal for Melogliptin with Merck KGaA for

USD 31 Mn (total payment)

2007

Entered the Central Eastern Europe market with the acquisition of Medicamenta, a Czech-based pharmaceutical Company

2009

Commissioned the third R&D center in Taloja, Maharashtra, India

2010

Out-licensed GRC 15300, a first-in-class TRPV3 antagonist, to Sanofi-Aventis for USD 25 Mn (upfront payment)

2015

Grew Respiratory portfolio, entered into an agreement with Celon, Poland for generic Seretide Accuhaler in Europe and received approval for our

generic version in Russia

2016

Launched differentiated generics, and introduced Ezetimibe, the generic version of Zetia in the U.S.

2018

Signed an exclusive licensing agreement with Harbour Biomed in Greater China to develop, manufacture and commercialize GBR 1302

2019

Spun out its API arm, Glenmark Life Sciences (GLS)

Created an innovation subsidiary focusing on immuno-oncology,

Ichnos Sciences, Inc. (Ichnos)

8

2020

Launched FabiFlu® (Favipiravir) for mild to moderate COVID-19; exported to 24 countries by June 2021

2021

Ichnos out-licensed its IL-1RAP antagonist, ISB 880, to Almirall SA for an upfront payment of EUR 20.8 Mn

2020-2022

2023

Partnered asset of Ichnos in

immunology, ISB 880 progressed to Phase 1 studies initiated by our partner Almirall

Became the second Indian pharmaceutical Company to have Green House Gas (GHG) emission reduction targets approved by the SBTi initiative

2023

2024

Became the first to launch a biosimilar of the popular

anti-diabetic drug, Liraglutide, in India

Announced the partnership with Jiangsu Alphamab Biopharmaceuticals and 3D Medicines for KN035 (Envafolimab) for multiple geographies around the world

2024

2025

Financial Statements Statutory Reports Corporate Overview

IGI presented promising full dose-escalation results from its Phase 1 TRIgnite-1 study of ISB 2001, a

first-in-class trispecific antibody for the treatment of patients with RRMM at ASCO Annual Meeting

Ichnos Glenmark Innovation (IGI) and AbbVie announced exclusive Global Licensing Agreement for ISB 2001, a First-in-Class Trispecific Antibody for

Multiple Myeloma

2025

GLS got listed on the Indian bourses,

BSE and NSE

2022

The U.S. FDA

approved Ryaltris®, our first global branded specialty drug for treating symptoms

of seasonal allergic rhinitis

Became the first Indian pharmaceutical

Company to raise a Sustainability-Linked Loan (SLL)

Continued to expand our Over-The-Counter Portfolio in the U.S. with the acquisition of approved

ANDAs from Wockhardt Limited

Announced proposed divestment of majority stake in GLS. Agreed to divest 75% stake in GLS to

Nirma Limited

Announced partnership with Cosmo for Winlevi® in Europe and

South Africa

Ichnos received ‘orphan drug designation’ (ODD) from the U.S. FDA for ISB 1442, a first-in-class biparatopic

2+1 BEAT® bispecific antibody and first-in-class Trispecific Antibody, ISB 2001

Ichnos entered into a licensing agreement for OX40 portfolio (ISB 830) with

Astria Therapeutics

Glenmark and Ichnos announced ‘Ichnos Glenmark Innovation’ (IGI) alliance to accelerate new drug discovery in

cancer treatment

Partnered with Pfizer to launch Abrocitinib in India under the brand name Jabryus®

Completed divestment of our 75% stake in GLS to Nirma Limited

IGI presented first-time safety and efficacy data for 20 heavily pre-treated patients, from its Phase 1 (Part 1) study of ISB 2001 in an oral presentation at the 66th ASH

Annual Meeting

Launched TEVIMBRA®and Brukinsa® in India for treatment of NSCLC and hematological malignancies respectively

Ryaltris® was launched in more than 11 markets in FY 2025 and is now commercialized in 44 markets globally

Winlevi® received approval from the Medicines and Healthcare products Regulatory Agency (MHRA) in the UK

9

Geographical Footprint Glenmark Pharmaceuticals Limited

Geographical Footprint

Global Presence, Local Relevance

USA

Monroe

Formulation Facilities

Goa Baddi Indore Nalagarh Sikkim Nashik Nashik (GHL)

Monroe Vysoke Myto Pilar

Argentina

Chhatrapati Sambhajinagar

Pilar

R&D Centers

Sinnar Mahape Taloja Lausanne

U.S. FDA Approved

FY 2025 Revenue Distribution

North America

[ASIA (Asia-Pacific),

Emerging Markets

MEA (The Middle East and Africa), RCIS

(Russia + Commonwealth of Independent States), and LATAM (Latin America)]

Integrated Annual Report FY 2025 Geographical Footprint

Financial Statements Statutory Reports Corporate Overview

Switzerland

Lausanne

Czech Republic

Vysoke Myto

India

Baddi

Nalagarh

Sikkim

Taloja

Indore

Mahape

Sinnar

Chhatrapati Sambhajinagar

Nashik

Goa

All maps in this report are for representational purpose only. Depiction of boundaries is not authoritative.

4*

Continents

4

Manufacturing

facilities approved by the U.S. FDA

80+

Countries

4

R&D Centres

50+

Offices

66%

Revenue contribution

from international markets

11

State-of-the-art

manufacturing facilities

50+

Nationalities represented

by our employees

*State-of-the-art Manufacturing Facilities

11

Performance Scorecard

Glenmark Pharmaceuticals Limited

5 Years Performance Scorecard

Delivering Growth with Discipline

Consolidated Financial Highlights

FY 2025

FY 2024**

FY 2023*

FY 2022

FY 2021

Operating Performance (in INR Mn)

Revenue from Operations

1,33,217 1,18,131 1,15,832 1,23,049 1,09,439

Profit/(loss) before

Financial Position (in INR Mn)

Read more in the financial statements

*Restated information

**Continued operations

The profit and loss statement for the period ended FY 2024 represents continuing operations of the business and FY 2023 have been recasted to reflect the same in accordance with the requirements of Ind-AS 105 “Asset Held for Sale and Discontinued Operations” consequent to the successful divestment of a majority stake in Glenmark Life Sciences. Hence, they are not comparable with prior years.

^EBITDA = Profit before tax + Finance Cost + Depreciation – Other Income.

^^Net Worth = Equity + Reserves + Non-controlling interest. The figures above have been rounded to the nearest decimal.

Integrated Annual Report FY 2025

Innovation Pipeline

Innovation Pipeline

Financial Statements Statutory Reports Corporate Overview

Reimagining Science, Delivering Impact

At Glenmark, innovation is the very architecture of our future. True to our vision, our pipeline is a strategic bridge between cutting-edge science and real-world impact – built to deliver bold, differentiated, and globally relevant healthcare solutions.

Through our biotech innovation engine, Ichnos Glenmark Innovation (IGI) or deep global partnerships, we are focused on addressing some of the most critical unmet needs to ensure these solutions remain accessible to patients who need them the most.

Diversity of Immune Cell Engagement and Indications Across Hematologic and Solid Tumors

Asset Description Indication Global Rights

ISB 2001 CD38 x BCMA x CD3

TREAT™ trispecific

T cell engager

Multiple Myeloma

ISB 880 / ALM27134

IL-1RAP antagonist mAb

Hidradenitis Suppurativa

- Telazorlimab

- ISB 830-X8 / (STAR-0310)

OX40 antagonist mAb

Atopic Dermatitis

ISB 2301 IMMUNITE™

NK-cell engager

Solid Tumors

GRC 65327 Cbl-b Inhibitor Solid Tumors

Oncology Immunology

13

Message from the Chairman and Managing Director’s Desk Glenmark Pharmaceuticals Limited

Message from the Chairman and Managing Director’s Desk

Reimagining Science -Our Strategy in Motion

FY 2025 has been the launchpad of Glenmark 3.0, our repositioning as a focused global, innovation-

led pharmaceutical company. A bold shift from legacy to leadership and a decisive step into the future - globally,

strategically, and scientifically. The year was defined by strategic execution, disciplined growth, and structural

resets that are shaping a more resilient, future-ready

organization. The decisions we took over the last few years

to streamline our portfolio, sharpen our therapeutic focus, build innovation capabilities, and deepen our presence in branded markets have started delivering visible results.

14

Integrated Annual Report FY 2025 Message from the Chairman and Managing Director’s Desk

Dear Stakeholders,

I am pleased to present to you Glenmark’s Integrated Annual Report, a comprehensive account of a pivotal year in our transformation journey.

This year’s Integrated Annual Report, themed, ‘Reimagining Possibilities,’ is a deliberate articulation of our strategy and a mindset that guides how we operate. It reflects the choices we have made to scale innovation, drive portfolio transformation, strengthen execution across geographies, and build a company on science, quality, and long-term value creation. This is reinvention and what Glenmark 3.0 stands for: A New Way For A New World.

A New Glenmark is Taking Shape

From our beginnings in generics, to our expansion into branded markets, to now building global innovation engines, Glenmark 3.0 is about continuing to move up the value chain. It’s about transforming to a science-powered, purpose-led organization.

In FY 2025, we crossed INR 133 Bn in consolidated revenues, growing at 12.8% YoY with over 60% of the revenues now coming from branded markets. EBITDA margins strengthened to 17.7%, supported

More importantly, we put in place the foundation for sustainable, long-term value creation anchored in three high-potential, therapeutic areas: Oncology, Dermatology and Respiratory, where we have differentiation and strong future momentum. We advanced innovation partnerships, strengthened scientific and commercial execution, and rebalanced our portfolio toward high-growth, high-value markets.

Bold Vision, Global Execution

by disciplined execution and better working capital management.

Our global transformation is grounded in execution. India continues to anchor our growth, with a market-beating performance in our key segments.

We are now ranked

In Emerging Markets, we saw double-digit growth across key regions. We are Top-10 Respiratory player in Brazil and Mexico, #1 in Kenya’s Covered Markets, and scaling fast as a recognized leader in South Africa and Southeast Asia.

Financial Statements Statutory Reports Corporate Overview

Even in the U.S., despite a subdued generics market, we launched 13 new products, received eight ANDA approvals, and continued investing in complex segments like injectables and respiratory products. The groundwork laid in FY 2025 is expected to translate into renewed momentum from

FY 2026 onwards.

We operate with a globally balanced portfolio, empowered by a commercial model built on local agility, therapeutic focus, and compliance excellence.

Innovation at the Core

Glenmark’s transformation is anchored in innovation. It’s accelerating Innovation across R&D, partnerships, and platforms.

We are proud of the evolution of Ichnos Glenmark Innovation (IGI) into a globally respected and credible biotech platform. With three out-licensing deals in the last five years including the landmark ISB 2001 deal with AbbVie, - the deal that validates our science and makes IGI financially self-sustaining.

ISB 2001’s first-in-human data was presented at American Society of Hematology (ASH) 2024, followed by updated dose escalation results at American Society of Clinical Oncology (ASCO) 2025, reinforcing its potential in relapsed/refractory multiple myeloma and positioning IGI on a global innovation map.

Simultaneously, we deepened our commercial business model through global in-licensing and strategic partnerships. This year, we launched BeOne Medicine’s TEVIMBRA® (tislelizumab) and Brukinsa® (zanubrutinib), Pfizer’s Jabryus® for atopic dermatitis, and 3D Medicines and Alphamab’s Envafolimab to our growing specialty pipeline.

These partnerships significantly strengthen our oncology and dermatology portfolio across India and emerging markets and help us to bring differentiated science that we want to bring to patients across

the world.

2nd

in Dermatology

3rd

in Respiratory

3rd

in Cardiac

At the same time, we continue to invest in complex generics, biosimilars, and respiratory innovation and accelerate filings, regulatory approvals, and global

This is a testament to our sharp brand portfolio, deep connect, and robust sales engine. The launch of Lirafit™, a biosimilar of liraglutide, marked our entry into GLP-1s. Consumer health continues to grow in double digits, with brands like La Shield™, Candid™, Bontress™ and Scalpe™ leading the way.

Our European business grew nearly 20% in FY 2025, driven by strong launches and tender wins. Ryaltris® expanded across new markets especially in Central & Eastern Europe. The approval and subsequent

launch of Winlevi® in the UK marks a breakthrough in dermatology; with launches across select European markets planned for FY 2026.

supply readiness.

Manufacturing and Supply Chain

At Glenmark, we have invested ahead of the curve in operational excellence, automation, and quality-first systems across our 11 global world-class

manufacturing facilities, with relentless commitment to quality, reliability, and regulatory excellence.

Over the last two years, we have made targeted investments in automation, lean systems, and real-time quality monitoring, resulting in greater

operational efficiency, shorter lead times, and better margins. These capabilities have directly supported

Message from the Chairman and Managing Director’s Desk

Glenmark Pharmaceuticals Limited

the successful launch of complex generics, injectables, respiratory devices, and topicals in key markets.

Across injectables, oral solids, and respiratory dosage forms, we have consistently enhanced capacity, productivity, and quality metrics. These efforts are now translating into faster launches, better margins, and a more agile response to global market dynamics.

We have also made significant strides in digitizing key aspects of our supply chain, enabling smarter demand forecasting, better inventory planning, and cost efficiency to ensure every product reaches the right patient, at the right time, with the highest

quality standards.

For Glenmark 3.0, manufacturing and supply chain are strategic levers of value creation, speed, and trust.

People, Culture and Leadership

At Glenmark, we believe that the transformation is powered by people and driven by structure. The

cultural foundation of Glenmark 3.0 is performance-led, science-driven, values-led, and globally minded.

We are proud to be recognized as a Great Place to Work® in 20 countries. This certification is a

reflection of our ongoing efforts to build a workplace where talent thrives, innovation accelerates, and purpose inspires. We are deeply investing in the next generation of leadership through focused programs in digital capability building, scientific excellence, and cross-functional mobility. Today, global collaboration, borderless roles, and diverse perspectives are central to how we operate.

Our people are the engine behind Glenmark 3.0. Their belief, skill, and ambition are what continue to turn bold strategy into real outcomes.

Responsible Growth, Purposeful Impact

As a global, innovation-led pharmaceutical company, Glenmark’s commitment to sustainability, ethics, access to healthcare and meaningful community outreach is deeply embedded in how we operate and grow. These are foundational to how we define success and create long-term value.

We are proud to be among the first global pharma companies to align with the Taskforce on Nature-related Financial Disclosures (TNFD), building nature into how we assess risk and resilience. Our SBTi-approved climate targets guide our transition to

a low-carbon future. Today, Glenmark marks the achievement of becoming water positive across its India operations, ahead of the target timeline for water neutrality. We have also achieved our zero waste to landfill target significantly ahead of schedule, marking key milestones in our sustainability journey.

Through our CSR initiatives, we have touched over

4.5 Mn lives while working with some of the most underserved communities to improve maternal and child health, nutrition, primary care, disaster

response, and community-based interventions. This year, we have strengthened our global social impact efforts through pioneering programs to address

malnutrition in the Philippines and Kenya.

Responsible growth at Glenmark 3.0 is how we build trust, resilience and lasting impact.

What Glenmark 3.0 Stands for:

Glenmark 3.0 is a fundamental reset. One that is global in ambition, science-first in execution, and deeply human at its core. It stands for:

• A branded-first portfolio, with over 70% revenue expected from branded markets by FY 2030

• A sharper therapeutic focus in Dermatology, Respiratory and Oncology, where we have clear leadership today in a few markets and growing momentum globally

• A resilient global business model, with no overdependence on any one region, market or product

• A differentiated innovation strategy, powered by IGI, global in-licensing, and scientifically differentiated product development

• A deep commitment to ESG, ethics, and equitable healthcare access

Above all, Glenmark 3.0 is our commitment to push boundaries in science, rethink access, and better outcomes for patients worldwide.

FY 2025 was a year of reset. A bold pivot into a future we are actively building: more focused, more innovative, and more global than ever before. As Glenmark 3.0 is our strategy in motion. A shift from scale to value. From generic to differentiated. From legacy to leadership.

To our investors, partners, regulators, thank you for your trust. We are committed to delivering stronger margins, sharper execution, and sustained,

long-term growth.

We are clear on where we are headed and clearer on how we will get there - with science, speed, and relentless execution. The next era is here and we are ready to lead it.

Let’s keep reimagining what’s possible, together. Warm regards,

Glenn Saldanha

Chairman & Managing Director

Integrated Annual Report FY 2025

Forward-Looking Strategy

Forward-Looking Strategy

Financial Statements Statutory Reports Corporate Overview

Transforming Ambitions into Reality:

Our strategy reflects Glenmark 3.0 in action. Every decision we make is guided by a single ambition: to build a company that is future-ready, science-powered, and purpose-led.

With a strong focus on performance, innovation,

Our Vision

and access, we are executing our operations with discipline and clarity to create long-term value for all our stakeholders. In a fast-evolving healthcare landscape, we are sharpening our focus across six

core strategic priorities, each aligned with our vision.

To emerge as a leading, research-led, global pharmaceutical Company

Our Forward-Looking Business Strategy

I

V

S

I

O

N

Value Chain Advancement

Investing in Innovation

Shareholder Value Creation

Increasing Footprint

Operational Excellence

Nurturing Sustainability

Strategic Partnerships and Collaborations

Acne

D

e

r

m

a

t

o

l

o

g

y

Abrocitinib® - India Atopic Dermatitis

Winlevi® Clascoterone

- Europe & South Africa

Asthma

Pulmicort Respules® - Colombia

R

e

s

p

i

r

a

t

o

r

y

COPD

o

g

y

Duaklir® and Eklira® -Brazil

Liquid Tumor

O

n

c

o

l

Brukinsa® (Zanubrutinib) - India Cancer Supportive Care

Akynzeo(R) (Netupitant/Palonosetron) - India

Solid Tumor

Diabetes

O

t

h

e

r

T

h

e

r

a

p

Remogliflozin® - India

i

e

s

Liraglutide Biosimilar™ -India

QiNHAYO™

(Envafolimab) (SubQ next gen PD-L1) /3DM

- India + Emerging

Markets

TEVIMBRA®

(Tislelizumab) PD1 - India

Forward-Looking Strategy

Glenmark Pharmaceuticals Limited

Our Focus Areas Propelling Business Growth

Value Chain Advancement

We are accelerating our move up the value chain by strengthening our core therapeutic areas: Respiratory, Dermatology, and Oncology:

Respiratory

• Scaling Ryaltris® globally with 15 launches in next 12 months.

• Strengthening our chronic respiratory portfolio with new launches across Europe and the U.S., including complex MDIs and nasal sprays.

  Dermatology

• Sustaining leadership position in India and Emerging Markets.

• Expanding our presence in branded Dermatology in Europe, the UK and South Africa with Winlevi® (clascoterone cream 1%).

• Scaling up our novel launch Jabryus® (Abrocitinib), a first-of-its-kind advanced oral systemic treatment for moderate-to-severe atopic dermatitis (AD) in India.

• Strengthening our OTC/DTC offerings in select markets.

  Oncology Segment: Building a Niche Presence

• Building a differentiated portfolio with launches of QiNHAYO™ (Envafolimab) in select markets from FY 2026 onwards.

• Scaling up the innovative products TEVIMBRA® (tislelizumab) and Brukinsa® (zanubrutinib) in India.

• Advancing novel assets within the IGI pipeline focused on hematological cancers and solid tumors.

  Investing in Innovation

  We are embedding innovation across every dimension of our business:

• Advancing IGI’s pipeline with focused capital allocation to maximize pipeline value.

• ISB 2301 expected to enter clinical development in CY 2027.

• Leverage partnerships to launch innovative products across our global key markets.

• Maintaining R&D spend at around 7-7.5% of sales to fuel sustainable pipeline growth.

  Shareholder Value Creation

  Our financial strategy is focused on capital efficiency and sustained value:

• Committed to enhancing free cash flow generation by boosting revenue and profitability, while carefully controlling capital expenditures (both tangible and intangible) and R&D expenses in the coming years.

• Maintaining a net cash-positive position post-capital expenditures and dividend payout.

• Targeting improved shareholder value creation.

  Integrated Annual Report FY 2025

  Forward-Looking Strategy

  Increasing Footprint

  Financial Statements Statutory Reports Corporate Overview

  Elevating our presence and expanding in high-growth global branded markets:

  • Launching differentiated products in our core therapeutic areas, expanding our market share through these products.

  • Building strong regional brands and in-licensing strategic products.

  • Targeting over 70% revenue contribution from branded markets by FY 2030 (currently >60% in FY 2025).

    Operational Excellence

    We continue to drive efficiency, agility, and resilience across our operations:

  • Optimizing end-to-end supply chains and manufacturing processes.

  • Scaling green chemistry, solvent recovery, waste reduction, and sustainable batch practices.

  • Integrating digital technologies to improve yield, productivity and reduce costs.

    Nurturing Sustainability

    Sustainability is embedded into how we operate and grow

  • Committed to exceeding Environment, Health, and Safety (EHS) standards across all global sites.

  • Targeting a 35% reduction in absolute Scope 1 and 2 emissions and 28% reduction in Scope 3 intensity by 2035.

  • Our Environmental Roadmap includes Carbon Neutrality by 2030.

Become Carbon Neutral by 2030

Ensure Water Neutral Operations by 2025

Attained Zero Waste Landfill by 2025

We are proud to share that we are progressing ahead of schedule towards our goal of achieving Water Neutral (now Water Positive) operations by 2025 and have attained Zero Waste to Landfill in 2025, significantly ahead of our target of 2027. We are among the first global pharma companies to align with the Taskforce on Nature-related Financial Disclosures (TNFD).

Governance Framework

Glenmark Pharmaceuticals Limited

Governance Framework

Upholding the Highest Standards of Governance

Our robust governance framework is fundamental to our institution, providing resilience and adaptability as we undergo strategic realignment. As we transition from generic drugs to branded generics and expand our focus on specialty and innovative medicines, effective governance is essential to navigate this evolution while maintaining excellence across all aspects of our operations.

Our Board Philosophy

The fundamental principle of Governance is achieving sustained growth ethically and in the best interest of all stakeholders. It is not a mere compliance of laws,

rules and regulations but a commitment to values, best management practices and adherence to the highest ethical principles in all its dealings to achieve the objects of the Company, enhance stakeholder value and discharge its social responsibility.

We maintain and ensure ethical, fair, and transparent governance practices. Aligned with international standards, the Board and its committees follow transparency and independence in all decisions, reflecting our commitment to sound

corporate governance.

Board of Directors

Board Committees

Audit Committee

Stakeholders Relationship Committee

Nomination and Remuneration Committee

Risk Management Committee

Corporate Social Responsibility Committee

ESG

Committee

Operations Committee

Senior Management

Overview of Glenmark’s Policies

Operating in a highly regulated environment, we adhere to stringent compliance frameworks encompassing Good Manufacturing Practices (GMP), Good Clinical Practices (GCP), and Good

Pharmacovigilance Practices (GVP), among others.

Ethical considerations underpin our decision-making processes at every stage of drug development and commercialization. We uphold the principles of patient autonomy, beneficence, and justice, ensuring that our products contribute positively to healthcare outcomes. Our interactions with healthcare professionals, patients, and other stakeholders are governed by

ethical guidelines that prioritize patient welfare and scientific integrity over commercial interests.

We continuously refine our Compliance Framework to uphold robust governance practices that deliver lasting value to stakeholders. Over the years, we have strengthened our Compliance Program through targeted interventions. This includes enhancing written guidelines, refining training structures, reassessing compliance communication strategies, reinforcing our EthicsLine for confidential reporting, and bolstering risk assessment, monitoring, and mitigation efforts.

Integrated Annual Report FY 2025 Governance Framework

At Glenmark, adherence to ethical standards is paramount. Our employees undergo mandatory compliance training covering crucial areas such as our Code of Conduct, Anti-Bribery & Anti-Corruption measures, Conflict of Interest guidelines. Induction training provided at onboarding and annually thereafter, includes role and risk-specific sessions. Our communication strategy reinforces policy awareness through various channels, including videos, posters, and emails.

Code of Conduct

Our globally applicable Code embodies our core values and principles, guiding behaviors for all individuals associated with Glenmark, spanning employees, officers, and our Board of Directors.

Glenmark is a member of OECD’s Galvanizing the Private Sector (GPS) initiative

Financial Statements Statutory Reports Corporate Overview

Upholding integrity and ethical standards, our Code serves as a roadmap for sound decision-making, reinforced through comprehensive training and regular sessions.

Our Code directs us in:

The way we conduct ourselves

The way we treat each other

The way we care for our patients

The way we engage with our communities

The way we make our business compliant and sustainable

Policies

Our global policies, including Anti-Bribery and Anti-Corruption, Conflict of Interest, and Whistleblowing, underscore our commitment to ethical business conduct and legal compliance.

We continuously strengthen our Compliance framework through interventions and improvements, ensuring value creation for all stakeholders.

Global Anti-Bribery and Anti-Corruption (“ABAC”)

Policy sets out our commitment to zero tolerance towards bribery and corruption. It ensures Glenmark conducts business in a legally compliant and socially responsible manner, aligning with all relevant international and

local ABAC laws.

Global Conflict of Interest Policy is designed to prevent actual, potential or perceived conflicts of interest. Our policy provides clear guidance for day-to-day business conduct. We have bolstered our disclosure mechanisms to swiftly identify and mitigate conflicts, ensuring integrity and transparency across all operations.

Global Whistleblowing Policy encourages the reporting of misconduct or unethical behaviour through proper channels for prompt investigation and resolution.

This policy underscores our commitment to accountability and ethical conduct at every level.

For more details, read our publicly available policies on our website.

Board of Directors

Glenmark Pharmaceuticals Limited

Board of Directors

Mr. Glenn Saldanha

Chairman & Managing Director

Mr. Glenn Saldanha is the Chairman and Managing Director of Glenmark Pharmaceuticals, a USD 1.6 Bn company with growing presence across more than 80 countries. A visionary leader, he has been instrumental in transforming Glenmark into a diversified, innovation-led pharmaceutical company recognized on the global stage.

Under his leadership, Glenmark has built strong capabilities in R&D, biologics, and specialty therapies, becoming one of the few Indian pharma companies with novel molecules in global clinical development. Through the company’s biotech arm, Ichnos Glenmark Innovation (IGI), he has enabled breakthrough research in oncology and immunology to reach patients worldwide, shaping India’s position on the global pharmaceutical innovation map.

Mr. Anurag Mantri

Executive Director & Global Chief Financial Officer

(With effect from 27th May, 2025)

Mrs. Cherylann Pinto

Executive Director –Corporate Services

Mr. Mantri leads the global finance, corporate affairs and governance function at Glenmark Pharmaceuticals. With over three decades of multifaceted experience across leading Indian and global organizations, he brings deep expertise in strategic leadership, enterprise transformation, and financial excellence. Anurag’s career spans both multinationals and high-growth Indian enterprises, having held senior leadership roles at Schneider Electric, Cairn plc, HCL Tech, SRF, and L&T. Prior to joining Glenmark, he served on the Board of Jindal Stainless as Executive Director & Group CFO, where he led one of India’s most recognized corporate transformations. A recipient of the Forbes India New Age CFO recognition, he is also a respected voice at leading forums on business transformation, automation & digitization, ESG, and corporate governance.

Mrs. Pinto has been Director of Corporate Services at Glenmark since October 1999 and is an Executive Member of the Board. With over three decades of experience in the pharmaceutical field, she currently heads the Company’s corporate services which comprises Human Resources (HR), Administration, Insurance, Information Technology (IT), Corporate

Mr. Dipankar Bhattacharjee

Non-Executive Independent Director

Communications, and Corporate Social Responsibility (CSR) functions. Prior to Glenmark, she was an entrepreneur, establishing a pharmaceutical Company where she served as Managing Director for ten years.

Ms. Ramasastry is a Non-Executive Independent Director at Glenmark Pharmaceuticals Limited. She has close to three decades of experience in the Life Sciences industry, successfully building companies as an advisor, board member and operational executive. Ms. Ramasastry is the Founder and Managing Partner of Life Sciences Advisory, LLC.

Mr. Bhattacharjee is a Non-Executive Independent Director at Glenmark Pharmaceuticals Limited. He has over three decades of global experience leading healthcare businesses across North America, Europe,

Ms. Saira Ramasastry

Non-Executive Independent Director

APAC and MEA. Mr. Bhattacharjee was President & CEO – Global Generics Medicines at Teva Pharmaceutical Industries, and prior to that, he held senior leadership roles at Bausch & Lomb, Bank of America, and Nestlé. He currently advises investors on mergers and acquisitions in the European pharmaceutical space.

Integrated Annual Report FY 2025

Board of Directors

Mr. Pradeep Kumar Sinha

Non-Executive Independent Director

Mrs. B. E. Saldanha

Non-Executive Director

Mr. Sinha is a Non-Executive Independent Director at Glenmark Pharmaceuticals Limited. He joined the

Indian Administrative Service in 1977. In the formative years, he served in the State of Uttar Pradesh, thereafter he served mostly in the Government of India and rose to the highest position of Cabinet Secretary, the head of civil services. He served as

the Cabinet Secretary for more than 4 years before moving to the Prime Minister’s Office. He retired from there in March 2021 after 44 years of continuous service to the nation. In the Government of India, he worked mostly in the Power and Oil & Gas (Petroleum) Ministries for about 15 years. Notable positions held in Government of India include: Financial Advisor

and Special Secretary, Petroleum and Natural Gas; Secretary, Ports and Shipping; and Secretary, Power. He has been a Government Nominee Director in numerous major Public Sector Undertakings and is therefore well versed with the principles of healthy corporate governance. These include ONGC, IOCL, HPCL, BPCL, GAIL, etc. In particular, he was on the Board of Indian Oil Corporation (IOCL) for about 7 years at a stretch and similarly on the Boards of BPCL and HPCL for about 6 years each.

Mrs. Saldanha is a Non-Executive Director and a member of the promoter group of Glenmark Pharmaceuticals Limited. Prior to this, she was the Director for Exports and managed Glenmark’s international operations

Financial Statements Statutory Reports Corporate Overview

from 1982 to 2005. During her 23-year tenure with the organization, she was responsible for developing and growing the Company’s export business.

Mr. V. S. Mani

Executive Director & Global Chief Financial Officer

(Till end of 26th May, 2025)

Mr. Mani led the organization’s worldwide Finance Operations, as well as Legal and Secretarial functions. He had over thirty years of rich industry experience across treasury, taxation, accounting, financial planning and analysis, secretarial, legal, risk management,

and investor relations. Mr. Mani also played a key role in mergers, acquisitions and spinouts of various companies in emerging and mature markets. Prior to

joining Glenmark in 2017, he was the President-Finance at the Bhartiya Group. He has also held the position of Chief Financial Officer at Cipla.

Mrs. Vijayalakshmi Iyer

Non-Executive Independent Director

Mrs. Iyer is a Non-Executive Independent Director at Glenmark Pharmaceuticals Limited. She has nearly four decades of experience in the banking and finance sector in India. She retired as the Chairman and Managing Director of Bank of India in May 2015 where she played an instrumental role in structuring it as an

umbrella institution offering a diverse range of banking and financial services. She also served as a member (finance and investment) at IRDAI from 2015 to 2017 where she played a significant role in the introduction and amendment of various regulations related to,

inter alia, finance and accounts, corporate governance, mergers and acquisition, registration of new insurance companies and exposure of management.

Mr. Rajesh V. Desai

Non-Executive Independent Director

(Till end of 25th June, 2025)

Mr. Desai was a Non-Executive Independent Director at Glenmark Pharmaceuticals Limited. He had 38 years of rich experience and was the Executive Director and

Chief Financial Officer of Glenmark until 2016. Mr. Desai led the Finance, Legal and IT functions at Glenmark, and contributed significantly to its growth story.

Our Offerings

Our Offerings

Targeted Therapies, Measurable Impact

Dosage Forms

Complex Injectables and Biologics

Oral Solids

Liquids

Topical Products

Respiratory – Metered Dose Inhaler, Dry Powder Inhaler and Nasal Sprays

24

Integrated Annual Report FY 2025

Our Offerings

Key Market Highlights

India

Ranked1 2nd

in Dermatology

Ranked1 3rd

in Respiratory

Ranked2 5th

in Cardiac Health Care

10 Brands3

have crossed

INR 1,000 Mn

10 Brands3

in IPM Top 300

12 Products

launched

Financial Statements Statutory Reports Corporate Overview

North America

Ranked4 1st

in 28% of the portfolio

Ranked 3rd

in 18% of the portfolio

Ranked 2nd

in 27% of the portfolio

Top 3 rank4

in more than 74% products

Europe

Direct presence in

5 of 6 markets

30% share5

of revenue from branded products

Fastest

growing region for Glenmark

Emerging Markets

2nd largest

Indian company in Russia6

Leading Respiratory company in South Africa

Amongst the Top 10 companies in the Respiratory Covered Markets of Brazil, Mexico7

2nd largest company overall7and

1st in Covered Markets in Kenya7

Leadership position in Dermatology; 1st rank7 in Covered Markets in the APAC region

1As per IQVIA May FY 2025 data

2As per IQVIA month March 25

3As per monthly IQVIA data from April 2023 to May 2025

4Ranking based on Market Share using Extended Units for Preciseness; IQVIA National Sales Perspective – March 2025

5Internal Estimates

6As of FY 2025 consolidated revenue

7As per IQVIA MAT March 2025

Dermatology Glenmark Pharmaceuticals Limited

Dermatology

Global Therapy Leadership, Powered by Innovation and Trust

Dermatology is one of our most established and strategically critical therapeutic areas. With over four decades of therapy leadership and innovation, we have built a high-performing global franchise that spans

more than 120 brands addressing 15+ skin conditions, from fungal infections and eczema to acne, vitiligo, psoriasis, and

hair care.

As a core pillar of Glenmark 3.0, dermatology continues to drive growth, deepen trust with patients and practitioners, and expand access to advanced, differentiated treatments across the globe.

26

Integrated Annual Report FY 2025

Dermatology

Market Updates and New Product Launches

Ranked 2nd in India and 9th in Russia for

our branded dermatology products

No.1 Player in the Dermatology market in Malaysia, the Philippines and Sri Lanka

Secured UK MHRA approval in Q4 FY 2025 for the launch of Winlevi® (a topical acne treatment) in the UK

Financial Statements Statutory Reports Corporate Overview

India

Jabryus®

Sustaining Leadership, Driving Innovation In FY 2025, our dermatology business in India

outpaced the market, growing 2x faster, driven by strong momentum across flagship brands including Candid-B®, Candid® Powder, Canditral SB®, Syntran SB®,

Lulican®, Momate™, Episoft®, Deriva®, Tacroz® and more.

Jabryus® (abrocitinib) scaled significantly as India’s first oral systemic treatment for moderate-to-severe atopic dermatitis

Scalpe+ led the anti-fungal shampoo market with 3.3x category growth

Candid Powder® reached a record 56.3% market share, while Candid-B® hit a four-year high

at 26.9%

Candid Powder®

Key Highlights

Tacroz® and Momate™ continued to lead their categories, growing faster than the market

Segment Highlights

Clinical Dermatology

• Momate™, used for treatment of inflammatory and itchy skin diseases, delivered growth nearly

1.3 times faster than the market, strengthening its leadership position.

MomateTM

Anti-Fungal

• Candid Powder® has registered its highest-ever market share at 56.28%.

• Candid-B® our anti-fungal cream, reached a significant market share of 26.9%, the highest in the past four years.

• Scalpe+ strengthened its leadership in the anti-fungal shampoo market, increasing its share from 12.62% to 15.82% and growing 3.3 times faster than the overall market.

  Immunomodulator

  • Tacroz® achieved a market-leading share of 51.45% and grew 2 times faster than the market.

Tacroz® Candid-B®

27