Glenmark Pharmaceuticals : Q3FY 2025-26

About this update from Glenmark Pharmaceuticals Limited

"Glenmark Pharmaceuticals Limited Q3 FY '26 Earnings Conference Call" February 02, 2026 Management: Mr. Glenn Saldanha - Chairman and Managing Director - Glenmark Pharmaceuticals Limited Mr. Anurag Mantri - Executive Director and Global Chief Financial Officer - Glenmark Pharmaceuticals Limited Mr. Utkarsh Gandhi - Senior General Manager, Investor Relations - Glenmark Pharmaceuticals Limited Moderator: Good morning, ladies and gentlemen. Welcome to the Q3 FY '26 Earnings Conference Call of Glenmark Pharmaceuticals Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Utkarsh Gandhi, Senior General Manager, Investor Relations for Glenmark Pharmaceuticals Limited. Thank you, and over to you, sir. Utkarsh Gandhi: Thank you, Lizanne. Good morning, everyone, and welcome to the Q3 FY '26 Earnings Conference Call of Glenmark Pharmaceuticals Limited. Before we start the Q&A, let's review the performance for the quarter. For the third quarter of FY '26, Glenmark's consolidated revenue from operations was at INR39,006 million as against INR33,876 million in the corresponding quarter last year, recording overall Y-o-Y growth of 15.1%. For the 9 months of FY '26, Glenmark's consolidated revenue was at INR132,119 million as against INR100,655 million, recording a Y-o-Y growth of 31.3%. In terms of our regional performance, starting with India. Sales for the formulation business in India for the third quarter of FY '26 was INR12,986 million as against INR10,637 million in the corresponding quarter last year, recording a Y-o-Y growth of 22.1%. In terms of secondary sales, Glenmark continues to significantly outperform the IPM in terms of Y-o-Y growth. As per IQVIA, Glenmark's India formulation business recorded a growth of 15.8% in the third quarter and 13% as per MAT December 2025 compared to the overall market growth of 10.9% in the third quarter and 8.3% as per MAT December. Glenmark continues to outperform the overall market in its key therapeutic areas like dermatology, respiratory and cardiac. Glenmark's India business is ranked 13th with a market share of 2.32%. The company has 11 brands in the IPM, top 300 brands as per MAT December data. And in terms of its key therapeutic areas, Glenmark is ranked second in terms of dermatology, second in respiratory and fourth in the cardiac segment as per IQVIA third quarter data. In terms of new product launches. So in Q3, Glenmark announced the launch of Nebzmart GFB Smartules and Glenmark Airz FB Smartules, the world's first nebulized fixed-dose triple therapy for the treatment of chronic obstructive pulmonary disease or COPD. Both products combined 3 proven medicines, Glycopyrronium, formoterol and budesonide to reduce airway obstruction inflammation and improve lung function. In a clinical study conducted in India, this triple -- nebulized triple therapy demonstrated rapid improvement in lung function and better control of breathlessness among patients. The treatment was well tolerated and demonstrated a good safety profile, offering patients a simpler and more effective way to manage COPD. In terms of some of our other key products, particularly on the innovation/specialty front, TEVIMBRA, BRUKINSA, which we partnered with BeOne and launched in the first quarter. In a short period of time, these 2 brands have seen a very strong uptake in the market as a differentiated treatment option for patients across multiple solid tumors as well as hematological tumors. The company expects these 2 brands to meaningfully contribute to the India business growth over the next 2 to 3 years. Lirafit, the company was the first to launch the biosimilar of Lirafit. It continues to hold a clear market leadership position in the liraglutide market and gives a good segue for the company to launch other GLP-1 agonist also. And JABRYUS, which Glenmark partnered with Pfizer and launched in January 2024, this continues to be well received by dermatologists as a novel treatment for moderate to severe atopic dermatitis with improved efficacy as well as oral convenience to patients. In terms of the Consumer Care business in India, the GCC business delivered sales growth of 21.5% Y-o-Y. The flagship brand, Candid Powder, delivered a strong revenue growth of around 17% in the third quarter and has -- now holds more than 56% market share as per the IQVIA data. Scalp portfolio also delivered strong revenue growth of 50-plus percent in the third quarter, and some of the other brands like Bontress, Aloevera, Episoft also delivered high double-digit growth during the third quarter. Moving on to North America. The North America business recorded revenues of INR9,706 million for the third quarter of FY '26 as against revenue of INR7,813 million for the third quarter. This includes the out-licensing income for ISB 2001. Net of that, the core business Y-o-Y growth for the North America region was 4.1% in the third quarter. Glenmark launched 4 products in Q3, all injectable products, which included sodium bicarbonate injection, ropivacaine injection, epinephrine injection and Leucovorin calcium injection. Two ANDAs were filed during the quarter. Glenmark plans to file 3 ANDAs in the upcoming quarter. In terms of our respiratory portfolio for the U.S., Glenmark has filed 2 ANDAs for generic nasal spray and the rating approval for the same. The company has already filed the ANDA for generic Flovent 44mcg in May 2024. And in Q3, we also filed the ANDA for generic Flovent 110. And the company is also working on other respiratory products, which are in the pipeline and will be filed over the upcoming quarters. Glenmark's marketing portfolio consists of 214 generic products and currently has 53 applications pending at various stages of the approval process. In November 2025, Glenmark announced that it had received the EIR from the U.S. FDA for its foundation manufacturing facility in Monroe, North Carolina, with a voluntary action indicated, or VAI status. With this positive development, the company will restart manufacturing at the Monroe site. Moving on to Europe. Glenmark's Europe operations for the third quarter of FY '26 were at INR7,963 million as against INR7,297 million, recording growth of 9.1%. There was a recovery in the European business during the third quarter, particularly due to the onset of the winter season, which aided the growth of the respiratory portfolio. As per the secondary sales data, Glenmark continues to outperform its covered market in CEE countries such as Czech Republic, Poland and Slovakia. There were 5 new product launches in that region, which also aided the growth. In the generic markets of Western Europe, Glenmark's performance remained stable with strong achievement in Germany and the Netherlands. The branded respiratory portfolio in Western Europe also sustained its momentum. Glenmark continues to focus on increasing contribution from branded markets and portfolio in Europe. Glenmark announced the launch of WINLEVI in the U.K. market earlier this year, and the brand has seen a strong uptick throughout the year in the U.K. In October 2025, Glenmark's partner Cosmo received marketing authorization approval for WINLEVI in the European Union as well and Glenmark is now planning to initiate the commercial launch in its licensed European territories by Q1 FY '27. Moving on to emerging markets. For the third quarter of FY '26, revenue from the emerging markets region was INR8,119 million as against INR7,491 million for the corresponding quarter last year, recording a growth of 8.4%. Our Russia business continues to perform well. As per the IQVIA secondary sales data, our Glenmark's Russia business reported growth of 15.1% in Q3 and MAT December. In its core therapeutic areas of dermatology, Glenmark recorded faster secondary sales growth than the overall market, and Glenmark continues to rank ninth in dermatology and second in the expectorant market. RYALTRIS as one of the key brands in Russia continues to gain share. The Latin America region delivered high double-digit growth in the third quarter. Key markets, which are Brazil, Mexico witnessed a strong recovery on the back of multiple differentiated product launches in the respiratory segment. RYALTRIS, again, is a key brand here, particularly in Mexico, and is awaiting approval in Brazil and is expected to help sustain the high growth in the region. In the Middle East/Africa region, our secondary sales growth remains subdued in key markets, mainly on account of some new product launch delays. RYALTRIS, however, continues to see strong pickup post its launch in key markets in the region such as Saudi Arabia and in the leading energy product in South Africa. The region is expected to show gradual recovery towards growth starting in the fourth quarter. Key markets in the APAC region, such as Malaysia, Australia, recorded double-digit secondary sales growth during the third quarter. The overall region is expected to maintain strong performance in the forthcoming quarters. Glenmark continues to remain one of the leading dermatology and respiratory companies in the APAC region. A quick update on our global innovative portfolio. RYALTRIS -- starting with RYALTRIS. So as of December 2025, marketing applications for RYALTRIS have been submitted in -- to more than 90 countries across the world. The product has been commercialized in 52 markets and is expected to be launched in additional 10 to 12 markets over the next few quarters.In Q3, we launched RYALTRIS in 3 additional markets, including Colombia. As per the IQVIA data, RYALTRIS continues to see a robust performance both in terms of value and unit market share and has recorded global secondary sales growth of 50% plus Y-o-Y. Glenmark's partner companies across Europe and emerging markets continue to witness a steady increase in its market share in all licensed markets. Glenmark and its partner in Mainland China, Grand Pharmaceuticals, secured approval for RYALTRIS in October 2025. The product is expected to be launched by Q1 of FY '27. And Glenmark's partner in Thailand, Organon, is also planning to launch RYALTRIS in Q4 of this year. WINLEVI, as mentioned earlier, company launched WINLEVI in the U.K. market in Q1 and saw a strong uptake throughout the year. Glenmark's partner received marketing approval for WINLEVI in Europe, and Glenmark is planning to initiate commercial launch in a licensed European territories by Q1 of FY '27. And WINLEVI is currently under regulatory review in South Africa as well, where Glenmark has the rights -- commercial rights. QiNHAYO or Envafolimab, Glenmark has filed QiNHAYO marketing applications in 18 markets till date, the first commercial launch is expected in FY '27. Other companies received authorization from regulatory authority in Kenya, Mauritius, and Uganda for supply of QiNHAYO via early access programs or named patient programs. And as announced earlier, Glenmark also initiated a global multicenter Phase III study in resectable Stage III neo-adjuvant or adjuvant non-small cell lung cancer. Trastuzumab Rezetecan, partnered with Hengrui in Q3. Glenmark advanced its preparations for the initiation of marketing applications for Trastuzumab Rezetecan, a next-generation HER2-targeting antibody drug conjugate, which was in-licensed in the second quarter from Jiangsu Hengrui Pharmaceuticals for several emerging markets. The company expects the first wave of MA applications to begin in Q1 of FY '27. Lastly, Aumolertinib partnered with Hansoh in the third quarter of FY '26, Glenmark entered into exclusive license and collaboration and distribution agreement with Hansoh Pharmaceutical Group for Aumolertinib, a third-generation EGFR tyrosine kinase inhibitor for the treatment of non-small cell lung cancer. Glenmark gained rights to develop, register and commercialize Aumolertinib across Middle East, Africa, Southeast Asia. Australia, New Zealand, Russia/CIS and a few selected Caribbean countries. Aumolertinib was approved in the U.K. in June 2025 for the first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer with activated EGFR mutations and the treatment of adult patients of locally advanced metastatic EGFR T790 mutation positive NSCLC. Hansoh has also received positive CHMP opinion in the third quarter with an MA approval expected in the fourth quarter. And Aumolertinib is approved for 4 indications in China and is already marketed in China. Glenmark is preparing to initiate marketing authorization applications for Aumolertinib in the first half of CY2026 and commercial launch anticipated during the second half of FY '27.

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