Glenmark Pharmaceuticals posts strong Q3 FY2025 earnings as global expansion gains momentum

Glenmark Pharmaceuticals Limited has reported a strong financial performance for the third quarter of fiscal year 2025, driven by significant growth in its India business and steady contributions from other key markets, including Europe and the Rest of the World (RoW) segment. The company posted a consolidated revenue of ₹33,876 million, marking a 35.1% year-on-year (YoY) increase compared to ₹25,067 million in the same quarter of the previous year. This growth reflects the company’s ability to expand its market presence, improve its product mix, and sustain momentum in its core therapeutic areas.

Glenmark’s earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹6,002 million for the quarter, representing an EBITDA margin of 17.7%. Net profit, or Profit After Tax (PAT), was recorded at ₹3,480 million, with a PAT margin of 10.3%. These figures underscore the company’s strong financial discipline and strategic focus on high-growth segments, despite challenges in some international markets.

Commenting on the results, Chairman and Managing Director Glenn Saldanha attributed the company’s success to a combination of factors, including the continued expansion of Glenmark’s branded business, the strong performance of its dermatology and respiratory segments, and key regulatory approvals that have strengthened its competitive positioning. He also highlighted the significant regulatory milestone achieved with the UK Medicines and Healthcare Products Regulatory Agency (MHRA) approval for WINLEVI, a breakthrough dermatology product, reinforcing Glenmark’s expansion efforts in the European market.

What Drove Glenmark’s Regional Growth in Q3 FY2025?

A major highlight of Glenmark’s performance this quarter was its exceptional growth in the Indian market. The company’s India business recorded a 300.2% YoY increase, with sales reaching ₹10,637 million, a significant leap from ₹2,658 million in the same quarter last year. This remarkable growth was driven by strong demand across its key therapeutic segments, particularly dermatology, cardiology, and respiratory. According to IQVIA data, Glenmark continued to outperform the Indian pharmaceutical market, with a 9.6% growth rate in Q3 FY2025 compared to the industry average of 7.2%.

The European market also contributed significantly to Glenmark’s overall growth, with revenue rising 14.8% YoY to ₹7,297 million. The company’s respiratory portfolio, including RYALTRIS, saw strong uptake in key markets such as Italy, Poland, and the Czech Republic. RYALTRIS continues to gain traction in the region, supported by Glenmark’s partnerships with Menarini and other distribution networks.

In the RoW segment, covering Latin America, Russia-CIS, the Middle East, and Asia-Pacific, Glenmark recorded revenue of ₹7,491 million, representing a modest 3% YoY growth. This segment faced headwinds due to currency fluctuations in certain key markets, which impacted overall revenue growth. Nevertheless, Glenmark remains optimistic about its expansion strategy, particularly in Latin America and the Middle East, where new product launches and regulatory approvals are expected to boost sales in the coming quarters.

North America remained a relatively weak spot for Glenmark, registering a modest 1.4% YoY revenue increase to ₹7,813 million. The company cited competitive pressures and the absence of significant new product launches as key factors affecting its performance in the region. However, Glenmark expects a turnaround in FY2026, with a pipeline of new respiratory and injectable products set to hit the market, which could drive stronger growth in the coming years.

What Are Glenmark’s Key Strategic Developments?

Glenmark made notable advancements in its product portfolio and regulatory approvals during the quarter. A major milestone was the UK MHRA approval for WINLEVI, a dermatology product targeting acne treatment. This regulatory green light positions Glenmark for expansion in the UK and other European markets, with plans for a full-scale launch in FY2026.

RYALTRIS, Glenmark’s flagship respiratory therapy, continued to strengthen its global footprint. As of December 2024, the product had been commercialized in 43 countries, with regulatory submissions in over 90 markets. RYALTRIS has already secured significant market share in key regions, including Australia, South Africa, and select European countries, where it continues to gain prescription momentum.

In oncology, Glenmark’s innovation division, IGI, reported promising Phase 1 clinical trial results for ISB 2001, a trispecific T cell engager targeting multiple myeloma. The trial, presented at the 66th American Society of Hematology (ASH) Annual Meeting, demonstrated an 83% overall response rate, reinforcing the potential of Glenmark’s TREAT™ platform in oncology. The company plans to advance this asset through further clinical trials while exploring strategic partnerships for accelerated development.

Additionally, Glenmark continued its expansion in immuno-oncology with the development of Envafolimab, a subcutaneous PD-L1 inhibitor approved in China for advanced solid tumors. Glenmark has secured licensing rights for India, Asia-Pacific, the Middle East, and Latin America, with regulatory filings expected in multiple markets in FY2025. The first commercial launch is anticipated in FY2026, expanding Glenmark’s footprint in the oncology segment.

What Lies Ahead for Glenmark?

Looking forward, Glenmark is well-positioned to build on its recent growth momentum, with a strong pipeline of upcoming product launches and global expansion plans. The company is particularly focused on strengthening its presence in North America, where it anticipates a revival in business from FY2026 onwards, supported by a new wave of respiratory and injectable products.

In dermatology, Glenmark aims to capitalize on the growing demand for WINLEVI in the UK and other European markets. The company expects further regulatory approvals in its licensed territories, reinforcing its commitment to dermatological innovation.

In oncology, Glenmark will continue advancing ISB 2001 and other pipeline assets, with a focus on securing strategic collaborations to fast-track development and commercialization. The company’s long-term goal is to establish itself as a leading player in the global oncology market, leveraging its proprietary trispecific antibody technology.

Beyond product development, Glenmark remains committed to operational efficiency and cost optimization. The company is actively investing in manufacturing capabilities and supply chain improvements to support its expansion efforts. Sustainability also remains a key focus, with Glenmark pursuing ambitious greenhouse gas emission reduction targets as part of its long-term corporate responsibility strategy.

Glenmark Pharmaceuticals’ Q3 FY2025 results underscore its strong market positioning and growth potential. With significant revenue gains driven by its India business and continued expansion in Europe, the company is poised for further growth in key therapeutic areas. While North America remains a challenge, upcoming product launches in respiratory and injectables could drive a turnaround in the coming fiscal year.

The company’s focus on dermatology, oncology, and respiratory care, coupled with its strategic expansion efforts and regulatory achievements, positions Glenmark as a formidable player in the global pharmaceutical market. As it continues to innovate and expand, Glenmark is set to further strengthen its leadership in key therapeutic segments, ensuring sustainable growth in the years ahead.