However, challenges persist, particularly in North America, where revenue growth was modest at 1.4% due to price erosion, intense competition, and delays in complex injectable launches pending FDA approval for its Monroe plant. The company also faced a setback with a 6% share price drop after a USFDA recall of 39 drugs in April 2025. To enhance efficiency, Glenmark retrenched over 100 personnel from its consumer care division and is navigating a $7 million settlement for anti-trust lawsuits in the U.S.
Strategically, Glenmark is pivoting toward innovation, with its research arm, Ichnos Glenmark Innovation (IGI), nearing self-funding through potential out-licensing of its cancer asset ISB-2001. The company’s commitment to sustainability, evidenced by Science Based Targets initiative (SBTi) approval for GHG emission reductions, enhances its long-term appeal. With a 49% stock price rise over the past year (outperforming Nifty Pharma) and a P/E ratio of 16.33, Glenmark appears undervalued but faces risks from U.S. market volatility and regulatory hurdles. Its focus on high-growth segments like respiratory and injectables, alongside cost optimization, positions it for sustained growth, provided it navigates regulatory and competitive challenges effectively.
Latest News on Glenmark Pharma
Glenmark Pharmaceuticals sets sights on FY28 for debut of oncology drugs and expansion of profit margins, reports ETPharma.
Glenmark Pharmaceuticals, a leading Indian pharmaceutical company, has expressed confidence that its cancer drug, Trastuzumab Rezetecan (SHR-A1811), will enter licensed markets by FY28, driving an improvement in both gross and EBITDA margins. The company has guided for an EBITDA margin of 23% for the ongoing fiscal year and expects its higher-margin oncology assets to lift profitability. Trastuzumab Rezetecan, a HER2-targeted ADC, was in-licensed from China’s Hengrui Pharma in September 2025 for an upfront payment of $18 million and milestone payments of up to $1.093 billion.
Glenmark’s Chairman and MD, Glenn Saldanha, stated that the company’s oncology assets, including Trastuzumab Rezetecan and aumolertinib, will bring meaningful gains from FY28, driving long-term growth for the company. The company has also obtained exclusive rights for select markets, including India, and is exploring the treatment of HER2-positive cancers, such as non-small cell lung cancer (NSCLC) and breast cancer.
In addition to oncology, Glenmark’s leading respiratory asset, Ryaltris, is on track to become a $100 million brand on a moving annual basis. The company is also progressing well with its $1.9 billion out-licensing deal with AbbVie for the cancer asset ISB 2001, with Phase II trials expected to begin by the end of the current calendar year.
Glenmark has a net cash position of around Rs 600 crore and has reiterated its target to reduce gross debt to zero by March 2026. The company’s innovation spin-off, IGI, has an annual cash burn of $70 million. Commenting on the Union Budget 2026-27 announcement of Biopharma SHAKTI, a scheme to boost capacity creation for biologics and biosimilars, Saldanha said it is a positive development for the industry, although Glenmark does not currently have in-house manufacturing for biologics.
Overall, Glenmark is poised for growth driven by its oncology assets, and the company is confident that its strategic decisions will yield meaningful gains from FY28. With a strong focus on innovation and a robust pipeline of products, Glenmark is well-positioned to drive long-term growth and expansion in the pharmaceutical industry. The company’s commitment to reducing debt and increasing profitability is also expected to yield positive results, making it an attractive player in the Indian pharmaceutical sector.
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