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Glenmark Pharma: Target Raised Despite Q4 Dip
3 Feb
Summary
- Glenmark's revenue grew 15.1% year-on-year but fell quarterly.
- EBITDA margin expanded year-on-year but contracted quarter-on-quarter.
- Analysts maintain a positive outlook for Glenmark Pharmaceuticals.
Glenmark Pharmaceuticals announced a 15.1% year-on-year revenue growth, reaching ₹3,900.60 crore, though this represented a 35.5% decrease from the previous quarter. EBITDA saw a 44.9% y-o-y increase to ₹869.70 crore, with a 458 basis points y-o-y margin expansion to 22.3%. However, quarter-on-quarter figures showed a 63.1% decline in EBITDA and a 1,672 bps contraction in margin.
Despite these quarterly variances, a positive outlook is maintained due to Glenmark's robust product pipeline and sustained launch momentum in markets like India and North America. Significant EBITDA margin expansion to around 23% is projected for FY26E, primarily due to reduced R&D expenses following the AbbVie deal. Further margin improvements are expected from FY28E onward as new launches from the Monroe facility start contributing to operating leverage.
