Glenmark Q2 results: revenue down 29.8% on a high base, like-for-like growth about 20%
Glenmark Q2 results: consolidated revenue fell 29.8% on a high base but grew about 20% like for like; EBITDA margin was 20.3% in Q2 FY27.
Glenmark Q2 results: Glenmark Pharmaceuticals reported consolidated revenue from operations of Rs 4,247.3 crore for the July-September quarter (Q2 FY27), down 29.8% from Rs 6,046.9 crore a year earlier. The company says revenue grew about 20% on a like-for-like basis, because the year-ago quarter had an unusually large North America figure. Reported consolidated profit after tax (PAT) fell 56.8% to Rs 263.8 crore.
The company reports in Rs million; we have converted the figures to Rs crore (10 million = 1 crore).
Glenmark Q2 results: key numbers
| Measure (Rs crore, consolidated) | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 4,247.3 | 6,046.9 | -29.8% |
| EBITDA | 863.8 | not given | - |
| Profit before exceptional items and tax | 622.2 | 2,352.5 | -73.6% |
| Exceptional items (loss) | 283.9 | 1,385.1 | - |
| Reported PAT | 263.8 | 610.4 | -56.8% |
| Adjusted PAT | 485.2 | not given | - |
EBITDA (earnings before interest, tax, depreciation and amortisation) margin was 20.3%. Adjusted PAT, which leaves out exceptional items, came to a margin of 11.4%.
Why Glenmark’s revenue and profit fell
The drop is mostly about the comparison base. North America revenue was Rs 1,208.9 crore, against Rs 4,465.6 crore in Q2 FY26. The current quarter includes deferred out-licensing income for ISB 2001, a cancer drug candidate. Leaving that out, Glenmark says its core North America business grew about 31%.
Other regions grew. Europe rose 6.2% to Rs 792 crore and emerging markets rose 33.2% to Rs 876.9 crore. India formulations brought in Rs 1,327.4 crore; the year-ago figure was only Rs 165.1 crore, and the company puts like-for-like India growth at about 14%.
One-time items
The quarter carried an exceptional charge of Rs 283.9 crore. It covers a settlement of about $15 million between Glenmark’s US subsidiary and Humana in a US generic-drug antitrust case, plus legal, one-time regulatory and other costs. Glenmark denies the allegations. A year earlier, exceptional charges were much larger at Rs 1,385.1 crore.
What to watch next
Chairman and MD Glenn Saldanha said Glenmark remains on track for its FY27 guidance, with more US launches. The company expects the first launch from its partnered cancer pipeline by the end of FY27. Its unit IGI plans to file an IND (US trial application) for ISB 2301 by the end of this year.
In our view, the like-for-like numbers are the better guide to the underlying trend this year, as the year-ago base was distorted. See more results news for other Q2 FY27 earnings.
Frequently asked questions
Why does Glenmark report an adjusted profit and a reported profit?
Reported profit counts every item, including one-off charges. Adjusted profit removes the exceptional items, here mainly a US legal settlement and related costs, to show the underlying business.
This article is a summary for information only and is not investment advice. Figures are as reported by the sources above; please verify with the original filing or report before making any decision.
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