Turnaround: net cash, innovation royalties
Glenmark Pharmaceuticals is a research-led, global pharmaceutical company, having a presence across Branded, Generics, and OTC segments; with a focus on therapeutic areas of respiratory, dermatology and oncology. The Company is primarily engaged in the business of development, manufacturing and marketing of pharmaceutical products.
Glenmark Pharmaceuticals Limited, together with its subsidiaries, research, develops, manufactures, and sells generics, specialty medicines, and over the counter (OTC) pharmaceutical products in India, North America, Europe, and internationally. The company provides various products in the therapeutic areas of dermatology, respiratory, oncology, cardiology, diabetes, gynecology, gastroenterology, and anti-infective in the dosage forms of complex injectables and biologics, oral solids, liquids, topical products, and respiratory-metered dose inhaler, dry powder inhaler, and nasal sprays. Its product pipeline includes ISB 2001, a CD38 x BCMA x CD3 trispecific T cell engager, which is in Phase 1 clinical trial for indication of multiple myeloma; ISB 2301, a Multispecific Immune Cell Activator that is in preclinical trial for solid tumors; ISB 2302, a bispecific immune modulator with an indication for hematologic and solid tumors; and ISB 2501, a trispecific T-cell engager indicated for solid tumors. The company's pipeline also comprises ISB 880, an IL-1RAP antagonist monoclonal antibody, which is in Phase 2 clinical trial for the treatment of hidradenitis suppurativa; and telazorlimab and ISB 830-X8, a OX40 antagonist mAb for the treatment of atopic dermatitis. In addition, the company offers Ryaltris, fixed-dose nasal spray for the treatment of allergic rhinitis. The company was incorporated in 1977 and is based in Mumbai, India.
Key people: Mr. Glenn Mario Saldanha (Chairman, MD & CEO) · Mr. Anurag Mantri (Global CFO & Executive Director) · Ms. Cherylann Maria Pinto B.Pharm (Executive Director of Corporate Services & Executive Director) · Mr. Alind Sharma (President & Chief Human Resources Officer) · Mr. Ulhas R. Dhuppad (President & Head of Global Pharmaceutical Development) · Mr. Indrajit Bose (President & Chief Quality Officer)
Glenmark Pharma. major competitors are Alkem Laboratories, Abbott India, Ipca Laboratories, Gland Pharma, Glaxosmithkline Phar, Ajanta Pharma, Lupin. Market Cap of Glenmark Pharma. is ₹69,616 Crs. While the median market cap of its peers are ₹51,309 Crs.
Glenmark Pharma. seems to be less financially stable compared to its competitors.Altman Z score of Glenmark Pharma. is 7.82 and is ranked 7 out of its 8 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Mumbai-based branded-generics and specialty pharma company with FY26 revenue of Rs 16,983 cr. Q1FY27 revenue split: India formulations Rs 1,432 cr (36%), North America Rs 1,097 cr (27%), Europe Rs 747 cr (19%), Emerging Markets Rs 730 cr (18%). Owns global respiratory brand Ryaltris (commercialised in 57 markets, secondary sales +40% YoY) and EU rights to dermatology brand Winlevi; innovation arm Ichnos Glenmark Innovation (IGI) out-licensed the trispecific myeloma antibody ISB 2001 to AbbVie in July 2025 ($700 mn upfront, up to $1.225 bn milestones plus double-digit royalties). Balance sheet moved from Rs 2,473 cr borrowings (Mar-25) to gross-debt-zero with Rs 800-900 cr cash after the AbbVie upfront.
TTM PE of 22.2x is flattered by the FY26 ISB 2001 licensing income; on MOSL FY27E EPS the stock is ~32x vs the 20-25x brokers use as target multiples. 5-year average PE not sourced (unverified). EV/EBITDA 15.0x; dividend yield 0.2%.
| Lupin | Lupin is cheaper (16.2x TTM PE, ROE 28.7%) but its FY26 earnings are inflated by US exclusivity products (gMirabegron/gTolvaptan) that roll off; Glenmark offers cleaner 18%+ base growth plus un-modelled ISB 2001 milestones. |
| Cipla | Cipla trades at 31.3x TTM with TTM sales +2% and profit -34% (gRevlimid loss, US pricing); Glenmark grows 23% with a net-cash balance sheet and no single-product cliff. |
| Zydus Lifesciences | Zydus (23.7x, ROE 21.2%) has similar quality but a heavier US-generics/gRevlimid dependence; Glenmark's mix is 73% ex-US branded/specialty (India, EU, EM) with Ryaltris/Winlevi giving brand-like durability. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Healthcare — 6.9%: every headwind of 2016–17 has reversed
Indian pharma's great de-rating had four causes: US pharmacy-benefit managers merged and seized pricing power over generics; the patent cliff migrated from simple to complex molecules faster than Indian companies adapted; GDUFA fees and unannounced FDA inspections produced a wave of 483s and import alerts; and non-Indian generic players took ANDA share. We wrote publicly in 2023 that the winds were changing, and every one of those forces has now inverted. Indian companies have become genuinely good at complex chemistry, peptides and biosimilars, against a patent cliff in complex molecules worth roughly $350 bn ($142 bn of annual innovator sales lose exclusivity by 2030, more than 60% biologics). The FDA has lost about 20% of its staff. The PBM combinations are tied up in litigation. And the GLP-1 wave is real: the semaglutide patent expired in India in March 2026 and Glenmark, Dr Reddy's, Sun and Zydus launched at 50–70% discounts on day one. We like the space across the board — formulations, CDMO/CRO platforms and the GLP-1 supply chain — but we remain valuation-disciplined. Hospitals are excellent businesses that we respect and do not own at 60–80x. The sector thesis is expressed through different archetypes: a Turnaround (Glenmark), two Value names (Aurobindo, Granules), a Cyclical (Dr Reddy's at the lenalidomide trough) and a Core retailer (MedPlus). The domestic market itself is growing 10–12% in value with chronic therapies leading.
Sun Pharma is the quality leader but at 35x+ already prices its specialty franchise and is the most exposed to the lenalidomide cliff; Cipla faces a Goa-plant remediation and a respiratory pipeline dependency; Lupin has re-rated to Sun-like multiples on a handful of US launches; Zydus is the closest competitor to our GLP-1 thesis but priced for it. We own no hospital (Apollo, Max, Fortis at 60–80x EBITDA-normalised P/E) and no CDMO at 70x+ (Divi's, Syngene) — the sector can be attractive while individual valuations still matter. Apollo Pharmacy is buried inside a hospital valuation; MedPlus is the pure play.
| Anti - Diabetes - Market Share | 1.90 % | as of Jul 22 |
| Anti Dandruff Shampoo (Scalpe+) Market Share | 15 % | as of Mar 18 |
| Anti-Infectives - Market Share | 2.38 % | as of Jul 22 |
| Antineo Plastic - Market Share | 0.35 % | as of Nov 21 |
| Cardiovascular - Market Share | 4.12 % | as of Jul 22 |
| Dermatology - Market Share | 8.40 % | as of Jun 26 |
| Endocrinology - Market Share | 0.01 % | as of Feb 21 |
| Gastro-Intestinal - Market Share | 0.09 % | as of Jul 22 |