Glenmark Pharma Q4 Results Review: ICICI Securities Maintains 'Reduce' But Hikes Target Price — Here's Why

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ICICI Securities Report

Glenmark Pharmaceuticals Ltd.’s Q4 FY25 result was below our expectations. Growth was dragged by muted performance in India (flat YoY) and US businesses (-9.5% YoY), though traction in Europe (up 19.9%) was slightly better.

Glenmark will launch gFlovent in US in Q2 FY26 and a re-inspection of Monroe plant may happen in near term which could help it revive US growth.

India growth may be slower in near term as it has discontinued some products to improve profitability. ISB 2001 is likely to be out-licensed in FY26 and should rope in $200-250 million which it will deploy for IGI’s R&D for next three-four years.

FY26 guidance is set at 10-12% revenue growth and Ebitda margin at 19-20% led by Ryaltis ($100 million sales), new launches in US (gFlovent) and downsizing research and development (6-7% of sales).

We cut FY27E EPS by ~1% to factor in slower growth in India. Maintain Reduce with higher target price of Rs 1,300, based on 18 times FY27E EPS.

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