No Meaningful Upside in Sight; Maintain HOLD Glenmark Pharmaceuticals (GNP) has delivered disappointing performance on all metrics in 1QFY20 due to weak growth across all geographies barring India. Its revenue/EBITDA missed our estimate by 6%/10%, respectively while EBITDA margin came in line with our estimate. Revenue declined by 9% QoQ to Rs23.2bn. US business fell by 4% QoQ to US$105mn, while India Business grew by 13% (both on YoY and QoQ basis) to Rs7.5bn. It recorded 12% growth vs. IPM growth of ~10% (IQVIA MAT Jun'19), while consumer business grew by 27% YoY to Rs556mn. GNP's Baddi formulation facility classified as (inspection 15-20th Apr'19) Official Action Indicated...