Glenmark Pharma (GNP) delivered marginally lower-than-expected earnings in 4QFY21, led by subdued growth in the Domestic Formulation (DF) segment, flat RoW sales, and decline in the LatAm business. However, the outlook in the DF segment remains promising, aided by COVID-19 drugs. The Europe business is expected to deliver healthy growth on the back of niche launches and recovery in the base business, with the easing of lockdown restrictions. GNP intends to reduce net debt through free cash flow from its core operations as well as fund raising via the Glenmark Life Sciences IPO....