Glenmark Pharmaceuticals Ltd. share price target

Glenmark Pharmaceuticals (Glenmark)’s Q1FY27 revenue was better our estimates, although EBITDA and profits lagged expectations. Strong growth across India (+15.5% YoY), US (+8.5% YoY) and emerging markets (+27.7% YoY) drove the revenue outperformance.

Glenmark Pharma (GNP) delivered in-line revenue for 1QFY27. However, it delivered a 7% and 10% miss on EBITDA and PAT for the quarter, respectively.

We expect the company to grow its Revenue/EBITDA/PAT at a CAGR of 16.8% / 86.1% / 111.8% for the period of FY26-FY28.

*over or under performance to benchmark index Glenmark Pharmaceuticals Ltd, which has a presence in over 80 countries, focuses on the generics, specialty and over-the-counter (OTC) segments, with a strong presence in diabetes, cardiovascular and oral contraceptives. In Q4FY26, Glenmark's normalized revenue grew 11.1% YoY to Rs. 3,616cr, driven...

Outlook remains positive, supported by multiple growth drivers across its innovation, specialty, and US generics businesses. Continued scaling of Ryaltris, commercialization of new respiratory products in the US, and the restart of injectable operations are expected to support earnings growth over the next few years.

Glenmark Pharma (GNP) delivered lower-than-expected financial performance for the quarter. While revenue was in line with our estimate, EBITDA was a 7% miss.

Glenmark’s Q3FY26 revenue growth was led by India biz, while US growth was muted post adjusted for USD 18mn of milestone income. Gross margin was lower by 259bps YoY due to unfavourable product and geographical mix, though cost curbs drove 131bps expansion in EBITDA margin.

Glenmark Pharma (GNP) posted largely in-line financial performance in 3QFY26. The quarterly performance was driven by a healthy revival in the domestic formulation (DF) business, out-licensing income related to ISB2001, and better performance in emerging markets.

We have rolled forward our valuation to Sept’27 estimates. We value Glenmark Pharma at 25.0x Sept’27 EPS implying a target price of INR 2,300.

Glenmark Pharma (GNP) delivered a miss on 2QFY26 earnings, adjusted for a one-time upfront payment received from Abbvie. The miss was largely driven by a severe impact on the domestic formulation (DF) business following the GST transition.

Glenmark Pharmaceuticals Ltd, which has a presence in over 80 countries, focuses on the generics, specialty and over-the-counter (OTC) segments, with a strong presence in diabetes, cardiovascular and oral contraceptives....

We have revised our FY26E/FY27E EPS estimates by -1.1 %/+13.2%, respectively, as we factor in improvement in EBITDA margins on account of improving mix and launch of high margin products.

Glenmark Pharmaceuticals’ (Glenmark) Q1FY26 performance was below our expectation due to muted show across regions. Rise in other operating income inflated margins and PAT.

Glenmark Pharma (GNP) reported a lower-than-expected performance in 1QFY26, as revenue/EBITDA/PAT came in 9%/14%/15% below our estimates.

Glenmark Pharmaceuticals’ (Glenmark) subsidiary Ichnos Glenmark Innovation (IGI) has out-licensed its oncology asset ISB 2001 to Abbvie in a deal valued at USD 1.925bn, including USD 700mn upfront, USD 1.225bn in milestones and tiered doubledigit royalty on net sales.

AbbVie partnership signals a new era for Glenmark Pharma (GNP) GNP’s subsidiary, Ichnos Glenmark Innovation (IGI), has signed an exclusive licensing agreement with AbbVie for its lead investigational asset, ISB-2001.

Ichnos Glenmark Innovation (IGI), a wholly-owned subsidiary of Glenmark
Pharmaceuticals, has entered into an exclusive global licensing agreement
with AbbVie for the development and commercialization of IGI’s lead
oncology asset, ISB 2001. This first-in-class CD38×BCMA×CD3 trispecific
antibody is currently in Phase 1 clinical trials for relapsed/refractory multiple
myeloma (R/R MM).

Glenmark Pharma (GNP) posted a marginally lower-than-expected operating performance in 4QFY25 (2%/5% miss on revenue/EBITDA). Elevated interest outgo and lower other income led to a 16% miss on earnings.

As the stock is not under our coverage, we do not offer a valuation. However, Glenmark pharmaceuticals is trading at 18x FY27 PE (Bloomberg Estimates).