1. At a Glance

Glenmark Pharmaceuticals is having one of those years where it’s juggling product launches, global expansion, corporate restructuring, and an income statement that looks like it’s been through a cardiac stress test. The company is in 80+ countries, has 14 manufacturing sites, 4 R&D centres, 1,284 patents, and an order book of… well, drugs. Q1 FY26 wasn’t a blockbuster – profits fell 23.5% YoY – but with Ryaltris now in 70+ markets, a consumer business spin-off, and a post-divestment war chest from selling Glenmark Life Sciences stake, Glenmark is essentially rebranding itself for the next growth phase.

2. Introduction

Once a scrappy generics player, Glenmark now operates in three lanes:

1. Global Generics & Specialty Pharma(core Glenmark business)
2. Ichnos Sciences– the high-risk, high-reward oncology & immunology innovator
3. Consumer Care– newly parked in a wholly owned subsidiary, presumably to either scale or sell later

Its therapy focus is dermatology, respiratory, and oncology — plus an occasional foray into cardiac and metabolic diseases when the market’s too big to ignore.

This isn’t a low-margin “me-too” generics company anymore. Glenmark has:

• Ryaltris, a global brand that’s become its calling card in respiratory care.
• The first Indian biosimilar of liraglutide (Lirafit) launched at a 70% discount.
• Zita DM, the first triple-drug combo in diabetes management.

It’s also retooling its U.S. injectable manufacturing (Monroe site) to re-enter a higher-margin market segment. And thanks to the Glenmark Life Sciences sale to Nirma, it’s cut debt and has cash flexibility — rare for an Indian mid-cap pharma.

3. Business Model (WTF Do They Even Do?)

Segments:

• Generics: Bread-and-butter, sold across 80+ countries.
• Specialty: Flagship Ryaltris nasal spray, respiratory MDIs/DPIs, oncology assets.
• OTC/Consumer Care: Everyday health products, now under Glenmark Consumer Care Ltd.

Geographic Split (9MFY24):

• India: 25%
• North America: 24%
• Europe: 18%
• RoW: 21%