MUMBAI–Glenmark Pharmaceuticals reported a 56.7% decline in consolidated net profit for the second quarter of fiscal 2027, as the Indian drugmaker experienced a sharp drop in revenue and operating earnings despite growth in several of its major geographic markets.
The company posted a consolidated net profit of Rs 264 crore for the quarter ended September 2026, compared with Rs 610 crore in the corresponding period a year earlier, according to a regulatory filing Thursday.
Revenue from operations declined 29.8% year over year to Rs 4,247.3 crore from Rs 6,046.8 crore in the second quarter of fiscal 2026.
Operating earnings also fell significantly. Earnings before interest, taxes, depreciation and amortization (EBITDA) dropped 63.4% to Rs 864 crore from Rs 2,360 crore in the year-earlier quarter.
The company’s EBITDA margin narrowed to approximately 20% from 39%, reflecting a substantial decline in reported operating profitability.
Despite the weaker financial results, Glenmark maintained that its underlying operations remained resilient and that the company was on track to meet its fiscal 2027 financial guidance.
Its India formulations business reported revenue of Rs 1,327.4 crore during the quarter, representing approximately 14% year-over-year growth on a comparable basis.
North American operations generated revenue of Rs 1,208.9 crore. Excluding the recognition of deferred licensing income associated with ISB 2001, Glenmark said its core North American business achieved approximately 31% growth compared with the same period last year.
The company’s European business recorded a 6.2% increase in revenue to Rs 792 crore, while revenue from emerging markets climbed 33.2% to Rs 876.9 crore.
The regional performance highlighted continued demand for Glenmark’s pharmaceutical products across several markets, even as consolidated revenue and earnings declined.
Glenmark also reported progress in expanding its specialty pharmaceutical portfolio and advancing its drug development programs.
The company’s respiratory treatment RYALTRIS continued its international expansion, with a recent launch in Brazil adding another market to its global presence.
Meanwhile, Glenmark said its partnered oncology drug pipeline was progressing toward commercialization, with the first product launch anticipated by the end of fiscal 2027.
The company’s innovation subsidiary, IGI, continued development of its multispecific oncology therapies, including ISB 2001 and ISB 2301.
Phase 1 clinical trial data for ISB 2001 have been selected for an oral presentation at the 2026 American Society of Hematology Annual Meeting, providing an opportunity for the company to share early clinical findings with the international hematology research community.
Glenmark also plans to submit an investigational new drug application for ISB 2301 by the end of 2026, marking another step in the development of its oncology pipeline.
The company’s quarterly performance reflects a contrast between sharply lower consolidated earnings and continued growth in its core regional businesses and pharmaceutical development activities.
Shares of Glenmark Pharmaceuticals closed 0.65% lower at Rs 2,485.50 on the Bombay Stock Exchange ahead of Thursday’s earnings announcement. (Source: IANS)
