Glenmark guides for ₹17,000-18,000 crore FY27 revenue, sees growth across markets

Glenmark Pharmaceuticals expects branded medicines, respiratory products and oncology therapies to contribute a larger share of its business in FY27, as it builds on recent product launches, licensing agreements and expansion across key overseas markets.

The drugmaker has guided for revenue of ₹17,000-18,000 crore and EBITDA margins of 21-22% in FY27. "With infrastructure now in place across all markets, we expect broad-based growth," Anurag Mantri, Executive Director and Global Chief Financial Officer of Glenmark Pharmaceuticals, told Business Today.

Glenmark expects contributions from India, the US, Europe and emerging markets, following a year that saw it sign a licensing agreement with AbbVie for its investigational asset ISB 2001, expand its oncology portfolio through licensing deals and strengthen its respiratory business in the US.

One of the key developments during FY26 was the licensing agreement for ISB 2001, a drug candidate for oncology. The agreement includes an upfront payment of $700 million, potential milestone payments that could take the total value to $1.925 billion and tiered royalties on future sales, while Glenmark will retain commercialisation rights in emerging markets.

Glenmark is targeting branded products to account for 70% of revenue by 2030, compared with around 60% currently. "We are targeting 70% branded revenue by 2030, up from 60% today," Mantri said.

India, emerging markets and Europe are expected to play an important role in this shift, supported by products across respiratory, dermatology and oncology therapies. Emerging markets across the Middle East, Africa, LATAM, Asia-Pacific, Russia and CIS countries are a key focus, with launches of Aumolertinib planned this year, while Trastuzumab Rezetecan is expected to follow.

Among Glenmark's key products is Ryaltris, which is now marketed in more than 50 countries. During FY26, the product recorded more than 50% growth in secondary sales across commercial markets. It was also launched in China and Thailand, while the company initiated end-to-end commercialisation in the US. Glenmark expects the brand to generate annual sales of more than $200 million over time.

The company has also expanded its oncology portfolio through licensing agreements with global partners. During FY26, it secured commercial rights for Trastuzumab Rezetecan from Hengrui Pharma and Aumolertinib from Hansoh Pharma for India and emerging markets, strengthening its presence in the segment.

In the US, Glenmark expects respiratory medicines and injectables to support performance. During FY26, it received approvals for generic Flovent HFA 44 mcg and Fluticasone Propionate Nasal Spray OTC, both of which were commercialised towards the end of the year. "US growth will be driven by respiratory, injectables, first-to-file launches and the progressive scaling of Ryaltris," Mantri said

The Monroe facility also received a US FDA Establishment Inspection Report with Voluntary Action Indicated classification, allowing commercial manufacturing activities to resume and supporting future expansion of its injectable and institutional business.

In Europe, Glenmark expects Winlevi to contribute following its launch in the UK and subsequent European Union approval during FY26. The company said the approval establishes its branded dermatology presence in the region.

India remains an important market for the drugmaker. According to Glenmark, citing IQVIA data, its domestic business grew at 1.5 times the rate of the Indian Pharmaceutical Market during FY26 and ranked as the second-fastest-growing company among the top 15 pharmaceutical companies in the country. New launches included Tevimbra and Brukinsa in oncology, Nebzmart GFB Smartules and Glenmark Airz FB Smartules in respiratory care, and Glipiq for diabetes.

The company ended FY26 with no gross debt and improved working capital efficiency, which management said would support future investments across its businesses.

For FY26, Glenmark reported consolidated revenue of ₹16,982.5 crore, up 27.5% year-on-year. EBITDA stood at ₹4,572.4 crore with a margin of 26.9%, while profit after tax was ₹1,362 crore. Revenue for the March quarter rose 15.8% year-on-year to ₹3,770.6 crore.