Shares of Glenmark Pharmaceuticals slid 2% on Friday, November 6, after the drugmaker posted a 56.7% drop in consolidated net profit for the September quarter. The bottom line shrank to ₹264 crore from ₹610 crore in the year-ago period. Operating margins collapsed under the weight of high base-year licensing receipts. Yet, headline revenue reached ₹4,247.3 crore—topping analyst estimates even as gross billings declined 29.8% from ₹6,046.8 crore.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) plunged 63.4% year-on-year to ₹864 crore from ₹2,360 crore. Operating margin halved to 20% from 39% a year earlier, meeting consensus estimates.
| Financial Metric | Q2 Current Year | Q2 Prior Year | Change (%) |
|---|---|---|---|
| Revenue | ₹4,247.3 Cr | ₹6,046.8 Cr | -29.8% |
| EBITDA | ₹864.0 Cr | ₹2,360.0 Cr | -63.4% |
| EBITDA Margin | 20.0% | 39.0% | -1,900 bps |
| Net Profit | ₹264.0 Cr | ₹610.0 Cr | -56.7% |
North America drove the headline contraction. Regional revenue slumped 72.9% to ₹1,208.9 crore from ₹4,465.6 crore in the corresponding period last year. In dollar terms, US sales stood at $126.6 million. That handily cleared Street estimates of $105 million, though it sat far beneath the $516.7 million booked twelve months prior.
The base was distorted. According to the company's regulatory filing, the regional numbers included deferred out-licensing revenue for oncology asset ISB 2001. Strip out that out-licensing item, and the core North American business expanded 31% year-on-year.
India provided a steady floor. The domestic formulation business recorded like-for-like revenue growth of approximately 14% for the quarter. Gross reported revenue from the domestic unit stood at ₹1,327.4 crore against ₹165.1 crore in the year-ago quarter.
Performance across rest-of-world territories stayed positive. European revenue advanced 6.2% to ₹792 crore from ₹746 crore, while Emerging Markets revenue climbed 33.2% to ₹876.9 crore from ₹658.5 crore.
The sell-off extended Thursday's weakness, when Glenmark shares settled 0.91% lower at ₹2,481.80. Even with Friday's pullback, the stock is up more than 22% so far in 2026.