Glenmark Q1 profit tanks 86% on US settlement hit; revenue stays flat

The sharp profit fall was due to a provision of $37.75 million made by Glenmark to settle US antitrust and consumer protection lawsuit with a putative direct purchaser class, subject to court approval

Glenmark Pharmaceuticals reported an 86 per cent year-on-year decline in consolidated net profit to ₹46.8 crore for the first quarter of FY26. Revenue from operations rose marginally by 0.6 per cent to ₹3,264 crore.

 

Sequentially, profit jumped 917 per cent, while revenue was up 0.2 per cent.

 

The sharp profit fall was due to a provision of $37.75 million made by Glenmark to settle a US antitrust and consumer protection lawsuit with a putative direct purchaser class, subject to court approval.

 

Excluding this, profit before tax and exceptional expenses stood at ₹418.8 crore, down 9.4 per cent year-on-year compared with ₹462 crore last year.

 

Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals, said: “The recent IGI–AbbVie global licensing agreement for ISB 2001 is a strong validation of our innovation capabilities. We remain confident in our strategy to drive growth across our markets while advancing our branded, specialty, and innovative products.”

 

The results were announced after market hours. Glenmark’s stock rose 0.6 per cent to end the day at ₹2,043.95 per share on the BSE.

 

The North America business posted revenue of ₹778 crore for the quarter, down 0.3 per cent year-on-year. Sequentially, it recorded 8.9 per cent growth, driven by market share gains in injectable product launches and partnered products.

 

Revenue from emerging markets stood at ₹572.1 crore, marginally higher than ₹570.8 crore in the same period last year, registering a 0.2 per cent year-on-year increase. The company continues to expect double-digit growth on a constant currency basis.

 

In the European market, revenue was ₹667.8 crore compared with ₹695.7 crore in the same period last year, marking a 4 per cent decline.