Glenmark Pharmaceuticals announced its financial results for the second quarter of FY27, reporting a sharp 56.78% year-on-year drop in consolidated profit after tax (PAT) to Rs. 263.83 crore. The Mumbai-based drugmaker had posted a net profit of Rs. 610.43 crore in the corresponding quarter of the previous fiscal year.

The company's consolidated total revenue from operations for the July–September quarter fell 29.8% to Rs. 4,247.32 crore, compared to Rs. 6,046.87 crore in the same period last year. However, the top-line performance managed to beat general analyst estimates. Glenmark's operating profit (EBITDA) plummeted 63.4% to Rs. 864 crore, causing the operating margin to contract to 20%.

A major drag on the overall financials stemmed from the North American business, which plummeted 72.9% to Rs. 1,208 crore. This decline was largely driven by a high base effect from the previous year, which had included the recognition of deferred out-licensing income for its cancer trispecific asset, ISB 2001. Excluding this exceptional income, the core base business recorded an underlying growth of approximately 31%.

In contrast to the North American slump, other key geographies delivered strong growth. Domestically, India formulations sales grew by 14% year-on-year to Rs. 1,327 crore. Revenue from emerging markets also surged, rising 33.2% to Rs. 876 crore. Additionally, Glenmark Pharmaceuticals USA entered into a $15 million settlement with Humana Inc. during the quarter, clarifying that it denies all allegations without admitting any liability.

Commenting on the results, Glenn Saldanha, Chairman & Managing Director, Glenmark Pharmaceuticals Ltd. said, “Q2 demonstrated the strength and resilience of Glenmark’s base business. We remain on track to deliver our FY27 guidance with continued growth in India, a strong recovery in North America supported by multiple launches, and robust performance across Emerging Markets. RYALTRIS continues to expand internationally with the recent Brazil launch marking an important milestone. Our partnered innovative oncology pipeline is advancing toward commercialization with the first launch expected by the end of FY27.

IGI continues to advance its multispecific oncology pipeline with Phase 1 ISB 2001 data selected for oral presentation at the 2026 American Society of Hematology (ASH) Annual Meeting. We also intend to submit an IND application for ISB 2301 by the end of this year. Together, these milestones underscore the strength of our innovation platform and position Glenmark for its next phase of sustainable, innovation-led growth, and long-term value creation,” he added.