Glenmark Pharmaceuticals

Glenmark Pharmaceuticals Limited
TypePublic
BSE: 532296
NSE: GLENMARK
IndustryPharmaceuticals
FoundedNovember 18, 1977 (1977-11-18)
FounderGracias Saldanha
Headquarters
Mumbai
,
India
Key people
Glenn Saldanha (chairman & managing director)
ProductsPharmaceutical drugs, active pharmaceutical ingredients
Number of employees
~17,000 (March 2026)
Websiteglenmarkpharma.com

Glenmark Pharmaceuticals Limited is an Indian multinational pharmaceutical company based in Mumbai. Founded in 1977 by Gracias Saldanha as a generic drug and active pharmaceutical ingredient manufacturer, it is listed on the Bombay Stock Exchange and the National Stock Exchange of India.[1] The company produces and distributes medicines in more than 80 countries, with operations concentrated in India, North America, Europe, and emerging markets.[2] As of March 2026, it employed approximately 17,000 people. Its name derives from Saldanha's sons, Glenn and Mark.[3]

History

Glenmark was incorporated on 18 November 1977. It began producing generic drugs and active pharmaceutical ingredients for markets in India, Russia, and Africa, and went public on Indian stock exchanges in 1999. Glenn Saldanha,[4] Gracias's son, became managing director in 2001 after working at Eli Lilly and Company and PricewaterhouseCoopers.[5] Under his leadership the company expanded internationally; by 2008 it had become one of India's larger pharmaceutical manufacturers by sales volume,[6] and in 2011 consolidated worldwide sales reached $778 million. That year Glenmark established its first North American manufacturing facility in Monroe, North Carolina.[7]

In the mid-2010s, Glenmark changed direction. The generic drug industry was seeing fewer patent expirations, and the company began developing proprietary medicines[8][9] in oncology, dermatology, and respiratory treatments.[10] It researched drugs internally and licensed them to larger pharmaceutical companies.[9] By 2016, four Glenmark drugs were in clinical development.[11] A respiratory treatment was licensed for commercialisation in North America and Japan, and a diabetes drug was licensed to Merck's German division. Sales that fiscal year were approximately ₹81 billion (about $1.25 billion), ranking it fourth among India's pharmaceutical manufacturers by revenue.[12]

Glenmark built a consumer healthcare business in India that included the antifungal Candid, launched in 1979, the respiratory medication Ascoril, and La Shield. It divested the intimate hygiene brand VWash to Hindustan Unilever in March 2020.[13] In January 2024, Glenmark and its subsidiary Ichnos Sciences formed Ichnos Glenmark Innovation (IGI) to consolidate oncology drug discovery.[14] Three molecules were in clinical development at launch, two with FDA orphan drug designations.[15] Later in 2024, Glenmark sold a 75 percent stake in Glenmark Life Sciences to Nirma Limited for approximately ₹5,651 crore (about $680 million).[16] In August 2025, it transferred its consumer healthcare products to a subsidiary, Glenmark Consumer Care Limited.[17][18]

Operations

Glenmark operates manufacturing facilities in India, the United States, Argentina, and the Czech Republic.[19] Its oldest plant, in Maharashtra, opened in 1983.[20] Other Indian sites are in Himachal Pradesh, Goa, Madhya Pradesh, and Sikkim. The company also runs a facility in Pilar, Argentina, focused on oncology injectables, and a plant in the Czech Republic acquired through the 2007 purchase of Medicamenta. U.S. corporate offices are in Elmwood Park, New Jersey.[21]

The Monroe, North Carolina plant, opened in 2018, is Glenmark's sole U.S. manufacturing site. In August 2021 the company recalled all products made there.[22] The FDA identified 17 manufacturing deficiencies and issued a warning letter in 2022. After corrective actions, a December 2025 inspection was classified as Voluntary Action Indicated, allowing manufacturing to resume.[22]

Several Indian facilities have also drawn FDA citations. Good manufacturing practice violations brought a warning letter to the Himachal Pradesh plant in October 2019.[22][23] The Goa facility was cited in November 2022 for inadequate procedures to verify product strength and purity.[24] A July 2025 warning letter cited the Madhya Pradesh plant for deficiencies in cleaning and testing procedures.[25][26]

Products and pipeline

Glenmark's proprietary respiratory drug RYALTRIS, a nasal spray combining an antihistamine and a corticosteroid, received U.S. FDA approval for seasonal allergic rhinitis in adults and adolescents aged 12 and above. The company launched it in the United States in 2022. By 2026 it was available in 55 countries, and in July 2026 the FDA expanded approval to children aged 6 to under 12.[27]

The company's oncology portfolio consists mainly of licensed products. It distributes Tevimbra (tislelizumab) and Brukinsa (zanubrutinib) from BeiGene, and markets envafolimab as QiNHAYO in India and selected emerging markets under a license from Jiangsu Alphamab and 3D Medicines. In 2025 Glenmark also licensed trastuzumab rezetecan from Hengrui Pharma and aumolertinib from Hansoh Pharma.[28]

In dermatology, Winlevi (clascoterone cream) received European Commission approval for acne treatment in December 2025. Glenmark holds distribution rights in 17 European Union countries.[29]

For diabetes, Glenmark launched Lirafit, a liraglutide biosimilar, in January 2024, followed by Glipiq, a semaglutide biosimilar, in March 2026.[30] Glenmark expanded its cardiovascular brand Telma (telmisartan), launched in 2003 for hypertension, to 16 related formulations.[31][32] By 2024 the brand generated annual revenue of ₹1,036 crore.[33][34]

Licensing and partnerships

In July 2025, IGI entered a global licensing agreement with AbbVie for ISB 2001, a trispecific antibody in Phase 1 clinical trials for relapsed or refractory multiple myeloma.[35] AbbVie obtained exclusive rights in North America, Europe, Japan, and Greater China, while Glenmark retained rights in India and other emerging markets.[36] The deal included an upfront payment of $700 million, with potential milestones of up to $1.225 billion and tiered royalties on net sales.[37]

Glenmark has also in-licensed established oncology drugs. In September 2025 it licensed trastuzumab rezetecan from Hengrui Pharma for selected markets in a deal valued at up to $1.1 billion.[38][39] In December 2025, Glenmark Specialty S.A. in-licensed aumolertinib from Hansoh Pharma for multiple regions. Aumolertinib had previously received approvals from the Medicines and Healthcare products Regulatory Agency and China's National Medical Products Administration for lung cancer treatment.[40]

Financials

For the fiscal year ended 31 March 2026, Glenmark reported consolidated revenue of ₹169,825 million, up 27.5 percent from the previous year, and net profit of ₹13,620 million, up 30.1 percent. EBITDA was ₹45,724 million, a margin of 26.9 percent. North American revenue increased 136.6 percent for the full year, partly reflecting proceeds from the AbbVie licensing agreement. European sales rose 21.4 percent in the final quarter, and emerging markets increased 13.7 percent.[41][42]

References

  1. ↑ Bisserbe, Noemie (16 October 2007). "Drug research was way forward: Glenmark". The Economic Times. ISSN 0013-0389. Retrieved 8 August 2026.
  2. ↑ "Glenn Saldanha wants Glenmark to take innovative route - BusinessToday". Business Today. 8 December 2014. Retrieved 8 August 2026.
  3. ↑ Majumdar, Shyamal. "The secret behind Glenmark's success". Rediff. Retrieved 8 August 2026.
  4. ↑ "India's Richest: #69 Gracias Saldanha". Forbes. 2011. Archived from the original on 15 November 2011.
  5. ↑ "Emerging Company of the Year : Glenmark Pharmaceuticals". The Economic Times. 27 October 2007.
  6. ↑ Hiscock, Geoff (2008). India's Global Wealth Club: The Stunning Rise of Its Billionaires and Their Secrets of Success. John Wiley & Sons. pp. 65–66. ISBN 9780470822388.
  7. ↑ Levin, Jennifer. "5. Glenmark Pharmaceuticals". FiercePharma.
  8. ↑ "Glenmark, Torrent Pharma ink pact to co-market diabetes drug in India". Business Today. 11 July 2019. Retrieved 20 July 2019.
  9. 1 2 Altstedter, Ari (18 May 2017). "Glenmark's Glenn Saldanha seeks a new holy grail as generic drugs run dry". Live Mint.
  10. ↑ Trivedi, Isha (22 December 2016). "We plan to out-license our entire novel drugs pipeline: Glenmark CMD". Live Mint.
  11. ↑ Altstedter, Ari (15 July 2016). "Glenmark Expects Cash Surge From License Deals in Next 18 Months". Bloomberg.com.
  12. ↑ "Revenue Rises 27.5%; AbbVie Pact Marks Key FY26 Milestone". Business Today. Retrieved 8 August 2026.
  13. ↑ Dsouza, Sharleen. "HUL To Acquire VWash From Glenmark Pharma". NDTV.{{cite news}}: CS1 maint: url-status (link)
  14. ↑ "Glenmark Pharma's innovation arm signs exclusive licensing agreement with AbbVie for ISB 2001 - CNBC TV18". CNBCTV18. 10 July 2025. Retrieved 14 February 2026.
  15. ↑ Pilla, Viswanath (30 January 2024). "Glenmark forms alliance with Ichnos to develop anti-cancer drugs". The Economic Times. ISSN 0013-0389. Retrieved 6 March 2026.
  16. ↑ Livemint (10 July 2024). "Stake sale: Glenmark Pharma to offload 7.84% stake in Glenmark Life Science through OFS | Company Business News". mint. Retrieved 15 February 2026.
  17. ↑ "Glenmark Pharma to transfer its consumer care biz to Glenmark Consumer Care". Business Standard. 15 September 2025. Retrieved 14 February 2026.
  18. ↑ www.ETPharma.com. "Glenmark to hive-off consumer care biz into new subsidiary". ETPharma.com. Retrieved 14 February 2026.
  19. ↑ "Glenmark to set up production unit in U.S." The Hindu. 18 July 2014. ISSN 0971-751X. Retrieved 8 August 2026.
  20. ↑ Sharma, Usha (26 February 2015). "Glenmark's Goa and Nashik facilities conferred with Greentech Environment Gold Award – 2015". Express Pharma. Retrieved 8 August 2026.
  21. ↑ BS Reporter (27 March 2007). "Glenmark buys Czeck company". Business Standard. Retrieved 8 August 2026.
  22. 1 2 3 Callahan, Patricia; Cenziper, Debbie; Rose, Megan (12 December 2024). "The FDA Hasn't Inspected This Drug Factory After 7 Recalls for the Same Flaw, 1 Potentially Deadly". ProPublica. Archived from the original on 15 July 2025. Retrieved 30 July 2025.
  23. ↑ Godwin, Francis (3 October 2019). "Warning Letter - Glenmark Pharmaceuticals Limited - MARCS-CMS 582701". Food and Drug Administration. Archived from the original on 18 April 2025. Retrieved 30 July 2025.
  24. ↑ Godwin, Francis (22 November 2022). "Warning Letter - Glenmark Pharmaceuticals Limited - MARCS-CMS 637314". Food and Drug Administration. Archived from the original on 18 May 2025. Retrieved 30 July 2025.
  25. ↑ Callahan, Patricia (20 March 2025). "The FDA Finally Visited an Indian Drug Factory Linked to U.S. Deaths. It Found Problems". ProPublica. Archived from the original on 23 July 2025. Retrieved 30 July 2025.
  26. ↑ Callahan, Patricia (28 July 2025). "The FDA Is Cracking Down on an Indian Drugmaker Investigated by ProPublica Last Year". ProPublica. Archived from the original on 29 July 2025. Retrieved 30 July 2025.
  27. ↑ www.ETPharma.com. "US FDA approves Glenmark's Ryaltris for children". ETPharma.com. Retrieved 8 August 2026.
  28. ↑ "Glenmark enters collaboration and distribution agreement with Jiangsu Hansoh Pharma for Aumolertinib, a third-generation GFR-TKI to treat NSCLC". www.pharmabiz.com. Retrieved 6 March 2026.
  29. ↑ "Glenmark launches acne treatment Winlevi in Europe". ETPharma.com. Retrieved 8 August 2026.
  30. ↑ Kumar, N. Ravi (21 March 2026). "Sun Pharma, Dr. Reddy's, Zydus, Glenmark roll out generic Semaglutide". The Hindu. ISSN 0971-751X. Retrieved 28 March 2026.
  31. ↑ "Glenmark Telma's journey to Rs 1000cr becomes a Harvard case study". The Financial Express. 15 February 2025. Retrieved 14 March 2026.
  32. ↑ "Glenmark Telma's journey to Rs 1000cr becomes a Harvard case study". The Financial Express. 15 February 2025. Retrieved 14 March 2026.
  33. ↑ "India's GLP‑1 moment is here—the weight‑loss drug wars begin". www.forbesindia.com. Retrieved 28 March 2026.
  34. ↑ "Glenmark Pharma launches GLIPIQ (semaglutide) in India for Type 2 Diabetes at lower cost". Business Standard. Retrieved 28 March 2026.
  35. ↑ Conroy, Russ (14 February 2026). "FDA Gives Fast-Track Designation to ISB 2001 in Relapsed/Refractory Myeloma | CancerNetwork". www.cancernetwork.com. Retrieved 14 February 2026.
  36. ↑ "Glenmark arm IGI licenses cancer drug to AbbVie for upfront $700 mn with $1.22 bn in milestone payment". Moneycontrol. Archived from the original on 11 July 2025. Retrieved 14 February 2026.
  37. ↑ Chennamkulath, Unni K. (11 July 2025). "Glenmark-AbbVie deal: A turning point in Indian drug innovation". The New Indian Express. Retrieved 14 February 2026.
  38. ↑ "Glenmark Pharma signs $18 mn deal with Hengrui for cancer therapy drug". www.business-standard.com. Archived from the original on 25 September 2025. Retrieved 6 March 2026.
  39. ↑ Liu, Angus (24 September 2025). "Glenmark, Hengrui ink $1.1B deal for HER2 ADC". www.fiercepharma.com. Retrieved 6 March 2026.
  40. ↑ "Project information | Aumolertinib for untreated EGFR mutation-positive non-small-cell lung cancer [ID4000] | Guidance | NICE". www.nice.org.uk. Retrieved 8 August 2026.
  41. ↑ "Glenmark Pharmaceuticals reported FY26 consolidated revenue of ₹16,983 crore, up 27.5% year-on-year, with EBITDA margin at 26.9%". Business Today.
  42. ↑ "Glenmark expects US business to top $430 million in FY27, maintains margin guidance - CNBC TV18". CNBCTV18. 5 August 2026. Retrieved 8 August 2026.
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