Company Update : Glenmark Pharma Ltd By Motilal Oswal Financial Services Ltd
Operational performance misses estimates
* Glenmark’s revenue grew 35.1% YoY to INR33.9b (in line) in 3QFY25.
* India formulations (DF) grew 305.7% YoY to INR10.6b (31% of sales) on a low base of past year.
* Europe generics revenue grew 14.8% YoY to INR7.3b (22% of sales).
* RoW (RoW+LatAm) sales rose 3.3% YoY to INR7.5b (23% of sales).
* NA revenue increased 2.4% YoY to INR7.8b (USD93m; 22% of sales).
* Gross margins (GM) expanded 920bp YoY to 68% due to lower RM costs and a change in the product mix.
* EBITDA stood at INR6b (in line) vs. EBITDA loss of INR1.4b in 3QFY24.
* Accordingly, EBIDTA margin stood at 17.7%.
* Adj. PAT came in at INR3.5b (est. INR3.7b) vs. adj. loss of INR3.5b in 3QFY24.
* In 9MFY25, revenue/EBITDA grew 15%/127% to INR100.7b/INR18.1b, whereas PAT stood at INR10.5b (vs. a loss of INR979m in 9MFY24).
* In 3QFY25, revenue/EBITDA/PAT missed BBG estimates by 3%/5%/5%.
Guidance for FY25
* The company plans to launch RYALTRIS in 12-15 additional markets over the next few quarters.
* Glenmark plans to file Envafolimab in more than 20 markets in FY25 and the first market launch is expected in FY26.
* It plans to launch WINLEVI® in FY26.
* TISLELIZUMAB and ZANUBRUTINIB to be launched in the next 3-4 months after the receipt of the required regulatory approvals in India market.
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