Glenmark Pharmaceuticals Ltd

Glenmark Pharmaceuticals Limited – Trading Window closed from October 01, 2026 until the declaration of Unaudited Financial Results for the Second Quarter ended September 30, 2026 and forty-eight hours thereafter

FDA EIR update

• Glenmark receives U.S. FDA Establishment Inspection Report for Goa facility.
• FDA inspection conducted June 22–30, 2026.
• EIR assigned a Voluntary Action Indicated (VAI) status.

Meeting Details

• Date: 29-09-2026 (no time given)
• Venue: Mumbai
• Type/Mode: Physical meeting; group and one-on-one sessions
• Organizer/Event: PL Capital – Emerging Titans 2026 Conference

Participants

• Key company participants not disclosed in filing

Purpose

• Purpose: Analyst/Institutional investor meeting at Emerging Titans conference

AGM Details

• 48th AGM held on 11 September 2026 at 2:00 PM via VC/OAVM with webcast.

Key Resolutions

• Approve Audited Standalone Financial Statements for FY ended 31 March 2026, with Board and Auditor reports.
• Approve Audited Consolidated Financial Statements for FY ended 31 March 2026, with Auditor report.
• Declare dividend of Rs 2.50 per equity share for FY ended 31 March 2026.
• Re-appoint Blanche Saldanha as Non-Executive Director, liable to retire by rotation.
• Ratify remuneration of Cost Auditor for the financial year ending 31 March 2027.

Brazil product launch

• Glenmark Specialty S.A. announced the launch of RYALTRIS Nasal Spray in Brazil for allergic rhinitis.
• Product targets adults and adolescents 12+ years, following ANVISA approval earlier this year.
• RYALTRIS is the first olopatadine-containing intranasal combination therapy in Brazil.
• Launch expands Glenmark’s respiratory portfolio and access across Latin America.
• Brazil is the largest Latin American healthcare market and presents a strategic opportunity.
• RYALTRIS has been approved in 57 markets worldwide, including US, EU, UK, Australia, and China.

Instruments & Ratings

• Bank loans: INR 18,500m rated IND AA+/Stable.
• Bank loans: INR 23,500m rated IND AA+/Stable/IND A1+.

Agency & Action

• Agency: India Ratings and Research (Ind-Ra).
• Action: Long-term upgrade to IND AA+/Stable; short-term affirmed at IND A1+.

Rationale Highlights

• ISB 2001 licensing deal strengthens GPL and IGI balance sheet.
• Upfront USD 700m; USD 560m recognised in FY26.
• IGI becomes self-funded, reducing GPL capital exposure.
• Consolidated net adjusted leverage negative 0.13x in FY26; interest coverage 21.9x.
• Zero gross debt at FYE26; ample liquidity.
• Regulatory overhang risk from USFDA scrutiny and Indian price controls.
• EBITDA margin to improve; capex around INR 9bn per year.
• No scheduled debt repayments in FY27-28.
• US revenue recovery expected FY27-FY30.

Outlook

• Stable.

Material Changes Since Last Rating

• Long-term upgrade from IND AA/Positive to IND AA+/Stable.
• Short-term rating affirmed at IND A1+.

Product launch and market context

• Glenmark USA launches Calcium Gluconate Injection USP in three presentations.
• Product is bioequivalent and therapeutically equivalent to Fresenius Kabi Calcium Gluconate.
• IQVIA 12-month market sales reached approximately $69.9 million.
• Launch strengthens Glenmark's U.S. injectables and hospital portfolio.
• Product approved only for Glenmark's label indications.

Regulatory approval and market context

• FDA approves Glenmark Fluticasone Propionate Nasal Spray 0.05 mg/spray for U.S. market.
• Bioequivalent to Flonase; to be marketed by Glenmark Pharmaceuticals Inc., USA.
• IQVIA data place Flonase market at about $295.2 million for 12 months to June 2026.
• Marc Kikuchi says approval expands Glenmark's U.S. respiratory portfolio.
• Product will be distributed in the U.S. by Glenmark Pharmaceuticals Inc., USA.
• Marc Kikuchi: commitment to expanding access to quality, affordable treatment.

AGM notice and digital access

• AGM 48th scheduled for Sep 11, 2026 at 2:00 PM IST via VC/OAVM.
• Integrated Annual Report and AGM Notice are accessible online.
• Letters are being sent to shareholders with unregistered emails.
• Web-links and QR Codes provided to access documents.
• Permanent email registration offered; contact details provided for enrollment.