Glenmark Pharmaceuticals Ltd

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.

Overview

• Standalone BRSR for FY2025-26; pharma R&D, manufacturing, and sales.
• Exports accounted for 57.99% of standalone turnover.
• DNV provided reasonable assurance on BRSR Core.
• Standalone boundary; 27 national sites and 51 international sites.

Key ESG Risks & Opportunities

• Innovation & R&D: growth via targeted investments in high-value therapeutics.
• Product quality risk; mitigated by ISO QMS, GMP, supplier audits.
• Occupational health and safety risk; mitigated by ISO 45001, audits, PPE, safety programs.
• Sustainable supply chain: local sourcing, ESG audits; disruptions may affect revenue.
• Access & affordability of medicines: expands market and public-health alignment.
• Corporate governance & ethics: robust governance; ongoing training and audits.
• Climate action: energy efficiency, renewables; resilience reduces costs.
• Data privacy & cyber security: layered controls; incident response and compliance.
• Natural resource management: ZLD, recycling; regulatory benefits and cost savings.

Governance & Policy Highlights

• Board-supervised ESG Committee oversees priorities, commitments, and targets.
• ABAC, anti-bribery; Whistleblower and Human Rights policies in place.
• Policies translated into procedures; ABAC training for new hires and refreshers.
• DNV provided reasonable assurance on BRSR Core indicators.
• Regulatory penalties include GST-related charges; corrective actions ongoing.

Social Responsibility & Workforce

• Total workforce 12,708; permanent 12,312; workers 5,074.
• Female representation: 8% of permanent, 7% of workers; board 56% female.
• LTIFR: employees 0.43; workers 0.62; no fatalities.
• 100% health/accident insurance; PF/ESI coverage.
• BoD/KMP training: 100% coverage; non-BoD 96%; workers 100%.
• Return-to-work after parental leave: 100%; overall retention 87%.
• Wellbeing spend: 0.16% of revenue; CSR initiatives in aspirational districts.

Environmental Performance

• Total energy 584,284 GJ; renewables 109,375 GJ; non-renewables 474,909 GJ.
• Scope 1: 11,797 tCO2e; Scope 2: 73,170 tCO2e; location-based 82,396 tCO2e.
• GHG intensity: 10 tCO2e per INR Mn turnover.
• Water withdrawal 546,033 kl; consumption 514,025; intensity 6.09 KL per turnover.
• Total waste 4,060 tonnes; 3,029 recycled; 1,028 disposed.
• 72% energy recovery via co-processing; ZLD at 7 of 8 plants; 84% wastewater recycled.
• ISO 14001 and ISO 45001; seven locations ISO 45001; DNV assurance.

Stakeholder Engagement & Complaints

• Stakeholders: communities, investors, shareholders, employees, customers, value-chain partners.
• Channels include meetings, surveys, emails, site visits, and portals.
• FY2025-26 complaints: customers 4,879; 457 pending; employees 35; 12 pending; shareholders 8.
• Whistleblower/ethics channels with compliance officer oversight.
• Board reviews stakeholder feedback to guide ESG strategy.

Other Notable Metrics

• Scope 3 emissions: 295,693 tCO2e; intensity 3.5 tCO2e per INR Mn.
• One cybersecurity incident; no data loss; corrective actions implemented.
• Product recalls: 21 voluntary recalls; 2 market withdrawals for nitrosamines/quality issues.
• Privacy policies: Privacy Notice and Privacy Portal published; 1 data breach reported.
• CSR in aspirational districts; critical suppliers environmental assessments cover 44% of value.

Financial highlights

• Revenue from operations: INR 169,825 Mn.
• EBITDA: INR 45,724 Mn.
• PAT: INR 13,620 Mn.

Dividends

• Final dividend: INR 2.50 per share.

Geography focus

• North America revenue: ₹71,390m.
• India revenue: ₹37,237m.

Capital structure & liquidity

• Net debt to equity: −11.18%.
• Cash and cash equivalents ₹11,747.09m.

Governance & management changes

• Anurag Mantri appointed ED & Global CFO from 27 May 2025.
• Patricia Andrews appointed Independent Director from 14 August 2025.

AGM Details

• Date and time: Sept 11, 2026, 2:00 PM IST.
• Mode: VC/OAVM.
• Dividend record date: Aug 31, 2026.
• Remote e-voting window: Sept 8–10, 2026 (9:00 AM–5:00 PM IST).
• e-Voting results expected by Sept 15, 2026.
• Meeting venue deemed at registered office; VC/OAVM attendance.

Key Resolutions

• Adopt standalone financial statements for the year ended March 31, 2026.
• Adopt consolidated financial statements for the year ended March 31, 2026.
• Declare dividend of INR 2.50 per equity share for FY 2025-26.

Special Business

• Re-appoint Blanche Saldanha as Non-Executive Director, liable to retire by rotation.
• Ratify remuneration of Cost Auditor for year ending March 31, 2027.

Settlement with Humana (US antitrust litigation)

• Total settlement amount: $15.285 million, including interest, payable in two installments.
• Glenmark USA denies the allegations; settlement is not an admission of liability.
• The full settlement amount is already provided for in the company's financials.
• Settlement to be paid in two installments.
• Settlement will not have a significant impact on the financial position.

Key Update

• Allotted 23,863 equity shares under ESOP 2016 on August 10, 2026.
• Paid-up capital increased to Rs 28,22,24,672; total issued shares now 28,22,24,672.
• Exercise price Rs 600 per share; premium Rs 599 per share.
• ISIN INE935A01035; shares listed on BSE and NSE.

Meeting Details

• 12-08-2026: Emkay Confluence 2026, Mumbai; Physical meeting; Group and One-on-One.
• 17-08-2026: Motilal Oswal 22nd Annual Investor Conference 2026, Mumbai; Physical; Group and One-on-One.
• 01-09-2026: Elara India Dialogue 2026, Mumbai; Physical; Group and One-on-One.
• 17-09-2026: Kotak Healthcare Forum, Mumbai; Physical; Group and One-on-One.

Participants

• Key participant: Company Secretary & Compliance Officer.

Purpose

• Purpose: Schedule Analyst/Institutional meetings with group and one-on-one formats.