Glenmark Targets 10–15 Percent CAGR in India by Shifting to High-Margin Drugs AbbVie Deal and New Launches Boost Outlook

Glenmark Pharmaceuticals is aiming for 10–15% annual growth in its Indian business over the next two to three years, driven by a strong pivot to high-margin and branded products. Chairman and MD Glenn Saldanha revealed the strategy during the Q1 FY26 earnings call, emphasizing a move up the value chain after the $1.9 billion AbbVie licensing deal.

The company recently launched Tevimbra (Tislelizumab) for lung cancer and Brukinsa (Zanubrutinib) for blood cancer in India, both already approved in over 70 countries. Worldwide sales of Tislelizumab reached $625 million in 2024. Glenmark also introduced Lirafit, a generic GLP-1 diabetes therapy, and plans up to 11 new launches annually, including more GLP-1s and injectables.

While Q1 earnings dipped, executives expect a rebound by the second half, forecasting stable EBITDA margins of 23%. Glenmark is also eyeing approvals for generic respiratory drugs in the US, with 24 Para IV ANDAs potentially unlocking exclusive market windows.

The AbbVie deal, expected to close by September, will turn Glenmark net cash positive and fully fund its R&D spin-off, Ichnos Glenmark Innovation, for three years. Glenmark currently ranks 13th in India with a 2.3% share, but its high-margin product push and global partnerships point to an aggressive growth trajectory ahead.