Glenmark Q2 Profit Surges 72% on AbbVie Deal

New Delhi, Nov 14 (PTI) Glenmark Pharmaceuticals Ltd on Friday reported a 72.2 per cent jump in consolidated profit after tax at Rs 610.43 crore in the second quarter ended September 2025 on the back of its licensing deal with AbbVie for investigational asset 'ISB 2001'.

The company had posted a consolidated profit after tax (PAT) of Rs 354.49 crore in the corresponding period last fiscal, Glenmark Pharmaceuticals Ltd said in a regulatory filing.

Consolidated total revenue from operations was at Rs 6,046.87 crore as against Rs 3,433.8 crore in the same period a year ago, it added.

Total expenses in the quarter under review were at Rs 3,894.98 crore as against Rs 3,000.64 crore in the same period last fiscal, the company said.

"Q2FY26 reflects the steady progress we are making in strengthening Glenmark's scientific and strategic foundation. The AbbVie partnership for ISB 2001, along with the income recognised this quarter, is a significant validation of our scientific strength and enables us to advance the pipeline in a financially self-sustaining way," Glenmark Pharmaceuticals Ltd Chairman & Managing Director Glenn Saldanha said.

In an investor presentation, the company said it has a revenue recognition of USD 525 million in the second quarter under its USD 1.925 billion deal with AbbVie for commercialisation of its lead investigational asset 'ISB 2001' targeted for treatment of cancer and autoimmune diseases announced in July this year.

Across key markets, Saldanha said, "Our performance remained resilient. North America delivered a continued uptick in performance, supported by the expansion of our injectable portfolio and steady execution across institutional channels."

Europe returned to its growth trajectory, backed by recent product launches, he added.

"In India, GST-related adjustments, given our unique three-tiered distribution model, had a one-time impact on primary sales; however secondary sales continue to outperform IPM, and we expect reported growth to normalize from Q3 onwards," Saldanha said.

Sales from the formulation business in India in the second quarter were at Rs 165 crore as against Rs 1,281.7 crore in the corresponding quarter last year, recording a decline of 87.1 per cent, the company said.

On the other hand, the North America business recorded sales of Rs 4,465.6 crore for the second quarter as against Rs 740.5 crore in the year-ago period, it added.

Glenmark said its Europe operations revenue was Rs 746 crore as against Rs 687.4 crore in the same period a year ago, up 8.5 per cent.