• Tariff exposure: Potential US generic drug tariffs pose no immediate impact as the US accounts for only 22% to 25% of Glenmark's revenue mix and its Monroe plant will contribute meaningfully from FY28.
• US business outlook: Full-year US revenue is projected to exceed $430 million with a quarterly run rate above $100 million, driven by 10% to 12% annual growth and new respiratory launches.
• Margin guidance: Management maintained full-year margin guidance of 21% to 22%, having delivered 20% margins in the latest quarter despite cost pressures across APIs, packaging, and logistics.
• India growth momentum: India revenue grew 15.5% in the quarter with full-year guidance of 12% to 15%, driven by chronic, cardiac, respiratory, derma, and oncology therapies along with the semaglutide launch.
• International markets: Emerging markets are poised for strong growth supported by field force and oncology expansion across LatAm, MEA, Russia-CIS, and APAC, while Europe is guided to grow in the higher single digits.