Shares of Glenmark Pharmaceuticals rose 3.28% to ₹1,565.15 on April 3 after the U.S. government excluded pharmaceutical products from the newly introduced 26% reciprocal tariff regime. The exemption came as a major relief for Indian generic drug manufacturers following President Donald Trump’s “Liberation Day” announcement that unveiled steep tariffs on trade partners like India.
Trump’s April 2 announcement levied a 26% tariff on Indian goods, calling out the country’s “very high” trade barriers, but later clarified via a White House factsheet that pharma, copper, semiconductors, and lumber will be excluded from the reciprocal tariffs.
Brokerages like Jefferies and Nomura welcomed the move, noting that the exemption offers short-term relief to US-exposed Indian generic drug firms. While Jefferies expects a sentiment-driven rally, it also cautioned that pharma-specific tariffs may still be introduced at a later stage, keeping the medium-term outlook clouded.
Nomura maintained a cautiously optimistic stance, saying Glenmark Pharma is positioned moderately in terms of U.S. exposure. The brokerage estimated Glenmark’s FY26 and FY27 dollar revenue at $393 million and $461 million respectively. However, it highlighted that Glenmark’s Monroe manufacturing facility in the US currently has no contribution due to an ongoing FDA warning letter. If cleared, the site could contribute 5-10% of revenue by FY27F, Nomura added.
Glenmark Pharma currently trades with a market cap of ₹440.28 billion and operates within a 52-week range of ₹978.95 to ₹1,830.95. The average volume stood at 532.87K shares today.
The broader Nifty Pharma index has seen nearly a 10% correction over the past six months but is now poised for a potential bounce as clarity emerges over tariff policy.
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