Nomura has kept its ‘Neutral’ stance on Glenmark Pharmaceuticals with a target price of ₹1,500 after the company reported Q4FY25 results below expectations, alongside a significant miss on its full-year guidance.
Glenmark posted an exceptional loss of ₹370 crore, which significantly impacted its bottom line. Revenue growth across key geographies—barring Europe, which posted a 20% YoY increase—was below estimates. India business delivered a muted 0.4% YoY growth, trailing peers due to weaker respiratory sales and pricing pressure in diabetes care.
For FY25, Glenmark posted revenue of ₹13,300 crore, below the guided range of ₹13,500–14,000 crore. EBITDA margin for the year was 17.8%, missing the company’s guidance of 19%. Nomura flagged these misses as a cause for concern and opted to stay on the sidelines until domestic momentum improves.
Disclaimer: This article is based on the brokerage report by Nomura. It does not constitute investment advice.
