Latest news with #Glenmark
Economic Times
5 days ago
- Business
- Economic Times
Tariff delay sparks relief rally in Indian pharma stocks: Sudip Bandyopadhyay
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "The uncertainty is not around demand or the price hike but the uncertainties are company specific. JSW Steel , we will definitely want to hear what is their strategy about Bhushan Steel, that is a huge problem which has been created in the recent past post the Supreme Court order and one needs to understand how that will get disentangled," says Sudip Bandyopadhyay , Group Chairman, Inditrade Capital Well, of course, what has changed significantly is the tariff announcement by President Trump. There was a sword hanging on pharma sector and at different levels different figures were being thrown around. But finally, when the announcement came, it talks about very high 200% or whatever but it is after two obviously people immediately started talking about the fact that probably it will never come because if something gets pushed back by two years obviously there is no threat of imminent tariff on pharma products, so that was a fantastic news for most Indian pharma companies because most of them or at least a lot of them have significant business in do manufacture in India and supply to US, so they would have been adversely affected by the tariff and since that is not happening, that was the point from where pharma actually we started seeing significant momentum in largecap and some midcap pharma companies. As far as overall pharma is concerned Sun Pharma does look good because some of the molecules which they were expected to commercialise a bit later in the year is getting preponed and the commercial launch is happening in US very-very soon and that kind of enthused the investors about Sun they have significant business in US as well as India and both the markets are expected to do good. The pricing pressure on generics is, of course, there but that has kind of reached a level where we have seen the course, Glenmark did a landmark deal and it is not only for Glenmark, for the entire Indian pharmaceutical industry this was a landmark deal with R&D getting established and getting properly valued by global pharma players, so this was definitely landmark and of course, Glenmark investors were rewarded and will be rewarded further I am sure in terms of dividend or other some kind of payouts, so that is as far as Glenmark and Sun Pharma is by and large Indian pharma can breathe a sigh of relief post the tariffs sword going away and it is back to business as usual and considering that most of the sectors are kind of still awaiting to know about the tariff and its implications, pharma is one sector where that has been taken care of. Hence, pharma is rallying, that is my it is definitely positive for the overall steel industry. We have to remember that globally also demand for steel is going up and naturally price hike in the domestic scenario is also expected. The uncertainty is not around demand or the price hike but the uncertainties are company specific. JSW Steel , we will definitely want to hear what is their strategy about Bhushan Steel, that is a huge problem which has been created in the recent past post the Supreme Court order and one needs to understand how that will get is very critical for JSW Steel at this stage. Of course, coking coal prices of the entire industry will be interesting to understands the trend and what the management commentary is for multiple companies not only JSW Steel because that is a very-very critical ingredient as far as steel making is and large, we believe that the industry margins would have improved in this current quarter for which results will come out. Top line depends on company specific like JSW Steel had a scheduled maintenance, so obviously the volume will be low, but the margin improvement will be visible.
News18
6 days ago
- Business
- News18
Glenmark Pharma will turn cash positive with AbbVies licensing deal: S&P
New Delhi, Jul 17 (PTI) Glenmark Pharmaceuticals will turn net cash positive on its licensing deal with AbbVie Inc, according to S&P Global Ratings on Thursday. The agreement will further strengthen the company's financial position and liquidity, reversing results that led to a reported net debt of Rs 4.9 billion last year, it said in a statement. On July 11, 2025, Glenmark, through wholly-owned subsidiary IGI Therapeutics SA, announced an exclusive licensing agreement with AbbVie for ISB 2001, a lead investigational asset, developed by IGI, targeted for the treatment of cancer and autoimmune diseases. 'Following the transaction, we expect Glenmark's adjusted debt to decline to Indian rupee (INR) 10 billion-11 billion in fiscal 2026," S&P Global Ratings said. This will help offset higher working capital outflow than expected, which fuelled negative operating cash flow in fiscal 2025, it added. Consequently, Glenmark's adjusted debt rose to about Rs 28 billion in fiscal 2025, compared with Rs 18.1 billion in fiscal 2024. 'We estimate revenue will increase about 10 per cent in fiscal 2026 and 9-11 per cent annually for the following three years on new product launches and steady performance of the company's core portfolio," S&P Global Ratings said. Further, it said: 'We expect Glenmark's EBITDA margins to remain stable during this period without sizable remediation costs. Also, working capital outflow should moderate to Rs 12 billion-Rs 14 billion in fiscal 2026." Glenmark could be upgraded if its business position improves materially amid a significant rise in revenue accompanying persistently higher profitability, it noted. PTI MSS SHW (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 17, 2025, 19:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
6 days ago
- Business
- Time of India
Glenmark Pharma will turn cash positive with AbbVie's licensing deal: S&P
Glenmark Pharmaceuticals will turn net cash positive on its licensing deal with AbbVie Inc, according to S&P Global Ratings on Thursday. The agreement will further strengthen the company's financial position and liquidity, reversing results that led to a reported net debt of Rs 4.9 billion last year, it said in a statement. Explore courses from Top Institutes in Select a Course Category PGDM Degree Operations Management Data Science Data Science Digital Marketing Technology Public Policy Management Product Management Design Thinking Finance Data Analytics Cybersecurity Leadership Project Management Others others Healthcare MBA CXO Skills you'll gain: Financial Analysis & Decision Making Quantitative & Analytical Skills Organizational Management & Leadership Innovation & Entrepreneurship Duration: 24 Months IMI Delhi Post Graduate Diploma in Management (Online) Starts on Sep 1, 2024 Get Details On July 11, 2025, Glenmark, through wholly-owned subsidiary IGI Therapeutics SA, announced an exclusive licensing agreement with AbbVie for ISB 2001 , a lead investigational asset , developed by IGI, targeted for the treatment of cancer and autoimmune diseases . by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now Undo "Following the transaction, we expect Glenmark's adjusted debt to decline to Indian rupee (INR) 10 billion-11 billion in fiscal 2026," S&P Global Ratings said. This will help offset higher working capital outflow than expected, which fuelled negative operating cash flow in fiscal 2025, it added. Live Events Consequently, Glenmark's adjusted debt rose to about Rs 28 billion in fiscal 2025, compared with Rs 18.1 billion in fiscal 2024. "We estimate revenue will increase about 10 per cent in fiscal 2026 and 9-11 per cent annually for the following three years on new product launches and steady performance of the company's core portfolio," S&P Global Ratings said. Further, it said: "We expect Glenmark's EBITDA margins to remain stable during this period without sizable remediation costs. Also, working capital outflow should moderate to Rs 12 billion-Rs 14 billion in fiscal 2026." Glenmark could be upgraded if its business position improves materially amid a significant rise in revenue accompanying persistently higher profitability, it noted.
The Hindu
14-07-2025
- Business
- The Hindu
Glenmark gets U.S. FDA warning letter for Indore plant
The U.S. Food and Drug Administration has issued a warning letter to Glenmark Pharmaceuticals for the company's manufacturing facility in Indore, Madhya Pradesh. 'The company does not believe that the warning letter will have an impact on disruption of supplies or the existing revenues from operations of this facility,' Glenmark said in a filing on Saturday. The U.S. FDA had inspected the facility from February 3-14 and issued a Form 483 with five observations. In May, the company said it has received a communication from the regulator indicating the inspection classification as Official Action Indicated (OAI). 'We are committed to addressing the concerns raised... work with the U.S. FDA to resolve the issues at the earliest. There was no observation related to data integrity reported. We uphold quality and compliance issues with utmost importance and remain committed to be compliant with CGMP quality standards...' Glenmark said.
Mint
14-07-2025
- Business
- Mint
Sacrifices, trade-offs behind big win, says Glenmark's Saldanha
The road to drug discovery is long, arduous and littered with failure, but the payoff at the end makes it worth the trouble. It's a lesson that India's best pharmaceutical entrepreneurs knew all along. Yet, it took a Glenn Saldanha to prove it. 'We were always resilient in how we approached innovation. I think that's what finally rewarded us," Saldanha, chief executive officer and managing director of Glenmark Pharmaceuticals Ltd, told Mint in an exclusive interview. He was referring to one of the largest deals for an Indian biopharma firm after Glenmark's US-based unit Ichnos Glenmark Innovation (IGI) secured a $700-million exclusive licensing agreement with AbbVie for its blood cancer drug candidate last week. AbbVie will also pay as much as $1.23 billion as various milestones are completed, as well as tiered, double-digit royalties on net sales. ISB 2001, the investigational drug to treat multiple myeloma, is in phase-1 clinical trials and has shown promising data. In a trial with 35 patients who had exhausted all existing lines of therapy unsuccessfully, 79% showed a clinical response to it, and 30% were cancer-free. 'I hope this acts as a catalyst to expanding the innovation landscape in India…we've demonstrated that you can do it," said Saldanha. Last bet ISB 2001, developed on IGI's proprietary BEAT platform, was the firm's last bet. 'There was no plan B," said Saldanha. 'This was pretty much the end of the road. At this point, the technology had to demonstrate that it worked…or we don't know what we would have done as the next thing." The drug had been in discovery over the last five years, while the company had been working on the BEAT platform for about a decade. There were three other assets that the company stopped developing. ISB 2001 has received both the US FDA Orphan Drug and Fast Track designations, highlighting its Orphan Drug designation is given to drugs treating rare diseases, while a fast track designation intends to expedite the development and review of drugs for treating serious conditions and fill unmet medical needs. Following the licensing agreement, AbbVie will take over further development for phase-2 and phase-3 trials before it can file for regulatory approval. The process would typically take four to five years. The market size for multiple myeloma is estimated to grow to $50 billion by 2030. Should the drug hit the markets in 2030, taking into account the tiered double-digit royalties, Glenmark stands to earn an additional $2.02 billion in royalties until 2041, according to research by brokerage Nuvama. The deal validates several aspects of Glenmark, including the strength of IGI's BEAT platform, the potential for ISB 2001 to treat relapsed/refractory multiple myeloma, and its commercial viability following successful clinical trials, said an 11 July note by Motilal Oswal analysts. 'Moreover, AbbVie has established itself as a diversified biopharma leader, combining scientific innovation with strong commercial execution. In oncology, the company has built a robust presence anchored by two cornerstone therapies: Imbruvica, a BTK inhibitor, and Venclexta, a BCL-2 inhibitor. These medicines have transformed the treatment landscape for chronic lymphocytic leukemia and other B-cell malignancies, generating multi-billion-dollar revenues and reinforcing AbbVie's reputation as a pioneer in hematologic cancer," the note added. Huge sacrifices, trade-offs Saldanha has bet on innovation since he took the reins of the company in the late 90s. A few years after Glenmark was listed in 2000, it established its first R&D centre for novel biologics research in Switzerland. Over the years, the company did a number of licensing deals with novel assets. In 2019, it spun off its R&D entity under a new company, Ichnos Sciences, which built on its proprietary BEAT bispecific platform. The two announced the creation of Ichnos Glenmark Innovation (IGI) in 2024. The company's focus on innovation created a lot of frustration for investors and stakeholders, Saldanha said. '[We were] bordering on being called eccentric," he said. The company also had to sell its stake in its active pharmaceutical ingredient (API) division, Glenmark Life Sciences, to pare its debt in 2023, which was approximately ₹4,500-4,600 crore. Glenmark sold 75% stake in the unit to industrial conglomerate Nirma for ₹5,650 crore. The company has made 'huge sacrifices, huge trade-offs," said Saldanha. With the GLS sale, the company had a choice to decide 'which end of the value chain we play", said Saldanha. 'Whether we play on this API stable end of the value chain, and generate revenues like that, or we play on the high end of the value chain, which is innovation." But innovation is not a cost game, he said. 'It's all about being able to understand where the therapy is going and how to come up with solutions." What's next for Glenmark? IGI spends about $70 million annually on new drug research. With the upfront payment it receives, it will be self-funded for the next three to four years, said Saldanha. The company will also look at rewarding shareholders with dividends. Apart from that, there are no immediate investment plans, said Saldanha. 'At least for the next year or two, we won't do anything. We'll just continue regrouping and trying to figure out strategically where we can further add value," he said. The deal is a big event for the company, which 'basically resets the whole agenda for the company", he said. 'We have to really reset and rethink how we want to see the company over the next five to ten years." ISB 2001's early success has validated the BEAT platform. 'We think we've now got it right with the technology…the idea is how can we exploit that technology much more effectively to add more products and do more," said Saldanha. The unit has another asset called ISB 2301, which is in late pre-clinical development and will go to the clinic next year. This drug will target solid tumours, said Saldanha. IGI also has a couple of other early-stage programs. '...over the next three, four years, we will exploit the technology as effectively as possible."
