India Pharma Outlook Team | Friday, 06 November 2026
Pharma companies delivered contrasting earnings signals this week, with some reporting sharp profit declines while others recorded strong growth.
From India’s pharmaceutical manufacturers to global drugmakers, quarterly results highlighted the importance of revenue momentum, cost management and evolving business portfolios in determining profitability.
Together, these five earnings reports offer a snapshot of the industry's shifting financial landscape, showing how companies are balancing near-term earnings challenges with opportunities for sustained growth across domestic, international and branded pharmaceutical markets.
Glenmark Pharma reported a 56.78% year-on-year decline in consolidated net profit to Rs 263.83 crore in Q2 FY27, against Rs 610.43 crore last year. Revenue also fell 29.8% to Rs 4,247.32 crore. A USD 15.28 million Humana settlement and related legal expenses contributed to exceptional charges of approximately Rs 284 crore, adding to earnings pressure.
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Lupin reported a 22.2% decline in net profit to Rs 1,155.3 crore despite an 11.1% increase in revenue to Rs 7,827.3 crore. Higher employee costs, manufacturing expenses, and a Rs 316.28 crore antitrust settlement weighed on profitability. EBITDA declined 10.7% to Rs 2,171.2 crore, with margins contracting to 27.9% from 35.6%.
Alembic Pharma recorded an 81% increase in consolidated net profit to Rs 335 crore, while revenue climbed 36% to Rs 2,603 crore. US formulations emerged as the strongest contributor, growing 77% to Rs 1,003 crore. India-branded formulations increased 14% to Rs 725 crore, while API revenue rose 39% to Rs 436 crore, demonstrating increasingly diversified growth contributions.
Teva raised its 2026 revenue guidance to USD 16.7 billion–USD 17 billion, alongside adjusted earnings expectations of USD 1.92–USD 2.11 per share. Although quarterly revenue declined 2% to USD 4.4 billion, Austedo, Ajovy and Uzedy delivered stronger sales. Their performances supported the revised outlook, highlighting the growing contribution of branded medicines to Teva's earnings trajectory.
Granules India reported a 39% year-on-year increase in net profit to Rs 182 crore, supported by 20% revenue growth to Rs 1,560 crore. EBITDA reached approximately Rs 338 crore, with operating margins expanding 100 basis points to around 22%. Profit growth outpaced revenue expansion, although higher input and logistics costs continued to challenge profitability.
While Glenmark and Lupin faced profitability pressures, Alembic demonstrated broader growth contributions and Granules strengthened earnings. Teva's improved outlook further highlights branded medicines as an increasingly important growth driver. These results underline how product mix, market performance, and cost management continue to shape earnings outcomes across the pharmaceutical industry, making sustained growth dependent on both revenue expansion and operational efficiency.
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