Ichnos’ Early-Stage Myeloma Asset Designed To Avoid ‘Pitfalls’ Of Magrolimab

Glenmark In FY27, Plant Woes

Glenmark’s chairman and managing director, Glenn Saldanha, outlined at the investor day event his vision for the company over the next few years, though compliance issues at its manufacturing sites continue to cast a shadow on outlook.

The Indian company expects about 2/3rd of its consolidated revenues to be contributed by branded products /markets by fiscal 2027, from about 55% currently.

“What that effectively means is automatically our margin profile will improve, our business revenues will be much more sustainable, you won't see the volatility in terms of the pricing. So that's a big shift for us,” Saldanha explained.(Also see "Tough Q1 In US For Glenmark, Eyes on Ryaltris Debut, Flovent Rival Filing" - Scrip, 17 August, 2022.)

The Indian company also hopes it can commercialize one innovative asset between itself and Ichnos either on its own or via partners. Ensuring Ichnos is self-funded either through partnerships or an external capital raise / listing are the other key business priorities that it sees in place by FY27.

Glenmark also expects to continue to support its active pharmaceutical ingredients arm Glenmark Life Sciences (GLS) through “majority ownership” – currently it holds almost 83% in GLS.

“Clearly we see GLS as a valuable asset and we think they have a good business plan and journey. So we will continue to support them along this journey,” Saldanha added.

Among other FY27 priorities are Glenmark’s commitment to continue to have a global manufacturing footprint. However, the firm currently finds itself in an unenviable position with three sites facing compliance scrutiny from the US FDA.(Also see "Glenmark Chief: Running A Facility In The US Has Been A Struggle" - Scrip, 31 May, 2022