Glenmark Pharmaceuticals targets 70% branded portfolio by 2030, boosts focus on novel drugs

Glenmark Pharmaceuticals is pivoting to a sharper, innovation-driven company over the next 4-5 years with focus on its novel drug portfolio and strengthening its branded business, managing director Glenn Saldanha said.

Glenmark 3.0 will look at bulking up its branded portfolio to 70% by 2030 from the current 60% with focus on three of its key therapeutic areas where the company is putting all its muscle to scale, he said at an investor's day meet in Mumbai. "2030 and onwards we see ourselves as a leading global innovation-driven company with leadership in three therapeutic areas that is dermatology, respiratory and oncology," said Saldanha. "We are a $1.6 billion organisation and last year, 60% of our revenue came from branded products."

The roadmap for the next 4-5 years includes increasing contribution from high-growth EU and EM markets, growing the US generic business via respiratory, injectables product launches and growing a robust pipeline of innovative multi-specifics (novel drugs to treat cancers) through Ichnos Glenmark Innovation (IGI).

IGI last week entered a landmark pact with US-based AbbVie to develop and commercialise its innovative drug ISB 2001 used for the treatment of multiple myeloma, a rare form of blood cancer. It will get an upfront payment of $700 million (about Rs 6,000 crore) from AbbVie, in addition to potential milestone-linked payments of $1.2 billion.

"We are looking at leveraging the platform and expanding on that further to continue to add more value," he said.

Company executives said in territories where Glenmark gets the commercial rights of ISB 2001 the market opportunity will be $5 billion. "3.0 is all about moving up the value chain to become an innovation-led company with a large commercial footprint and transforming into something global," said Saldanha, seeking to differentiate the organisation from its domestic peers. "The second part of it is to create long-term sustainable value for all our stakeholders and ensure great return ratios."

"The next 10 years are going to be about trying to create something transformational, focus on moving up the value chain, launch branded products and doing this in a fiscally disciplined manner where we have good margins and returns," he said.