Glenmark Pharmaceuticals Q3 revenue drops 16%

Arushi Mishra Updated - February 15, 2024 at 05:35 PM.

Glenmark Pharma shares edge up on BSE

Glenmark Pharmaceuticals Ltd reported a consolidated revenue of ₹2,909 crore in the third quarter ending December 31, 2023, a 16 per cent decline compared to a revenue of ₹3,463 crore in the corresponding quarter last year. The lower sales in the current quarter are mainly on account of a one‐time impact on the company’s India business. Excluding this impact, Glenmark’s consolidated revenue in Q3 FY24 would have been approximately ₹3,779 crore, with an approximate growth of 9 per cent over the previous year.

Adjusted EBITDA was at ₹28.9 crore in the quarter ended Dec 31, 2023, as against ₹620 crore in the previous corresponding quarter. The decline was attributed to changes in its distribution model in the country, aimed at enhancing operating margins and overall working capital.

The company aims to drive growth in the US market through new product launches, particularly injectables, starting from Q4.

“Glenmark is going through a transitionary phase on account of the divestment of Glenmark Life Sciences. In spite of the one‐time impact on our India business revenue due to the changes in our distribution model, our secondary sales growth remains strong, and we continue to outperform the market in our key therapy areas. Meanwhile, our Europe and the RoW markets have maintained their robust growth trajectories, and we anticipate a resurgence of our US business from Q4, driven by new injectable product launches,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.

Shares were up 0.38 per cent at ₹799.30 at 11.21 am on the BSE.

Published on February 15, 2024 06:24

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