Stocks

Glenmark Pharma hits over 7-year low after Q1 profit misses estimates

Reuters | Updated on August 14, 2019 Published on August 14, 2019

Shares of Glenmark Pharmaceuticals Ltd fall as much as 7.24% to Rs 385.5, their lowest since August 3, 2012

The pharma major posts a 53% drop in June quarter profit to Rs 109 crore ($15.37 mln) against Rs 233 crore in the corresponding quarter last year, impacted due to moderate performance in the US and subdued performance in Latin America

Total expenses had risen 9.5% to Rs 1,977 crore

The first quarter profit misses estimates of Rs 182 crore.

Up to last close, Glenmark has lost 40% this year, while Sun Pharmaceutical, which posted a 31% jump in Q1 profit on Tuesday, is up 2%

Published on August 14, 2019
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