 "After disappointing Q4, Glenmark gives a guidance of 15% revenue growth")
Glenmark has guided 12-15 per cent revenue growth in FY 18 after a disappointing fourth quarter result which led to 15 per cent fall in stock price in intra day trade on Friday.
The drug maker said it had seen lower than estimated sales of its top selling anti-cholesterol drug Zetia and was also impacted by price erosion in the US market.
At 12 pm, the stock was trading at Rs 782.75.
The company management said it plans to launch 10-15 products including 3-4 products in the US in FY 18 which will drive growth. Also, it said the domestic market will grow 15 per cent in FY 18. Domestic sales in fourth quarter grew 6 per cent. The company claimed the slow growth was an aberration due to demonetization and inventory holding ahead of goods and service tax implementation.
In Q4 FY 17 Glenmark posted a net profit of Rs 183.76 crore as against Rs 148.40 crore a year ago. Net sales were up 10.2 per cent at Rs 2424.41 crore.
“Our quarter performance was mainly driven by our US formulations business. In addition, our India business also managed to record growth despite various challenging factors in the market,” Glenn Saldanha, chairman and managing director of the company, said in a result statement on Thursday.
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