Glenmark Q2 net down 4.23% at Rs 214 crore

The overall performance was driven by our India, Europe and API business: Glenmark Pharmaceuticals

Drug firm Glenmark Pharmaceuticals on Thursday reported a 4.23 per cent dip in its consolidated net profit to Rs 214.12 crore for the second quarter ended September 30, 2017.

The company had posted a net profit of Rs 223.58 crore for the corresponding period of the previous fiscal, Glenmark Pharmaceuticals said in a filing to the BSE.

Consolidated revenue of the company stood at Rs 2,256.59 crore for the quarter under consideration as against Rs 2,224.10 crore for the same period a year ago.

"The overall performance was driven by our India, Europe and API business. Despite several challenges in the market, India business recorded high single-digit growth," Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said.

The Europe business performed very well during the quarter due to a strong performance by the West European region, he added.

Sales for the formulation business in India for the second quarter ended September 30 was at Rs 710.67 crore as against Rs 674.93 crore for the same period a year ago, Glenmark said.

However, for the US, revenue from the sale of finished dosage formulations was at Rs 727.09 crore for the second quarter this fiscal as against Rs 771.20 crore for the corresponding period of the previous fiscal, it added.

The company's revenue for its operations in Europe for the second quarter of this fiscal rose to Rs 200.02 crore. It was Rs 134.69 crore a year ago, Glenmark said.

"During the quarter, on the research and development side, we made significant progress," Saldanha said.

After reporting positive phase 3 data on GSP 301, the company continues to make progress towards filing the new drug application (NDA) in 2018. This will be the first NDA filed by the organisation, he added.

GSP 301 is a combination of a steroid and an anti- histamine administered intranasally for the treatment of seasonal allergic rhinitis in adults and children.

Shares of Glenmark Pharmaceuticals today closed at Rs 648.55 per scrip on BSE, up 4.39 per cent from its previous close.