Glenmark Q3 net up 11% to Rs 116 crore on robust sales in India, US, Europe

Glenmark's consolidated revenue stood at Rs 2,555.04 crore during the October-December 2018 period from Rs 2,203.66 crore in the year-ago period

Drug firm Glenmark Pharmaceuticals Thursday reported an 11.07 per cent rise in consolidated net profit to Rs 116.34 crore for the December 2018 quarter, mainly on account of robust sales in India, the US and Europe.

It had posted a net profit of Rs 104.74 crore in the corresponding quarter of the previous fiscal, Glenmark Pharmaceuticals said in a BSE filing.

The company's consolidated revenue stood at Rs 2,555.04 crore during the October-December 2018 period from Rs 2,203.66 crore in the year-ago period.

"We have reported healthy numbers in third quarter on the back of good growth in our key markets like the US, India and Europe," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

The company continues to receive approval for niche generic products in the US, whereas in India and Europe, it increased market penetration and product launches continue to drive growth, he added.

"We have expanded our presence in the US market through our foray into the branded dermatology segment and we continue to invest in furthering our specialty products' pipeline," Saldanha said.
 

Sales from the formulation business in India stood at Rs 667.53 crore as compared with Rs 578.50 crore during the corresponding quarter of 2017-18, a growth of 15.39 per cent, it said.

Glenmark Pharmaceuticals Inc USA registered sales of finished dosage formulations of Rs 855.67 crore for the quarter ended December 31, 2018 as against Rs 735.88 crore in the same quarter of the previous fiscal, recording a rise of 16.28 per cent, it added.

Glenmark Europe's revenue for the third quarter of 2018-19 was at Rs 321.73 crore as against Rs 224.75 crore for the corresponding period a year ago, an increase of 43.15 per cent, Glenmark said.

Shares of Glenmark Pharmaceuticals closed at Rs 613.90 apiece on the BSE, up 3.02 per cent from its previous close.