Glenmark Pharma shines as September quarter marks rebound in earnings

Analysts are upgrading their ratings as they expect sales momentum in the US and domestic markets to improve

Glenmark Pharmaceuticals’ better-than-expected July-September quarter performance, after several quarters of weak results, enthused the Street. The stock gained more than 21 per cent on Monday, following brokerage upgrades. 

The quarter proved to be good for both India and US sales, which saw momentum rebound, and was well supported by other geographies. Analysts believe that Glenmark finally seems to be turning the corner, as is evident from its good operational performance and cost management in Q2. JPMorgan says that execution missteps, strategy shifts, and weak cash flow had led to the stock de-rating from 18-19x last year to 10x currently. While these