New launches near-term triggers for Glenmark

Risk-reward remains favourable as current tepid growth is factored in

Glenmark may have reported a benign performance for the September quarter (Q2), but it was anticipated, as the six months’ exclusivity of Zetia generic, the cholesterol-control drug, ended in the June quarter. With revenues growing at 1.5 per cent in Q2, operating and net profits declined 13.5 per cent and 4.2 per cent, respectively, compared to the year-ago period. But the worst hit seems to be the stock price.

The company’s US sales (about a third of its revenues) fell two per cent year-on-year (y-o-y) and 30 per cent sequentially, in constant currency terms, to $113 million. India, which contributed