Glenmark Pharma Q3 results: Net profit down at Rs 348 cr on weak US sales

Glenmark Pharmaceuticals reported third-quarter profit below estimates on Friday due to bleak US demand for its long-term illness drugs. 

The drugmaker reported a consolidated net profit of Rs 348 cr ($40.15 million) for the quarter ended December 31, compared with analysts' estimate of Rs 364 crore, as per data compiled by LSEG. 

The company reported a loss of Rs 351 crore in the comparable quarter last year, hurt by sluggish sales in India and charges related to a legal case settlement in the United States. 

Net sales rose 34 per cent to Rs 3,302 crore in the quarter, aided by India sales. 

 

The US is a major revenue source for India's generic drugmakers, but intense competition in North America's drug market has pressured their margins. 

Analysts had flagged that Glenmark's growth in North America has been hampered by price erosion and lack of significant product launches. 

Revenue from its US markets grew 1.4 per cent during the quarter, compared with a 5.5 per cent growth in the previous quarter. 

However, the company said it anticipates business growth from the financial year 2026 onward, driven by potential launches in the respiratory and injectable segments.