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Glenmark Pharma Q3 results: Standalone loss at Rs 20 cr, revenue dips 38.4%

Glenmark is going through a transitionary phase on account of divestment of Glenmark Life Sciences, says MD

Glenmark Pharmaceuticals

Anjali Singh Mumbai

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Mumbai based pharma company, Glenmark Pharmaceuticals, on Wednesday, reported a standalone loss of Rs 20.40 crore in the third quarter of FY 2023-24 (Q3FY24) as opposed to Rs 430.53 in the corresponding quarter previous year (Q3FY23), the company said in a stock exchange filing.

 The company's revenues declined 38.4 per cent Y-o-Y to Rs 1,304.16 crore compared to Rs 2,118.99 crore in the corresponding quarter previous year.

On a sequential basis, the company saw a 39.92 per cent decline in revenue from operations.

The Ebitda stood at Rs 144.4 crore this quarter against Rs 474 crore in the previous corresponding quarter.

Commenting on the results, Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals stated, “Glenmark is going through a transitionary phase on account of the divestment of Glenmark Life Sciences. Despite the one‐time impact on our India business revenue due to the changes in our distribution model, our secondary sales growth remains strong, and we continue to outperform the market in our key therapy areas. Meanwhile, our Europe and the RoW markets have maintained their robust growth trajectories. We anticipate a resurgence of our US business from Q4, driven by new injectable product launches.” 

He further added, “We secured yet another out‐licensing deal for one of our assets in our innovation pipeline, OX40 antagonist monoclonal antibody portfolio, to Astria Therapeutics. This further strengthens our position as one of the leading research‐led pharmaceutical companies from India. The recent formation of Ichnos Glenmark Innovation (IGI), an alliance with our global fully integrated, clinical‐stage biotech subsidiary Ichnos Sciences Inc will enable us to accelerate our efforts in new drug discovery for cancer treatment. Going forward, all of Glenmark’s innovation efforts will be channelized through IGI.”

In Q3FY24 the sales from the formulation business in India stood at Rs 262.2 crore against Rs. 1,074.5 crore in the previous corresponding quarter, reporting a decline of 75.6 per cent Y-o-Y.

Glenmark 's business in North American registered revenue from the sales of finished dosage formulations at Rs 762.9 crore against revenue of Rs 837.3 crore for the previous corresponding quarter, recording a decline of 8.9 per cent Y-o-Y.

The operations in Europe stood at Rs 635.7 crore as against Rs 493.2 crore, recording a growth of 28.9 per cent Y-o-Y.

The rest of the world (RoW) revenue stood at Rs 725 crore as against Rs 654.1 crore for the previous corresponding quarter, recording growth of 10.8 per cent Y-o-Y.

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First Published: Feb 14 2024 | 11:25 PM IST

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