Glenmark Pharmaceuticals Limited (Glenmark), an integrated, research-led, global pharmaceutical company, today announced its financial results for the first quarter ended June 30, 2023.
For the first quarter of FY 2023-24, Glenmark’s consolidated revenue was at Rs. 34,016 Mn as against Rs. 27,773 Mn recording an increase of 22.5% YoY.
EBITDA was at Rs. 6,312 Mn in the quarter ended June 30, 2023 as against Rs. 4,316 Mn in the previous corresponding quarter, registering an increase of 46.2% YoY.
Profit After Tax (PAT) for the first quarter of FY 2023-24 was at Rs. 1,731 Mn.
“We had yet another strong quarter both in terms of revenue and operating margins. The robust growth in sales was led by our branded markets in RoW region. Our Europe business performed significantly well on the back of a strong generics portfolio and continued gains in market share, in our leading respiratory brands. Our North America business remained stable, and our India business continued to significantly outperform industry growth rates. We also had our GHG emission targets certified by the Science Based Targets initiative (SBTi) giving us an impetus to further pursue our ESG goals, while also benchmarking us at a global scale.” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd. He further added, “Going forward our goal remains to sustain the momentum, as RYALTRIS® continues to meaningfully contribute across all the covered markets. We also remain on track to achieve our objectives for FY24.”
GLENMARK PHARMACEUTICALS LTD.
Sales from the formulation business in India in Q1 FY 2023-24 was at Rs. 10,643 Mn as against Rs. 10,352 Mn in the previous corresponding quarter, recording growth of 2.8 % YoY.
North America registered revenue from the sale of finished dosage formulations of Rs. 8,085 Mn for the quarter ended June 30, 2023 as against revenue of Rs. 6,628 Mn for the previous corresponding quarter, recording growth of 22% YoY.
Asia, MEA, LATAM and RCIS Region (RoW)
For the first quarter of FY 2023-24, revenue from RoW was Rs. 5,512 Mn as against Rs. 4,226 Mn for the previous corresponding quarter, recording growth of 30.4% YoY.
Glenmark Europe’s operations revenue for the first quarter of FY 2023-24 was at Rs. 5,732 Mn as against Rs. 3,300 Mn, recording growth of 73.7% YoY.
GLENMARK LIFE SCIENCES LTD. (GLS)
For the first quarter of FY 2023-24, revenues from operations including captive sales were Rs. 5,785 Mn as against Rs. 4,899 Mn, recording a YoY growth of 18.1%. External sales for GLS in Q1 FY 2023-24 were at Rs. 3,769 Mn as against Rs. 3,251 Mn in Q1 FY 2022-23; recording a growth of 16.0% YoY.
Glenmark invested Rs. 1,417 Mn (USD 17.2 Mn) in Q1 FY 2023-24 compared to Rs. 1,682 Mn (USD 21.8 Mn) in Q1 FY 2022-23 and Rs. 1,906 Mn (USD 24 Mn) in Q4 FY 2022-23.