Glenmark Pharma posts22.5 percent YoY revenue boost

Mumbai

Glenmark Pharmaceuticals Limited unveiled its impressive Q1 2023-24 results today, showcasing a 22.5% YoY surge in consolidated revenues, which stood at Rs. 34,016 Mn, up from Rs. 27,773 Mn the previous year. The company’s EBITDA also climbed notably, recording a 46.2% YoY growth, registering Rs. 6,312 Mn. Furthermore, Glenmark’s Profit After Tax (PAT) hit Rs. 1,731 Mn for the quarter.

According to Glenn Saldanha, Glenmark’s Chairman and MD, “Our robust growth was spearheaded by branded sales in the RoW region.” Europe, buoyed by a potent generics portfolio and increased market share in respiratory brands, showed substantial growth. While North America maintained stability, India outpaced the industry’s growth rates. Saldanha proudly highlighted their GHG emission targets’ certification by the Science Based Targets initiative (SBTi), underscoring Glenmark’s global-scale ESG commitment.

A regional breakdown showed:
= India: A 2.8% YoY revenue growth, with sales from the formulation business at Rs. 10,643 Mn.
= North America: A 22% YoY revenue jump, with sales at Rs. 8,085 Mn.
= RoW (Asia, MEA, LATAM, and RCIS Region): A 30.4% YoY growth, pulling in Rs. 5,512 Mn.
= Europe: A whopping 73.7% YoY increase, totaling Rs. 5,732 Mn.

Additionally, Glenmark Life Sciences Ltd. (GLS) experienced an 18.1% YoY boost in revenues, including captive sales, standing at Rs. 5,785 Mn. External sales for GLS witnessed a 16% YoY growth,
amounting to Rs. 3,769 Mn.