Glenmark Pharma Q2 Results: Co posts Rs 355 crore net profit on robust sales growth

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, ET BureauLast Updated: Nov 14, 2024, 08:41:00 PM IST

Synopsis

Glenmark Pharma reported Rs 340 crore net profit in Q2FY25 led by robust sales growth in India and Europe. The drugmaker reported a net loss of Rs 180 crore in the corresponding quarter of the previous year.

Glenmark Pharma reported Rs 340 crore net profit in Q2FY25 led by robust sales growth in India and Europe. The drugmaker reported a net loss of Rs 180 crore in the corresponding quarter of the previous year.

Revenue rose 7% YoY to Rs 3,434 crore in Q2FY25.

EBITDA grew 30.2% YoY to Rs 602 crore, while the EBITDA margins stood at 17.5%.

Shares of Glenmark dropped 0.44% to close at Rs 1531.70 on BSE, the benchmark Sensex declined 0.14% to end at 77,580.31. The results were announced after market hours.

India business grew by 13.9% YoY to Rs. 1282 crore led by continuous improvement in market share across cardiac, dermatology and respiratory therapeutic segments.

Glenmark’s India business is now ranked 13th with a market share of 2.22% as per market research firm IQVIA MAT September 2024.

North America business declined 1.2% to Rs. 750 crore. The company said it plans to launch 3-4 products in Q3 FY25.

Europe rose by 14.6% YoY to Rs. 687.4 crore led by sustained growth in the branded respiratory business across markets and the rest-of-the-world (ROW) declined by 4.1% to Rs. 704 crore.

The R&D expenses in Q2FY25 stood at Rs. 228 crore or 6.6% of revenue. The company spent Rs 79 crore on capex.

Glenmark has guided revenue to Rs 13,500 crore - Rs 14,000 crore, with 7-7.25% R&D investment on total sales. The Mumbai-based company is guiding 19% EBITDA margin and a capex of Rs 700 crore for FY25.

"Our flagship respiratory brand, Ryaltris, continues to perform well across all key regions, reaffirming its position as a leading treatment option," said Glenn Saldanha, chairman and MD of Glenmark.

"Additionally, we have strategically in-licensed innovative products in our priority therapeutic areas, further strengthening our commitment to addressing unmet medical needs and improving patient outcomes," he added.

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