Glenmark Pharmaceuticals widened its loss for the quarter ended March 31, 2024 to Rs 1238.65 crore in comparison to a loss of Rs 549.49 crore recorded during the same period last year. It posted revenue from operations at Rs 3062.95 crore, up 2.1 per cent as against Rs 3000.51 crore during the fourth quarter of FY23. The company EBITDA stood at Rs 504.2 crore, up 26.7 per cent on-year.
The company board also recommended a dividend @ 250 per cent i.e. Rs 2.5 per share (face value of Re 1 each) on the equity share capital of the company for the financial year 2023-24 subject to the approval of the shareholders at the ensuing Annual General Meeting.
Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd, said, “This past year has been a period of significant transition and transformation for Glenmark. We successfully divested a majority stake in Glenmark Life Sciences, concluding the year in a strong net cash positive position. Our branded markets continued to deliver robust growth, particularly in Europe and other key international markets. While we encountered some headwinds in our US business, we remain optimistic about our ability to regain our growth trajectory in the coming year.”
Formulations business across key markets
Sales from the formulation business in India in Q4FY24 was at Rs 939.10 crore as against Rs 831.60 crore in the previous corresponding quarter, recording growth of 12.9 per cent YoY.
North America registered revenue from the sales of finished dosage formulations at Rs 755.70 crore for the quarter ended Mar 31, 2024 as against revenue of Rs 862.80 crore for the previous corresponding quarter, recording a decline of 12.4 per cent YoY.
For the fourth quarter of FY24, revenue from Asia, MEA, LATAM and RCIS Region (RoW) came in at Rs 752.80 crore as against Rs 686.40 crore during the same period last year, posting a growth of 9.7 per cent on-year.
Glenmark Europe’s operations revenue for the fourth quarter of FY24 was at Rs 611.80 crore as against Rs 607.80 crore, recording growth of 0.7 per cent YoY.
Glenn Saldanha further added, “We have made significant progress in advancing our strategy of building global brands. The successful commercialization of RYALTRIS®, our novel allergic rhinitis treatment, in 34 markets worldwide is consistently gaining market share in these geographies. Additionally, we have also in-licensed two specialty products – Winlevi® and Envafolimab. As we continue to move up the value chain and enhance our product mix, we are confident of achieving significant improvement in our operating margins going forward,” he added.