Glenmark Pharmaceuticals Ltd reported its fiscal first quarter earnings with profit at Rs 340.27 crore, posting a jump of 127.0 per cent in comparison to Rs 149.93 crore during the corresponding quarter of FY24. The company said that the growth was driven by strong demand for its drugs and a marginal decrease in costs. It recorded revenue from operations at Rs 3244.19 crore, up 6.9 per cent as against Rs 3036.07 crore during the same period of previous financial year. The company EBITDA stood at Rs 588.3 crore, up 34.5 per cent YoY.
Glenmark Pharma said that it had a one-time charge of Rs 52.02 crore in the year-ago period for repairs at its manufacturing facilities in India and the United States.
Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd, said, “Our strong start to the new financial year reflects our robust revenue growth across key regions and solid operational performance, leading to a significantly improved margin profile. Our India business continues to excel, outpacing the Indian Pharma Market with our expertise in our core therapeutic areas, while Europe builds on its FY24 success with further growth in the branded segment. RYALTRIS® remains a major global growth driver, achieving high double-digit market shares in multiple regions.”
“As we look ahead, we are committed to launching innovative products, including Envafolimab and Winlevi®, and are confident of our trajectory towards meeting our FY25 objectives,” he added.
The company stated that its R&D expenses during the quarter stood at Rs 241 crore, which is 7.4 per cent of sales. The consolidates capex stood at Rs 700 crore.
Glenmark Pharma’s Q1 performance across regions
India: The company reported sales from the formulation business in India during Q1FY25 at Rs 1196.20 crore as against Rs 1069.30 crore in the corresponding quarter last year, recording a growth of 11.9 per cent. For Glenmark Consumer Care, primary sales in Q1 stood at Rs 87 crore, up 11.3 per cent YoY.
North America: The North America business registered revenue of Rs 780.80 crore (USD 93.6 million) for the first quarter of FY25 as against revenue of Rs 755.70 crore (USD 91.0 million) for the fourth quarter of FY24. This translates into a quarter-on-quarter growth of 3.3 per cent.
Europe: Glenmark’s Europe operations’ revenue for the first quarter of FY25 was at Rs 695.70 crore as against Rs 573.20 crore in Q1FY24, recording a YoY growth of 21.4 per cent. “All the key countries for Glenmark in the EU region recorded healthy double-digit growth in the first quarter. The key markets in the CEE region, including the Czech and Poland, recorded 20 per cent+ growth in Q1FY25, aided by strong performance across all key segments,” it said.
ROW Region (RCIS, LATAM, MEA & APAC): For the first quarter of FY25, revenue from the ROW region was at Rs 570.80 crore as against Rs 552.80 crore for the corresponding quarter last year, recording a YoY growth of 3.3 per cent..