Glenmark Pharma Q1 profit at ₹232.99 crore

New Delhi, August 12, 2018: Pharma major Glenmark Pharmaceuticals on Friday reported consolidated net profit of ₹232.99 crore in the first quarter ended 30 June 2018. The company had posted consolidated net profit of ₹333.38 crore in the same quarter last fiscal, Glenmark Pharmaceuticals said in a BSE filing.

According to the reports published in livemint.com total revenue from operations during the period under review was at ₹2,165.62 crore. It was at ₹2,363 crore in the same quarter last fiscal. The results are not comparable to the corresponding quarter of the previous year, as Glenmark through its partner Endo had launched Ezetimibe, a generic version of ZETIA in the US in December 2016 and was entitled to an exclusivity on the product, the company said.

India business grew by 7.61% to ₹663.29 crore, while in the US it declined by 32.66% to ₹703.74 crore, it added. Europe business grew by 35.61% to ₹219.78 crore. Similarly, Latin America also saw an increase of 15.50% to ₹97.6 crore, it added.

Commenting on the first quarter performance, Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said it was impacted by persisting pricing pressure and a high base of last year in the US market.

“However, other geographies performed well, particularly Europe, driven by new product launches,” he added.

The company said it has a pipeline of seven new molecular entities (NMEs), which includes two new chemical entities (NCEs) and four new biological entities (NBEs) and a biosimilar candidate, in various stages of clinical development focused in the therapeutic areas of oncology, respiratory and dermatology.