Mumbai, India - Glenmark Pharmaceuticals Ltd. (Glenmark), a research led, global pharmaceutical Company, today announced its financial results for the third quarter ended December 31, 2023.
Consolidated Figures
For the third quarter of FY 2023 24, Glenmark's consolidated revenue was at Rs. 29,096 Mn as against Rs. 34,639 Mn recording a decline of 16% YoY. The lower sales in the current quarter are mainly on account of a onetime impact on the Company's India business. Excluding this impact, Glenmark's consolidated revenue in Q3 FY24 would have been approximately Rs. 37,796 Mn, with an approximate growth of 9% over previous year.
Adjusted1 EBITDA was at Rs. 289 Mn in the quarter ended Dec 31, 2023 as against Rs. 6,202 Mn in the previous corresponding quarter. During Q3 FY 2023 24, the Company implemented changes in its overall distribution model of its India business, through consolidation of stock points and rationalization of channel inventories. This led to a temporary dip in sales for the India business during the quarter. However, going forward, this will help improve the Company's operating margins and overall working capital. These changes in the India distribution system will also enable the Company to accelerate the rollout of its anti-counterfeit packaging across the country.
Reported Figures
For the third quarter of FY 2023 24, Glenmark's revenue was at Rs. 25,067 Mn as against Rs. 31,002 Mn recording a decline of 19% YoY. Adjusted1 EBITDA was at Rs. 1,444 Mn in the quarter ended Dec 31, 2023 as against Rs. 4,740 Mn in the previous corresponding quarter.
'Glenmark is going through a transitionary phase on account of the divestment of Glenmark Life Sciences. In spite of the onetime impact on our India business revenue due to the changes in our distribution model, our secondary sales growth remains strong, and we continue to outperform the market in our key therapy areas. Meanwhile, our Europe and the RoW markets have maintained their robust growth trajectories, and we anticipate a resurgence of our U.S. business from Q4; driven by new injectable product launches' said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd. He further added, 'We secured yet another out licensing deal for one of our assets in our innovation pipeline, OX40 antagonist monoclonal antibody portfolio, to Astria Therapeutics. This further strengthens our position as one of the leading research led pharmaceutical companies from India. The recent formation of Ichnos Glenmark Innovation (IGI), an alliance with our global fully integrated, clinical stage biotech subsidiary Ichnos Sciences Inc. will enable us to accelerate our efforts in new drug discovery for cancer treatment. Going forward, all of Glenmark's innovation efforts will be channelized through IGI.'
About Glenmark Pharmaceuticals Limited
Glenmark Pharmaceuticals Ltd. (BSE: 532296 | NSE: GLENMARK) is a research led, global pharmaceutical Company, having a presence across Branded, Generics, and OTC segments; with a focus on therapeutic areas of respiratory, dermatology and oncology. The Company has 10 world class manufacturing facilities spread across 4 continents, and operations in over 80 countries. In Vivo/Scrip 100 positions Glenmark amongst the Top 100 Companies Ranked by R&D and Pharmaceutical Sales, 2022; while Generics Bulletin/In Vivo places it in the Top 50 Generics and Biosimilars Companies Ranked by Sales, 2022. The Company has also been Great Place To Work Certified in India for FY 2023. Glenmark's Green House Gas (GHG) emission reduction targets have been approved in 2023 by the Science Based Target initiative (SBTi), making it only the second pharmaceutical Company in India to achieve this. The organization has impacted over 2.9 million lives over the last decade through its CSR interventions.
Contact:
Udaykumar Murthy
Email: corpcomm@glenmarkpharma.com
Tel: +91 9960377617
GLENMARK PHARMACEUTICALS LIMITED 
