De-growth recorded in revenue and PAT
Mumbai-headquartered Glenmark Pharmaceuticals Ltd, an innovation-driven global pharmaceutical company, said its European business grew by 7.9% YoY to Rs.3,300 million while North American business recorded de-growth of (10.2%) QoQ to Rs.6,628 million in the first quarter of FY 2021-22.
Rest of the World (RoW) business grew by 25.8% YoY to Rs.4,226 million while the Indian business recorded de-growth of (15.5%) YoY to Rs.10,352 million (on account of a high base of Covid-related product sales).
Base business growth was 10.4%, excluding global sales of COVID-related products in the first quarter of FY 2021-22, said the company on 11 Aug 2022.
Glenmark’s consolidated revenue for Q1 FY 2022-23 was at Rs.27,773 million as against Rs.29,649 million; recording de-growth of (6.3%).
When viewed without taking into account the global sales of COVID-related products in the first quarter of FY 2021-22, the base business shows a year-on-year growth of 10.4% in the current fiscal.
Profit After Tax (PAT) for the quarter ended June 30, 2022 was at Rs2,111 million as compared to Rs.3,065 million in the previous corresponding quarter, registering a decline of (31%) YoY.
“We delivered a strong double-digit growth in our base business during the quarter excluding the impact of COVID-related products. Europe and ROW markets performed well despite the challenging macro-economic environment; and the India base business also recorded strong growth,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.
“We continued to make significant progress in our innovation pipeline; with Ryaltris getting approvals across newer markets, and novel molecule GRC 54276 getting approval for conducting Phase 1 Clinical Trial.”
He further added, “Our goal is to continue growing our base business through new product launches in our key focus areas of Respiratory, Dermatology and Oncology. We remain on track to achieve our guidance for FY 2022-23.”
Glenmark Pharmaceuticals Ltd (BSE: 532296 | NSE: GLENMARK) has 10 world-class manufacturing facilities spread across 4 continents and operations in over 80 countries. fiinews.com
