Glenmark Pharma gains on reporting muti-fold jump in Q1 PAT

Revenue from operations increased 6.85% year on year (YoY) to Rs 3,244.19 crore in the quarter ended 30 June 2024.

Profit before tax stood at Rs 462.33 crore in June 2024 quarter, steeply higher than Rs 151.40 crore posted in corresponding quarter previous year.

EBITDA stood at Rs 588.2 crore in first quarter of FY25, registering a growth of 34.5% on YoY basis. During the quarter, EBITDA margin improved to 18.1% as against 14.4% in Q1 FY24.

In India, sales from the formulation business jumped 11.9% to Rs 1,196.2 crore in Q1 FY25 as compared with Rs 1,069.3 crore recorded in corresponding quarter previous year.

In terms of secondary sales, Glenmark's India business continued to outperform the overall industry in terms of growth. As per IQVIA June 2024 data, Glenmark's India formulation business recorded growth of 11.3%.

The North America business registered revenues from the sale of finished dosage formulations of Rs 780.8 crore ($93.6 million) for the first quarter of FY25, up 3.32% as against revenue of Rs 755.7 crore ($91 million) recorded in Q1 FY24. The overall business growth remained challenging on account of lack of new product launches and delay in scale-up of recent launches.

During Q4 FY24, revenues from the RCIS, LATAM, MEA & APAC (RoW) region were Rs 570.8 crore as against Rs 552.8 crore for the previous corresponding quarter, recording growth of 3.26%.

Glenmark Europe's operations revenue for the Q1 of FY 2024-25 was increased 21.4% YoY to Rs 695.7 crore. The company's European operations continued growth momentum driven by all markets.

Glenn Saldanha, chairman and managing director, Glenmark Pharmaceuticals, 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 build 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.'

Glenmark Pharmaceuticals is a global innovation-driven pharmaceutical company with presence across specialty, generics and OTC businesses.