Glenmark Pharmaceuticals Reports Strong Q2 FY 2023-24 Growth With 6.3% YoY

Glenmark Pharmaceuticals has disclosed its unaudited financial results for the second quarter ending September 30, 2023, the company informed in a press statement on Friday. The company showcased a robust performance, with consolidated revenues reaching Rs. 35,879 Mn, representing a substantial YoY growth of 6.3 per cent, the statement from the company said.

The operating EBITDA stood at Rs. 6,732 Mn, indicating an impressive 8.3 per cent increase, with margins reaching 18.8 per cent.

Glenmark reported noteworthy growth across different markets. The European business experienced a remarkable surge, reaching Rs. 5,997 Mn, reflecting a growth of 58.4 per cent. The Rest of the World (RoW) Business also demonstrated strong performance, with a 19 per cent increase to Rs. 7,324 Mn, the company stated.

The company further informed that the India Business maintained steady growth, recording a 2.8 per cent increase to Rs. 11,217 Mn. However, North American business experienced a slight decline of 1.9 per cent, totalling Rs. 7,392 Mn.

Within India, Glenmark's formulation business reported sales of Rs. 11,217 Mn for Q2 FY 2023-24, marking a growth of 2.8 per cent compared to the corresponding quarter in the previous year.

Glenn Saldanha, Chairman & Managing Director, Glenmark, said, “We maintained a strong growth momentum during the quarter that was led by Europe and the RoW markets. We continue to take strides and move up the value chain with the in‐licensing of Winlevi for Europe and South Africa. The recently announced proposed divestment of a 75 per cent stake in Glenmark Life Sciences is another step in this direction. Our first global brand, Ryaltris, has demonstrated robust growth across the 29 markets in which it is already present."