Glenmark Pharmaceuticals reports Q4 FY2023-24 revenue of Rs 30.63bn

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Glenmark Pharmaceuticals Limited, a research-led, global pharmaceutical company, today released its financial results for the fourth quarter ending March 31, 2024, showcasing a solid performance across its diversified markets despite some challenges in North America.

Glenmark Pharmaceuticals Financial Highlights and Performance

For the fourth quarter of FY 2023-24, Glenmark reported a consolidated revenue of Rs. 30,630 million, an increase of 2.1% year-over-year from Rs. 30,005 million. The company’s EBITDA for the quarter stood at Rs. 5,043 million, registering a significant growth of 26.7% compared to Rs. 3,979 million in the corresponding quarter of the previous year. The EBITDA margin improved to 16.5%.

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For the fiscal year ended March 31, 2024, Glenmark’s consolidated revenue was Rs. 118,131 million, up 2% from Rs. 115,832 million in the previous year. However, the EBITDA for the year was Rs. 11,953 million, showing a decrease from Rs. 16,350 million, affected primarily by one-time impacts in sales for the India business in Q3 FY2023-24.

Regional Performance Insights

– India Business: Recorded a robust growth of 12.9% to Rs. 9,391 million.

– Europe Business: Slightly increased by 0.7% to Rs. 6,118 million.

– Rest of the World (RoW) Business: Grew by 9.7% to Rs. 7,528 million.

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– North America Business: Experienced a decrease of 12.4% to Rs. 7,557 million.

Strategic Developments and Global Expansion

Under the leadership of Glenn Saldanha, Chairman and Managing Director, Glenmark has been focusing on transforming its operations and expanding its global reach. The company has successfully divested a majority stake in Glenmark Life Sciences, enhancing its financial strength. Additionally, Glenmark’s branded markets, especially in Europe and other international markets, continue to show robust growth.

Product Innovation and Commercialization

Glenmark has made significant strides in global brand building, notably with the commercialization of RYALTRIS, a novel allergic rhinitis treatment, in 34 markets worldwide. The company has also in-licensed two specialty products, Winlevi and Envafolimab, expanding its innovative product portfolio.

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Future Outlook

Looking ahead, Glenmark remains optimistic about regaining growth momentum, particularly in the US market. With ongoing advancements in product development and strategic market expansions, Glenmark is poised for improved operating margins and sustained growth.

Glenmark’s Q4 results reflect its resilience and strategic foresight in a challenging global market. The company’s focus on diversifying its product offerings and expanding into lucrative markets positions it well for future success amid fluctuating global economic conditions.

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