Glenmark Q3 results: Company reports net loss of Rs 351 crore on lower domestic sales

Glenmark Pharmaceuticals on Wednesday reported a net loss of Rs 351 crore on a consolidated basis for the third quarter ended December 31, 2023. The Mumbai-based drug maker had posted a net profit of Rs 272 crore in the October-December quarter of previous fiscal.

Total revenue from operations declined to Rs 2,507 crore as compared with Rs 3,100 crore in the year-ago period, Glenmark Pharma said in a statement. The lower sales in the current quarter are mainly on account of a one-time impact on the company's India business, it added.

"The company is going through a transitionary phase on account of the divestment of Glenmark Life Sciences. In spite of the one time 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," Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

Meanwhile, the company's Europe and the rest of world (RoW) markets have maintained their robust growth trajectories, he added. "We anticipate a resurgence of our US business from Q4; driven by new injectable product launches," Saldanha noted.

The company's sales from the formulation business in India in the third quarter stood at Rs 262 crore as against Rs 1074 crore in the previous corresponding quarter, recording a decline of 76 per year on year.

North America business saw sales of finished dosage formulations of Rs 763 crore for the quarter ended Dec 31, 2023 as against Rs 837 crore in the year ago period.

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