Glenmark Pharma reports net loss of ₹428 crore in Q4FY23 on weak domestic sales, dividend declared

The company faced a litigation settlement related to the generic cholesterol drug Zetia in the US, which led to the exceptional loss, according to a regulatory filing to the stock exchanges.

The company’s board recommended a dividend of Rs. 2.50 per share, of the face value of Re . 1 each on the equity share capital for the financial year 2022-23, subject to the approval of the shareholders.

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On the operating front, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at ₹604.9 crore, registering a rise of 30.6 per cent, compared to ₹463.3 crore in the same period previous fiscal.

Glenmark, which caters to the therapeutic areas such as diabetes, cardiovascular and oral contraceptives, reported a 11.5 per cent rise in quarterly net sales. It included a 6.4 per cent decline in sales from its India drugs segment, which accounted for 31 per cent of total sales, while sales in its North America business, which had a 24 per cent contribution, grew 15.3 per cent.

“We delivered yet another year of robust performance, despite the challenging global macroeconomic environment,” Glenn Saldanha, chairperson and managing director at Glenmark Pharmaceuticals.

 The company continued to make headway in launching Ryaltris, their first global branded specialty product, he said. Additionally, it initiated the Proof-of-Concept studies for four of their clinical oncology assets, which are part of the Glenmark/Ichnos pipeline.

“We look forward to continue this momentum in the coming year with double-digit revenue growth and significant improvement in Ebitda margin,” added Saldanha.

On May 19, shares of Glenmark Pharma settled 3.50 per cent higher at ₹424.20 apiece on the BSE.