Glenmark Pharma share price jumps over 6% after Q3 result

Glenmark Pharma share price opened at ₹766.65 against the previous close of ₹796.30 and rose 6.4 per cent to the level of ₹847.30. Around 9:20 am, the stock traded 5.22 per cent up at ₹837.90.

Glenmark Pharma share price has seen strong gains in the last one year. It hit its 52-week low of ₹414.50 on March 3 last year. At the current market price of ₹847.30, the stock has surged 104 per cent from its 52-week low level.

The stock hit its 52-week high of ₹922.25 on January 31 this year.

In a BSE filing post-market hour on Wednesday, February 14, Glenmark Pharma reported a standalone loss of ₹20.40 crore in Q3FY24, compared to ₹430.53 in the corresponding quarter of the previous year. Glenmark’s revenues declined 38.4 per cent YoY to ₹1,304.16 crore, compared to ₹2,118.99 crore in the corresponding quarter last year. EBITDA stood at ₹144.4 crore this quarter against ₹474 crore in the previous corresponding quarter.

“The lower sales in the current quarter are mainly on account of a one‐time impact on the company’s India business. Excluding this impact, Glenmark’s consolidated revenue in Q3FY24 would have been approximately ₹3,779.6 crore, with an approximate growth of 9 per cent over the previous year,” the company said.

“Glenmark 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 out‐perform the market in our key therapy areas,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.

“Our Europe and the RoW (rest of the world) markets have maintained their robust growth trajectories, and we anticipate a resurgence of our US business from Q4, driven by new injectable product launches,” said Saldanha.

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Published: 15 Feb 2024, 09:40 AM IST