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Glenmark Q1 net profit at Rs 232.99 crore

Glenmark Q1 net profit at Rs 232.99 crore
New Delhi: Pharma major Glenmark Pharmaceuticals reported a consolidated net profit of Rs 232.99 crore in the first quarter ended June 30, 2018.

The company had posted a consolidated net profit of Rs 333.38 crore in the same quarter last fiscal, Glenmark Pharmaceuticals said in a BSE filing.

Total revenue from operations during the period under review was at Rs 2,165.62 crore. It was at Rs 2,363 crore in the same quarter last fiscal.

The results are not comparable to the corresponding quarter of the previous year, as Glenmark through its partner Endo had launched Ezetimibe, a generic version of ZETIA in the US in December 2016 and was entitled to an exclusivity on the product, the company said.

India business grew by 7.61 percent to Rs 663.29 crore, while in the US it declined by 32.66 percent to Rs 703.74 crore, it added.

Europe business grew by 35.61 percent to Rs 219.78 crore. Similarly, Latin America also saw an increase of 15.50 percent to Rs 97.6 crore, it added.

Commenting on the first quarter performance, Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said it was impacted by persisting pricing pressure and a high base of last year in the US market.

“However, other geographies performed well, particularly Europe, driven by new product launches,” he added.

The company said it has a pipeline of seven new molecular entities (NMEs), which includes two new chemical entities (NCEs) and four new biological entities (NBEs) and a biosimilar candidate, in various stages of clinical development focused in the therapeutic areas of oncology, respiratory and dermatology.

Source: PTI
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