Mumbai (Maharashtra) [India], August 11 (ANI/PRNewswire): Glenmark Pharmaceuticals Ltd. (Glenmark), an innovation-driven global pharmaceutical company, today announced its financial results for the first quarter ended June 30, 2022.
Glenmark's consolidated revenue for Q1 FY 2022-23 was at Rs 27,773 Mn as against Rs 29,649 Mn; recording de-growth of (6.3 per cent). When viewed without taking into account the global sales of COVID-related products in the first quarter of FY 2021-22, the base business shows the year-on-year growth of 10.4 per cent in the current fiscal.
Adjusted EBITDA [Adjusted for one time COVID related inventory provision of INR 410 Mn in Q1 FY 2022-23] was Rs 4,726 Mn in the quarter ended June 30, 2022, as against Rs 5,736 Mn. in the previous corresponding quarter, with margins of 17 per cent. Reported EBITDA was Rs 4,316 Mn in the quarter ended June 30, 2022, with margins of 15.5 per cent.
Profit After Tax (PAT) for the quarter ended June 30, 2022, was at Rs 2,111 Mn as compared to Rs 3,065 Mn in the previous corresponding quarter, registering a decline of (31 per cent) YoY.
"We delivered strong double-digit growth in our base business during the quarter excluding the impact of COVID-related products. Europe and ROW markets [ROW markets include Asia, MEA, LATAM and RCIS Region] performed well despite the challenging macroeconomic environment, and the India base business also recorded strong growth. We continued to make significant progress in our innovation pipeline; with Ryaltris getting approvals across newer markets, and novel molecule GRC 54276 getting approval for conducting Phase 1 Clinical Trial," said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd. He further added, "Our goal is to continue growing our base business through new product launches in our key focus areas of Respiratory, Dermatology and Oncology. We remain on track to achieve our guidance for FY 2022-23."
GLENMARK PHARMACEUTICALS LTD. (GPL)
India
Sales from the India formulations business for the First Quarter of FY 2022-23 were at Rs 10,352 Mn as against Rs 12,250 Mn in the previous corresponding quarter, recording de-growth of (15.5 per cent). This decline is on account of a high base of Covid-related product sales in Q1 FY 2021-22.
North America
North America registered revenues of Rs 6,628 Mn in Q1 FY 2022-23; recording de-growth of (10.2 per cent), as against Rs 7,378 Mn for Q4 FY 2021-22.
Europe
Glenmark Europe's operations revenues for Q1 FY 2022-23 were at Rs 3,300 Mn; recording growth of 7.9 per cent, as against Rs 3,059 Mn in the previous corresponding quarter.
Asia, MEA, LATAM and RCIS Region (ROW)
For the First Quarter of FY 2022-23, revenues from the ROW region were Rs 4,226 Mn as against Rs 3,360 Mn for the previous corresponding quarter, recording growth of 25.8 per cent.
Glenmark Life Sciences (GLS)
Revenues from GLS operations, including captive sales, were Rs 4,899 Mn as against Rs 5,249 Mn; recording a YoY decline of (6.7 per cent) due to the high base of COVID-related product sales last year. During Q1 FY 2022-23, regulated markets contribution remained stable at ~72 per cent with growth remaining flat YoY. Emerging markets witnessed growth of 23.7 per cent YoY (excluding COVID-related products). The Company received Environmental Clearance for the installation of 1,000 KL capacity for the planned green-field site in Chincholi Industrial Area, Solapur; and construction work will commence in the current financial year.
For the first quarter of FY 2022-23, external sales for Glenmark Life Sciences were at Rs 3,251 Mn as against Rs 3,040 Mn; recording growth of 6.9 per cent over the corresponding period last year.
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ICHNOS Sciences
Glenmark invested Rs 1,682 Mn in Ichnos Sciences in the first quarter of FY 2022-23 as compared to Rs. 1,617 Mn over the corresponding period in the last financial year.
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. The pipeline update for the first quarter of FY 2022-23 is published.
Glenmark Pharmaceuticals Ltd. (BSE: 532296 | NSE: GLENMARK) is an innovation-driven global pharmaceutical company with a presence across Specialty, Generics and OTC businesses. It focuses on the key therapeutic areas of respiratory, dermatology and oncology. The company has 10 world-class manufacturing facilities spread across 4 continents and operations in over 80 countries. Glenmark is ranked among the world's top 100 biopharmaceutical companies (Top 100 Companies Ranked by Pharmaceutical Sales, 2020, by In Vivo/Scrip 100) and among the world's top 50 companies in the off-patent sector (Top 50 Generics and Biosimilars Companies ranked by Sales, 2020, by Generics Bulletin/In Vivo). The company was listed on the Dow Jones Sustainability Index (DJSI), one of the world's most respected and widely accepted sustainability benchmarks, under the category of emerging markets (2021) for the fourth consecutive year. For more information, visit
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