Gland Pharma posts weaker than expected Q2 profit
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Indian generic injectables maker Gland Pharma posted a weaker-than-expected second-quarter profit on Monday, as higher employee expenses eclipsed strong sales in key markets.
The company, majority owned by China's Shanghai Fosun Pharmaceutical Group Co, said its consolidated net profit fell nearly 20% to Rs 194 crore ($23.3 million), falling short of analysts' average expectation of Rs 213 crore per LSEG data.
Analysts were expecting generic drugmakers to benefit from new product launches and easing price competition in the United States, which accounts for bulk of the revenue for Indian pharmaceutical companies.
Moreover, the waning impact of high-cost inventories also helped these companies, they said.
Gland Pharma reported a nearly 32% jump in revenue from operations to Rs 1,373 crore, driven by higher sales from the acquisition of the French pharmaceutical group Cenexi in January.
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