Glenmark Pharma reports revenue growth of 13.9 percent in Q3

Mumbai: Glenmark Pharmaceuticals Limited, a global innovation-driven pharmaceutical company, has announced its financial results for the third quarter ended December 31, 2021.

For the third quarter of FY 2021-22, Glenmark's consolidated revenue was at Rs. 31,734 Mn as against Rs. 27,868 Mn recording an increase of 13.9% YoY.

Consolidated EBITDA was at Rs. 6,932 Mn in the quarter ended December 31, 2021 as against Rs. 5,301 Mn in the previous corresponding quarter, registering an increase of 30.8% YoY.

"We had a landmark quarter with strong performance and the achievement of some key milestones. We closed our eighth out-licensing deal in our innovation pipeline, establishing us as one of the leading innovation-driven pharma companies in the country. Our businesses have also maintained their good growth momentum." said Glenn Saldanha, Chairman & Managing Director, Glenmark Pharmaceuticals Ltd. He further added, "We are on track to achieve our key business objectives for the financial year."

Sales from the formulation business in India in Q3 FY 2021-22 was at Rs. 10,069 Mn as against Rs. 8,821 Mn in the previous corresponding quarter, recording growth of 14.2 % YoY and 3.9% QoQ. As per Oct Dec '21 IQVIA data, the non-COVID base portfolio grew 15.5% as compared to the non-COVID IPM growth of 11.7% during the quarter.

North America registered revenue from the sale of finished dosage formulations of Rs. 7,567 Mn for the quarter ended December 31, 2021 as against revenue of Rs. 7,804 Mn for the previous corresponding quarter, recording de-growth of (3.0)% YoY and growth of 1% QoQ.

Glenmark Europe's operations revenue for the third quarter of FY 2021-22 was at Rs. 3,807 Mn as against Rs. 3,133 Mn, recording growth of 21.5 % YoY and 13.3% QoQ.

Glenmark's revenue from its Latin American & Caribbean operations was at Rs. 1,170 Mn for the third quarter of FY 2021-22 as against Rs. 1,286 Mn, recording revenue decline of (9.0)% YoY.

Glenmark Pharmaceuticals Ltd. (GPL) is a global innovation-driven pharmaceutical company with presence across Specialty, Generics and OTC business. Globally, Glenmark focuses on the following key therapy areas: respiratory, dermatology and oncology.

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