US Market Pressure Weighs on Glenmark's Q3 Earnings, Profit Below Estimates
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Glenmark reported a consolidated net profit of 3.48 billion rupees (USD 40.15 million) for the quarter ended December 31.
Bengaluru: India's Glenmark Pharmaceuticals reported third-quarter profit below estimates on Friday due to bleak U.S. demand for its long-term illness drugs.
The drugmaker reported a consolidated net profit of 3.48 billion rupees ($40.15 million) for the quarter ended December 31, compared with analysts' estimate of 3.64 billion rupees, as per data compiled by LSEG.
The company reported a loss of 3.51 billion rupees in the comparable quarter last year, hurt by sluggish sales in India and charges related to a legal case settlement in the United States. Net sales rose 34per cent to 33.02 billion rupees in the quarter, aided by India sales.
The U.S. is a major revenue source for India's generic drugmakers, but intense competition in North America's drug market has pressured their margins. Analysts had flagged that Glenmark's growth in North America has been hampered by price erosion and lack of significant product launches. Revenue from its U.S. markets grew 1.4per cent during the quarter, compared with a 5.5per cent growth in the previous quarter.
However, the company said it anticipates business growth from the financial year 2026 onward, driven by potential launches in the respiratory and injectable segments.
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