Bengaluru, NFAPost: Glenmark Pharmaceuticals Limited (Glenmark), an innovative global pharmaceutical company, has released its financial results for the fourth quarter that ended March 31, 2023.
During the fourth quarter of FY 2022-23, Glenmark’s consolidated revenue reached Rs. 33,737 Mn, representing a YoY increase of 11.7%. The company’s ROW business grew by 25.1% YoY to Rs. 6,856 Mn, Europe business grew by 22.3% YoY to Rs. 6,078 Mn and North America business recorded a growth of 15.3% YoY to Rs. 8,507 Mn. However, the India business experienced a decline of 6.4% YoY, reaching Rs. 8,284 Mn.
EBITDA for the quarter ended March 31, 2023, was Rs. 6,050 Mn, with a margin of 17.9%. This marked a significant growth of 30.5% compared to the previous corresponding quarter. The reported net loss for the quarter was Rs. 4,031 Mn, primarily due to an exceptional loss of Rs. 7,997 Mn related to the settlement of litigation concerning generic Zetia® in the U.S.
For the fiscal year ended March 31, 2023, Glenmark’s consolidated revenue was Rs. 1,29,901 Mn, showing a growth of 5.6% over the previous corresponding period. The EBITDA for the fiscal year stood at Rs. 22,784 Mn, and the EBITDA margin was 17.5%. The net profit (PAT) for the year was Rs. 3,774 Mn, lower than the previous year due to an exceptional loss of Rs. 7,659 Mn related to the settlement of the generic Zetia® litigation in the U.S.
Chairman and Managing Director of Glenmark Pharmaceuticals Ltd, Glenn Saldanha, expressed satisfaction with the company’s performance despite the challenging global macroeconomic environment. He highlighted the double-digit growth in secondary sales for the India business, strong recovery in the North American business, and exceptional performance in the EU and RoW markets. He also mentioned the successful launch of Ryaltris®, Glenmark’s first globally branded speciality product, and the initiation of Proof-of-Concept studies for clinical oncology assets in the Glenmark/Ichnos pipeline.
In terms of regional performance, the India formulation business experienced a decline of 6.4% in sales, while North America registered a revenue growth of 15.3%. The RoW region saw revenues of Rs. 6,856 Mn, reflecting a growth of 25.1%, and Glenmark Europe operations recorded revenues of Rs. 6,078 Mn, with a growth of 22.3%.
Regarding Glenmark’s respiratory portfolio, marketing applications for Ryaltris® have been submitted in more than 70 countries, and the product has been commercialized in 27 markets globally. The company is also conducting clinical trials for generic Flovent pMDI and plans to file at least one more generic respiratory pMDI in the U.S. in FY24.
Glenmark Pharmaceuticals is actively pursuing innovative R&D with pipeline assets such as GRC 54276, an orally administered immunotherapeutic agent for solid tumours, currently undergoing a phase 1 clinical study. Another pipeline asset, GRC 39815, an inhaled therapy for the treatment of COPD, is in Phase 1 clinical development in the U.S.
Glenmark Life Sciences Ltd. (GLS), the subsidiary of Glenmark Pharmaceuticals, witnessed growth in revenues from operations, including captive sales, by 21% YoY. The company’s generic API revenues increased by 15.5% YoY, and CDMO revenues doubled sequentially and grew by 30.4% YoY. GLS continues to focus on capacity expansion across its facilities.
Ichnos Sciences (Ichnos), in which Glenmark has invested, saw an investment of Rs. 1,906 Mn in the fourth quarter and a total investment of Rs. 6,833 Mn in FY 2022-23.
Overall, Glenmark Pharmaceuticals aims to maintain its momentum in the coming year with double-digit revenue growth and significant improvement in EBITDA margins.
