Glenmark Pharma Q3 Results Review

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Glenmark Pharmaceuticals Ltd.’s revenues increased 9.2% YoY to Rs 3463 crore, with growth driven by the U.S. and Europe. Ebitda de-grew 10.5% YoY to Rs 620.2 crore while Ebitda margins declined 394 basis points to 17.9%, mainly due to increase in other expenditure. Adjusted profit after tax declined 40.4% YoY to Rs 239 crore.

Glenmark’s numbers were in line with our expectations in terms of revenues but was a miss on operational front. Such performance was led by growth coming in from across geographies.

The company witnessed healthy double digit growth in North America as well as European markets while good growth was also delivered by rest of world markets.

Glenmark, in the recently conducted analyst meet, has unravelled strategic initiatives like branded focus, improvement in profitability and return on capital employed besides niche product focus and global launches (Ryaltris). We continue to monitor focus on the same.

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