Glenmark Pharma share price opened nearly 10 percent lower on the occasion of Diwali Muhurat Trading 2023 on Friday, November 12. The stock opened at ₹702.05 per the last of ₹777.60. However, it pared losses and traded 1.04 percent lower at ₹769.55 around 6:20 pm on BSE.
The pharmaceutical company on November 10 reported consolidated revenue growth of 6.3 percent and adjusted EBITDA growth of 8.3 percent year-on-year (YoY) for Q2 FY24.
“For the second quarter of FY24, Glenmark’s consolidated revenue was at ₹3,587.9 crore against ₹3,375.2 crore recording an increase of 6.3 percent YoY. Adjusted EBITDA was at ₹673.2 crore in the quarter ended September 30, 2023, compared to ₹621.6 crore in the previous corresponding quarter, registering an increase of 8.3 percent YoY, and margins of 18.8 percent,” Glenmark Pharma said in its exchange filing.
Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd., said, “We maintained strong growth momentum during the quarter led by the Europe and Entertainment markets. We continue to make progress and move up the value chain with the licensing of Winlevi to Europe and South Africa.”
“The recently announced proposed divestment of a 75 percent stake in Glenmark Life Sciences is another step in this direction. Our first global brand, Ryaltris, has shown strong growth across the 29 markets in which it is already present. our partner in China successfully completed a Phase 3 clinical trial on Ryaltris; with the product meeting the primary endpoint. We expect to launch it in newer markets during the year.”
The company’s sales from the formulations business in India in Q2FY24 were at ₹1,121.7 crore, up 2.8 percent YoY. Its North American segment recorded revenue from the sale of finished dosage formulations ₹739.2 crore, recording a decline of 1.9 percent YoY. Revenue from the Asia, MEA, LATAM and RCIS Region (RoW) grew 19 percent YoY and Glenmark Europe operations revenue grew 58.4 percent YoY, according to the company’s exchange filing.
Read all news related to the deal here
Disclaimer: The above opinions and recommendations are the opinions and recommendations of individual analysts, experts and brokerage firms, not those of Mint. We encourage investors to check with certified experts before making any investment decision.
Milestone Alert!Livemint tops the charts as the fastest growing news website in the world 🌏 Click here for more information.
Get the latest Business News, Market News, Breaking News Events and News Updates on Live Mint. Download the Mint News App for Daily Market Updates.
Less
Updated: 12 November 2023, 06:47 PM IST
Denial of responsibility! vismuseum.org.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – at loginhelponline@gmail.com The content will be deleted within 24 hours.