Diwali Muhurat Trading 2023: Glenmark Pharma share price opens almost 10% lower after Q2 result

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.

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Updated: 12 November 2023, 06:47 PM IST

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