Glenmark's consolidated net profit rises by 30.05% to Rs. 2481.79 Mn. in Q3 FY 2020-21

Glenmark Pharmaceuticals Limited, a research-led global integrated pharmaceutical company, today announced its financial results for the third quarter ended December 31 of the financial year 2020-21.

For the third quarter of FY 2020-21, Glenmark's consolidated sales was at Rs 27,605.07 million as against Rs 26,574.51 million recording an increase of 3.88 per cent.

For the third quarter of FY 2020-21, Glenmark's consolidated revenue (incl. other revenue) was at Rs 27,867.63 million as against Rs 27,355.62 million recording an increase of 1.87 per cent."

Consolidated Net Profit was at Rs 2481.79 million for the quarter ended December 31, 2020 as compared to Rs 1,908.39 million in the previous corresponding quarter, registering an increase of 30.05 per cent.

Consolidated EBITDA was at Rs 5,300.72 million in the quarter ended December 31, 2020 as against Rs 4,400.75 million in the previous corresponding quarter, an increase of 20.45 per cent.

"Our India business continued to grow at a healthy pace in the third quarter, consistently outperforming industry growth. The US business rebounded well and we expect the business to gradually build sales momentum. This quarter, the API business once again performed well and we expect this business to grow in the next few years. We also expect the European and the emerging markets business to gain traction in the coming few quarters," said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.

Sales from the formulation business in India for the Third Quarter of FY 2020-21 was at Rs 8,821.19 million as against Rs 7,888.39 million in the previous corresponding quarter, recording growth of 11.82 per cent.

The India business continues to significantly outperform industry growth rates, continuing the trend of the past several years. As per IQVIA data, Glenmark remains the second fastest growing company in the industry among the Top 20 players on a MAT Dec 2020 basis with growth of 15.8 per cent as compared to IPM (Indian Pharma market) growth of 6.12 per cent. On a quarterly basis, as per IQVIA, the business recorded growth of 15.11 per cent as compared to 9.75 per cent for the market.

Glenmark Pharmaceuticals Inc., USA registered revenue from sale of finished dosage formulations of Rs.7,803.87 million for the quarter ended Dec 31, 2020 as against revenue of Rs.7,998.28 million for the previous corresponding quarter, recording decline in revenue by (2.43 per cent). However, the business recorded quarter on quarter growth of 4.4 per cent in USD terms.

Glenmark's marketing portfolio through December 31, 2020 consists of 167 generic products authorized for distribution in the U.S. market. The Company currently has 44 applications pending in various stages of the approval process with the US FDA, of which 22 are Paragraph IV applications.

Glenmark Europe's revenue for the third quarter of FY 2020-21 was at Rs 3,133.29 million as against Rs 3,089.36 million in the previous corresponding quarter, recording a growth of 1.42 per cent.

Glenmark's European business remained weak in the third quarter mainly impacted by the enhanced lockdown measures due to heightened pandemic concerns in most key markets. This resulted in sales decline recorded in both the Central Eastern European region and the Western European region. Glenmark continues to increase penetration across major markets in Western Europe. For the financial year, the European region signed 12 major contracts for in-licensing products from various compes across its operating markets in the region. The Czech and Slovak subsidiaries launched three products during the quarter. The German subsidiary launched two products and the Spain unit launched one product during the third quarter.

For the third quarter of FY 2020-21, revenue from Africa, Asia and CIS region was at Rs 3,360.37 million as against Rs 3,413.74 million for the previous corresponding quarter, recording decline in revenue of (1.56 per cent).

Glenmark's revenue from its Latin American and Caribbean operations was at Rs 1,285.65 million for the third quarter of FY 2020-21 as against Rs. 1,563.18 Mn., recording revenue decline of 17.75 per cent. The pandemic continues to impact the Brazilian business and the unit once again recorded decline in sales for the quarter as compared to the previous corresponding quarter. The Mexico subsidiary performed relatively better recording sales growth for the quarter. The entire region continues to witness a challenging environment on account of the pandemic.

For the third quarter of the financial year, Glenmark Life Sciences Limited registered consolidated revenue including captive sales of Rs 5,006 million as against Rs 4,092 million, recording growth of 22.35 per cent.

The external sales for the API business performed well in the third quarter recording strong growth. The India API business grew over 50 per cent and the Latam business grew in excess of 30 per cent in the third quarter. GLS continues to look for opportunities for the Favipiravir API and has already started supplying in a few countries. During the quarter, GLS submitted nine new DMFs across various operating markets. The company is looking to file at least 10 -12 DMFs in the fourth quarter of the financial year.

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( With inputs from ANI )