Glenmark Pharma Q2 net profit falls 57 per cent to Rs 264 crore
The pharmaceutical company reported a decline in consolidated revenue to Rs 4,247 crore for the September quarter.
Glenmark Pharmaceuticals reported a 56.78 per cent year-on-year decline in consolidated profit after tax (PAT) to Rs 263.83 crore for the September quarter of FY27, according to the Financial Express. This is a significant drop from the Rs 610.43 crore recorded in the same quarter of the previous fiscal year.
The company's consolidated revenue from operations fell to Rs 4,247.32 crore, down from Rs 6,046.87 crore in the corresponding period last year. Business Standard reported that the decline in profitability was due to lower sales and an increase in material consumption, which impacted margins.
Regional performance showed growth in several areas. Emerging Markets revenue grew 33.2 per cent to Rs 877 crore, while the North American core business grew approximately 31 per cent. The India formulations business recorded revenue of Rs 1,327 crore, representing 14 per cent growth, and the European Union business saw gains of 6.2 per cent.
Glenmark Chairman and Managing Director Glenn Saldanha said the second quarter demonstrated the strength and resilience of the company's base business. He stated that the company remains on track to deliver its FY27 guidance, citing growth in India, a recovery in North America, and robust performance in emerging markets.
The company's innovation subsidiary, Ichnos Glenmark Innovation (IGI), is advancing its oncology pipeline. The company intends to submit an investigational new drug application for ISB 2301 by the end of this year.