Mumbai: India’s Glenmark Pharmaceuticals Ltd on Monday posted a threefold rise in quarterly net profit, helped by a milestone payment and higher sales from the US, pushing the shares to a lifetime high.
For the quarter to 31 March, Mumbai-based Glenmark reported a consolidated net profit of Rs219 crore, up from Rs62.2 crore in the year-ago quarter. Net sales was Rs573 crore, 64% higher than last year.
“We have posted good results with the Forest milestone this quarter and a good performance of our US business,” managing director Glenn Saldanha said in a statement.
Glenmark received $15 million (Rs60.3 crore) from Forest Laboratories Inc. for securing US regulatory approval to conduct additional phase II, or mid-stage, trials for Glenmark’s experimental Oglemilast molecule.
Glenmark’s US unit recorded a 144% jump in revenue to Rs196 crore during the quarter.
A Reuters poll had estimated a 164% jump in quarterly net profit to Rs167 crore. Revenue was expected to rise 39% to Rs471 crore. Glenmark shares hit a record Rs645 after the results on the Bombay Stock Exchange. They shed some of the gains to close at Rs625.80, up 4.37% from Friday’s close.