BackGlenmark Pharma Q3 net up 17%; meets forecast
Glenmark Pharma Q3 net up 17%; meets forecast
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Mumbai: Drugmaker Glenmark Pharmaceuticals on Tuesday reported a 17% rise in consolidated quarterly net profit, largely in line with street estimates, on robust growth in domestic formulations business.
The Mumbai-based firm clocked a consolidated net profit of Rs110 crore on net sales of Rs751 crore for October-December.
A Reuters’ poll of 21 brokerages had forecast a consolidated quarterly net profit of Rs107 crore on net sales of Rs741 crore for Glenmark.
The drugmaker’s India formulations business grew 30% in the quarter to Rs239 crore, while the overall speciality formulations sales jumped 25% on year to Rs452 crore, the company said in a statement.
The drugmaker, however, saw a sluggish growth in the US generics segment in the quarter, lagging peers.
Glenmark’s revenue from the US rose 8% on year in the quarter to Rs204 crore, it said.
While Lupin’s US and Europe sales rose 15% in October-December, Cadila Healthcare saw US sales jumping 33% in the quarter.
“The good growth recorded during the quarter is due to the impressive performance of the India formulations business," Glenn Saldanha, chief executive officer and managing director, said in a statement.
“The growth momentum would be sustained in all these operating regions in future," he added.
Shares of Glenmark Pharmaceuticals closed at Rs300.90 on Tuesday, down 1.91% in a weak Mumbai market.
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