Mumbai: Glenmark Pharmaceuticals on Thursday said its net profit dropped 78% to Rs104.7 crore for the quarter ended December on sharp decline of US sales, despite growth in domestic formulations as well as other geographies.

The company reported a net profit of 477.10 crore for the previous corresponding quarter.

Glenmark’s consolidated revenue also declined by 13.07% at Rs2,203.66 crore for the third quarter ended 31 December, as against Rs2,535 crore.

“The overall performance was driven by our India, Europe, ROW and API business. The US business continues to be very challenging. The India business rebounded and has shown good sales growth due to improvement in the overall demand environment," Glenmark Pharma chairman Glenn Saldanha said in a statement.

The company’s revenues from US market declined by 40.21% at Rs735.8 crore in Q3 as against Rs1,230 crore in the corresponding quarter last year. The revenue from Latin American market also declined by 5.15% at Rs89.8 crore from Rs94.7 crore in the previous year’s third quarter.

However, sales for the formulation business in India witnessed 11.92% jump in revenues at Rs578.5 crore for the quarter ended December from Rs516.8 crore in the corresponding period last year, the release said.

Glenmark Europe’s operations revenue for the quarter ended 31 December, was at Rs2,24.75 crore as against Rs1,95.70 crore, recording a growth of 14.84%. Revenue from sale of API to regulated and semi-regulated markets globally was Rs2,31.6 crore for the quarter ended 31 December against Rs192.05 crore for the previous corresponding quarter, registering an increase of 20.62%.

“We reported positive results of Ryaltris (formerly GSP 301) phase 3 safety trial in perennial allergic rhinitis.

Glenmark plans to submit the company’s first New Drug Application (NDA) to the FDA for Ryaltris for the treatment of patients with Seasonal Allergic Rhinitis (SAR) in the first half of 2018," Saldanha said.

“On the novel biologics side, we continue to make progress on our biological assets with GBR 1342, a bi-specific antibody targeting multiple myeloma by initiating phase 1 trials," he added.