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Business News/ Markets / Stock Markets/  Glenmark Pharma share price jumps over 6% after Q3 result
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Glenmark Pharma share price jumps over 6% after Q3 result

Glenmark Pharma share price rose over 6 per cent in early trade on Thursday after the company reported its Q3FY24 earnings.

Glenmark Pharma share price has seen strong gains in the last one year. (iStock)Premium
Glenmark Pharma share price has seen strong gains in the last one year. (iStock)

Glenmark Pharma share price jumped over 6 per cent in early trade on the BSE on Thursday, February 15, a day after the company reported its December quarter earnings.

Glenmark Pharma share price opened at 766.65 against the previous close of 796.30 and rose 6.4 per cent to the level of 847.30. Around 9:20 am, the stock traded 5.22 per cent up at 837.90.

Glenmark Pharma share price has seen strong gains in the last one year. It hit its 52-week low of 414.50 on March 3 last year. At the current market price of 847.30, the stock has surged 104 per cent from its 52-week low level.

The stock hit its 52-week high of 922.25 on January 31 this year.

In a BSE filing post-market hour on Wednesday, February 14, Glenmark Pharma reported a standalone loss of 20.40 crore in Q3FY24, compared to 430.53 in the corresponding quarter of the previous year. Glenmark's revenues declined 38.4 per cent YoY to 1,304.16 crore, compared to 2,118.99 crore in the corresponding quarter last year. EBITDA stood at 144.4 crore this quarter against 474 crore in the previous corresponding quarter.

"The lower sales in the current quarter are mainly on account of a one‐time impact on the company’s India business. Excluding this impact, Glenmark’s consolidated revenue in Q3FY24 would have been approximately 3,779.6 crore, with an approximate growth of 9 per cent over the previous year," the company said.

“Glenmark is going through a transitionary phase on account of the divestment of Glenmark Life Sciences. In spite of the one‐time impact on our India business revenue due to the changes in our distribution model, our secondary sales growth remains strong, and we continue to out‐perform the market in our key therapy areas," said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.

"Our Europe and the RoW (rest of the world) markets have maintained their robust growth trajectories, and we anticipate a resurgence of our US business from Q4, driven by new injectable product launches," said Saldanha.

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Published: 15 Feb 2024, 09:40 AM IST
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