The management of Glenmark Pharmaceuticals Limited said it was optimistic about regaining its growth trajectory. The company’s shares ended up 8.20 percent, at ₹1,120.30 on BSE, Monday, following plans outlined by the management for the year.

“This past year has been a period of significant transition and transformation for Glenmark. We successfully divested a majority stake in Glenmark Life Sciences, concluding the year in a strong net cash positive position. Our branded markets continued to deliver robust growth, particularly in Europe and other key international markets. While we encountered some headwinds in our US business, we remain optimistic about ability to regain our growth trajectory in the coming year.” said Glenn Saldanha, Glenmark Pharma’s Chairman and Managing Director.

Market share

Pointing to the progress in building global brands, he said, “The successful commercialisation of Ryaltris, our novel allergic rhinitis treatment, in 34 markets worldwide is consistently gaining market share in these geographies. Additionally, we have also in-licenced two specialty products - Winlevi and Envafolimab. As we continue to move up the value chain and enhance our product mix, we are confident of achieving significant improvement in our operating margins going forward.”

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In September 2023, Glenmark had agreed to divest 75 per cent stake in its subsidiary, Glenmark Life Sciences to Nirma Ltd, for a consideration of ₹5651 crore, subject to closing adjustments. In March 2024, the company completed the closing formalities of the divestment and Glenmark continues to own 7.84 per cent in GLS after the divestment, it said.

Financial performance

The company closed the year ended March 31, 2024, with a consolidated revenue of ₹11,813 crore, up 2 percent, from ₹11,583 crore, in the previous year.

The company posted a loss from continuing and discontinuing operations at (minus) – ₹1,433 crore for the year. EBITDA for the fiscal year under review stood at ₹1,195 crore, as against ₹1,635 crore in the corresponding period last year. EBITDA margin for FY 2023-24 was at 10.1 percent, lower primarily on account of the one-time impact in sales for the India business in Q3 FY2023-24, the company said.

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For the fourth quarter ended March 31, 2023, Glenmark’s consolidated revenue stood at ₹3,063 crore, as compared to ₹3,000 crore, up 2.1 percent over the same period in the previous year. The company posted a loss from continuing and discontinuing operations at (minus– ₹1,214 crore for period under review. . EBITDA was ₹504 crore in the quarter under review, compared to ₹397 crore in the previous corresponding quarter, registering growth of 26.7 percent. EBITDA margin for the quarter was 16.5 percent.

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