Glenmark Pharmaceuticals Ltd.
Q4FY23 Quarterly & FY23 Annual Result Announced for Glenmark Pharmaceuticals Ltd.
Glenmark Pharmaceuticals announced Q4FY23 & FY23 results:
- ROW Business grew by 25.1% YoY to Rs 6,856 million
- Europe Business grew by 22.3% YoY to Rs 6,078 million
- North America Business recorded growth of 15.3% YoY to Rs 8,507 million
- India Business recorded a decline of 6.4% YoY to Rs 8,284 million
- EBITDA was at Rs 6,050 million, with a margin of 17.9%
- Consolidated revenue was at Rs 33,737 million vs Rs 30,191 million recording an increase of 11.7% YoY
- EBITDA was Rs 6,050 million in Q4FY23, as compared to Rs 4,634 million in Q4FY22, registering growth of 30.5%. EBITDA margin for Q4FY23 was 17.9 %.
- Reported net loss of Rs 4,031 million for Q4FY23 on account of an exceptional loss of Rs 7,997 million, primarily on account of the settlement of the litigation related to generic Zetia in the U.S.
- Consolidated revenue was at Rs 1,29,901 million as against Rs 1,23,049 million, recording an increase of 5.6 % over FY22
- EBITDA for FY23 stood at Rs 22,784 million as against Rs 23,203 million in FY22
- EBITDA margin for FY 2022-23 was at 17.5%
- Net Profit (PAT) was at Rs 3,774 million for FY23, as against Rs 9,936 million in FY22. The PAT for FY23 was lower on account of an exceptional loss of Rs 7,659 million primarily on account of the settlement of the litigation related to generic Zetia in the U.S.
“We delivered yet another year of robust performance, despite the challenging global macro-economic environment. Our India business recorded double-digit growth in secondary sales. The North American business showed a strong recovery, and the EU and RoW markets did phenomenally well. We continued to make headway in launching Ryaltris®, our first globally branded specialty product. Additionally, we initiated the Proof-of-Concept studies for four of our clinical oncology assets, which are part of the Glenmark/Ichnos pipeline,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.
He further added, “We look forward to continue this momentum in the coming year with double-digit revenue growth and significant improvement in EBITDA margins.”