Glenmark Q4 profit drops 17.5% YoY to Rs 152 crore, but beats estimates

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26 Aug, 2025 12:21

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Glenmark's net profit dropped 17.5 percent year-on-year (YoY) to Rs 151.6 crore in the fourth quarter ended March on plunging US sales, despite growth in domestic formulations and other geographies.

The net profit was Rs 183.8 crore in the same quarter of the previous year.

The revenues for Q4 declined 7.2 percent YoY to Rs 2,280 crore from Rs 2,457.1 crore last year.

The sales are not comparable to the corresponding quarter of the previous financial year when Glenmark enjoyed a windfall gain from the 180-day marketing exclusivity for the generic version of cholesterol-lowering drug Zetia in the US market.

The results were above analyst estimates. A Reuters poll estimated net profit at Rs 84.6 crore and revenues at Rs 2,282.1crore.

“While FY 2018 was a challenging year mainly on account of pricing pressure in the U.S., our other key markets like Europe and India performed well on the back of new product launches," said Glenn Saldanha, Chairman, and MD of Glenmark

"Even though we expect pricing pressure to persist, we are glad that FY 2019 has started on a positive note for us with approvals for some interesting products in the U.S.,” Saldanha added.

The US generic sales decreased 30.08 percent YoY to Rs 700 crore in Q4.

Glenmark’s marketing portfolio through March 31, 2018 consists of 131 generic products authorised for distribution in the US market. The company currently has 62 applications pending in various stages of the approval process with the US FDA, of which 28 are Paragraph IV applications.

“We recently filed our first New Drug Application (NDA) for Ryaltris in the U.S, which is a milestone in Glenmark’s journey and marks our first step towards the transition to a specialty and innovative drugs company. We believe our strong R&D pipeline of novel assets will help propel growth in the long run,” Saldanha added.

The Indian formulation business grew 5.5 percent YoY to Rs 608.7 crore led by the recovery of GST supply chain disruption.

Saldanha said the India business rebounded and has shown good sales growth due to improvement in the overall demand environment.

For the fourth quarter, revenue from Africa, Asia, and CIS region rose 3.3 percent to Rs 299 crore and Europe grew to Rs 319 crore recording an increase of 38.8 percent.

The European subsidiary’s strong performance during the quarter was driven by new product launches in key markets, the company said.

Shares of Glenmark gained 1.47 percent to close at Rs 578.05 on BSE.