Glenmark Pharmaceuticals reported a significant widening of its loss for the quarter ended March 31, 2024, with the loss escalating to ₹1,238.65 crore compared to ₹549.49 crore recorded during the same period last year. Despite the increase in losses, the company posted a modest rise in revenue from operations, which stood at ₹3,062.95 crore, up 2.1% from ₹3,000.51 crore in the fourth quarter of FY23.
The company’s EBITDA saw a notable increase, rising 26.7% year-on-year to ₹504.2 crore. This positive performance in EBITDA is contrasted by the widening loss, highlighting the challenging financial environment Glenmark is navigating.
In light of its financial performance, Glenmark’s board has recommended a dividend of 250%, equivalent to ₹2.5 per share (face value of ₹1 each), for the financial year 2023-24. This recommendation is subject to shareholder approval at the upcoming Annual General Meeting.
![Glenn Saldanha](https://themachinemaker.com/wp-content/uploads/2024/05/Glenn-Saldanha.jpg)
Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals Ltd, commented, “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 our ability to regain our growth trajectory in the coming year.”
Sales from Glenmark Pharmaceuticals’ formulations business showed varied performance across key markets in Q4FY24. In India, sales reached ₹939.10 crore, marking a 12.9% increase from ₹831.60 crore in the same quarter last year. In contrast, North America’s revenue from finished dosage formulations declined by 12.4% year-on-year to ₹755.70 crore from ₹862.80 crore. The Asia, MEA, LATAM, and RCIS regions saw a 9.7% year-on-year growth, with revenue rising to ₹752.80 crore from ₹686.40 crore. Meanwhile, operations in Europe recorded a slight revenue increase to ₹611.80 crore from ₹607.80 crore, reflecting a growth of 0.7% year-on-year.
Glenn Saldanha further highlighted the company’s strategic progress, stating, “We have made significant progress in advancing our strategy of building global brands. The successful commercialization of RYALTRIS®, our novel allergic rhinitis treatment, in 34 markets worldwide is consistently gaining market share. Additionally, we have in-licensed 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.”
Despite the current financial setbacks, Glenmark Pharmaceuticals remains focused on strategic growth and value-added products, aiming for a stronger performance in the upcoming fiscal year.