Glenmark Pharmaceuticals shares fell around 6.67% to ₹567.65 on the BSE after the company reported a slow growth in the net profit for third quarter of the fiscal than expected. The Indian drug maker reported a 11% increase in the net profit during the third quarter taking quarter third profit to ₹116.34 Crore.The industry experts estimated higher growth in the net profit.
The revenue during the quarter increased by 16% and the pharma managed to accumulate a total revenue of ₹2,555 Crore. The growth in revenue is majorly due to Glenmarks’s good performance in the key markets like India and US.
Glenmark’s which has a strong presence in the US pharmaceutical market witnessed good growth in the US market too. US generic business grew about 16.28% in the quarter under review.
The Earning before Tax, Interests, Depreciation and Amortization (EBTIDA) stood at ₹434.68 in the Q3 2019 gaining 34.70% compared to corresponding quarter of the FY18.
We have reported healthy numbers in Q3 on the back of good growth in our key markets like the US, India and Europe. We continue to receive approval for niche generic products in the US, whereas in India and Europe, increased market penetration and product launches continue to drive growth,” said Glenn Saldanha, chairman and managing director, Glenmark Pharmaceuticals.
Recently Glenmark Pharma got approval to sell Sevelamer Hydrochloride tablets BY the US health regulator-USFDA.