Glenmark Pharma jumps 5% post December quarter earnings

The company reported a 21 per cent surge in Q3 consolidated net at Rs 291 crore.

Shares of Glenmark Pharma surged over 5 per cent to a high of Rs 421 in an otherwise sluggish market, after the drug maker reported steady earnings for the quarter ended December 2022.

Glenmark reported a 21.1 per cent jump in Q3FY22 consolidated net to Rs 290.76 crore as against Rs 240 crore in the corresponding quarter a year ago. Net sales grew by 8 per cent YoY to Rs 3,392.24 crore.

During the third quarter, revenues from the Asia, MEA, LATAM and RCIS (RoW) region were Rs 654.1 crore as against Rs 534.8 crore for the previous corresponding quarter. Sales from the formulation business in India stood at Rs 1,074.5 crore as against Rs 1,006.9 crore. 

Glenn Saldanha, the chairman and managing director (MD) of Glenmark Pharmaceuticals, said, We had yet another quarter with a strong performance led by robust growth across all our markets despite the challenging macroeconomic conditions. Our India business continued to record a healthy increase in secondary sales. The US business recovered well as the year progressed. The RoW and EU businesses also reflected formidable growth during the quarter. Our global respiratory portfolio gained momentum with the impressive performance of our novel drug Ryaltris across all markets where it was launched. READ MORE

At 09:50 AM, the stock was up 5 per cent at Rs 420 on volumes of around 35,000 shares on the BSE as against the two-week average volume of around 25,000 shares. In comparision, the S&P BSE Sensex was down 0.2 per cent (150 points) at 60,522.

So far in February, the stock has rallied over 9 per cent while the Sensex has gained 1.6 per cent.