Glenmark Pharma reports revenue growth of 11.7% YoY Q4; 5.6% for the full year FY 2022-23

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Glenmark Pharma
Glenmark Pharma reports revenue growth of 11.7% YoY Q4; 5.6% for the full year FY 2022-23

Bangalore, India; May 19, 2023: Glenmark Pharmaceuticals Limited (Glenmark), an innovation-driven global pharmaceutical company, today announced its financial results for the fourth quarter ended March 31, 2023.

For the fourth quarter of FY 2022‐23, Glenmark’s consolidated revenue was at Rs. 33,737 Mn as against Rs. 30,191 Mn recording an increase of 11.7% YoY.

EBITDA was Rs. 6,050 Mn in the quarter ended March 31, 2023, as compared to Rs. 4,634 Mn in the previous corresponding quarter, registering growth of 30.5%. EBITDA margin for Q4 FY 2022-23was 17.9 %.

Reported net loss Rs. 4,031 Mn for the quarter ended March 31, 2023 on account of an exceptional loss of Rs. 7,997 Mn[2], primarily on account of settlement of the litigation related to generic Zetia® in the U.S.

For the year ended March 31, 2023, Glenmark’s consolidated revenue was at Rs. 1,29,901 Mn as against Rs. 123,049 Mn, recording an increase of 5.6 % over the previous corresponding period.

EBITDA for the fiscal year ended March 31, 2023 stood at Rs. 22,784 Mn as against Rs. 23,203 Mn in the previous corresponding period. EBITDA margin for FY 2022-23 was at 17.5%.

Net Profit (PAT)[3] was at Rs. 3,774 Mn for the year ended March 31, 2023, as against Rs. 9,936 Mn in the previous year. The PAT3 for FY 2022-23 was lower on account of exceptional loss of Rs. 7,659 Mn2 primarily on account of 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 America business showed strong recovery, and the EU and RoW markets did phenomenally well. We continued to make headway in launching Ryaltris®, our first global 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 Ltd. 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.”