The drug maker reported consolidated net profit from continuing operations of Rs 354.49 crore in Q2 FY25 as against net loss of Rs 180.3 crore in Q2 FY24.
Revenue from operations increased 2.29% year on year (YoY) to Rs 3,133.79 crore in the quarter ended 30 September 2024.Profit before tax stood at Rs 472.57 crore in September 2024 quarter compared with pre-tax loss of Rs 124.35 crore posted in corresponding quarter previous year.
EBITDA stood at Rs 601.9 crore in second quarter of FY25, registering a growth of 30.2% on YoY basis. During the quarter, EBITDA margin improved to 17.5% as against 14.4% in Q2 FY24.
In India, sales from the formulation business jumped 13.9% to Rs 1,281.7 crore in Q2 FY25 as compared with Rs 1,125.2 crore recorded in corresponding quarter previous year.
Accordingly, as per IQVIA, Glenmarks India formulation business recorded a growth of 12.7% in Q2 FY25 and 13.1% as per MAT September 2024, compared to the overall market growth of 7.6% in both Q2 FY25 and MAT September 2024.
The North America business recorded revenues from the sale of finished dosage formulations of Rs 740.5 crore ($88.4 million) for the second quarter of FY25, down 1.2% YoY. During the quarter, the North America business contribution was at 21.6%.
During Q2 FY25, revenues from the RCIS, LATAM, MEA & APAC (RoW) region were Rs 704.1 crore as against Rs 733.9 crore for the previous corresponding quarter, recording a decline of 4.1%.
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Glenmark Europes operations revenue for the Q2 of FY 2024-25 increased 14.6% YoY to Rs 687.4 crore. The companys European operations continued their strong trajectory, driven by a robust uptick of the branded business and sustained growth across all key markets in the region.
Glenn Saldanha, chairman and managing director, Glenmark Pharmaceuticals, said, This quarter, we have maintained a strong growth trajectory, driven by robust performances in the India and Europe markets. Our flagship respiratory brand, Ryaltris, continues to perform well across all key regions, reaffirming its position as a leading treatment option. Additionally, we have strategically in-licensed innovative products in our priority therapeutic areas, further strengthening our commitment to addressing unmet medical needs and improving patient outcomes.
Our novel biologic asset, ISB 2001, developed by Ichnos Glenmark Innovation (IGI), has shown promising efficacy and safety in Phase 1 trials, and we look forward to presenting these encouraging first-time data at the 66th American Society of Hematology (ASH) Annual Meeting next month.
Glenmark Pharmaceuticals is a global innovation-driven pharmaceutical company with presence across specialty, generics and OTC businesses.
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