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Indian generic injectables maker Gland Pharma reported a drop in second-quarter profit on Monday, hurt by lower sales in its Europe business and temporary production issues at its French unit Cenexi.
The company reported consolidated net profit of Rs 164 crore ($19.5 million) for the quarter ended Sept. 30, a 15.7 per cent decrease from the year-ago period.
Revenue from operations climbed 2.4 per cent to Rs 1,406 crore.
Sales from Gland Pharma's Europe business fell over 1 per cent for the quarter ended Sept. 30 from a year ago.
KEY CONTEXT
Gland Pharma acquired French pharmaceutical group Cenexi, which makes sterile and injectable pharmaceutical products, in January 2023.
The company said its overall revenue growth was hurt by temporary production issues at Cenexi. The unit has helped boost Gland's sales in Europe since its acquisition.
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Excluding Cenexi, Gland Pharma's revenue grew 5 per cent during the quarter. Sales from the US, its biggest market, increased 3 per cent, and sales from its other markets of Canada, Australia, and New Zealand rose 45 per cent, the company said.
Most of India's generic drugmakers derive a significant share of their revenue from the US, and the competition in the generic drugs market has been weighing on these firms' margins.
Rivals Sun Pharma and Cipla reported second-quarter profit above estimates last week, helped by strong demand, while Dr Reddy's will report its results on Tuesday.
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