Hit by slump in US sales, Glenmark Q3 net profit drops 78% to Rs 104.7 crore

作者:Amanda    發表日期:2018-02-10 01:23:03

Glenmark's net profit dropped 78 percent to Rs 104.7 crore in the third quarter ended December – on plunging US sales, despite growth in domestic formulations and other geographies.

The company posted net profit of Rs 477.1 crore in the same period of previous year. The revenues declined 13.6 percent to Rs 2203.7 crore. A year ago it was Rs 2549.6 crore. On sequentially too, the net profit fell 51 percent.

To be sure the sales are not comparable to the corresponding quarter of the previous financial year as Glenmark was enjoying windfall gain from the 180-days marketing exclusivity for generic version of cholesterol lowering drug Zetia in US market.

date = new Date(); date.setTime(date.getTime()+(1*24*60*60*1000)); $.cookie("dfp_cookie_article", "Y1", {expires: date,path:"/",domain: ".moneycontrol.com"});The results were below analyst estimates. A CNBC-TV18 analyst poll projected net profit to be 228 crore and revenues at Rs 2241.4 crore.

「The overall performance was driven by our India, Europe, ROW and API business,」 said Glenn Saldanha, Chairman and MD, Glenmark.

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「The US business continues to be very challenging,」 he added.

The US generic sales decreased 40.21 percent to Rs 736 crore in Q3.

In US – Glenmark filed four ANDA applications with the US FDA, and plans to file an additional ten applications in the forthcoming quarter.

Glenmark’s marketing portfolio through December 31, 2017 consists of 130 generic products authorised for distribution in the US market. The company currently has 58 applications pending in various stages of the approval process with the US FDA, of which 26 are Paragraph IV applications.

The Indian formulation business grew 11.92 percent to Rs 578.5 crore led by recovery of GST supply chain disruption.

Saldanha said the India business rebounded and has shown good sales growth due to improvement in the overall demand environment.

As per IMS in 2017, Glenmark is ranked 13th in the highly competitive Indian pharmaceutical market (IPM) with a market share of 2.28 percent and was the 2nd fastest growing company. Glenmark has 8 brands among the top 300 brands in the IPM.

Glenmark which is known to leading company in dermatology segment with market share of 9.19 percent, has been trying to raise the bar in other therapeutic segments such as cardiac, respiratory and anti-diabetics.

The company increased market shares in cardiac segment from 3.96 to 4.22 percent and 4.38 to 4.68 percent in Respiratory, while anti-diabetic segment market share dropped from 1.76 percent to 1.62 percent.

Glenmark launched Apremilast for the first time in India to treat psoriasis, a chronic skin condition.

For the third quarter, revenue from Africa, Asia and CIS region rose 28.3 percent to Rs 322 crore and Europe grew Rs 224.8 recording an increase of 14.84 percent.

On its drug discovery programme - Glenmark said it has reported positive results of its new chemical entity Ryaltris Phase 3 safety trial in perennial allergic rhinitis.

Glenmark said it plans to submit the company’s first New Drug Application (NDA) to the FDA for Ryaltris for the treatment of patients with Seasonal Allergic Rhinitis (SAR) in the first half of 2018.

On the novel biologics side, the company said it is making progress with GBR 1342, a bi-specific antibody targeting multiple myeloma by initiating phase 1 trials.

Shares of Glenmark gained 1.47 percent to close at Rs 578.05 on BSE.


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