Glenmark's Consolidated Revenue Grew by 0.94% at Rs 23,447.87 Million for Q1 FY 2020-21

Mumbai, Aug 15: Highlights for Q1 FY 2020-21

* India Business grew by 3.68 per cent to Rs 7798.95 million.

* Europe Business grew by 12.77 per cent to Rs 2738.73 million.

* US Business grew by 1.61 per cent to Rs 7426.42 million.

* API Business grew by 1.83 per cent to Rs 2348.30 million.

* ROW Business experienced de-growth of (18.05 per cent) to 2120.18 million.

Glenmark Pharmaceuticals Limited, a research-led global integrated pharmaceutical company, today announced its financial results for the first quarter ended June 30, 2020.

For the first quarter of FY 2020-21, Glenmark's consolidated revenue was at Rs 23,447.87 million. (USD 311.03 Mn.) as against Rs 23,228.79 million (USD 334.22 million) recording an increase of 0.94 per cent.

Consolidated net profit was at Rs 2540.42 million for the quarter ended June 30, 2020, as compared to Rs 1092.81 million in the previous corresponding quarter, registering an increase of 132.47 per cent Consolidated EBITDA (excluding other income) was at Rs 4780.68 million in the quarter ended June 30, 2020, as against Rs 3,419.12 million in the previous corresponding quarter, registering an increase of 39.82 per cent.

"It has been a challenging quarter across all markets due to the ongoing pandemic. Despite the difficult operating environment, we managed to record sales growth for the organization. We focussed on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year," said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Ltd.

"We are glad that we were the first company in India to launch Favipiravir for the treatment of mild to moderate COVID-19. Today thanks to Glenmark's clinical trials, many other companies could also launch this molecule, thereby reducing the cost of treatment. Our fight against COVID-19 will continue and we will continue to innovate in this space to explore other promising treatment options," he added.

1. GLENMARK PHARMACEUTICALS LTD (GPL)

India

Sales from the formulation business in India for the first quarter of FY 2020-21 was at Rs 7798.95 million (USD 103.45 million) as against Rs 7522.19 million (USD 108.23 million) in the previous corresponding quarter, recording growth of 3.68 per cent.

Glenmark Consumer Care Business

Glenmark Consumer Care business delivered an overall top-line value of Rs 310.8 million in the first quarter with a decline of 15 per cent (excluding VWash sales). The impact on the business was due to the change in consumer behaviour coupled with disruption in supplies especially modern trade and consumer stockists.

USA

Glenmark Pharmaceuticals Inc, USA registered revenue from the sale of finished dosage formulations of Rs 7426.42 million (USD 98.51 million) for the quarter ended June 30, 2020, as against revenue of Rs 7,308.93 million (USD 105.16 million) for the previous corresponding quarter, recording a growth of 1.61 per cent.

Africa, Asia and CIS Region (ROW)

For the first quarter of FY 2019-20, revenue from Africa, Asia, and CIS region was Rs 2120.18 million (USD 28.12 million) as against Rs 2587.27 million (USD 37.23 million) for the previous corresponding quarter, recording de-growth of (18.05 per cent).

Europe

Glenmark Europe's operations revenue for the first quarter of FY 2020-21 was at Rs 2738.73 million (USD 36.33 million) as against Rs 2,428.54 million (USD 34.94 million) recording a growth of 12.77 per cent.

Latin America

Glenmark's revenue from its Latin American and Caribbean operations was at Rs 658.01 million (USD 8.73 million) for the first quarter of FY 2020-21, as against Rs 811.24 million (USD 11.67 million), recording de-growth of (18.89 per cent).

2. API Business

For the first quarter of FY 2020-21, external sales for Glenmark Life Sciences was at Rs 2348.30 million (USD 31.15 million) as against Rs 2,306.01 million (33.18 million), recording growth of 1.83 per cent over the corresponding period last year.

3. ICHNOS Sciences

For the first quarter ended June 30, 2020, Glenmark invested Rs 1734.7 million (USD 23.01 million) as compared to Rs 1900 million (USD 27.34 million) invested in the corresponding quarter of the previous financial year. As reported earlier, Glenmark invested Rs 8,193 million (USD 115.73 million) in FY 2019-20 in Ichnos Sciences.

For further updates on the pipeline and the organization, please log on to www.ichnossciences.com. The pipeline update for the first quarter of this financial year is published on this site.

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