Glenmark Pharmaceuticals Limited Reports Dip In Q3 2018 Revenue By 13.07%

By Archana
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    Glenmark Pharmaceuticals Limited announced results for the third quarter ended December 31, 2017 (Q3 2018) with consolidated revenue at Rs 22,036.62 million as against Rs 25,350.08 million recording a decrease of 13.07 percent.

    Glenmark Pharmaceuticals Limited Reports Dip In Q3 2018 Revenue By 13.07%

    The consolidated net profit was at Rs 1047.43 million for the Q3 2018, as compared to Rs 4771.01 million for the previous corresponding quarter.

    The consolidated EBITDA for Q3 2018, was reported at Rs 3226.93 million as compared to Rs 7650.24 million in the quarter.

    The company said that the financial results are not comparable as it had an exclusivity on Ezetimibe, generic version of Zetia in the third quarter of 2017. The sales during the exclusivity period had a significant impact on the EBITDA and profit after tax (PAT) for the previous corresponding quarter, i.e., in the third quarter of the financial year 2017.

    "The overall performance was driven by our India, Europe, ROW, and API business. The US business continues to be very challenging. The India business rebounded and has shown good sales growth due to improvement in the overall demand environment." said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Limited.

    For the nine months ending December 31, 2017, Glenmark's consolidated revenue was at Rs. 68,232.54 million as against Rs. 67,284.98 million, an increase of 1.41% over the previous corresponding period.

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