Equity

The firm reported a profit before tax of Rs 456.32 crore in Q3 FY25, a significant turnaround from the pre-tax loss of Rs 521.38 crore in the same quarter last year.

EBITDA for Q3 FY25 was Rs 600.2 crore, compared to a negative EBITDA of Rs 208.6 crore in Q3 FY24. The company also reported a positive EBITDA margin of 17.7% during the quarter, a significant improvement from the negative EBITDA margin of 8.3% in Q3 FY24.

In India, sales from the formulation business in Q3 FY 2025 were at Rs 1,063.7 crore as against Rs 265.8 crore posted in the previous corresponding quarter, recording growth of 300.2% YoY.

The North America business registered revenue from the sales of finished dosage formulations of Rs 781.3 crore for the quarter ended 31 December 2024 as against revenue of Rs 770.5 crore for the previous corresponding quarter, recording growth of 1.4% YoY.

During Q3 FY25, revenues from the Asia, MEA, LATAM, and RCIS (RoW) regions stood at Rs 749.1 crore, compared to Rs 727.1 crore in the same quarter last year, reflecting YoY growth of 3%. The reported growth for the RoW region during the quarter was impacted by adverse currency movements in some key markets.

Glenmark Europe's operations reported revenue of Rs 729.7 crore for Q3 FY25, compared to Rs 635.7 crore in the same quarter last year, reflecting a YoY growth of 14.8%.

Glenn Saldanha, chairman and managing director, Glenmark Pharmaceuticals, said, 'We delivered strong and sustained growth this quarter, driven by robust performance across the regions. Our European business continued to perform well, while our branded markets demonstrated resilient growth. Strengthening our value-chain strategy, we secured MHRA authorization for WINLEVI' in the UK, marking a pivotal step in expanding our dermatology portfolio.

Looking ahead, we expect our North America business to gain momentum from FY26 onwards, supported by our growing respiratory and injectable portfolio. Additionally, we reached a significant milestone with IGI presenting promising first clinical data from our Phase 1 study of the trispecific TREAT' antibody, ISB 2001, at the 66th American Society of Hematology (ASH) Annual Meeting. We continue to explore strategic partnerships to advance this asset.'

Meanwhile, the company informed that the United States Food & Drug Administration (USFDA) conducted a GMP inspection at its manufacturing facility in Indore, Madhya Pradesh, from 3 February 2025 to 14 February 2025.

At the conclusion of the inspection, the company was issued a Form 483 with five observations, none of which were related to data integrity. The company stated that it would work closely with the agency to address the observations and would respond to the USFDA within the stipulated timeline.

Further, the company's board has approved the appointment of Pradeep Kumar Sinha as an Additional Director, designated as non-executive-independent and not liable to retire by rotation, effective from 14 February 2025.

Additionally, the company's board has approved the reappointment of Rajesh Desai as non-executive independent director for a further period of five years, effective from 26 June 2025, and Dipankar Bhattacharjee as non-executive independent director for a further period of five years, effective from 14 August 2025.

Glenmark Pharmaceuticals is a global innovation-driven pharmaceutical company with presence across specialty, generics and OTC businesses. The company has 11 world-class manufacturing facilities spread across 4 continents, and operations in over 80 countries.

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