Glenmark Pharmaceuticals, a research-led global integrated pharmaceutical company, announced its financial results for the first quarter ended 30 June 2020. For the first quarter of FY 2020-21, Glenmark’s consolidated revenue was at Rs 23,447.87 million (US$ 311.03 million) as against Rs. 23,228.79 million (US$ 334.22 million), recording an increase of 0.94 %.
Consolidated Net Profit was at Rs. 2540.42 million for the quarter ended 30 June 2020 as compared to Rs. 1092.81 million in the previous corresponding quarter, registering an increase of 132.47 % consolidated EBITDA (excluding other income) was at Rs. 4780.68 million in the quarter ended 30 June 2020 as against Rs. 3,419.12 million in the previous corresponding quarter, registering an increase of 39.82 %.
“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 focused on controlling costs on all fronts and will continue with these efforts for the remaining part of the financial year,” said Glenn Saldanha, chairman, and managing director, Glenmark Pharmaceuticals. He further added, “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 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.”
According to the company, sales from the formulation business in India for the first quarter of FY 2020-21 was at Rs 7798.95 million (US$ 103.45 million) as against Rs 7522.19 million (US$ 108.23 million) in the previous corresponding quarter, recording growth of 3.68%.
Glenmark Consumer Care Business
Glenmark Consumer Care business delivered an overall topline value of Rs 310.8 million in the first quarter with a decline of 15% (excluding VWash sales). The company states that the impact on the business was due to the change in consumer behavior coupled with disruption in supplies especially modern trade and consumer stockists.