Glenmark Pharmaceuticals Ltd. has reported a net loss of Rs 331 crore in the October-December quarter, as compared with a net profit of Rs 291 crore over the same period last year. During the quarter, revenue fell 19% to Rs 2,507 crore.

"The lower sales in the current quarter are mainly on account of a one‐time impact on the company’s India business," it said in the filing.

"During Q3 FY24, the company implemented changes in its overall distribution model of its India business, through consolidation of stock points and rationalisation of channel inventories. This led to a temporary dip in sales for the India business during the quarter."

However, going forward, this will help improve the Company's operating margins and overall working capital. These changes in the India distribution system will also enable the Company to accelerate the roll‐out of its anti‐counterfeit packaging across the country.

"Glenmark is going through a transitionary phase on account of the divestment of Glenmark Life Sciences. In spite of the one‐time impact on our India business revenue due to the changes in our distribution model, our secondary sales growth remains strong, and we continue to out‐perform the market in our key therapy areas. Meanwhile, our Europe and the RoW markets have maintained their robust growth trajectories, and we anticipate a resurgence of our U.S. business from Q4; driven by new injectable product launches" said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.

He further added, "We secured yet another out‐licensing deal for one of our assets in our innovation pipeline, OX40 antagonist monoclonal antibody portfolio, to Astria Therapeutics. This further strengthens our position as one of the leading research‐led pharmaceutical companies from India. The recent formation of Ichnos Glenmark Innovation (IGI), an alliance with our global fully integrated, clinical‐stage biotech subsidiary Ichnos Sciences Inc. will enable us to accelerate our efforts in new drug discovery for cancer treatment. Going forward, all of Glenmark's innovation efforts will be channelized through IGI."