Glenmark Pharmaceuticals Ltd. (Glenmark), a research led, global pharmaceutical company, announced its financial results for the second quarter ended Sept 30, 2023. Glenmark's consolidated revenue for Q2 FY24, was at Rs. 3587.9 crore as against Rs. 3375.2 crore recording an increase of 6.3% YoY. Adjusted EBITDAi was at Rs. 673.2 crore in the quarter ended Sept 30, 2023 as against Rs. 621.6 crore in the previous corresponding quarter, registering an increase of 8.3% YoY, and margins of 18.8%.

During Q2 FY24, Glenmark Pharma posted a loss of Rs 61.6 crore vs profit of Rs 278.6 crore. Sales from the formulation business in India was at Rs 1,121.7 crore as against Rs 1,091.6 crore in the year ago period, recording a growth of 2.8%.  North America registered revenue from the sales of finished dosage formulations at Rs 739.2 crore, as against Rs 753.3 crore in the year ago period, recording a decline of 1.9%. Revenue from the rest of world was Rs 732.4 crore, up 19% year-on-year. Revenue from the rest of world was Rs 732.4 crore, up 19% year-on-year.

Glenn Saldanha, Chairman & Managing Director, Glenmark Pharmaceuticals Ltd. Said, "We maintained a strong growth momentum during the quarter that was led by Europe and the RoW markets. We continue to take strides and move up the value-chain with the in-licensing of Winlevi® for Europe and South Africa. The recently announced proposed divestment of 75% stake in Glenmark Life Sciences is another step in this direction. Our first global brand, Ryaltris®, has demonstrated robust growth across the 29 markets in which it is already present. Our partner in China successfully completed the Phase 3 clinical trial on Ryaltris®; with the product meeting the primary endpoint. We are expecting to launch it in newer markets over the course of the year."

In September 2023, Glenmark announced that it has entered into a definitive agreement with Nirma Limited to divest 75% stake in its subsidiary, Glenmark Life Sciences Limited (GLS) at a price of Rs. 615/- per share for an aggregate consideration of Rs. 5651.5 crore, subject to closing adjustments. Glenmark would own 7.84% in GLS after the divestment. The transaction is subject to customary closing conditions precedent, including receipt of regulatory and shareholder approvals.