Highlights for Q2 FY 2024-25
Europe Business grew by 14.6% to Rs. 6,874 Mn.
India Business grew by 13.9% to Rs. 12,817 Mn.
EBITDA of Rs. 6,019 Mn, with EBITDA margin of 17.5%.
Profit After Tax (PAT) of Rs. 3,545 Mn with PAT margin of 10.3%.
Mumbai, India, November 14, 2024: Glenmark Pharmaceuticals Ltd. (Glenmark), a research led,
global pharmaceutical company, today announced its financial results for the second quarter ended
September 30,2024
For the second quarter of FY 2024-25, Glenmark’s consolidated revenue was at Rs. 34,338 Mn as
against Rs. 32,074 Mn recording an increase of 7.1% YoY.
EBITDA was Rs. 6,019 Mn in the quarter ended September 30, 2024, as compared to Rs. 4,623 Mn in
the previous corresponding quarter, registering growth of 30.2%.
Profit After Tax (PAT) for the quarter ended September 30, 2024 was at Rs. 3,545 Mn, with PAT
margin of 10.3%.
Commenting on the results, Glenn Saldanha, Chairman & Managing Director, Glenmark
Pharmaceuticals Ltd. said, “This quarter, we have maintained a strong growth trajectory, driven by
robust performances in the India and Europe markets. Our flagship respiratory brand, RYALTRIS®,
continues to perform well across all key regions, reaffirming its position as a leading treatment option.
Additionally, we have strategically in-licensed innovative products in our priority therapeutic areas,
further strengthening our commitment to addressing unmet medical needs and improving patient
outcomes.”
“Our novel biologic asset, ISB 2001, developed by Ichnos Glenmark Innovation (IGI), has shown
promising efficacy and safety in Phase 1 trials, and we look forward to presenting these encouraging
first-time data at the 66th American Society of Hematology (ASH) Annual Meeting next month,” he
added.
India
Sales from the formulation business in India in Q2 FY 2024-25 was at Rs. 12,817 Mn as against Rs. 11,252
Mn in the previous corresponding quarter, recording growth of 13.9% YoY.
North America
North America registered revenue from the sales of finished dosage formulations of Rs. 7,405 Mn for
the quarter ended Sep 30, 2024 as against revenue of Rs. 7,498 Mn for the previous corresponding
quarter, recording decline of 1.2% YoY.
Asia, MEA, LATAM and RCIS Region (RoW)
For the second quarter of FY 2024-25, revenue from RoW was Rs. 7,041 Mn as against Rs. 7,339 Mn for
the previous corresponding quarter, recording decline of 4.1% YoY.
Europe
Glenmark Europe’s operations revenue for the second quarter of FY 2024-25, the was at Rs. 6,874 Mn
as against Rs. 5,997 Mn , recording growth of 14.6% YoY
Creating Global Brands
RYALTRIS®
As of September 2024, marketing applications for RYALTRIS® have been submitted in more than
90 countries across the world and the product has been commercialized in 41 markets. Further, it
has received approval and will be launched in 10-11 additional markets over the next few quarters
As per IQVIA June 2024 data across markets, RYALTRIS® has seen robust performance in terms of
both value and unit market shares*. The product has achieved high double-digit market share in
Australia, the Czech Republic, South Africa, Italy, Poland and other European markets. Further,
RYALTRIS® continues to witness strong uptake in markets where the product was recently launched
across Europe and ROW regions.
Glenmark’s commercial partner in the USA, Hikma, recorded consistently better performance on a
YoY basis in the second quarter, backed by strong demand and stable supply.
Menarini, Glenmark’s partner in the EU, has witnessed steady increase in market share across all
its licensed markets.
Glenmark’s partner in Mainland China, Grand Pharmaceutical (China) Co. Ltd., has received
acceptance of the NDA in February 2024. The Company expects approval to be received in FY 2025-
26.
