Glenmark’s consolidated revenue for Q4FY18 declined by 7.2% yoy to Rs2,279.8cr. Consolidated EBITDA declined by 26.4% yoy to Rs326.8cr vs. Rs443.8cr in Q4FY17. EBITDA margin for Q4FY18 stood at 14.3% vs. 14.6% in Q3FY18 and 18.1% in Q4FY17. Consolidated Net Profit decreased 17.5% yoy to Rs151.6cr for Q4FY18 vs. Rs183.8cr in Q4FY17.
Company said that FY18 was a challenging year mainly on account of pricing pressure in the US.
Its other key markets like Europe and India performed well on the back of new product launches.
Company expects pricing pressure to persist in FY19 but has kept an optimistic commentary on the back of approvals for some of its interesting products in the U.S. i.e. Ryaltris.
India formulation business for Q4FY18 grew by 5.5% yoy to Rs608.7cr.
Glenmark has launched the biosimilar of Adalimumab under brand name Adaly in India under a licensing agreement with Cadila Healthcare.
Glenmark has also launched Nourkrin tablets, through an exclusive licensing agreement with Pharma Medico.
US sales declined by 30% yoy due to the loss of exclusivity of gZetia.
Glenmark has received 21 ANDA approvals in FY18, this includes 18 final approvals and 3 tentative approvals.
The company currently has 62 ANDAs pending for approval process with the USFDA, of which 28 are Paragraph IV applications.
Revenue from Africa, Asia and CIS region grew by 3.3% yoy to Rs298.5cr.
Revenue from Latin American and Caribbean operations grew by 4.7% yoy to Rs127.6cr.
Revenue from sale of API to regulated and semi-regulated markets grew by 2.6% yoy to Rs204.9cr.
Pithampur plant at Indore received 5 observations in a USFDA inspection in May 2018. Its Monroe plant in the US also underwent USFDA inspection in May 2018 and this plant has received two Form 483 observations. The company has said that it will respond to the observations within the stipulated time frame.
During the quarter, Glenmark successfully concluded the USFDA audit of Mohol API plant and is awaiting the EIR from the agency.
Glenmark Pharmaceuticals Ltd ended at Rs. 531, down by 7.4 points or 1.37% from its previous closing of Rs. 538.40 on the BSE.
The scrip opened at Rs. 534.05 and touched a high and low of Rs. 538.65 and Rs. 523.55 respectively. A total of 9,10,542 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.
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