16 Feb 2024 , 03:14 PM
Glenmark Pharma shares surged around 10% for the second consecutive session on February 16. At the time of writing, the stock was trading at ₹873, marking a 7.74% increase on the NSE. The positive momentum follows the company’s Q3 earnings report, which revealed a net loss of ₹330.8 Crore for the December quarter.
The loss was attributed to various one-off expenses, including a one-time impact on Glenmark’s India business, a forex loss of ₹16.2 Crore, hyperinflationary impact of ₹48 Crore in Argentina, and exceptional items related to remediation costs of ₹76.7 Crore for manufacturing sites in India and the US.
Despite the Q3 challenges, the management remains optimistic about the future, hinting at better times for the drug manufacturer. The management anticipates an improvement in EBITDA and consistent margin improvement in the coming quarters.
Bullishness is attributed to the production from the newly acquired Monroe site and the upcoming commercialization of two products from this facility.
Glenmark plans to launch two nasal sprays in FY25, with sales expectations of ₹8 Crore from the nasal spray Rylatris, a significant product for the company.
Ryaltris is considered a major driver for the company’s margins, and respiratory and injectables are expected to be major contributors in FY25.
Glenmark aims to turn cash positive by the end of the current fiscal year and expects ₹5,000 Crore from its stake in the subsidiary, Glenmark Life Sciences.
For feedback and suggestions, write to us at editorial@iifl.com
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.