Glenmark Pharma reports consolidated revenue growth of 6.3% and adjusted EBITDA growth of 8.3% YoY for Q2 FY 2023‐24

November 14, 2023

Highlights for Q2 FY 2023‐24 
 

Europe Business grew by 58.4% to Rs. 5,997 Mn. 

RoW Business grew by 19% to Rs. 7,324 Mn. 

India Business grew by 2.8% to Rs. 11,217 Mn. 

North America Business declined by 1.9% to Rs. 7,392 Mn. 

Mumbai, India, November 2023: Glenmark Pharmaceuticals Ltd. (Glenmark), a research 

led, global pharmaceutical company, today announced its financial results for the second 

quarter ended Sept 30, 2023. 

Consolidated Figures (Glenmark and Glenmark Life Sciences Ltd. [GLS] combined) 

For the second quarter of FY 2023‐24, Glenmark’s consolidated revenue was at Rs. 35,879 Mn 

as against Rs. 33,752 Mn recording an increase of 6.3% YoY. 

Adjusted EBITDA was at Rs. 6,732 Mn in the quarter ended Sept 30, 2023 as against Rs. 6,216 

Mn in the previous corresponding quarter, registering an increase of 8.3% YoY, and margins 

of 18.8%. 

Reported Figures (Continuing Operations ‐ Glenmark excluding GLS) 

For the second quarter of FY 2023‐24, Glenmark’s revenue was at Rs. 32,074 Mn as against 

Rs. 30,179 Mn recording an increase of 6.3% YoY. 

Adjusted EBITDA was at Rs. 5,053 Mn in the quarter ended Sept 30, 2023 as against Rs. 4,790 

Mn in the previous corresponding quarter, registering an increase of 5.5% YoY, and margins 

of 15.8%. 

Glenn Saldanha, Chairman & Managing Director, of 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 a 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.”
 

India 

Sales from the formulation business in India in Q2 FY 2023‐24 was at Rs. 11,217 Mn as against 

Rs. 10,916 Mn in the previous corresponding quarter, recording growth of 2.8% YoY.   

North America 

North America registered revenue from the sales of finished dosage formulations of   

Rs. 7,392 Mn for the quarter ended Sept 30, 2023, as against revenue of Rs. 7,533 Mn for 

the previous corresponding quarter, recording a decline of 1.9% YoY. 

Asia, MEA, LATAM and RCIS Region (RoW) 

For the second quarter of FY 2023‐24, revenue from RoW was Rs. 7,324 Mn as against   

Rs. 6,154 Mn for the previous corresponding quarter, recording growth of 19% YoY. 

Europe 

Glenmark Europe’s operationsrevenue for the second quarter of FY 2023‐24 was at   

Rs. 5,997Mn as against Rs. 3,785Mn, recording growth of 58.4% YoY. 

GLENMARK LIFE SCIENCES LTD. (GLS) 

External sales for GLS in Q2 FY 2023‐24 were at Rs. 3,930 Mn as against Rs. 3,744 Mn in 

Q2 FY2022‐23, recording a growth of 5.0% YoY.   

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. 56,515 Mn, 

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. 

For further updates on the organization, please log on to www.glenmarklifesciences.com. 

ICHNOS Sciences 

Glenmark invested Rs. 1,613 Mn in Ichnos in the second quarter of FY 2023‐24 compared 

to Rs. 1,727 Mn in the corresponding quarter last year. For the first six months of   

FY 2023‐24, Glenmark has invested Rs. 3,030 Mn compared to Rs. 3,363 Mn invested in 

the corresponding period of the previous financial year. 

For further updates on the pipeline and the organization, please log on to 

www.ichnossciences.com.   


About Glenmark Pharmaceuticals Limited 

Glenmark Pharmaceuticals Limited (BSE: 532296 | NSE: GLENMARK) is a research‐led, global 

pharmaceutical company, having a presence across Branded, Generics, and OTC segments; with a focus 

on therapeutic areas of respiratory, dermatology, and oncology. The company has 10 world‐class 

manufacturing facilities spread across 4 continents, and operations in over 80 countries. In Vivo/Scrip 

100 positions Glenmark amongst the Top 100 Companies Ranked by R&D and Pharmaceutical Sales, 

2021; while Generics Bulletin/In Vivo places it in the Top 50 Generics and Biosimilars Companies 

Ranked by Sales, 2021. The company has also been Great Place To Work® Certified™ in India. 

Glenmark’s Green House Gas (GHG) emission reduction targets have been approved in 2023 by the 

Science Based Target Initiative (SBTi), becoming the second Indian Pharmaceuticals company to 

achieve this approval. The organization has impacted over 2.9 million lives over the last decade through 

its CSR interventions. For more information, visit www.glenmarkpharma.com. You can follow us on 

LinkedIn (Glenmark Pharmaceuticals) and Instagram (glenmark_pharma). 

 

Glenmark Pharmaceuticals 

India

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