HealthcareSectors

Glenmark Pharma Posted Revenue Growth of 12.4 % in FY 2021-22

Glenmark Pharmaceuticals Limited (Glenmark), an innovation-driven global pharmaceutical company, today announced its financial results for the fourth quarter ended March 31, 2022.

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For the Fourth Quarter of FY 2021-22, Glenmark’s consolidated revenue was at Rs. 30,191 Mn as against Rs. 28,599 Mn recording an increase of 5.6 per cent YoY.

Adjusted EBITDA [i] was Rs. 5,022 Mn in the quarter ended March 31, 2022, with margins of 16.6 per cent.

Reported EBITDA was Rs. 4,634 Mn in the quarter ended March 31, 2022, as compared to Rs. 5,234 Mn in the previous corresponding quarter with margins of 15.3 per cent.

Adjusted Net Profit (PAT) [ii] was at Rs. 2,939 Mn for the quarter ended March 31, 2022.

Reported PAT was at Rs. 1,726 Mn for the quarter ended March 31, 2022, as compared to Rs. 2,340 Mn in the previous corresponding quarter.

For the year ended March 31, 2022, Glenmark’s consolidated revenue was at Rs. 1,23,049 Mn as against Rs. 1,09,439 Mn, recording an increase of 12.4 per centover the previous corresponding period.

Adjusted EBITDA[iii] for the fiscal year ended March 31, 2022, stood at Rs. 23,591 Mn.

Reported EBITDA for the fiscal year ended March 31, 2022 stood at Rs. 23,203 as against Rs. 20,844 Mn in the previous corresponding period. Net Profit (PAT) was at Rs. 9,936 Mn. for the year ended March 31, 2022, as against Rs. 9,701 Mn. in the previous year. Earnings Per Share (EPS) is at Rs. 33.4 as compared to Rs. 34.4 YoY basis.

“We delivered consistent performance throughout the year and achieved our key objectives, despite challenging global macro environment. We were able to successfully list Glenmark Lifesciences on the Indian Bourses. The out-licensing deal for ISB 880 with Almirall and US FDA approval for Ryaltris, further established us as the leading innovation-driven pharma company in the country.” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals. He added,”We are confident of growing our business with continuous emphasis on innovation, sustainability, and prioritizing free cash generation for additional debt reduction.”

1. Glenmark Pharmaceuticals Ltd.

India Business

Sales from the formulation business in India for the Fourth Quarter of FY 2021-22 was at Rs. 8,847 Mn as against Rs. 8,238 Mn in the previous corresponding quarter, recording growth of 7.4 per cent YoY. The India business contribution was at 29 per cent of the total revenues in Q4 FY 2021-22 similar to Q4 FY 2020-21.

Glenmark Consumer Care Business

GCC business recorded revenue of Rs. 619 Mn in the fourth quarter and Rs 1,790 Mn in FY22 with secondary sales growth of 23.4 per cent in Q4 and 12.6 per cent YoY in FY22 respectively. This growth was led by new product launches, especially Candid Cream where secondary sales grew 30 per cent YoY annually while La Shield recorded secondary sales growth of 95 per cent YoY.

North America

North America registered revenue from the sale of finished dosage formulations of Rs. 7,378 Mn for the quarter ended March 31, 2022 as against revenue of Rs. 8,012 Mn for the previous corresponding quarter, recording de-growth of (7.9) per cent YoY and (2.5) per cent QoQ. North America business contributed 24 per cent of the total revenues in Q4 FY 2021-22 as compared to 28 per cent in Q4 FY 2020-21.

Asia, MEA, LATAM and RCIS Region (ROW)

For the fourth quarter of FY 2021-22, revenue from RoW was Rs. 5,479 Mn as against Rs. 4,641 Mn for the previous corresponding quarter, recording growth of 18.1 per cent YoY. ROW business contributed 18 per cent of the total revenues in Q4 FY 2021-22 as compared to 16 per cent in Q4 FY 2020-21.

Europe

Glenmark Europe’s operations revenue for the fourth quarter of FY 2021-22 was at Rs. 4,968 Mn as against Rs. 4,223 Mn recording growth of 17.6 per cent YoY and 30.5 per cent QoQ. Europe business contributed 16 per cent of the total revenues in Q4 FY 2021-22 as compared to 15 per cent in Q4 FY 2020-21.

Glenmark Lifesciences (GLS)

Revenues from operations including captive sales were Rs. 5,140.6 Mn as against Rs. 4,671.6 Mn, growing at 10 per cent YoY for Q4 FY22 and Rs. 21,232.1 Mn for FY 22, a growth of 12.6 per cent. During FY22, revenues from the regulated markets witnessed a healthy growth of 21.4 per cent YoY, whereas revenues from the emerging markets declined by 6.3 per cent YoY due to high base of COVID products sales last year. EBITDA was at Rs. 1,473.1 Mn for Q4FY22 with margin at 28.7 per cent and Rs 6,307.6 Mn for FY22 with margin at 29.7 per cent.

External sales for Glenmark Life Sciences were at Rs. 3,283 Mn as against Rs. 3,311 Mn in Q4 FY21, recording decline of (0.9) per cent YoY and 8.3 per cent growth QoQ.

2. ICHNOS Sciences

Glenmark has invested Rs. 1,640 Mn in the fourth quarter of the financial year as compared to Rs. 1,880 Mn in Q4 FY 2020-21. Thus, for the entire financial year, Glenmark invested Rs. 6,627 Mn as compared to Rs. 7,570 Mn.

For further updates on the pipeline and the organization, please log on to www.ichnossciences.com. The pipeline update for the fourth quarter is published on this site.

Glenmark Pharmaceuticals Ltd. (BSE: 532296 | NSE: GLENMARK) is an innovation-driven global pharmaceutical company with a presence across Specialty, Generics and OTC businesses. It focuses on the key 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. Glenmark is ranked among the world’s top 100 biopharmaceutical companies (Top 100 Companies Ranked by Pharmaceutical Sales, 2020, by In Vivo/Scrip 100) and among the world’s top 50 companies in the off-patent sector (Top 50 Generics and Biosimilars Companies ranked by Sales, 2020, by Generics Bulletin/In Vivo). The company was listed on the Dow Jones Sustainability Index (DJSI), one of the world’s most respected and widely accepted sustainability benchmarks, under the category of emerging markets (2021) for the fourth consecutive year in a row.

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