Glenmark Pharma clocks 2-fold jump in Q1 net profit at Rs 462 crore
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Glenmark Pharmaceuticals on Wednesday reported a more than two-fold jump in its net profit to Rs 462 crore for the April-June quarter of the current financial year compared to the corresponding figure of Rs 203 crore in the same quarter of the previous year.
The increase in profit came on the back of a strong demand for the company's medicines, while there was a marginal decline of 1.4 per cent in costs as well.
The Mumbai-headquartered pharma major's revenue from operations rose 8 per cent to Rs 3,244 crore, while expenses declined 1.4 per cent.
The company had a one-time charge of Rs 52 crore in the first quarter of last year, carrying out repairs at its manufacturing facilities in India and the US.
Glenmark had announced on July 17 this year that it has received final approval from the US Food & Drug Administration (US FDA) to sell its generic drug Topiramate Capsules USP, 15 mg and 25 mg in the US market.
Glenmark's Topiramate Capsules USP, 15 mg and 25 mg have been determined by the FDA to be bioequivalent and therapeutically equivalent1 to Topamax Capsules, 15 mg and 25 mg of Janssen Pharmaceuticals, Inc., and will be distributed in the US by Glenmark Pharmaceuticals Inc., USA, the company said.
According to IQVIATM sales data for the 12-month period ending May 2024, the Topamax Capsules, 15 mg and 25 mg market achieved annual sales of approximately $21.9 million, it added.
Glenmark said its current portfolio consists of 198 products authorised for distribution in the US marketplace and 50 ANDA's pending approval with the US FDA.
An abbreviated new drug application (ANDA) contains data which is submitted to the FDA for the review and potential approval of a generic drug product.
In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.
Glenmark Pharmaceuticals Ltd. 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 11 world-class manufacturing facilities spread across 4 continents, and operations in over 80 countries, according to information posted on its website.
