Glenmark Pharmaceuticals on Friday reported net loss Rs 403 crore for the quarter ended March 31, 2023 on account of an exceptional loss of Rs. 800 crore on account of settlement of the litigation related to generic Zetia in the US.

The company has reported net profit Rs 291 crore in Q3FY22.

For the fourth quarter of FY23, Glenmark’s consolidated revenue was at Rs. 3374 crore as against Rs.3019 crore in the same quarter of previous year recording an increase of 11.7% YoY.
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Earnings before interest, tax, depreciation and ammortisation (EBITDA) was Rs. 605 crore in the quarter ended March 31, 2023, registering growth of 30.5%. EBITDA margin for Q4 FY 2022-23 was 17.9 %.

India business recorded a decline of 6.4% YoY to Rs. 828 crore, while North America business recorded growth of 15.3% YoY to Rs. 851 crore. Europe grew by 22.3% YoY to Rs 608 crore and rest-of-the-world rose 25.1% to Rs 686 crore.

The company attributed the decline in India business to the impact of divestment of few non-core brands, some impact of the NLEM price revisions as well as returns of Covid-related products.

“We delivered yet another year of robust performance, despite the challenging global macro-economic environment, we continue to make headway in launching Ryaltris, our first global branded specialty product. Additionally we initiated the Proof-of-Concept studies for four of our clinical oncology assets, which are part of the Glenmark/Ichnos pipeline,” said Glenn Saldanha, chairman and managing director of Glenmark“We look forward to continuing this momentum in the coming year with double-digit revenue growth and significant improvement in EBITDA margins,” Saldanha added.