Glenmark posts Q4 net loss at Rs 403 cr on one-time exceptional charge

Glenmark Pharmaceuticals on Friday reported a consolidated net loss of Rs. 403 crore for the March 2023 quarter due to one-off charges of Rs. 800 crore on litigation settlement account related to a generic product in the US.

The Mumbai-based drugmaker reported a net profit of Rs 172 crore for the January-March 2021-March 2021 quarter to 2,222.

Glenmark Pharmaceuticals said in a regulatory filing that the company’s consolidated revenue for the fourth quarter was Rs. 3,374 crore, compared to Rs. 3,019 crore in the year-ago period.

Net profit for FY23 was Rs. 377 crores as against Rs.994 crore in FY22.

Its consolidated net revenue was Rs.12,990 crore in 2022-23 as against Rs.12,305 crore in 2021-22.

The drugmaker said earnings for the 2022-23 fiscal year were lower primarily because of the General Zetia litigation settlement in the United States.

“We delivered another year of strong performance, despite a challenging global macroeconomic environment. Our India business posted double-digit growth in secondary sales.

“The North American business has shown a strong recovery, and the EU and RoW (rest of the world) markets have done amazingly well,” said Glenn Saldanha, Chairman and Managing Director of Glenmark Pharmaceuticals.

He added that the company looks forward to continuing this momentum into the year ahead with double-digit revenue growth and a significant improvement in EBITDA margins.

The company said its board has recommended a dividend of Rs 2.5 per share of Re 1 for the 2022-23 financial year.

Shares of the company ended up 3.5 per cent at Rs 624.20 per share on the Bahrain Stock Exchange.