Glenmark Life Sciences Reports Q1 FY25 Results: Strong Revenue and Growth

On July 25, 2024, Glenmark Life Sciences Limited, a top producer of specialised, high-value APIs for chronic diseases, released its financial results for the quarter ending June 30, 2024.

Financial Highlights

For Q1 FY25, Glenmark Life Sciences reported revenue of ₹5,886 million, up 9.7% from the previous quarter and 1.8% from the same quarter last year. EBITDA reached ₹1,650 million, marking a 14.1% increase in QoQ, with EBITDA margins rising to 28%. The company’s PAT was ₹1,115 million, up 13.9% QoQ. They also generated a strong free cash flow of ₹1,213 million, ending the quarter with cash and cash equivalents totalling ₹4,263 million as of June 30, 2024.

Additional Highlights

In Q1 FY25, Glenmark Life Sciences saw a 10.5% increase in revenue from its generic business, reaching ₹5,354 million, and a 6.2% increase year-over-year. The CDMO business grew by 20.2% QoQ to ₹425 million. The company continued to make filings for DMFs/CEPs across major markets, bringing the total to 532 as of June 30, 2024.

During the quarter, they added 5 new products to their development pipeline, including 3 high-potency APIs (HP APIs) or oncology drugs and 2 synthetic small molecules. Their HP API portfolio now includes 20 products with a market potential of $40 billion, with 4 products already validated and 4 others in advanced development stages.

Capex Update

At the Ankleshwar site, construction of the remaining 208 KL capacity in the Intermediate block has been completed and is expected to be operational by Q2 FY25. In Dahej, the 18 KL pharma capacity is currently under validation and should be ready for use in Q2 FY25 as well. In Solapur, construction has begun on a 200 KL capacity in the first phase, with further expansion planned based on demand.

About Glenmark Life Sciences Ltd (GLS)

Glenmark Life Sciences Limited is a leading company that develops and manufactures specialised, high-value active pharmaceutical ingredients (APIs) for chronic diseases like cardiovascular issues, central nervous system disorders, pain management, and diabetes. The company also offers contract development and manufacturing (CDMO) services to various multinational and speciality pharmaceutical firms.

On July 26, 2024, Glenmark Life Sciences Ltd’s share price opened at ₹873.50, touching the high of ₹905.00 as of 12:38 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.