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USFDA warning letter for Monroe plant
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Glenmark Pharmaceuticals Limited — Q1 FY24
Glenmark delivered a strong Q1 FY24 with consolidated revenue of INR 24,106 million, up 22.5% YoY, driven by robust performance in Europe (+73.7%) and ROW (+30.4%).
bullish
high
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Glenmark delivered a strong Q1 FY24 with consolidated revenue of INR 24,106 million, up 22.5% YoY, driven by robust performance in Europe (+73.7%) and ROW (+30.4%). EBITDA margin came in at 18.6% (19% ex-forex loss), within guided range. India formulation grew 2.8% reported but ~8% like-for-like, while North America remained around $98M. Management reiterated FY24 guidance of 10-11% revenue growth and 19-20%+ EBITDA margin, with Europe expected to grow 25-30% this year. Ryaltris is tracking ahead of the $40-45M revenue target. Key risk: USFDA warning letter for Monroe plant could delay injectable launches and limit US growth acceleration.
ग्लेनमार्क ने पहली तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई 2,410 करोड़ रुपये रही, जो पिछले साल से 22.5% ज्यादा है। यूरोप में 73.7% और बाकी दुनिया में 30.4% की बढ़ोतरी हुई। कंपनी का मुनाफा मार्जिन 18.6% रहा, जो उनके अनुमान के मुताबिक है। भारत में बिक्री 2.8% बढ़ी, लेकिन असली बढ़त 8% थी। अमेरिका में बिक्री 98 करोड़ डॉलर के आसपास रही। कंपनी को इस साल 10-11% कमाई और 19-20% मुनाफा मार्जिन की उम्मीद है। यूरोप में 25-30% बढ़ोतरी हो सकती है। रायल्ट्रिस दवा का प्रदर्शन उम्मीद से बेहतर है। लेकिन अमेरिका में मुनरो फैक्ट्री पर चेतावनी पत्र मिलने से नई दवाओं की शुरुआत में देरी हो सकती है।
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Europe Revenue Growth
73.7%
+73.7% YoY
Europe revenue surged to INR 5,732 million, driven by base business uptick and new launches.
Ryaltris Revenue Guidance
$40-45M
>100% YoY
Ryaltris revenue to Glenmark expected to exceed $40-45M in FY24, well ahead of prior year.
India Market Share (Respiratory)
5.65%
+? bps YoY
Glenmark's share in Indian respiratory market increased to 5.65% as per IQVIA MAT June.
US ANDA Pipeline
50 pending
flat
50 ANDAs pending approval; 8-10 new launches expected in FY24.
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Guidance and risk preview
Management expects full-year revenue growth of 10-11%, with potential to exceed guidance.
Monroe facility received a warning letter, potentially delaying injectable product approvals and US growth acceleration.
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