Q1 2025 Glenmark Pharmaceuticals Ltd Earnings Call Transcript
Key Points
- Glenmark Pharmaceuticals Ltd (BOM:532296) reported a year-over-year revenue growth of 6.9% for Q1 FY '25.
- The India formulation business recorded a robust growth of 11.9%, outperforming the industry average.
- The North America business registered a quarter-over-quarter growth of 3.3%, with new product approvals and launches.
- Glenmark's Europe operations saw a significant year-over-year growth of 21.4%, driven by strong performance in key markets.
- The company has entered into strategic collaborations and launched differentiated products in key therapeutic areas, enhancing its market presence.
- The US business remains challenging, with recovery expected only in the second half of the year upon approval of respiratory products.
- The Monroe facility is awaiting FDA inspection, which has impacted the US market supply.
- The Asia Pacific region recorded subdued growth in secondary sales across key markets.
- R&D expenditure remains high, with significant investments in innovation efforts through IGI.
- Forex loss of INR 22 crores was recorded in Q1, impacting the overall financial performance.
Ladies and gentlemen, good morning, and welcome to the Q1 FY '25 earnings conference call of Glenmark Pharmaceuticals Limited. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Utkarsh Gandhi, General Manager, Investor Relations for Glenmark Pharmaceuticals. Thank you, and over to you, sir.
Thank you, Lizanne. Good morning, everyone. Welcome to the Q1 FY '25 Results Conference Call of Glenmark Pharmaceuticals Limited. Before we start the Q&A, we'll review the performance of the company for the first quarter of FY '25.
For Q1 FY '25, Glenmark's consolidated revenue from operations was at INR 32,442 million as against INR 30,361 million in the corresponding quarter last year, recording a Y-o-Y growth of 6.9%. In terms of our overall performance across regions starting with India.
So for India, our formulation business recorded revenue of INR 11,962 million as against INR 10,693 million in the
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