life sciences: Glenmark Life Sciences Q2 Outcomes: Agency posts revenue rise on API increase
The Mumbai-based drugmaker stated its revenue rose to 1.19 billion rupees ($14.3 million) for the quarter ended Sept. 30, from 1.07 billion rupees a 12 months earlier.
The corporate, spun off from Glenmark Prescription drugs in 2019 to deal with the API enterprise, stated its income from operations jumped almost 17% to five.95 billion rupees, with regulated markets together with the U.S., Europe, Latin America and India contributing 80%.
Nonetheless, a virtually 18% rise in bills ate into the corporate’s core revenue margin, which contracted to 29% from 30.2% a 12 months earlier.
Income from the API enterprise, the corporate’s largest section contributing 95% to income, grew 19.7% to five.43 billion rupees.
Final month, mother or father Glenmark Pharma stated it could promote a 75% stake within the Life Sciences unit to detergent maker Nirma and use the proceeds to repay debt.
The drugmaker, whose purchasers embody Aurobindo Pharma and Torrent Prescription drugs, additionally exports APIs to markets together with Japan and the Center East. The corporate develops APIs for medication that assist deal with circumstances comparable to diabetes and central nervous system ailments.
Shares of Glenmark Life Sciences superior 0.6% after its outcomes. They jumped 8.6% throughout the September-quarter, in contrast with a 12% rise within the Nifty Pharma index.
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