{"id":127598,"date":"2022-02-16T03:40:45","date_gmt":"2022-02-16T08:40:45","guid":{"rendered":"https:\/\/44.250.171.167\/?p=127598"},"modified":"2022-10-05T06:10:06","modified_gmt":"2022-10-05T10:10:06","slug":"glenmark-pharmaceuticals-limited-q3-fy22-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/glenmark-pharmaceuticals-limited-q3-fy22-earnings-conference-call-insights\/","title":{"rendered":"Glenmark Pharmaceuticals Limited Q3 FY22 Earnings Conference Call Insights"},"content":{"rendered":"<p><span class=\"embed-youtube\" style=\"text-align:center; display: block;\"><iframe loading=\"lazy\" class=\"youtube-player\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/Mzpw87FqOBE?version=3&#038;rel=1&#038;showsearch=0&#038;showinfo=1&#038;iv_load_policy=1&#038;fs=1&#038;hl=en-US&#038;autohide=2&#038;wmode=transparent\" allowfullscreen=\"true\" style=\"border:0;\" sandbox=\"allow-scripts allow-same-origin allow-popups allow-presentation allow-popups-to-escape-sandbox\"><\/iframe><\/span><\/p>\n<p><strong>Key highlights from Glenmark Pharmaceuticals Limited (<a href=\"https:\/\/44.250.171.167\/symbol\/GLENMARK\/\">GLENMARK<\/a>) Q3 FY22 Earnings Concall<\/strong><\/p>\n<p><strong>Management Update:<\/strong><\/p>\n<ul>\n<li>GLENMARK stated the India business continues to outperform the industry growth and is growing consistently.<\/li>\n<\/ul>\n<ul>\n<li>In North America, GLENMARK filed 13 ANDA applications with FDA in nine month FY22 and is on track to file around 18-20 ANDAs in the financial year, including 4-5 filings from Monroe.<\/li>\n<\/ul>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>Damayanti Kerai from HSBC Securities asked about the sales outlook and pricing erosion trends in the US business. Robert Crockart President replied that in the US, some factors did impact the business in 3Q22. However, on a QonQ basis, the company expects to see growth going into 4Q22. On pricing erosion trends, Robert commented that it\u2019s in the range of 7-8%, close to the previous trends.<\/li>\n<\/ul>\n<ul>\n<li>Damayanti Kerai from HSBC Securities also asked about the Monroe facility and how it\u2019s moving up. Glenn Saldanha Chairman said that on Monroe the company had a recall in 3Q22, that impacted the US performance. From 4Q22, the company is ramping up Monroe production and next year a big benefit is expected to come out of this facility, mainly on injectibles, nebulizers as well as oral solids.<\/li>\n<\/ul>\n<ul>\n<li>Damayanti Kerai from HSBC Securities enquired about the reasons for staff costs reducing sharply on a sequential basis and how should it be looked at on a more sustainable basis. V. S. Mani ED said that staff cost is slightly lower compared to previous year and previous quarter because the bonuses are paid out in 2Q. On a yearly basis, the company trended the same.<\/li>\n<\/ul>\n<ul>\n<li>Harith Ahamed from Spark Capital queried about the launch timeline of Ryaltris with partner Hikma and the partnership arrangement. Glenn Saldanha Chairman said, the company expects to launch this product in 1Q FY23 in the US market and has already launched the product in many parts of the world. On the Hikma relationship, GLENMARK said commercial aspects can\u2019t be commented, but Hikma will be commercializing the relationship and GLENMARK will be supplying the product. GLENMARK will continue to get both milestones and some profit share\/royalty structure from Hikma.<\/li>\n<\/ul>\n<ul>\n<li>Harith Ahamed from Spark Capital asked about impairment of intangibles and it\u2019s related to which market. V. S. Mani ED said that as time goes by there are changes to the market conditions. These are basically in-license products that are in-licensed in US and Europe. GLENMARK does a portfolio review, look at landscape and map it against how the overall thing looks like; and if there\u2019s any estimated erosion. Therefore, it\u2019s very common in the industry.<\/li>\n<\/ul>\n<ul>\n<li>Harith Ahamed from Spark Capital also asked about Ichnos and company\u2019s thinking on any licensing deals. Glenn Saldanha Chairman answered that on Ichnos, the most near-term event is trying to close something on ISB-830 so that the entire immunology portfolio is partnered out. On the BEAT platform, GLENMARK is anticipating ISB-1342, to get POC in 1Q23. ISB-1442, sometime next year, the company could see some evidence of efficacy and some partnering activity next year on the oncology side.<\/li>\n<\/ul>\n<ul>\n<li>Krish Mehta with Enam Holdings asked how does the company see working capital stabilizing in terms of inventory going forward. V. S. Mani ED replied that for a few quarters it will be still up; there has been volatility and logistic issues, air freight rates going up substantially. As more normalcy comes in at a later point, it would come down.<\/li>\n<\/ul>\n<ul>\n<li>Kunal Randeria of Edelweiss enquired how much of the growth in 3Q22 in Europe could be attributed to Spiriva. Glenn Saldanha Chairman said that Spiriva is a big product for the company and a large opportunity. The company added that as it keeps launching in multiple markets, the share overall for the molecule will keep growing. Given the headstart and the opportunity, GLENMARK believes Spiriva will be a substantial contributor for the next few quarters.<\/li>\n<\/ul>\n<ul>\n<li>Kunal Randeria of Edelweiss asked on the strong India business, and what will be drivers for the growth. Glenn Saldanha Chairman said that India is the company\u2019s one of the strongest businesses. Looking at nine-month Iqvia growth is like 28% and the company\u2019s reported nine-month number is 18%. In Jan. \u201822, the company grew at 36%. On the big launches in the near term for India; FabiSpray could be a good contributor.<\/li>\n<\/ul>\n<ul>\n<li>Tushar Manudhane from Motilal Oswal asked that the other expenses has been up QonQ and YoY, excluding R&amp;D and if there were any one-offs for this. V. S. Mani ED said that there is a bit of seasonality. In H2, the company\u2019s other expense is little higher. But looking at it as a percentage of sales compared to previous year, it\u2019s close to that number or thereabout or a bit lower. In the quarter freight costs were little higher, which could be one-offs.<\/li>\n<\/ul>\n<ul>\n<li>Tushar Manudhane from Motilal Oswal asked about the contribution of Favipiravir to the overall sales for the nine-months FY22 and 3Q22. V. S. Mani ED said that globally it was minimal. And for India, the company said it does not specifically guide to breaking up FabiFlu with other products. In 3Q22, there was virtually no sale of COVID drug.<\/li>\n<\/ul>\n<ul>\n<li>Nitin Agarwal of DAM Capital asked that in the US, with the pickup in the business, can it be assumed that the business will be substantially driven by Monroe launch from here on. Glenn Saldanha Chairman replied that in 4Q, GLENMARK anticipate launching at least 4 or 5 new products, two of which got approval. GLENMARK is re-launching esomeprazole and have one more approval pending. From Q4 onwards, the U.S. business should do well.<\/li>\n<\/ul>\n<ul>\n<li>Nitin Agarwal of DAM Capital also asked about incremental R&amp;D spend in the generic space. Glenn Saldanha Chairman said the company has not backed off on R&amp;D spends across the board. The company added that its portfolio mix of investments in R&amp;D have not changed to a large extent. GLENMARK believes Ryaltris will drive the near term performance for the emerging markets, US and Europe next year.<\/li>\n<\/ul>\n<ul>\n<li>Sameer Baisiwala from Morgan Stanley asked about gross debt and why the company is carrying gross cash in the books of INR1,300-1,400 crores and the cost of carrying this. V. S. Mani ED said the company had some longer term loans. As an when they are due the company tries to refinance or repay them. Also interest cost has come down over a period of time.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Glenmark Pharmaceuticals Limited (GLENMARK) Q3 FY22 Earnings Concall Management Update: GLENMARK stated the India business continues to outperform the industry growth and is growing consistently. In North America, GLENMARK filed 13 ANDA applications with FDA in nine month FY22 and is on track to file around 18-20 ANDAs in the financial year, [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5747],"tags":[8157,1115],"class_list":["post-127598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-healthcare-stocks","tag-healthcare","tag-pharmaceuticals"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":130453,"url":"https:\/\/alphastreet.com\/india\/glenmark-pharmaceuticals-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":127598,"position":0},"title":"Glenmark Pharmaceuticals Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 2, 2022","format":false,"excerpt":"https:\/\/youtu.be\/uTUQ9VpSoiU Key highlights from Glenmark Pharmaceuticals Limited (GLENMARK) Q4 FY22 Earnings Concall Management Update: GLENMARK said the India business continues to significantly outperform industry growth rates, continuing the trend of the past several years. 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