{"id":156221,"date":"2023-11-15T07:19:40","date_gmt":"2023-11-15T12:19:40","guid":{"rendered":"https:\/\/44.250.171.167\/?p=156221"},"modified":"2023-11-15T07:19:43","modified_gmt":"2023-11-15T12:19:43","slug":"glenmark-pharmaceuticals-limited-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/glenmark-pharmaceuticals-limited-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"Glenmark Pharmaceuticals Limited Q2 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Glenmark Pharmaceuticals Limited (GLENMARK) Q2 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Financial Results<\/strong>\n<ul>\n<li>Revenue increased 6.3% YoY to INR35,879 million.<\/li>\n<li>India formulation sales grew 2.8% YoY despite market slowdown.<\/li>\n<li>North America sales declined 1.9% YoY.<\/li>\n<li>Europe sales increased 58.4% YoY on branded business growth.<\/li>\n<li>ROW sales grew 19% YoY across sub-regions.<\/li>\n<li>R&amp;D expenditure was 9.5% of revenue at INR324 crores.<\/li>\n<li>Net debt increased to INR3,355 crores due to settlement payments.<\/li>\n<\/ul>\n<\/li>\n<li><strong>India Business Performance<\/strong>\n<ul>\n<li>Ranked 14th in India with 2.11% market share.<\/li>\n<li>Impacted by respiratory and dermatology market slowdown.<\/li>\n<li>Growth remained strong in cardiac segment.<\/li>\n<li>9 brands in IPM top 300, ranked 2nd in dermatology\/respiratory.<\/li>\n<\/ul>\n<\/li>\n<li><strong>European Operations<\/strong>\n<ul>\n<li>Revenue growth driven by robust branded business.<\/li>\n<li>Strong growth in key markets like UK, Czech, Poland.<\/li>\n<li>Respiratory portfolio continues performing well.<\/li>\n<li>Launch of Ryaltris in Slovakia in Q2.<\/li>\n<li>Distribution agreement for Winlevi in 15 EU markets.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Respiratory Portfolio Performance<\/strong>\n<ul>\n<li>Ryaltris launched in multiple markets, seeing strong uptake.<\/li>\n<li>Remains key contributor in Latin America and other regions.<\/li>\n<li>Marketing applications submitted for Ryaltris in over 70 markets.<\/li>\n<li>Clinical trials progressing for generic Flovent and other products.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Dermatology Segment Growth<\/strong>\n<ul>\n<li>Recorded 21% value growth in India versus 9.6% market growth.<\/li>\n<li>Continues strong performance in Asia markets like Malaysia.<\/li>\n<li>Dermatology a key area along with respiratory in ROW regions.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Life Sciences Business Update<\/strong>\n<ul>\n<li>External sales grew 5% YoY in Q2 FY24.<\/li>\n<li>Entered agreement to divest 75% stake to Milieus Life Sciences.<\/li>\n<\/ul>\n<\/li>\n<li><strong>US Business Outlook<\/strong>\n<ul>\n<li>Q2 sales declined due to some supply disruptions.<\/li>\n<li>Resolved supply issues and have strong pipeline of launches.<\/li>\n<li>Expect US sales to return to normal levels in Q3.<\/li>\n<li>Pricing environment seems to be stabilizing.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Monroe Facility Remediation Update<\/strong>\n<ul>\n<li>Most remediation work is complete, taking engineering batches.<\/li>\n<li>Will have meeting with FDA before resuming sales.<\/li>\n<li>Hard to predict timing but expect FDA inspection at some point.<\/li>\n<li>Remediation costs declining, most expenses already incurred.<\/li>\n<\/ul>\n<\/li>\n<li><strong>R&amp;D Spending and Licensing Income<\/strong>\n<ul>\n<li>H1 R&amp;D spending lower than last year at $36.8 million.<\/li>\n<li>Still guiding to about $60 million plus for full year.<\/li>\n<li>Received $15 million licensing income in Q3.<\/li>\n<li>R&amp;D reductions driving 2% of projected margin expansion.<\/li>\n<\/ul>\n<\/li>\n<li><strong>India Business Outlook<\/strong>\n<ul>\n<li>Expect 12-15% sustained growth next 3 years.<\/li>\n<li>Rx business strong in respiratory, cardiac, derm, diabetes.<\/li>\n<li>OTC and institutions other growth levers.<\/li>\n<li>India remains a steady high-growth market.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Margin Expansion Drivers<\/strong>\n<ul>\n<li>Lower R&amp;D spending is a key driver of margin growth.<\/li>\n<li>Operating leverage from Europe and Latin America expansion.<\/li>\n<li>Monroe facility resuming production also a contributor.<\/li>\n<li>Aiming for around 19% EBITDA margins in FY25.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Glenmark Pharmaceuticals Limited (GLENMARK) Q2 FY24 Earnings Concall Financial Results Revenue increased 6.3% YoY to INR35,879 million. India formulation sales grew 2.8% YoY despite market slowdown. North America sales declined 1.9% YoY. Europe sales increased 58.4% YoY on branded business growth. ROW sales grew 19% YoY across sub-regions. R&amp;D expenditure was 9.5% [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"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":[10169,1115],"class_list":["post-156221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-healthcare-stocks","tag-earnings","tag-pharmaceuticals"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":142579,"url":"https:\/\/alphastreet.com\/india\/earnings-summary-of-glenmark-pharmaceuticals-limited-for-q3-fy23\/","url_meta":{"origin":156221,"position":0},"title":"Earnings Summary Of Glenmark Pharmaceuticals Limited For Q3 FY23","author":"Hardik Bhandare","date":"February 23, 2023","format":false,"excerpt":"Glenmark Pharmaceuticals Limited (NSE: GLENMARK) is a global research-driven pharmaceutical company that develops and markets innovative drugs for major therapeutic areas such as dermatology, respiratory, oncology, and diabetes. The company operates in over 80 countries and has manufacturing facilities in India, Switzerland, and Argentina. 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