Tag: Glenmark Pharmaceuticals

Glenmark Pharmaceuticals eyes $80 million from Ryaltris sales next year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Glenmark Pharmaceuticals expects its nasal spray Ryaltris to hit about $ 80 million in sales next year, boosting its overall revenue, according to a top company executive.

The drug firm has so far commercialised the product in 31 geographies across the globe. Ryaltris is indicated for symptomatic treatment of seasonal and perennial allergic rhinitis in adults and children over 12 years of age.

The drug relieves symptoms of allergic rhinitis, including stuffy nose, runny nose, nasal itching, sneezing, as well as itchy, red and watery eyes.

“Ryaltris is a huge product for us, right? I mean next year, we anticipate sales of close to about $80-odd million. So it’s a very large product already in a short time,” Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha said.

The company is yet to launch the product in many of the major markets like China and Brazil, he added.

Further, Saldana said, “So I think from peak sales, this will be a substantial product for us, right, over the next five years. And in terms of market share, if we end up with like 15-20 per cent right off the market, I think we would have done really well with this product.”

As of the end of the third quarter, the Mumbai-based drug firm has signed marketing applications for Ryaltris in more than 70 markets. The product has been commercialised in 31 markets so far.

The product has also been approved in 18 other markets, where it will be launched over the course of the next 3 to 6 months by either Glenmark or its partners, Glenmark Investor Relations General Manager Utkarsh Gandhi said.

For the third quarter that ended December 31, 2023, Glenmark reported consolidated revenue from operations at ₹2,910 crore as against ₹3,464 crore in the corresponding quarter last year.

Shares of the drug firm on Thursday ended 1.67% up at ₹915.30 apiece on the BSE.

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Glenmark Pharma Q3 results: Firm reports net loss of ₹331 crore, revenue declines 19% to ₹2,507 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug firm Glenmark Pharmaceuticals Ltd on Wednesday (February 14) reported a net loss of at ₹330.8 crore for the third quarter that ended December 31, 2023. The loss was due to the lower sales in the current quarter mainly on account of a one‐time impact on the company’s India business.

In the corresponding quarter last year, Glenmark Pharmaceuticals posted a net profit of ₹290.7 crore, the company said in a regulatory filing. The company’s revenue from operations declined 19.1% to ₹2,506.7 crore as against ₹3,100 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA reported a loss of ₹208.8 crore in the third quarter of this fiscal over the profit of ₹473.9 crore in the corresponding period in the previous fiscal.

India business 

Sales from the formulation business in India in Q3 of FY23‐24 were at ₹262.2 crore as against ₹1,074.5 crore in the previous corresponding quarter, recording a decline of 75.6% year-on-year.

North America registered revenue from the sales of finished dosage formulations of ₹762.9 crore for the quarter ended December 31, 2023, as against revenue of ₹837.3 crore for the previous corresponding quarter, recording a decline of 8.9% year-on-year.

Glenmark Europe’s operations revenue for the third quarter of FY23‐24 was at ₹635.7 crore as against ₹493.2 crore, recording growth of 28.9% year-on-year. For the third quarter of FY23‐24, revenue from RoW was ₹725 crore as against ₹654.1 crore for the previous corresponding quarter, recording growth of 10.8% year-on-year.

During Q3 of FY23‐24, the company implemented changes in the overall distribution model of its India business, through the consolidation of stock points and rationalisation of channel inventories. This led to a temporary dip in sales for the Indian business during the quarter.

However, going forward, this will help improve the company’s operating margins and overall working capital. These changes in the India distribution system will also enable the company to accelerate the roll‐out of its anti‐counterfeit packaging across the country, Glenmark Pharmaceuticals said.

The results came after the close of the market hours. Shares of Glenmark Pharmaceuticals Ltd ended at ₹796.30, down by ₹35.50, or 4.27% on the BSE.

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Glenmark inks agreement to market Cosmo Pharma’s acne cream in Europe, South Africa

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Glenmark Pharmaceuticals on Wednesday announced that its subsidiary has signed distribution and license agreements with Cosmo Pharmaceuticals NV for Winlevi, which is used in treating acne.

Glenmark Specialty SA, a subsidiary of Glenmark Pharma, will market and distribute Winlevi in Europe and South Africa, the company said in a filing to the stock exchanges.

As per the agreements, Glenmark Speciality SA will receive the exclusive rights from Cassiopea, a subsidiary of Cosmo, to commercialise Winlevi in 15 EU countries and South Africa.

The 15 EU countries wherein Glenmark received the rights are — Bulgaria, the Czech Republic, Denmark, Finland, France, Hungary, Iceland, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Spain and Sweden.

Cassiopeia will be responsible for the Centralized Marketing Authorization at the European Medicines Agency (EMA), and Glenmark will be accountable for the registration of the product in South Africa and the UK.

Cosmo will be the exclusive supplier of the product, the listed firm Glenmark Pharmaceuticals informed the bourses.

Cassiopea will get an upfront payment of $5 million, in addition to double-digit regulatory and sales milestones along with agreed double-digit royalties on net sales.

Winlevi has been cleared by the United States Food and Drug Administration (USFDA) for the treatment of acne in patients aged 12 years and older.

The EU acne market is expected to grow from $ 928.7 million in 2021 to $1,297 million in 2028. In Europe, more than 90 percent of people aged 11 to 30 years are affected by acne; with a widespread presence among teenagers, which is driving the market’s growth.

Shares of Glenmark Pharmaceuticals were trading 1.76 percent higher at Rs 775.9 on the BSE at 12:17 PM.

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Glenmark slashes price of breast cancer drug Trastuzumab; 440 mg vial to cost Rs 15,749

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Multinational pharmaceutical company Glenmark Pharmaceuticals on Thursday announced a price reduction of Trastuzumab, a drug for HER2-positive breast cancer. The drug is being marketed in India under the brand name ‘ Trumab’.

Now, a 440 mg vial of Trumab will be priced at Rs 15,749, which makes it the most affordable option available currently in the country at present, the Mumbai-headquartered company said.

Most of the existing Trastuzumab brands in the market are priced in between Rs 40,000 to Rs 54,000 per 440 mg vial.

Trastuzumab, a monoclonal antibody, has been the mainstay traditional option of HER2-positive breast cancer treatment. The drug has been in use for many years, despite the fact that the cost of Trastuzumab treatment has been a major barrier for many patients in the country.

For example, if a patient needs to undergo a minimum of 18 cycles (12 months) of treatment, the average cost of treatment ranges from Rs 4 lakh to Rs 5 lakh for early breast cancer and can exceed Rs 5 lakh for advanced or metastatic cases.

This can be a significant financial burden for many families, especially in India, where out of pocket expenditures account for approximately 52 percent of the total healthcare financing, the company said.

“At Glenmark, we believe that everyone deserves access to quality healthcare, regardless of their financial situation. Our company’s move of reducing the cost of its life‐saving drug Trumab is a major step in this regard. This will not only increase the accessibility, but also bring hope to over 75 percent of self‐ paying HER2‐positive breast cancer patients in India,” said Alok Malik, Executive Vice President and Head of India Formulations.

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Glenmark Pharma Q3 Results: Profit rises 23% to Rs 272.5 crore, EBITDA slumps 10.5%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Drug firm Glenmark Pharmaceuticals Ltd on Friday reported a 22.8 percent year-on-year (YoY) jump in net profit at Rs 272.5 crore for the third quarter that ended December 31, 2022. In the corresponding quarter last year, the company posted a net profit of Rs 221.9 crore.

In the December quarter, total revenue stood at Rs 3,463.8 crore during the period under review, up 9.2 percent against Rs 3,173.4 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA declined 10.5 percent to Rs 620.1 crore in the third quarter of this fiscal over Rs 693.1 crore in the corresponding period in the previous fiscal.

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EBITDA margin stood at 17.9 percent in the reporting quarter as compared to 21.8 percent in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation and amortization.

Glenn Saldanha, chairman and managing director, said the Indian business continued to record a healthy increase in secondary sales. The US business recovered well as the year progressed. The RoW and EU businesses also reflected formidable growth during the quarter.

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JB Chemicals has set this target for the Razel acquisition from Glenmark

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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JB Chemicals is looking to double its revenue in the cardiac market within the next 3-4 years. As a result, it has now acquired Glenmark Pharma’s cardiac brand Razel in India and Nepal for a total consideration of Rs 313.7 crore.

In the Rs 23,000 crore cardiac market, JB Chemicals ranked as the 13th largest company in 2020, which improved to 11th in April 2022 when JB Chemicals acquired the Azmarda brand from Novartis AG for Rs 246 crore. With the acquisition of Razel, JB Chemicals will now be the 8th largest company in the cardiac market with a market potential of Rs 2,500 crore.

“We are improving rank as well as market share,” MD & CEO Nikhil Chopra told CNBC-TV18 in an interaction on Thursday.

Chopra is expecting this segment to grow in the low double-digit to mid-teens in the next few years. Razel’s current revenue stands at Rs 60 crore with a gross margin of 80 percent, and EBITDA margin of 55-60 percent

On its part, going forward, Glenmark said it will continue to further consolidate its position in its core therapeutic areas of cardio‐metabolic, respiratory, dermatology, and oncology.

JB Chemicals has funded 70-80 percent of the overall consideration via long-term debt and the rest will be funded through cash generated by the business.

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Chopra further added that the Razel business is expected to clock in revenue worth Rs 100 crore by financial year 2026-2027.

JB Chemicals continues to look for opportunities in the Indian market, according to Chopra. However, he would only want to look at opportunities which are accretive to the company’s operating profit or EBITDA.

“Even though we are paying 4-5x of revenue for Razel, the EV/EBITDA is only 9-10x which helps us being EBITDA accretive on an overall basis,” he said.

Shares of JB Chemicals are trading 1.5 percent higher at Rs 2,055.20 while those of Glenmark are down 0.3 percent at Rs 438.20.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Glenmark Pharma gets tentative USFDA nod for Regadenoson injection, stock gains after fall in early trade

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Glenmark Pharmaceuticals on Monday said it has received tentative approval from the US health regulator for its generic Regadenoson injection.

Regadenoson injection is applied during the preparation for a radiologic examination of blood flow through the heart to test for coronary artery disease.

The tentative approval granted by the United States Food & Drug Administration (USFDA) to Glenmark Pharmaceuticals Inc, USA (Glenmark) is for Regadenoson Injection, 0.4 mg/5 mL (0.08 mg/mL) Single-Dose Pre-Filled Syringe, the company said in a statement.

It is the generic version of Lexiscan injection, 0.4 mg/5 mL (0.08 mg/mL), of Astellas US Inc, it added.

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Citing IQVIATM sales data for the 12 month period ending November 2021, the company said the Lexiscan Injection, 0.4 mg/5 mL (0.08 mg/mL) market achieved annual sales of approximately USD 659.9 million.

The company said its current portfolio consists of 172 products authorised for distribution in the US marketplace and 47 abbreviated new drug applications (ANDAs) pending approval with the USFDA.

Glenmark Pharmaceuticals share opened lower today at Rs 513.50 over the previous day’s close of Rs 516 on the BSE. The stock hit a high of Rs 519.10 after falling to Rs 505 in the early trade.

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–With agency inputs

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Glenmark aims to maintain FY22 margin at 19%; expects new launches to aid growth trajectory

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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During the last couple of quarters, Glenmark Pharmaceuticals has been the fastest growing company among the top-20 companies, said VS Mani, Executive Director and Global CFO at Glenmark Pharmaceuticals, in an interview with CNBC-TV18.

He expects the nitric oxide to do well. “That is preventive in nature and it ensures you can use the nasal spray and go for outdoor duties. Somewhere in Q3FY22, mainly in the month of October or so, we should see that being launched,” he said.

Glenmark reported earnings for the June-ended quarter. India growth adjusted for COVID-19 is at around 12-13 percent but the company says that they have seen a bit of an increase in price erosion in the US.

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“During the last 2 quarters, we have been one of the fastest growing companies in India. We will continue to show that kind of good trajectory on the back of some very good launches that we expect, going forward. Even without the COVID-19 drugs, we have been growing about 13-14 percent, we expect to grow at those levels,” he said.

“We expect to grow at 10 percent in the US. We are having about 10-12 launches coming up during the current year. In terms of price erosion, there is a kind of mid-single digit price erosion but our overall portfolio is diversified and therefore the risk is well distributed,” he added.

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He expects to see growth of about 15-20 percent in the long-term. “We should see a growth of about 15-20 percent and a very decent set of margins,” he said.

“Current year, we expect to grow at around 10-15 percent. We hope to maintain our margins at 19 percent. As we go along, we will continue doing the good work, we should see improvement in the margins as well,” he shared.

For the full interview, watch the accompanying video.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Glenmark Life Sciences to invest Rs 600 crore to double capacity in four years

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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IPO-bound bulk drug manufacturer Glenmark Life Sciences is on track to more than double its capacity over the next four years at a cumulative investment of over Rs 600 crore. Glenmark Life Sciences is the arm of drug major Glenmark Pharmaceuticals.

Two-and-half-year-old Glenmark Life Sciences is hitting the primary markets with an initial public offering (IPO) next week. The share sale consists of a fresh issue of equities worth Rs 1,060 crore and an offer for sale by promoter Glenmark Pharma for Rs 453 crore. The Rs 1,513-crore issue will open on July 27.

Glenmark Pharmaceuticals entered API manufacturing in 2001-02 with a facility in Kurkumbh in Maharashtra, and later the pharma major spun it off, creating Glenmark Life Sciences in 2019.

The capacity expansion is on the back of our plan to enter more regulated growth markets like Brazil, Mexico, Russia, Korea, Taiwan and Saudi Arabia, Glenmark Life Sciences chief executive and managing director Yasir Rawjee told.

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Glenmark Life Sciences’ Rs 1,600 crore IPO to open on July 27

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Glenmark Pharmaceutical’s API arm Glenmark Life Sciences will launch its initial public offering (IPO) on July 27. The offer will close on July 29 and is expected to list on bourses on August 6.

The IPO consists of a fresh issue of shares worth Rs 1,060 crore and an offer for sale of up to 6,300,000 equity shares by Glenmark Pharmaceuticals.

Anchor investors will start bidding on the issue on July 26, the company said in an exchange statement. Kotak Mahindra Capital, Goldman Sachs, DAM Capital, Bofa Securities, BoB Caps, and SBI Capital Markets are the lead managers of the issue.

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Earlier, the company had planned to raise Rs 1,160 via a fresh issue and an offer for sale of up to 7.31 million shares.

Glenmark Life Sciences is in the business of manufacturing active pharmaceutical ingredients (API). API is any substance used in a finished pharmaceutical product. The company manufactures select high-value, non-commoditized APIs in chronic therapeutic areas, including central nervous system disease, cardiovascular disease, pain management, and diabetes.

The company is planning to use the proceeds from the listing for payment of outstanding purchase consideration to the promoter for the spin-off of the API business. It is expected to cost Rs 900 crore to the company. The company will use the remaining Rs 152.76 crore to fund its capital expenditure requirements.

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In the fiscal year 2020, the company’s total income stood at Rs 1,549.30 crore, against Rs 886.87 crore a year ago. Its net profit stood at Rs 313.10 crore against Rs 195.59 in the corresponding period a year ago. As of December 2020, its net debt was Rs 947.44 crore.

As of December 2020, the company has 120 products in its portfolio and sells APIs in India and exports to Europe, North America, Latin America, Japan, among others.

The company’s API business contributes majorly to the revenue of the company. In 2020, it contributed 84.16 percent to the total revenue from operations, while in 2019 it contributed over 89 percent.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow