Glenmark Pharma soars on positive outlook
Upstox
1 min read • Updated: February 16, 2024, 2:49 PM
Summary
The management pointed out that secondary sales growth remains strong, and the company continues to outperform the market in key therapy areas.
Shares of the pharma company are up around 9% today.
This comes after the management that the company is implementing changes to improve its profitability.
“During Q3 FY 2023‐24, the company implemented changes in its overall distribution model of its India business, through consolidation of stock points and rationalisation of channel inventories. Going forward, this will help improve the Company’s operating margins and overall working capital.” said the management in its Q3 results filing.
The management also pointed out that secondary sales growth remains strong, and the company continues to outperform the market in key therapy areas.
“Meanwhile, our Europe and the RoW markets have maintained their robust growth trajectories, and we anticipate a resurgence of our U.S. business from Q4; driven by new injectable product launches,” said the management.
The company is “going through a transitionary phase on account of the divestment of Glenmark Life Sciences.” The drug maker reportedly expects 5,000 crore from its stake sale in its subsidiary Glenmark Life Sciences.