India's Glenmark Pharma posts higher quarterly profit on strong demand
India's Glenmark Pharma posts higher quarterly profit on strong demand July 31 (Reuters) - India's Glenmark Pharmaceuticals GLEN.NS posted a 53.6% jump in adjusted first-quarter profit on Friday, led by strong demand for its drugs that treat long-term illnesses.
The company's consolidated profit before exceptional items and taxes rose to 6.43 billion rupees ($67.41 million) for the quarter ended June 30, from 4.19 billion rupees a year ago.
Here are some key details:
Strong demand for Glenmark's respiratory, dermatology and oncology products helped cushion against weak pricing and fierce competition in its key North American and European markets.
Sales from its India formulations business rose 15.5% year-on-year, while net sales from its core operations in North America and Europe increased 41.1% and 11.9%, respectively
Overall revenue was up 23.1% at 40.18 billion rupees, while expenses rose 19.8%.
($1 = 95.3800 Indian rupees)
(Reporting by Mridula Kumar in Bengaluru; Editing by Diti Pujara)
((mridula.kumar@thomsonreuters.com))
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