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ICICI Direct Report
Glenmark Pharmaceuticals Ltd. reported mixed Q2 FY22 results.
Revenues grew 6.6% YoY to Rs 3147.4 crore despite of YoY de-growth of 7.8% in domestic sales to Rs 968.9 crore due to higher base of Covid-19 products in Q2 FY21.
U.S. sales were steady with YoY growth of 0.3% to Rs 754.3 crore led by new launches. Europe business grew 6.3% YoY to Rs 338.3 crore amid mixed performance in western Europe being partially offset by growth in key markets.
Rest of world markets grew significantly by 71.5% YoY to Rs 652.6 crore aided by strong traction in the Covid-19 portfolio and also growth in the base business whereas active pharma ingredient segment grew 4.4% YoY to Rs 335.4 crore.
Glenmark Pharma's Ebitda margins were steady YoY at 18.8% mainly due to lower gross margins being offset by lower employee expenses.
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