Glenmark Life Sciences, an Indian enterprise, recently disclosed a remarkable first-quarter profit surge of nearly 25% on Friday. This uptick was primarily fuelled by the vigorous expansion of its primary active pharmaceutical ingredients (API) segment across local and international markets, including the U.S. and Europe.
This pharmaceutical giant, headquartered in Mumbai, revealed a quarter-end profit of 1.35 billion rupees (approximately $16.5 million) as of June 30, an impressive increase from the 1.09 billion rupees reported during the same period the previous year. The company was born out of Glenmark Pharmaceuticals in 2019 with a specific focus on the thriving API sector.
Glenmark Life Sciences’ total operational revenue witnessed a solid 18% growth, reaching 5.87 billion rupees in this quarter. The primary drivers of this revenue were regulated markets spanning the U.S., Europe, and India, contributing to a significant 78%.
In terms of earnings before interest, taxes, depreciation and amortisation (EBITDA), the company experienced a boost in its margins from 31.9% the previous year to 33.7% in the current year.
The API segment, being the company’s major revenue source constituting 92%, saw a robust growth of 13.3%. APIs are the vital bioactive components in a drug, responsible for delivering the intended therapeutic benefits. Glenmark Life Sciences specialises in the development of APIs that are incorporated in drugs to combat ailments including diabetes, cardiovascular diseases, and central nervous system-related disorders.
