July 31 (Reuters) – India’s Glenmark Pharmaceuticals 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)
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