Glenmark Pharmaceuticals Ltd reported a consolidated revenue of ₹2.9 crore in the third quarter ending December 31, 2023, reflecting a 16 per cent year-on-year decline from ₹3.46 crore. The company attributed the dip to an impact on its domestic business.

Adjusted EBITDA for the quarter ended December 31, 2023, was at ₹28.9 crore, compared to ₹62 crore in the previous corresponding quarter. The decline was attributed to changes in its distribution model in the country, aimed at enhancing operating margins and overall working capital.

The company aims to drive growth in the US market through new product launches, particularly injectables, starting from Q4.

“Glenmark is going through a transitionary phase on account of the divestment of Glenmark Life Sciences. In spite of the one‐time impact on our India business revenue due to the changes in our distribution model, our secondary sales growth remains strong, and we continue to outperform the market in our key therapy areas. Meanwhile, our Europe and the RoW markets have maintained their robust growth trajectories, and we anticipate a resurgence of our US business from Q4, driven by new injectable product launches,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals Ltd.

Shares were up 0.38 per cent at ₹799.30 at 11.21 am on the BSE.