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Shares of Glenmark Pharma touched 52-week low of Rs 483.60, falling 9 percent intraday on the back of poor fourth quarter numbers.
The company has reported 17.5 percent fall in its Q4 net profit at Rs 151.6 crore against Rs 183.7 crore in the same quarter last fiscal.
Revenue of the company was down 7 percent at Rs 2,279.8 crore against Rs 2,457.7 crore
The operating profit or EBITDA of the company was down 26 percent at Rs 326.8 crore and margin was at 14.3 percent.
US market will continue to remain a challenging environment for next 4 quarters, company said.
Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals said, “While FY 2018 was a challenging year mainly on account of pricing pressure in the US, our other key markets like Europe and India performed well on the back of new product launches.”
“Even though we expect pricing pressure to persist, we are glad that FY 2019 has started on a positive note for us with approval s for some interesting products in the US,” he added.
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