Shares of Glenmark Pharmaceuticals Ltd. fell the most in nearly two months as a fall in sales in the U.S. offset an improvement across all other markets in the quarter ended September.
The drugmaker’s overall revenue rose 4.9% over the year-earlier to Rs 2,952 crore in the July-September period, according to an exchange filing. That compares with the Rs 2,780-crore consensus estimate of analysts tracked by Bloomberg.
Its net profit fell 8.4% year-on-year to Rs 234 crore, in line with the Rs 217-crore forecast.
“The non-Covid business of the domestic market did not do well. The rise in net debt and the underperformance of the U.S. business can be attributed to the fall in the stock price today,” Surajit Pal, pharma analyst at Prabhudas Lilladher, told BloombergQuint over the phone. The U.S. business contributes around 35% of the company’s overall revenue.