Glenmark reported subdued Q2 earnings, with the management predicting that the US business environment could stay challenging for at least two years. The firm, though, was upbeat on the potential of certain R&D assets, with a monoclonal antibody seen as “most promising” from an out-licensing perspective and a combination for seasonal allergic rhinitis set for a US NDA filing early next year.
Pricing pressure in the US market continued to weigh down earnings of Indian firms, with Glenmark Pharmaceuticals Ltd. reporting a 4.23% decline in net profits at INR2.14bn ($33.3m) for the second quarter ended September. Revenues inched up 1.46% to INR22.56bn.
The Europe formulations business grew 48.50% to INR2bn led by the “strong performance” of the Western European region, while the...