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Glenmark Pharma soared as management's bullish FY25 targets offset weak quarterly earnings. Despite widening losses due to impairment charges, adjusted net profit nearly tripled, driven by a stake sale in Glenmark Life Sciences.
Nirma entered into a deal with listed Glenmark Pharmaceuticals in September 2023 to buy a 75% stake in Glenmark Life Sciences for ₹5,650 crore. Nirma plans to fund the acquisition by the end of the current fiscal year.
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Glenmark Pharma aims to turn cash positive by the end of the current fiscal. The drugmaker also expects respiratory and injectables to be the major contributors in FY25
Glenmark Pharma share price rose over 6 per cent in early trade on Thursday after the company reported its Q3FY24 earnings.