Glenmark profit drops 57 percent on US sales decline
Glenmark Pharmaceuticals posted a 56.8 percent drop in second-quarter profit as revenue from its North American business declined significantly. Consolidated net profit fell to 2.64 billion rupees for the quarter ended September.
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Glenmark Pharmaceuticals posted a 56.8% drop in second-quarter profit to 2.64 billion rupees ($27.93 million) on Thursday, driven by lower revenue in India's North American market. The earnings decline compares with a profit of 6.10 billion rupees recorded in the same period last year. Total revenue for the quarter fell 30% to 42.47 billion rupees, according to the company statement.
