Glenmark Pharmaceuticals, a Rs. 7,450 crore plus pharma major, has registered strong growth in top line and bottom line during the third quarter ended December 2016. Its consolidated net profit went up sharply by over 143 per cent to Rs. 477 crore from Rs. 196 crore in the corresponding period of last year. Its net sales also improved by over 41 per cent to Rs. 2,463 crore from Rs. 1,746 crore. With impressive profit growth, EPS moved up to Rs. 16.91 from Rs. 6.98 in the last period.
The company's sales for the formulation business in India registered growth of 5.9 per cent to Rs. 517 crore as against Rs. 488 crore in the similar period of last year. Its US formulations sales increased sharply by 102 per cent to Rs. 1,231 crore as compared to Rs. 609 crore. The sales in Africa, Asia and CIS region improved by 6.3 per cent to Rs. 251 crore from Rs. 236 crore. Its European sales touched to Rs. 196 crore as against Rs. 176 crore, a growth of 11 per cent. However, sales in Latin America declined by 23.4 per cent to Rs. 95 crore from Rs. 124 crore.
Glenmark's APIs sales moved up 32.5 per cent to Rs. 192 crore from Rs. 145 crore. It filed for two US DMF during the quarter under review. This growth is mainly due to successful launch of Olmesartan with Mylan under 180 days market exclusivity. Further, the sale of Perindopril, Adapalene and Amoidarone also contributed to growth.
Glenn Saldanha, chairman and managing director, said, “The over growth for the organization has been bolstered due to the strong performance by our US formulation business. It was further aided by the good performance from our API business too. In India, considering the overall demand environment, the business still managed to record sales growth.”
For the nine months ended December 2016, Glenmark's consolidated net sales increased by 24.5 per cent to RRs. 6,546 crore from Rs. 5,258 crore in the same period of last year. Its net profit has taken a quantum jump of 56.2 per cent and touched to Rs. 928 crore from Rs. 594 crore. EPS improved to Rs. 32.87 from Rs. 21.20 in the last period. Its Indian sales increased by 10 per cent to Rs. 1,727 crore from Rs. 1,570 crore and that in US moved up by 52.7 per cent to Rs. 2,700 crore from Rs. 1,768 crore.
The company has a pipeline of 7 new molecular entities, which includes 2 new chemical entities and 5 new biological entities, in various stages of clinical development focused in the therapeutic areas of oncology, respiratory, disease and dermatology. The company also has 3 specialty products in clinical development targeting the key indications in the respiratory therapy area.