Glenmark Pharmaceuticals, the Rs 750-crore plus pharma company from Mumbai, suffered setback during the year ended March 2006 basically due to lower licensing income. Its consolidated net profit declined by 14 per cent to Rs 90.74 crore. However, its consolidated revenues improved by 23 per cent to 756 crore with significant rise in US business from Rs 612 crore in the previous year. The company launched three new products in the last quarter.
Glenn Saldanha, managing director and CEO, said, " The results are reflective of Glenmark's efforts to grow its business internationally. Our progress in NCE research too has yielded encouraging results with the progress demonstrated by Oglemilast and GRC 8200 and the discovery of GRC 10389."
The revenues from formulations increased by 55 per cent to s 627.52 crore from Rs 408.20 crore in the previous year. However, its revenue from API declined by 12 per cent to Rs 101.71 crore from Rs 115.25 crore. The domestic revenue improved by 30 per cent to Rs 393.68 crore from Rs 302.77 crore. The company's out-licensing revenues declined sharply to Rs 26.57 crore from Rs 88.61 crore which put pressure on bottomline.
The company filed total of 11 ANDAs in FY2006 and its 16-17 products are undergoing the US FDA approval process. Its Brazilian subsidiary i.e. Glenmark Farmaceutica Ltda and Servycal SA posted revenues of Rs 75.90 crore as against Rs 23.68 crore. Reflecting an solid growth of 221 per cent. It received registrations for 11 products in Brazil. It filed 19 dossiers with ANVISA in FY06, of which 5 were filed in the fourth quarter.
The company's new manufacturing facility at Baddi, Himachal Pradesh has completed commissioning all its lines and was fully functional by the end of FY06.