Glenmark Pharmaceuticals, a Rs 600-crore plus Mumbai based pharma major, suffered set back during the first quarter ended June 2006 and its standalone net profit declined by 9.6 per cent to Rs 10.02 crore from Rs 11.09 crore. The company's standalone sales increased by 10.5 per cent to Rs 138.03 crore from Rs 124.86 crore. The earning per share nosedived to Rs 0.81 for the face value of Rs 2 each from Rs 0.90 in the similar period of last year.
The company's consolidated net profit worked out to Rs 18.67 crore during the first quarter of 2006-07. Its consolidated sales increased by 21.5 per cent to Rs 191.55 crore. However, after adjusting for Rs 26.11 crore received as milestone payments in Q1 from licensing partners for Oglemilast (GRC 3886); the business registered a growth of 45.6 per cent.
Glenmark's US business significantly improved and earned a revenues of Rs 23.08 crore during the first quarter. Its Latin American operations, comprising Glenmark Farmaceuitca Ltda and Servycal SA, posted revenues of Rs 20.21 crore reflecting an increase of almost 48 per cent. Exports of branded formulations brought in revenues of Rs 36.61 crore. Revenues from the Indian formulations', however, segment registered a marginal declined of 1.3 per cent to Rs 86.14 crore.
Glenmark incorporated a wholly owned subsidiary 'Glenmark Holding SA in Switzerland during the quarter under review. The company commenced expansion of a new block at its Ankleshwar facility and the activity is expected to be completed by September 2006.
The company filed 2 DMFs in the first quarter ended June 2006 and likely to file another 15 DMF in the current year. Further, it filed 3 ANDAs and plans to file an addition 4 ANDAs in Q2.The first phase of the expansion at Goa is likely to be completed in Q2.