Glenmark Pharmaceuticals, a Mumbai based research-led global pharmaceutical company, has posted strong performance during the third quarter ended December 2007. The consolidated net profit went up by 48.2 per cent to Rs 280.02 crore from Rs 188.98 crore in the corresponding period of last year. Its consolidated net sales moved up by 53.6 per cent to Rs 685.08 crore from Rs 446.12 crore.
Revenues from generics business that the company intends spinning off into a 100 per cent subsidiary increased by 104 per cent to Rs 267.84 crore from Rs 130.90 crore in the similar period of last year. The speciality business (including out licensing revenues) that will continue to be a part of GPL, had revenues of Rs 417.24 crore as against Rs 315.23 crore, a growth of 32.4 per cent.
Glenn Saldanha, managing director and CEO, said, "We have posted good results with the Eli Lilly milestone this quarter and a good performance of our US business. We also announced the reorganization of Glenmark's business into specialty and generics, which will provide the two businesses with the management focus they require and with this Glenmark, will move further up in the league of leaders in the pharmaceutical industry".
The domestic sales of API and co-marketing business increased by 34.2 per cent to Rs 23.40 crore from Rs 17.43 crore. Its formulation business in India has increased by 8.1 per cent to Rs 121.39 crore against Rs 112.34 crore. The company registered a value growth of 19.7 per cent. Revenues from sale of API to regulated and semi-regulated markets globally moved up by 45.3 per cent to Rs 31.35 crore from Rs 21.58 crore in the corresponding quarter of last year.
Meanwhile the company has approved conversion of Zero Coupon Foreign Currency Convertible Bonds (FCCBs) amounting to US$ 1,000,000 into 1,72,494 equity shares at a price of Rs 253.11 per share of face value Rs 1 each out of US$ 50,000,000 FCCBs issued in 2005.
The company has generic formulation and API business interests in over 80 countries across the world including the highly regulated markets of USA and Europe. Its formulation business spans several product segments such as dermatology, internal medicine, paediatrics, gynaecology, ENT, cardiology, diabetes and oncology