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Glenmark consolidated net zooms by 191% to Rs 155 crore

Our Bureau, MumbaiTuesday, July 27, 2010, 08:00 Hrs  [IST]

Glenmark Pharmaceuticals, a Rs 2500 crore plus Mumbai based pharma giant, has posted handsome growth in bottom line during the first quarter ended June 2010. Its net profit went up sharply by 191 per cent to Rs 155.54 crore from Rs 53.45 crore in the corresponding period of last year. With strong improvement in profits, its earnings per share moved up to Rs 5.70 from Rs 2.11 in the last period. The net sales improved by 25.4 per cent to Rs 681.86 crore from Rs 543.69 crore. Its sales from the generics business increased to Rs 263.60 crore from Rs 238.70 crore, a growth of 10.4 per cent. The speciality formulation business registered growth of 37 per cent to Rs 418.27 crore as against Rs 304.99 crore. This includes out-licensing revenue of Rs 89.50 crore. Commenting on the results Glenn Saldanha, CEO & MD, Glenmark Pharmaceuticals, mentioned. “The first quarter has been very encouraging for the organization with India, the US generics and the API business recording good sales growth. The out-licensing deal with sanofi-aventis for GRC 15300 reaffirmed our commitment to cutting-edge work in the area of discovery. On the US generics side we are encouraged by the number of ANDA approvals recently received – This will aid growth for the subsidiary in this financial year. We expect an improved performance from the Central Eastern Europe region for the remaining part of the year” Sales for the formulation business in India increased to Rs 193.61 crore for the first quarter of this financial year as compared to Rs 165.92 crore in the previous corresponding quarter, recording a growth of 17 per cent. Glenmark’s revenue from its Latin American and Caribbean operations was at Rs 40.62 crore as against Rs 33.54 crore, a growth of 21 per cent. The company's US based subsidiary, Glenmark Generics Inc., registered revenue from sales of finished dosage formulations of Rs 182.99 crore during the quarter under review from Rs 172.05 crore. The EU formulation business posted revenue of Rs 10.39 crore as compared to Rs 4.14 crore. Its revenue from sales of API to regulated and semi-regulated markets globally improved by 13 per cent to Rs 62.68 crore from Rs 55.68 crore. Glenmark has a pipeline of 7 NCE and NBE molecules in clinical trials. In addition, it has one in-licensed molecule, Crofelemer for HIV associated diarrhoea. It expects to initiate the launch of this product in calendar year 2011 in Rest of the World market. Its current marketing portfolio consists of 56 generic products authorized for distribution in the US market. It filed four ANDAs with the US FDA.

 
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