Glenmark Pharmaceuticals has registered single digit growth of 7 per cent in profits during the second quarter ended September 2014 and its consolidated net profit improved to Rs.165.08 crore from Rs.154.30 crore in the corresponding period of last year. Its net sales improved by 14.9 per cent to Rs.1,681 crore from Rs.1,463 crore. EPS worked out to Rs.6.09 as compared to Rs.5.69 in the last period.
The company's domestic formulation business improved by 14.5 per cent to Rs.478.15 crore from Rs.417.68 crore in the same period of last year. The sales of Glenmark Generics Inc, USA declined by 9 per cent to Rs.507.55 crore from Rs.557.86 crore. Its sale in Africa, Asia and CIS region remained flat at Rs.174 crore. However, its European sales improved smartly by 25.1 per cent to Rs.130.55 crore from Rs.104.39 crore. The company's sales in Latin America went up by 139 per cent to Rs.230.88 crore from Rs.96.60 crore. APIs sale increased by almost 58 per cent to Rs.159.54 crore from Rs.101.08 crore.
Glenn Saldanha, chairman & managing director, said, “Despite the challenging environment, we have performed well across geographies viz India, Europe and Latin America. The environment continues to be tough especially in the US where product approvals have slowed down considerably and the channel consolidation has impacted overall sales.”
“We have made significant progress in our innovation pipeline, the highlight being the discovery and the Initiation of IND enabling studies of GBR 1302, the first bi-specific antibody based on Glenmark's proprietary BEAT platform and our first clinical candidate targeting oncology indications.” he added.
The company filed one ANDA with the US FDA and plans to file four additional applications in the forthcoming quarter. During the first six months of the financial year, it has filed 11 ANDAs. Its portfolio consists of 93 generic products authorised for distribution in US market. It has 72 applications pending in various stages of the approval process with US FDA. The company has a pipeline of 3 NCE and 4 NBE molecules in clinical trials or ready to enter clinical trials soon, including the in-licensed molecule “Crofelemer.”
Glenmark launched Kerwort and Sertamykol in Russia. However, the devaluation of the currency and subdued business environment put pressure on the Russia business. The Ukraine business was impacted severely due to the economic crisis and devaluation of the Ukraine currency. It launched two new products in Ukraine. Its sales in South Africa, Nigeria and Kenya improved by 67 per cent, 54 per cent and 82 per cent respectively during the quarter under review.
For the first half ended September 2014, Glenmark's consolidated net sales improved by 17.3 per cent to Rs.3,168 crore from Rs.2,702 crore in the similar period of last year. Its net profit went up by 23.7 per cent to Rs.349.92 crore from Rs.282.97 crore. The company's Indian sales improved by 17.3 per cent to Rs.875 crore from Rs.746 crore and European sales moved up by 29 per cent to Rs.228 crore from Rs.177 crore. However, its US sales declined marginally by one per cent to Rs.996 crore from Rs.1,005 crore.