Glenmark Pharmaceuticals, a Rs.6, 600 crore pharma giant, has posted strong growth in bottom line during the third quarter ended December 2015 and its consolidated net profit (IFRs.) went up sharply by 48.4 per cent to Rs.170.30 crore from Rs.114.77 crore in the corresponding period of last year. Its net sales, however, improved only by 4.3 per cent to Rs.1,764 crore from Rs.1,692 crore. Other operating income went up by 52.4 per cent to Rs.14.02 crore from Rs.4.10 crore. EPS worked out to Rs.6.04 as against Rs.4.23 in the last period.
Glen Saldanha, chairman& MD, said, “We have recorded good overall growth in the quarter powered by our India and US businesses. The devaluation of currencies across emerging markets continues to impact our operations; although we have registered good growth in local currencies in our key emerging markets. Going ahead, we expect our India, US and Europe businesses to continue to drive growth for our company.”
The company's formulation sales in domestic market increased by 12.7 per cent to Rs.488.03 crore from Rs.433.07 crore. Glenmark Pharmaceuticals Inc., USA, registered revenue growth of 20 per cent from the sale of finished dosage formulations to Rs.608.87 crore from Rs.507.20 crore in the previous corresponding quarter. Glenmark's sales in Africa, Asia and CIS region improved by 14.1 per cent to Rs.236.34 crore from Rs.207.15 crore. Its sales in Europe improved only by 2 per cent to Rs.176.35 crore from Rs.172.95 crore. However, its sales in Latin America declined to Rs.123.73 crore from Rs.234.44 crore. Its revenues from sales of API declined to Rs.144.98 crore from Rs.146.49 crore.
For the nine months ended December 2015, Glenmark's consolidated net sales increased by 9.5 per cent to Rs.5,302 crore from Rs.4,841 crore in the similar period of last year. Its net profit also moved up by 20.1 per cent to Rs.559 crore from Rs.465 crore. EPS worked out to Rs.19.95 as against Rs.17.13 in the previous period.
The company's domestic sales increased by 20 per cent to Rs.1,570 crore from Rs.1,308 crore. Its US sales also improved by 17.6 per cent to Rs.1,768 crore from Rs.1,503 crore.and that in Europe improved by 11.3 per cent to Rs.447 crore from Rs.401 crore. However, its sales in Latin America were under pressure and declined by 12.9 per cent to Rs.508 crore from Rs.583 crore. Similarly, its sales of API declined by 1.1 per cent to Rs.445 crore.
For the nine months ended December 2015, Glenmark received 13 ANDA approvals (including 3 tentative approvals) from US FDA. It filed 6 ANDAs and intends to file another 6-8 ANDAs during the next quarter. Currently, its portfolio consists of 104 generic products authorized for distribution in the US market. The company currently has 63 applications pending in various stages of the approval process with US FDA, of which 26 are Paragraph IV applications. The company has pipeline of 3 NCE and 5 NBE molecules in clinical trials or ready to enter clinical trials soon, including the in-licensed molecule 'Crofelemer”.