Glenmark Pharmaceuticals, Rs 1,975 crore plus pharmaceutical giant, has achieved impressive financial performance during the first quarter ended June 2008. The company's consolidated net profit went up sharply by 101.9 per cent to Rs 115.38 crore from Rs 57.15 crore in the corresponding period of last year. Its consolidated revenue moved up by 29.8 per cent to Rs 466.45 crore from Rs 359.42 crore.

Revenue from the generics business, Glenmark Generics Ltd (GGL) increased by 87.4 per cent to Rs 240.60 crore from Rs 128.38 crore in the corresponding period of last year. The revenues from speciality business, including out licensing revenues, declined marginally by 2.3 per cent to Rs 225.85 crore from Rs 231.05 crore due to the decline in primary sales for the Latin America, Africa, Asia and CIS region. The secondary sales growth in these markets continues to be strong above 40 per cent as per third party data sources.

Revenues from sale of API to regulated and semi-regulated markets globally was Rs 21.04 crore in first quarter of 2008-09 as against Rs 19.67 crore in the similar period of last year. Further, revenue from the domestic API and co-marketing business amounted to Rs 21.57 crore as compared to Rs 19.67 crore in the last period.

Glenn Saldanha, managing director and CEO, said, "We have once again registered impressive revenue growth mainly on account of the US generics business. We remain excited about our discovery program which continues to investigate new targets and actively yielding new hits for further development. The specialty business continues the process of building and strengthening front ends in various countries across the world. The India formulation business registered good growth and we are excited about the new products launched in this quarter. In the European region, we continue to strengthen our presence in key Central Eastern European markets. The product acquisition in Poland and Medicamenta, the Czech subsidiary has provided a strong base to scale growth in this region. The impressive performance of the US generics business should continue as we have received 4 ANDA approvals in this quarter and expect another 4-5 in the second quarter."

The sales of formulation business in India increased by 11.6 per cent to Rs 142.86 crore from Rs 128.06 crore in the corresponding period of last year. The India formulations division launched 12 new products during the quarter. The business made a strong comeback in the pain segment with its product Flexilor, which not only registered strong sales growth but also emerged as the leader in this particular molecule segment.

Presently, the company has a pipeline of 13 NCE and NBE molecules. Five are in clinics, four in pre-clinical and four are in the discovery stage.

Glenmark Generics Inc. USA, posted revenue of Rs 190.88 crore for the first quarter of FY2009 against revenue of Rs 82.62 crore, representing a growth of 131 per cent.