Glenmark Pharmaceuticals, a Rs.7,300 crore pharma major from Mumabi, has posted satisfactory double digit growth in top line and bottom line during the first quarter ended June 2016. Its consolidated net profit increased by 14.2 per cent to Rs.218.11 crore from Rs.190.97 crore in the corresponding period of last year. EBDITA improved by 24.7 per cent to Rs.455 crore from Rs.365 crore. Its consolidated net sales also improved by 15.8 per cent to Rs.1,883 crore from Rs.1,626 crore. EPS improved to Rs.7.73 as compared to Rs.6.91 in the last period.
Glen Saldanha, chairman & managing director, said, “In the first quarter of this financial year, nearly all our businesses have rebounded strongly and we have seen good growth across all operating regions except Latam. The US business continues to perform well and the recent approvals for the business will ensure the growth momentum will continue. The Europe business performed well due to strong growth witnessed by the UK subsidiary. The ROW region also rebounded strongly due to a solid performance by the Russian business.”
Its domestic sales of formulations increased by 10.4 per cent to Rs.514 crore from Rs.465 crore in the similar quarter of last year. It launched Digihaler – India's first digital dose inhaler (DDI) pan India. Digihaler is a next-gen inhaler which provides accurate digital dose counter along with low dose warning indicator to enable Asthma and chronic obstructive pulmonary disease patients track adherence to their therapy.
Its US formulations sales went up by 24.4 per cent to Rs.698 crore from Rs.561 crore. It was granted approval for 5 products – 2 final approval and 3 tentative products. It filed 4 ANDA applications with the US FDA and it intends to file five more ANDAs in short time. Its marketing portfolio consists of over 100 generic products in US. The company currently has 62 applications pending in various stages of the approval process. It has a pipeline of 7 molecules – 2 NCEs and 5 NBEs molecules in clinical trials ore ready to enter clinical trials soon.
Its sales in Africa, Asia and CIS region also increased by 23.4 per cent to Rs.195 crore from Rs.158 crore. Its sales in Russia increased by 59 per cent due to launch of Oflomil nail lacquer and Momat Rino Advance nasal spray. The average depreciation of the Ruble to the US dollar was 20% as compared to the corresponding quarter last year.
European sales went up sharply by 36.5 per cent to Rs.150 crore from Rs.110 crore. It launched Linezolid in UK and Germany, Rabeprazol tablets in UK, Bendamustine Injection in Slovak and Poland, Anastrozol tablets in Germany and duloxetin capsules in Germany. However, Glenmark's revenue from Latin American and Caribbean operations declined by 28.8 per cent to Rs.156 crore from Rs.218 crore. The sales of Venezuela subsidiary declined significantly and the Brazil and Mexico subsidiary did not perform as per expectations.
The company's API sales to regulated and semi-regulated markets has taken quantum jump of 41.7 per cent and touched to Rs.191 crore from Rs.135 crore. It filed two US DMF during the quarter under review. It registered out-licensing income of Rs.39.39 crore.