Glenmark Pharmaceuticals, a Rs.4000 crore plus pharma major, has suffered heavy setback during the first quarter ended June 2012 despite higher sales. Its consolidated net profit declined by 62.5 per cent to Rs.78.28 crore from Rs.208.59 crore in the corresponding period of last year. Its EBDITA also moved down by 45.6 per cent to Rs.167.72 crore from Rs.308.38 crore. However, figures are not strictly comparable due to inclusion of out-licensing income of Rs.111 crore in the last period and forex loss of Rs.55 crore in the quarter ended June 2012. With sharp declined in bottom line, its earnings per share worked out to Rs.2.89 as compared to Rs.7.72 in the last period.

Its consolidated net sales improved by 19.8 per cent to Rs.1,040 crore from Rs.868 crore in the similar period of last year. Glenmark's generics business achieved strong growth of 57.7 per cent to Rs.530 crore as against Rs.336 crore in the same quarter of last year. Glenmark Generics Inc, USA, registered revenue growth of 56.2 per cent to Rs.392 crore from Rs.251 crore in the similar period of last year. Its sales in Europe improved by 89 per cent to Rs.33.23 crore from Rs.17.54 crore.

The speciality formulation business revenue was at Rs.505 crore as against Rs.411 crore, representing a growth of 22.9 per cent. The domestic formulation business improved by 24.1 per cent to Rs.280 crore from Rs.225 crore. Revenue from Africa, Asia and CIS improved by 28.8 per cent to Rs.138 crore from Rs.105 crore.

Its revenue from sales of API to regulated and semi-regulated markets globally improved by 55.6 per cent to Rs.100 crore from Rs.65 crore. The company has a pipeline of 5 NCE and NBE molecules in clinical trials including the in-licensed molecule 'Crofelemer.”

Glen Saldanha, chairman and managing director, said, “Both our generics and specialty business registered good growth. The US business did exceptionally well recording a growth in excess of 55 per cent on the back of product launches in niche competition categories; while the India business performed well and gained market share in focus segments. We are witnessing good growth in our businesses across geographies and are confident of maintaining this trajectory in the coming quarters.”