Glenmark Pharmaceuticals, a Rs.2485 crore pharma giant, has posted satisfactory performance during the third quarter ended December 2010 with significant growth in speciality formulations business. The company's consolidated net profit went up by 16.5 per cent to Rs.109.56 crore from Rs.94.07 crore in the same period of last year. Its consolidated net sales moved up by 20.8 per cent to Rs.785.06 crore from Rs.649.66 crore. Its EBDITA also surged by 24.2 per cent to Rs.200.67 crore from Rs.161.56 crore.
The company's speciality business registered a growth of 25 per cent to Rs.452.06 crore from Rs.361.24 crore in the similar quarter of last year. Its speciality business in India saw a growth of 30 per cent to Rs.239 crore and that in Rest of the World 27 per cent to Rs.115 crore. Latin America business increased by 88 per cent to Rs.52.83 crore and in Europe it clocked a growth of 27 per cent to Rs.44.77 crore. The company introduce six new products in India and the main product launches were Altacef-CV indicated for respiratory infections, Bon-K2 for osteoporosis and Candid soap for fungal infections. Glenmark filed 30 product dossiers and received 22 product approvals in Africa, Asia and CIS region during the quarter under review.
It has a pipeline of 6 NCEs and NBE molecules in clinical trials. In addition, the company has two in-licensed molecules, Crofelemer and a novel monoclonal antibody, GBR 900.
The generic sales, however, recorded small growth of 7 per cent and touched to Rs.298.76 crore as against Rs.280.44 crore in the same quarter of last year. Its generic sales in US increased by 8 per cent to Rs.204.09 crore from Rs.188.65 crore and same in Europe increased sharply by 133 per cent to Rs.15.40 crore from Rs.6.62 crore. The generic sales in Latin America declined by 44 per cent to Rs.4.39 crore from Rs.7.60 crore. Its API sales also declined by 3 per cent to Rs.74.97 crore from Rs.77.58 crore.
Glenn Saldanha, managing director and CEO, said, “The good growth recorded during the quarter is due to the impressive performance of the India formulations business. In our Specialty Business, we have witnessed good growth in all operating regions business viz, Latam, RoW markets and the Central Eastern Europe region. The growth momentum would be sustained in all these operating regions. We are delighted that Crofelemer, a first-in-class anti-diarrhoeal drug successfully completed phase 3 trials in the US for HIV associated diarrhoea. This take us close to becoming the first Indian company to launch a novel molecule in over 140 countries including India where we have exclusive marketing and distribution rights.”
For the nine months period ended December 2010, Glenmark's consolidated net sales increased by 21.5 per cent to Rs.2,157 crore from Rs.1,776 crore in the similar period of last year. The net profit went up sharply by 64.9 per cent to Rs.376.73 crore from Rs.228.41 crore. Its formulation sales increased by 27 per cent to Rs.1,267 crore from Rs.999 crore and generic sales moved up by 15 per cent to Rs.890 crore from Rs.777 crore. Indian formulation sales increased by 23 per cent to Rs.657 crore from Rs.534 crore in the corresponding period of last year. Its US generic sales moved up by 14 per cent to Rs.611 crore from Rs.538 crore and that in Europe improved by 103 per cent to Rs.40.92 crore from Rs.20.16 crore.