Glenmark Pharmaceuticals, a Rs.2900 crore plus pharma major, has posted satisfactory performance during the first quarter ended June 2011 mainly due to strong growth in India and US. The consolidated net profit increased by 23.2 per cent to Rs.210.11 crore from Rs.170.54 crore in the similar period of last year. The EBDITA moved up by 32.6 per cent to Rs.309.19 crore from Rs.233.27 crore. Its consolidated net sales also increased by 27.4 per cent to Rs.868 crore from Rs.682 crore. With improvement in profit, its earnings per share improved to Rs.7.72 from Rs.6.28 in the last period.
Revenues from the generics business went up by 28 per cent to Rs.336 crore from Rs.262 crore. The sales of Glenmark Generics Inc., US, registered a growth of 37 per cent to Rs.251 crore from Rs.183 crore in the same period of last year. Its EU generic revenue increased by 118 per cent to Rs.17.54 crore from Rs.8.05 crore.
Its revenues from speciality formulation business touched to Rs.522 crore as against Rs.408 crore, a growth of 28 per cent. Sales for the formulation business in India increased by 20 per cent to Rs.225 crore from Rs.188 crore. Its revenues from Africa, Asia and CIS region was Rs.105 crore as compared to Rs.73 crore, a strong growth of 43 per cent. Glenmak's revenue from its Latin American and Caribbean operations was at Rs.59.19 crore for the fist quarter ended June 2011 as against Rs.36.62 crore with a growth of 62 per cent.
Th company's APIs sales increased only by 2 per cent to Rs.64.56 crore from Rs.63.39 crore in the similar period of last year.
Glenn Saldanha, chairman and MD, said, “The India, US and Latin America business recorded strong growth for he quarter aided primarily by new products launched in the previous year. We were also delighted to sign our first out-licensing deal for or novel biologics molecule GBR 500 with Sanofi. This validates our capability of doing cutting edge research in the area of drug discovery and development.”
“Both the generics and specialty business recorded very good growth for the quarter. Our drug discovery program has also gained significant momentum during the quarter and we continue to remain confident of taking one at least one new molecule to the clinics (human trials) every year,” he added.