Glenmark Pharmaceuticals, a Rs.7,600 crore pharma major from Mumabi, has posted strong growth in top line and bottom line during the fourth quarter ended March 2016. Its net profit went up sharply to Rs.143 crore from Rs.10.61 crore as the company provided Rs.187 crore as exceptional expenditure in the similar quarter of last year. EBDITA improved by 11.2 per cent to Rs.313 crore from Rs.282 crore. Its consolidated net sales increased by 30.5 per cent to Rs.2,289 crore from Rs.1,754 crore. With higher net profit, EPS moved up to Rs.5.07 from Rs.0.39 in the last period. The board of directors has recommended dividend of 200 per cent for the year 2015-16.
The company's domestic sales improved by 22.5 per cent to Rs.540 crore and its US business increased by 21.6 per cent to Rs.652 crore during the fourth quarter. Similarly, RoW business grew by 35.6 per cent to Rs.298 crore. Europe revenue went up by 11.2 per cent to Rs.271 crore. Its Latin America business moved up by 33.5 per cent to Rs.242 crore. API sales to regulated and semi-regulated markets was up by 44 per cent to Rs.223 crore from Rs.155 crore.
The company has a pipeline of 7 molecules – 2 NCEs and 5 NBEs molecules in clinical trials or ready to enter clinical trials soon. It received approval for 24 ANDAs. Its marketing portfolio consists of 112 generic products authorized for distribution in US market. The company currently has 59 applications pending in various stages of the approval process with the US FDA. It concluded the licensing deal with Celon for generic Seretide Accuhaler in Europe. It also filed 4 US DMF, 2 CEPs and 2 Canadian DMF during the quarter. The launch quantities for Olmemsartan for US market contributed to the overall growth of the business.
Glenn Saldanha, chairman and MD, said, “We have rebounded strongly in the fourth quarter with growth across all markets. The India and US business continue to grow in excess of 20 per cent. The RoW and API business has also recorded strong growth after a relatively weak performance in the first three quarters. Glenmark received 24 approvals from the US FDA in this financial year which has been a record for the company. We remain optimistic about the next financial year as businesses across markets have rebounded and we are gearing up for the launch of Exetimibe (generic Zetia) where we have a 180 day exclusivity in the US market which will further add to our growth.”
For the full year ended March 2016, Glenmark's consolidated net sales increased by 15.1 per cent to Rs.7,591 crore from Rs.6,595 crore in the previous year. Its net profit went up by 47.7 per cent to Rs.702 crore from Rs.475 crore. EPS improved to Rs.25.01 from Rs.17.52. EBDITA improved by 18 per cent to Rs.1,453 crore from Rs.1,232 crore.
The company's domestic formulation business increased by 20.6 per cent for the year ended March 2016 to Rs.2,109 crore from Rs.1,749 crore in the previous year. Its US sales increased by 18.7 per cent to Rs.2,420 crore from Rs.2,040 crore. European sales improved by 11.3 per cent to Rs.717 crore from Rs.645 crore. The sales in Latin America declined marginally by 2 per cent to Rs.750 crore from Rs.764 crore. API sales improved by 10.4 per cent to Rs.668 crore from Rs.605 crore. Its ROW sales improved by 11.2 per cent to Rs.903 crore from Rs.812 crore. Income from out-licensing went up to Rs.82 crore from Rs.30 crore.