Glenmark Pharmaceuticals, a Rs.2,950 crore Mumbai based global integrated pharma giant, has posted impressive performance during the year ended March 2011 with higher business in US as well as in India. Its consolidated net profit increased by 38.3 per cent to Rs.457.83 crore from Rs.331.03 core in the previous year. Its consolidated revenues increased 18.7 per cent to Rs.2,949 crore from Rs.2,485 crore. With strong growth in profits, its earnings per share jumped to Rs.16.78 from Rs.12.44 in the last year. The company recommended equity dividend of 40 per cent for the year 2010-11.
Revenues from the generics business moved up by 20 per cent to Rs.1,263 crore from Rs.1,050 crore. The US generic revenue increased by 16 per cent to Rs.835 crore from Rs.723 crore and the same in Europe increased smartly by 82 per cent to Rs.54.36 crore from Rs.29.94 crore. Its revenue from APIs went up by 27 per cent to Rs.334 crore from Rs.263 crore. The speciality formulation revenue increased by 17 per cent to Rs.1,686 crore from Rs.1,435 crore with India dominating with revenue of Rs.845 crore as compared to Rs.753 crore, a growth of 12 per cent. The revenues from speciality formulation in the Europe increased by 12 per cent to Rs.152.77 crore and that in rest of the world increased by 5 per cent to Rs.406.97 crore from Rs.386.37 crore.
Glenn Saldanha, CEO and managing director, said, “The India and US business which contribute significant portion of the revenue, registered good growth for the year. The US business received the most number of ANDA approvals for an Indian company which aided the growth of the business. The Indian business launched several new products during the financial year. The API business also recorded strong growth for he full financial year.”
The company has a pipeline of 5 NCE and NBE molecules in clinical trials including the in-licensed molecule “Crofelemer”. The company received approval for 22 ANDAs in FY11 comprised of 18 final and 4 tentative approvals. It launched a total 25 products comprised of a mix of immediate release tablets, extended release tables, oral-contraceptives, semi9-solid and controlled substance items. Glenmark Generics Ltd is planning to file 20 ANDAs in current year.
Glenmark's marketing portfolio consists of 67 generic products authorized for distribution in the the US market. It has 41 applications pending in various stages of the approval process with the US FDA. Further it has 14 Para IV applications pending approval of which Glenmark is the sole first-to-file for four products.
During the first half of the fiscal year 2010-11, it announced three settlements involving paragraph IV filings for atovaquone/proguanil tables, ezetimibe tablets and eszopiclone tablets. The out-licensing business made progress through the culmination of several new deals with Pan European and local generic companies across the European markets and through these deals, Glenmark currently supplies products to clients operating in 16 countries across Europe. It in-licensed six new products and these are expected to be available for sales in UK for next financial year.
Glen Saldanha added, “Our drug discovery program gained significant ground with the discovery of two new molecules viz. One for the potential treatment of various respiratory and pain conditions and another monoclonal antibody indicated for B-cell leukemia. Both these new discoveries are potential best-in-class molecules globally.”