Glenmark Pharmaceuticals achieved a net profit of Rs.10.75 crore for the third quarter ended December 31 2003, a 19 per cent growth compared to the corresponding period previous year. Revenues for the period rose by 30 per cent to Rs.102.66 crore.

Revenues for the nine-month period ended December 31 stood at Rs.266.33 crore, up by 18 per cent as compared to Rs.226.60 crore, a year ago.

Glenn Saldanha, managing director and CEO of Glenmark said, "The performance of the international business and the surge in API and co-marketing business is testimony to the rapid growth we are witnessing due to our entry into the American market. The arrangement with KV and the entry into Brazilian market, we expect, will further accelerate this growth. With focus on research, we continue to launch new products in therapeutic segments that hold immense growth potential. These new products are expected to perform well and contribute significantly to the company's turnover."

Exports during the last quarter surged 72 per cent to Rs.14.16 crore as against Rs.8.25 crore for the third quarter of the previous year. The API and co-marketing business has earned revenues of Rs.13.92 crore as compared to Rs.3.56 crore, a growth of 291 per cent.

Glenmark continues to progress well with its compounds GRC-3015, and GRC-1087 in pre-clinical studies. Soon, the company expects to initiate Phase I clinical studies in Europe. Currently the company is in the process of identifying CROs' to take these compounds forward.

During last quarter, Glenmark Pharmaceuticals Inc, USA - wholly owned subsidiary of Glenmark - entered into a developing and licensing agreement for 8 generic products (with Para III and Para IV capability) with KV Pharma, one of the fastest growing generic companies in the US. The market value of these 8 generic products is estimated at around USD 2.5 billion. The company also incorporated a wholly owned subsidiary in Brazil, Glenmark Farmaceutica Ltd.