Glenmark Pharmaceuticals, the market leader in therapeutic groups of dermatology and respiratory, has registered sales of Rs 98.58 crore during the first quarter ended June 2004 as against Rs 58.06 crore in the corresponding period of last year, representing a growth of 70 per cent. Its profit after tax at Rs 9.78 crore has risen by 152 per cent from Rs 3.88 crore in the same period of preceding year.
The company has launched four new products in India-Zetitor (Atorvastatin+Ezetimibe), Mucaryl AX (cough preparation), L-Cetridoc (Levocetrizine) and Trezam (Aztreonam). It has also filed additional registrations in several of its export markets, and commenced exports to several new markets in Latin America and Africa. Revenues from the domestic formulations segment grew by 17.8 per cent to Rs 53.69 crore, Domestic API and Co-marketing grew by 234 per cent to Rs 23.47 crore and export revenues (excluding Brazil) grew by 292 per cent to Rs 21.43 crore. The API manufacturing facility at Ankhleshwar has been inspected by the USFDA and the company expects to commence commercial supplies of API to regulated markets later this year.
Glenmark has also completed preclinical studies for its PDE4 inhibitor compound GRC-3886 in the Asthma and COPD segment. The compound has exhibited high efficacy, safety and improved side-effect profile compared to several competitor compounds under development. The company has tied up with Quintiles, a leading global CRO to commence clinical trials in the UK shortly. The filing for the trials is expected to be completed on schedule by end-July or early August. Glenmark's compounds for Diabetes and Obesity continue to progress well in the pre-clinical study phase and the company expects to meet its plan to take one of these compounds into clinical trials by the end of this financial year.
During the last quarter, Glenmark has completed the operational integration of its Brazilian acquisition, Klinger Laboratories. A new management team has been put in place led by the CEO of the Brazilian Subsidiary -Ailton Wiliczinski. The Brazilian operations have yielded revenue of Rs 4.79 crore with a profit of Rs 0.45 crore in the first quarter. Glenmark expects to meet its targets for the Brazilian business for this financial year.
The company has incorporated a wholly owned subsidiary in Switzerland during July 2004 with the objective to undertake registrations and sell to several semi-regulated and regulated markets and to set-up and conduct R&D activities in Switzerland. The Swiss subsidiary will also manage Glenmark's Global IP portfolio and coordinate clinical trials on its NCE compounds.