Glenmark Pharmaceuticals has achieved significant growth in bottom line and top line during the second quarter ended September 2008 with strong growth in generic business. Its consolidated net profit increased by 56.2 per cent to Rs 117.36 crore from Rs 75.13 crore in the corresponding period of last year. Its consolidated revenues went up by 49.3 crore to RS 559.71 crore from Rs 374.90 crore. Its speciality business improved by 29.2 per cent to Rs 312.20 crore from Rs 241.66 crore.

The company’s generic business went up by 117.3 per cent to Rs 176.13 crore from Rs 81.07 crore. The company reported sales of Rs 3.16 crore in the Europe as against nil in the last period. Its Latin America sales increased by 40.1 per cent 14.30 crore from Rs 9.58 crore. Glenmark’s API sales increased by 26.6 per cent to Rs 53.93 crore from Rs 42.58 crore in the corresponding period of last year.

Glenn Saldanha, managing director and CEO, said, “Glenmark has once again registe4red impressive sales and profit growth. All business units have performed well with strong growth recorded by the Generics business. The US generics business continues to power growth for the generics subsidiary. For the specialty business, the Indian formulations business continues to register steady growth and the introduction of new products will further boost sales for this business. On the discovery front too, we have made progress with another two molecules in the process of progressing to the clinics.”

The company’s lead PDE4 inhibitor molecule, Oglemilast GRC 3886, a treatment for a variety of important inflammatory disorders, continues to progress well in the clinics. The multi-centre phase-II study in COPD has been initiated by our partner Forest Labs in the US and is progressing as per plan. The company also recently announced that a multi-centre phase-II study for the treatment of Asthma for Oglemilast has also been initiated. Presently, it has a pipeline of 13 NCE and NBE molecules.

The company has filed 32 DMFs till date. It intends to file three to four DMFs in the third quarter and 10 for the entire financial year.

For the first half, Glenmark achieved consolidated revenue of Rs 1020 crore as against Rs 726.26 crore in the corresponding half of last year, representing a growth of 40.5 per cent. The company earned a net profit growth of 75.9 per cent and its net profit reached at Rs 232.74 crore from Rs 132.38 crore.