Glenmark Pharmaceuticals, a Rs.5,000 crore Mumbai based pharma major, has received minor setback during the second quarter ended September 2013 and its consolidated net profit declined by 1.6 per cent to Rs.154.30 crore from Rs.156.75 crore in the corresponding period of last year. Its net sales, however, moved up by 16.6 per cent to Rs.1,463 crore from Rs.1255 crore as its generics business clocked higher sales growth of 22.5 per cent to Rs.711 crore as compared to Rs.580 crore. The specialty formulation business excluding out-licensing revenue, improved by 9.7 per cent to Rs.741 crore from Rs.675 crore.

Glenn Saldanha, chairman& managing director, said, “Despite challenges in the operating environment, we have managed to register decent sales growth of 17 per cent on the back of good performances by our US and India businesses. We have been alos making steady progress on the Innovation R&D front with four NCE and NBE molecules in clinical trials. Although the operating environment continues to remain challenging in emerging markets, we are reasonably confident of continuing on the same growth trajectory.”

Its formulation sales in India during the second quarter increased by 21.4 per cent to Rs.418 crore from Rs.344 crore. Its revenue from Africa, Asia and CIS region declined to Rs.173.59 crore from Rs.194.10 crore. Its revenue from Latin American and Caribbean operations also declined marginally to Rs.96.6 crore from Rs.99 crore.

Its US generic sales improved by 29.5 per cent to Rs.558 crore from Rs.431 crore and that in Europe increased by 33.1 per cent to Rs.52 crore from Rs.39 crore. Revenue from sale of API to regulated and semi-regulated markets globally was Rs.101 crore as against Rs.110 crore in the similar period of last year.

For the first half ended September 2013, Glenmark's consolidated revenue increased by 17.7 per cent to Rs.2,701 crore from Rs.2,296 crore in the same period of last year. Generic sales reported growth of 20.3 per cent to Rs.1,337 crore as against Rs.1,112 crore. The speciality formulations business revenue improved by 14.2 per cent to Rs.1,352 crore from Rs.1,184 crore.

Meanwhile, the company has appointed Philip Andrew Gioia as President North America and Global API business and he will take charge from November 25, 2013. In this role Philip will be responsible for the Generics and Btandned business across North America as also the Global API sales and marketing.