Specialties, formulations sales boost Glenmark’s Q3 FY 2010 net by 15%

Glenmark Pharmaceuticals Ltd has reported consolidated net profit growth of 15.52 per cent to Rs 94.07 crore for the third quarter ended December 31, 2009, over the corresponding period last year.

Glenmark reported a consolidated net profit of Rs 81.43 crore in the same period last fiscal.

Glenmark’s consolidated total income of the group increased to Rs 648.34 crore for the quarter under review from Rs 582.74 crore in the same period last fiscal.

Consolidated total income rose to Rs 1,799.57 crore in the nine-month period under review from Rs 1,605.77 crore during the same time last fiscal.

Glenmark’s standalone net profit jumped up to Rs 37.48 crore for the third quarter compared to Rs 36.91 crore for the same period previous year.

Revenue from the generics business was at Rs. 2804.41 mn (USD 59.57 mn), as against Rs. 2782.34 mn (USD 55.51 mn), a growth of 1%.

The speciality formulation business including out-licensing revenue was at Rs. 3612.44 mn (USD 76.73 mn) as against Rs. 3031.55 mn (USD 60.40 mn) for the quarter of the previous year, registering a growth of 19 %.

Sales for the formulation business in India increased to Rs. 1842.70 Mn [USD 39.22 Mn] for the third quarter of this financial year as compared to Rs. 1568.43 Mn [USD 31.01 Mn] in the previous corresponding quarter, recording a growth of 17 %.

Revenue from Africa, Asia and CIS region was at Rs. 905.75 mn [USD 19.24 Mn] as against Rs. 833.41 mn [USD 17.07 mn] for the previous corresponding quarter, recording an increase of 9%.

Glenmark Europe’s operations registered third quarter revenue of Rs. 351.24 mn [USD 7.44 mn] as compared to Rs. 192.75 mn [USD 3.74 mn] for the previous corresponding quarter, an increase of 82 %.

Glenmark Generics Inc., USA registered revenue of Rs. 1886.46 mn [USD 40.12 mn] for the third quarter of FY’10 against revenue of Rs. 2104.07 Mn [USD 41.98 mn] a decline of 10% over the corresponding quarter of the previous year.

Sales from the Europe Generics business was Rs.66.22 mn (USD 1.41 mn) for the quarter as compared to Rs. 41.22 mn (USD 0.87 mn) for the previous corresponding quarter, recording an increase of 61 %.

Revenue from sale of API to regulated and semi-regulated markets globally was Rs.775.75 mn [USD 16.41 mn] for Q3 FY10 against Rs. 526.70 mn [USD 10.48 mn] for Q3 of the previous year, recording an increase of 47%.

Glenmark Pharmaceuticals Ltd is headquartered at Mumbai, India.

Glenmark has eight molecules in various stages of clinical development and is primarily focused in the areas of inflammation [asthma/COPD, rheumatoid arthritis etc.],
metabolic disorders [diabetes, obesity, etc.] and pain [neuropathic pain and inflammatory pain].

Glenmark, along with its subsidiary, has twelve manufacturing facilities in four countries and has five R&D centres.