GLENMARK
PHARMACEUTICALS LTD
 |
| GLEN SALDANHA, CMD |
RESULTS FOR Q3 FY 2012-13
Q/E DEC,2012
Consolidated
Revenue increases by 33.96% to Rs.13812.59 Mln
for
Q3 FY 12 - 13
Net
Profit for Q3 FY 13 was Rs.2129.17 Mn as compared to
Rs.
448.24 Mn for Q3 FY 12
Highlights:
Q3-FY13-Results
Consolidated
Revenue excluding out-licensing income grew by 32.24%
Specialty
formulation business recorded a growth of 34.31%
Revenue
from the Generics business grew by 33%
US
Generics Business grew by 36.83%, while India Formulations business grew by 29.87%
:
Glenmark
Pharmaceuticals Limited (GPL), the research-led global integrated
pharmaceutical company announced its
results for the third quarter ended December 31,2012.
For
the third quarter ended Dec 31 2012, Glenmark’s consolidated revenue was
at Rs. 13812.59 Mn (USD 254.45 Mn) as
against Rs. 10310.86 Mn (USD 201.25 Mn) an increase of 33.96 %. Excluding out -licensing
income received in the third quarter, Glenmark’s consolidated revenue for the
third quarter grew by 32.24 %.
Revenue
from the generics business
was at Rs. 5809.85 Mn (USD 107.13 Mn), as against Rs. 4368.36 Mn (USD 85.10
Mn), a growth of 33.00 %.
The
Specialty formulation business excluding
out-licensing revenue was at Rs. 7357.64 Mn (USD 135.50 Mn) as against Rs. 5606.97
Mn (USD 109.42Mn) for the corresponding previous quarter, recording a growth of
31.22 %.
Net
Profit
for the third quarter ended December
31, 2012 was Rs. 2129.17 Mn as against Rs. 448.24 Mn in the previous
corresponding quarter. During the quarter, the company received out-licensing
revenue of Rs. 493.03 Mn from Forest Laboratories .
“We
continue to maintain our high growth trajectory by recording a strong sales
growth of over 30 % for the third
quarter. The US, India and Russia markets performed exceptionally well and
continue to drive growth for the company” said Glenn Saldanha, Chairman &
MD, Glenmark Pharmaceuticals Limited.
“The
option agreement with Forest Laboratories for the development of
novel mPGES -1 inhibitors and the USFDA approval for Glenmark’s in-licensed molecule
-Crofelemer has come as a big boost and renewed validation for our world -class
Drug Discovery capabilities. While the option agreement with Forest Labs marks
our seventh out-licensing deal in the innovation R&D space; the USFDA
approval for Crofelemer has paved the way for Glenmark becoming the first Indian company
to launch an New Chemical Entity (NCE) across multiple geographies ” ;he added.
For
the nine month ended Dec
31, 2012 –
Glenmark’s
consolidated revenue was at Rs. 36768.57 Mn [USD672.92 Mn]
as against Rs. 29547.87 Mn [USD 619.84 Mn], an increase of 24.44% in Rs. term.
Revenue
from the generics business was
at Rs. 16893.83 Mn (USD309.18Mn), as against Rs. 11720.13 Mn (USD 245.86 Mn), a
growth of 44.14%. The
Speciality formulation business revenue was
at Rs. 19594.52 Mn (USD 358.61 Mn) as against Rs. 17383.91Mn (USD 364.67 Mn)
for the corresponding previous nine month period, registering growth of 12.72% in
Rs. term.
Net
Profit
for nine months ended December 31,
2012 was Rs.4479.44 million as compared to Rs. 3099.93 million in the previous
corresponding nine months period.
Specialty
Business:
Sales
for the formulation business in India
for the third quarter ended Dec 31, 2012, was Rs. 3307.33 Mn [USD 60.98 Mn] as
compared to Rs. 2546.71 Mn [USD 49.17 Mn] in the previous corresponding
quarter, recording a growth of 29.87 %.
For
the third quarter, revenue from Africa, Asia and CIS region was Rs. 2619.50 Mn
[USD 48.18 Mn] as against Rs. 1571.37 Mn [USD 30.72 Mn] for the previous
corresponding quarter, recording an increase of 66.70 %. The secondary sales
for the Russian subsidiary continued to show good growth in the third quarter
at 43 % vis-a-vis the same period last year.
Glenmark’s
revenue from its Latin American and Caribbean operations was at Rs.963.86 Mn
[USD 17.75 Mn] for the third quarter ended Dec 31, 2012 as against Rs. 824.75 Mn
[USD 16.12 Mn] a growth of 16.87 %.
Generics
Business
Glenmark
Generics Inc., U.S.A. registered revenue from sale of finished dosage
formulations was Rs. 4365.25Mn (USD 80.48Mn) for the quarter ended Dec 31, 2012
against revenue of Rs. 3190.28 Mn (USD 62.03Mn) for the previous corresponding
quarter , recording an increase of 36.83 % .
Active
Pharmaceutical Ingredients [API]
Revenue
from sale of API to regulated and semi-regulated markets globally was Rs. 998.61
Mn [USD 18.42 Mn] for the quarter ended Dec 31, 2012 against Rs.835.84Mn [USD 16.28Mn]
), for the previous corresponding quarter , recording an increase of 19.47 %.
About
Glenmark:
Glenmark
Pharmaceuticals Ltd. (GPL) is a research -driven, global, integrated
pharmaceutical company headquartered at
Mumbai, India. It is ranked among the top 100 Pharma & Biotech companies of
the world in terms of revenues . (SCRIP
100 Rankings published in the year 2012) .
Glenmark
is a leading player in the discovery of new
molecules both NCEs (new chemical entity) and NBEs (new biological entity).
Glenmark has several molecules in various stages of clinical development and is
primarily focused in the areas of inflammation [asthma/COPD, rheumatoid
arthritis etc.] and Pain [neuropathic pain and inflammatory pain]. The company
has a significant presence in branded generics markets across emerging
economies including India. GPL along with its subsidiary has 13 manufacturing
facilities in four countries and has five R&D centers. Its subsidiary, Glenmark
Generics Limited services the requirements
of the US and Western Europe generics markets. The API business sells its
products in over 80 countries, including
the US, various countries in the EU, South America and India
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