GLENMARK PHARMA = RESULTS FOR = Q4 FY 2013 AND FY 2013 = GROWING EXPENSES = FUTURE APPEARS BRIGHT

GLENMARK PHARMACEUTICALS LTD

Q4 FY 2013 RESULTS

NON-CONSOLIDATED RESULTS FOR Q4 FY 13

Glenmark Pharma has declared its results for Q4 ending 31^st March,2013.

Net Sales amounts to Rs.484.14 Cr, compared to Rs.534.89 in Q3 FY 13 (down  -9.49%) in Q3 FY 13; and compared to Rs.450.20 Cr in Q4 FY 12 (Up 7.54%).

Total Expenditure stands at Rs.433.5 Cr in Q4 FY 13; compared to Rs.439.19 Cr (down -1.3%) in Q3 FY 13; and compared to Rs.315.74 Cr in Q4 FY 12 (Up 37.3%)

Profit before Intt, Dep. & Taxes  has come down drastically to Rs.50.637 Cr in Q4 FY 13; compared to Rs.95.70 Cr  (down -47.09%) in Q3 FY 13; and Rs.134.46 Cr in Q4 FY 12 (down -62.34%). This is mainly due to considerable increase in expenses.

Net Profit in Q4 FY 13 stands at Rs.84.92 Cr ; compared to Rs.109.04 Cr (down -22.12%) in Q3 FY 13; and compared to Rs.148.23 Cr ( down -42.71%) in Q4 FY 12;

Diluted EPS for Q4 FY 13 stands at Rs.3.13; compared to Rs.4.02 in Q3 FY 13; and Rs.5.48 in Q4 FY 12.

Further details are indicated in the table below :

NON-CONSOLIDATED RESULTS

GLENMARK PH	31-Mar-13	31-Dec-12	%dif QoQ	31-Mar-12	%Dif YoY
Net Sales	48413.6	53489.1	-9.49	45020.2	7.54
Total Expenditure	43349.9	43919.1	-1.3	31574.2	37.3
Profit before Intt, Dep. & Taxes	5063.7	9570	-47.09	13446	-62.34
Net Profit	8491.9	10903.6	-22.12	14823.2	-42.71
Diluted EPS	3.13	4.02	-22.14	5.48	-42.88
Total Income	48521.3	54254.5	-10.57	45563.9	6.49
Changes in inventories of FGs. WIP, SIT	204.3	78.9	158.94	-1805.9	-111.31
Cost of materials	10337	10670.1	-3.12	10347.1	-0.1
Purchases of stock-in-trade	3459.8	4677.4	-26.03	3189.7	8.47
Employee benefits	7420.5	7931	-6.44	6358.1	16.71
Depreciation	642.7	630.6	1.92	555	15.8
Other expenses	21285.6	19931.1	6.8	12930.2	64.62
Total expenses	43349.9	43919.1	-1.3	31574.2	37.3
Profit  before tax	7196.2	10543.7	-31.75	14113.1	-49.01
Tax Expenses	-1295.7	-359.9	260.02	-710.1	82.47
Net Profit	8491.9	10903.6	-22.12	14823.2	-42.71
Face Value-Rs	1	1	0	1	0
Paid-up Equity	2708.53	2707.4	0.04	2705.3	0.12
Basic EPS	3.14	4.03	-22.08	5.48	-42.7
Diluted EPS	3.13	4.02	-22.14	5.48	-42.88
Public holding (No.)	140014454	139907854	0.08	139945854	0.05
Public holding (%)	51.69	51.68	0.02	51.73	-0.08

The annual Income –consolidated has gone up to Rs.5013.72 cr in FY 13 compared to Rs.4021.68 cr in FY 12.

Expenses has gone up to  Rs.4129.36 cr in FY 13 compared to Rs.3272.48 cr in FY 12.

Net profit for FY 13 stands at  Rs.  623  Cr; compared to Rs.464.3   Cr in FY 12.

 On a Paid up equity of Rs.27.085 Cr; and a Face value of Rs.1 per share; the Diluted EPS stands at Rs.22.69 compared to Rs.17.01 in FY 12.

What Company says :

Glenmark’s Consolidated Annual Revenue crosses Rs. 5000 crores(USD 919 million)for FY 2012-13~Consolidated revenue increased by 24.67% to Rs. 50123.42 Mn in FY 12-13 and by  25.30% to Rs.13354.85 Mn in Q4 FY13~Consolidated Net Profit increased by 33.5 % for FY 12-13 at Rs. 6147.43 mn and grew by 10.9% in Q4 FY12-13 to Rs. 1667.99 Mn~

Business Highlights:

· Generics business registered sales growth of 25.19 % in Q4 and 38.73% in FY 12-13

· US Generics Business grew by 24.95% in Q4 and 39.14% in FY13

· Specialty formulations business excluding outlicensing income grew by 24.72% in Q4 and 27.52 % in the year

· India formulations business recorded a growth of 32.39 % in Q4 and 30.68% in FY13:

· Company recommended a final dividend of 200 % i.e. Rs. 2 per Eq. share of FV. Re. 1 each for F.Y. 2013

“Both our Specialty and Generics businesses performed well in FY 12-13; taking our consolidated revenue very close to USD 1 Billion milestone”; said Glenn Saldanha, CMD. “The US, India and Russia businesses continued to maintain its high growth trajectory. We also made significant progress on the innovation R&D front with 5 NCE and NBE molecules in clinical trials; including Crofelemer which recently received approval from the US-FDA for HIV associated diarrhea”, he added 

For the 4th quarter ended Mar 31, 2013, Glenmark’s consolidated revenue was at Rs. 13354.85 Mn(USD 245.95 Mn) as against Rs. 10658.56 Mn (USD 209.63 Mn) an increase of 25.30 % in Rs. term over the previous corresponding quarter. Revenue from the generics business was at Rs.5865.32 Mn (USD 108.04 Mn), as against Rs. 4685.03 Mn (USD 92.21 Mn), a growth of 25.19 % in Rs. term over the previous corresponding quarter. The Specialty formulation business excluding out-licensing revenue was at Rs. 7412.94 Mn (USD 136.48 Mn) as against Rs. 5943.75 Mn (USD 116.98 Mn) for the corresponding previous quarter, recording a growth of 24.72 % in Rs. term over the previous corresponding quarter

For the year ended Mar 31, 2013,Glenmark’s consolidated revenue was at Rs. 50123.42 Mn [USD 918.87 Mn] as against Rs. 40206.43Mn [USD828Mn] , an increase of 24.67% in Rs. term.

Revenue from the generics business was at Rs.22759.15 Mn (USD 417.23Mn), as against Rs.

16405.16 Mn (USD 338 Mn),a growth of 38.73 %. The Speciality formulation business revenue was at Rs. 27007.46 Mn (USD 495.08 Mn) as against Rs. 23327.66 (USD 481Mn) for the corresponding previous period, registering growth of 15.77%. Excluding outlicensing income, the Specialty formulations business recorded growth of 27.52 %.

Consolidated Net Profit of the company for the quarter ended March 31, 2013 was Rs. 1667.99 Mn as compared to Rs. 1503.55 Mn, an increase of 10.9 %. Net Profit for the financial year 12-13 was Rs. 6147.43 Mn as compared to Rs. 4603.48 Mn for the previous corresponding year recording an increase of 33.5 % . 

The Board of Directors recommend a final dividend of 200 % i.e. Rs. 2 per equity share of the face  value of Re. 1 each for F.Y. 2013 

Specialty Business: 

Sales for the formulation business in India for the fourth quarter ended Mar 31, 2013, was Rs. 3550.32 Mn [USD 65.38 Mn] as compared to Rs. 2681.8 Mn [USD 52.55 Mn] in the previous corresponding quarter, recording a growth of 32.39 % in Rs. term over the previous corresponding quarter.

For the fourth quarter, revenue from Africa, Asia and CIS region was Rs. 2213.49 Mn [USD 40.76 Mn] as against Rs. 1828.04 Mn [USD 36.15 Mn] for the previous corresponding quarter, recording an increase of 21.09 % in Rs. term over the previous corresponding quarter. 

Glenmark’s revenue from its Latin American and Caribbean operations was at Rs. 748.20 Mn  [USD 13.79 Mn] for the fourth quarter ended March 31, 2013 as against Rs. 714.28 Mn [USD 13.92 Mn] recording growth of 4.75% for the quarter. 

Generics Business: 

Glenmark Generics Inc., U.S.A. registered revenue from sale of finished dosage formulations of Rs. 4291.36 mn (USD 79.05 mn) for the fourth quarter of FY 13 against revenue of Rs. 3434.52 mn (USD 67.55 mn), an increase of 24.95 % in Rs. term over the corresponding quarter of the previous  year. 

The European generics business posted revenues of  Rs. 590.85 Mn (USD 10.87 Mn) for the

fourth quarter of FY 13 against revenue of Rs. 363.86 Mn (USD 7.25 Mn), an increase of 62.38 %  in Rs. term over the corresponding quarter of the previous year.

Revenue from sale of API to  regulated and semi-regulated markets globally was Rs. 938.58 Mn [USD 17.30 Mn] for Q4 FY 13 as against Rs. 850.05 Mn [USD 16.69 Mn] for Q4 of the previous year, recording an increase of 10.41% in Rs. term.

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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