Thursday, August 1, 2013

GLENMARK PHARMACEUTICALS Ltd - RESULTS - FOR Q1 FY 2013-14 - Q/E JUNE 2013 - Revenue up 19% - Net Profit up 64% YoY.


Q/E JUNE 2013.


consolidated revenue increases by 18.98% to Rs. 12,378.82  Mn for Q1 FY 13-14

 Consolidated Net Profit increased by 64.38 % to Rs. 1286.76 mn in Q1 FY13-14

Business Highlights

 Specialty Formulations business grew by 20.37% to 6,074.17 mn for the Quarter

 India formulations business recorded a growth 17.44% for the Quarter

 Generics business registered sales growth of 17.78%. to Rs. 6,242.58 mn in Q1 FY  13-14

 US Generics Business grew by 13.91% for the quarter

For the First quarter ended June 30, 2013, Glenmark’s consolidated revenue was at Rs.12,378.82 Mn (USD 221.85 mn) as against Rs.10, 404.07Mn (USD 190.62 Mn) an increase of 18.98%.

Revenue from the generics business was at Rs.6,242.58 Mn (USD 111.88 Mn), as against Rs.5,300.00 Mn (USD 97.11 Mn), a growth of 17.78%.

The Specialty formulation business excluding outlicensing revenue was at Rs.6,074.17Mn (USD 108.86Mn) as against Rs 5,046.45 Mn (USD 92.46Mn) for the corresponding previous quarter, recording a growth of 20.37%.

Net Profit for the quarter ended June 30, 2013 was Rs. 1286.76 mn as compared to Rs.782.75 Mn for the previous corresponding quarter an increase of 64.38 %.

Earnings per share stands at Rs. 4.75; against Rs.6.16 in previous qtr and Rs.2.89 in the corresponding qtr of last year – on consolidated basis.

“We have recorded good growth in both our Generics and Specialty Formulations businesses across key geographies” said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Limited. “We continue to do well in markets like India, US and Russia despite challenges in the operating environment. We have been also making steady progress on the Innovation R&D front with our 5 NCE & NBE molecules in clinical trials”; he added.

Speciality Formulations Business

Sales for the formulation business in India for the first quarter ended June 30, 2013, increased to Rs.3,285.83Mn [USD 58.89 mn] as compared to Rs. 2,797.88 Mn [USD51.26Mn] in the previous corresponding quarter, recording a growth of 17.44% For the first quarter, revenue from Africa, Asia and CIS region was Rs.1, 685.52Mn [USD 30.21Mn] as against Rs. 1,348.40 Mn [USD 24.71Mn] for the previous corresponding quarter, recording an increase of 25.00%. Glenmark’s revenue from its Latin American and Caribbean operations was at Rs. 841.48Mn [USD 15.08 Mn] for the first quarter ended June 30, 2013 as against Rs. 630.51Mn [USD 11.55Mn] recording growth of 33.46%

Generics Business:

Glenmark Generics Inc., U.S.A. registered revenue from sale of finished dosage formulations of Rs.4,469.52 Mn (USD 80.10 Mn) for the first quarter of FY 2013-14 against revenue of Rs. 3,923.58Mn (USD 71.89 Mn) for the first quarter of the previous year, an increase of 13.91% over the corresponding quarter of the previous year. Revenue from sale of API to regulated and semi-regulated markets globally was Rs. 1,270.94Mn [USD 22.78 Mn] for the First quarter of FY 2013-14 against Rs.1, 004.71Mn [USD 18.41Mn]), for the first quarter of the previous year, recording an increase of 26.50%.

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 14 manufacturing facilities in four countries and has six 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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