GLENMARK PHARMA - RESULTS - Q3 FY2013-14 - REVENUE UP 16% - GOOD PERFORMANCE

GLENMARK PHARMACEUTICALS LTD

RESULTS FOR Q3 FY 2013-14

(DEC,2013)

HIGHLIGHTS

·      Glenmark’s Consolidated Revenue increased by 15.92% to Rs.16012.23 Mn for Q3 FY 13-14.

·       Net Profit for the third quarter was Rs.2162.36 Mn as compared to Rs.2129.17 Mn for the previous corresponding quarter

·       Net profit for the quarter is not comparable due to out-licensing income of Rs.493.03 million received in the previous corresponding quarter

·       EBIDTA excluding out-licensing income grew by 34.75% to Rs.3649.74 Mn.

For the third quarter ended Dec 31, 2013, Glenmark’s Consolidated Revenue was at Rs.16012.23Mn (USD 259.59Mn) as against Rs.

13812.59Mn (USD254.45 Mn)an increase of 15.92%.

Revenue from the Generics Business was at Rs.7372.66Mn (USD 119.26Mn) as against Rs.5911.09Mn (USD 108.99Mn), a growth of 24.73%.

The Specialty Formulation Business excluding out-licensing revenue was at Rs.8639.57Mn (USD 140.33 Mn) as against Rs.7408.47Mn(USD 136.44Mn)for the corresponding previous quarter, recording a growth of 16.62%.

Net Profit (after taxes and minority interests) for the third quarter was Rs

.2162.36Mn as compared to Rs.2129.17Mn for the previous corresponding quarter

The Net profit for the quarter is not comparable due to out-licensing income of Rs.493.03 million received in the previous corresponding

quarter i.e.Q3 FY 2012-13.

EBIDTA excluding out-licencing income grew by 34.75 % to Rs.3649.74.

“Despite challenges in the operating environment, we have registered good growth in both our Speciality and Generics Businesses across the globe. We are reasonably confident of maintaining our growth trajectory with our emerging markets businesses being a key growth driver going ahead,” said Glenn Saldanha, Chairman &MD –Glenmark.

“Our InnovationR&D Business has also been making steady progress with our 4 NCE and 3 NBE molecules at various stages of clinical development,” he added.

For the nine month ended Dec 31, 2013,Glenmark’s consolidated revenue was at Rs.43021.11 Mn(USD 717.02 Mn) as against Rs.36768.57 Mn (USD 672.92Mn), an increase of 17.01%.

Revenue from the Generics Business was at Rs.20746.85 Mn (USD 345.78 Mn), as against Rs.17030.06Mn (USD 311.68 Mn), a growth of 21.82 %.

The Speciality Formulation Business revenue (excluding out-licensing

revenue) was Rs.22156.16 Mn (USD 369.27 Mn) as against Rs.19245.48 (USD 352.22) for the corresponding previous nine month period, recording a growth of 15.12%.

Net Profit for nine months ended December 31, 2013was Rs.5021.89

Mn as compared to Rs.4531.65 Mn in the previous corresponding nine months period.

Specialty Business:

Sales for the Formulation Business in India for the third quarter ended Dec 31, 2013, was at Rs.3812.30Mn (USD61.52Mn) as against Rs.3307.33Mn (USD 60.98Mn)in the previous corresponding quarter, recording a growth of 15.27%.

For the third quarter, revenue from Africa, Asia and CIS region was as against Rs.3009.60Mn (USD 49.23Mn) as against Rs.2619.50Mn (USD 48.18 Mn) for the previous corresponding quarter, recording an increase of14.89%.

Glenmark’s revenue from its Latin American and Caribbean operations was at Rs.1139.31Mn(USD 18.49Mn)for the third quarter ended Dec31, 2013 as against Rs.1014.69Mn(USD 18.69Mn) an increase of 12.28%.

Generics Business:

Glenmark Generics Inc., U.S.A. registered revenue from sale of finished dosage formulations was Rs.5213.60Mn (USD 85.00Mn) for the quarter ended Dec 31, 2013 against revenue of 4365.25Mn (USD 80.48Mn) for the previous corresponding quarter , recording an increase of 19.43 % .

Revenue from the European Formulations Business was Rs.679.99 Mn (USD11.07 Mn) against revenue of Rs.395.16 Mn (USD 7.28 Mn) in Q3 last year, reflecting an increase of 72.08 %.

Revenue from sale of API to regulated and semi-regulated markets globally was Rs.1479.07Mn (USD 24.02Mn), for the Q/E Dec 31, 2013 against Rs.1150.68Mn (USD 21.23Mn) for the previous corresponding quarter, recording an increase of 28.54%.

About Glenmark

Glenmark Pharmaceuticals Ltd. (GPL) is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is ranked among the top 80 Pharma & Biotech companies of the world in terms of revenues. (SCRIP 100 Rankings published in the year 2013). 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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GLENMARK PHARMACEUTICALS Ltd - RESULTS - FOR Q1 FY 2013-14 - Q/E JUNE 2013 - Revenue up 19% - Net Profit up 64% YoY.

GLENMARK PHARMACEUTICALS LIMITED

RESULTS FOR Q1 FY 2013-14

Q/E JUNE 2013.

HIGH LIGHTS

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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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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