Glenmark posts for Q2 FY 07 consolidated revenue growth of 65.17% and consolidated profits of Rs. 402.01 million

Glenmark posts for Q2 FY07 consolidated revenue growth of 65.17%, and consolidated profits of Rs. 402.01 million.

Mumbai, October 31, 2006: Glenmark Pharmaceuticals Limited, the research-led global and integrated pharmaceutical company, has posted total consolidated revenues of Rs. 2557.00 Mn [USD1 55.67 Mn] for the second quarter of the financial year 2006-07 ended September 30, 2006 and a growth of 65.17% compared to the corresponding period of the previous year. Consolidated profits for the quarter were Rs. 402.01 million [USD 8.80 Mn].

Formulations: In the period under review, Glenmark’s US business earned revenues of Rs. 338.00 Mn [USD 7.4 Mn], registering an exponential growth of 460.54% over the second quarter of the previous year. The Company’s Latin American operations, comprising Glenmark Farmacêutica Ltda and Servycal S.A., posted revenues of Rs. 268.32 Mn [USD 5.8 Mn] for Q2, reflecting an increase of 162.5%. Exports of branded formulations brought in revenues of Rs. 525.10 Mn [USD 11.43 Mn], and a growth of 81.5% over the previous year. Revenues from the Indian formulations’ segment registered an increase of 32.2%; Rs. 1108.34 Mn [USD 24.13 Mn].

API: The API business [international and domestic] for the quarter registered a growth in revenues by 23.00% to Rs. 317.24 Mn [USD 6.91 Mn] over Q2 in FY 2006.

Drug Discovery: The Company signed a deal with Merck KGaA of Darmstadt, Germany for Glenmark’s DPP-IV inhibitor, GRC 8200, a treatment for Type II Diabetes giving it exclusive development, registration and commercialisation rights for the North American, European and Japanese territories. Glenmark will retain commercialization rights for India and will share commercialisation rights with Merck KGaA for the rest of the world. GRC 8200 and Oglemilast continue to progress well in their respective Phase II trials. Glenmark has four more molecules in the pipeline and plans to take three of them to the clinics in this fiscal year.

Glenn Saldanha, Managing Director and CEO of Glenmark said: "Our performance in Q2 has effectively demonstrated our commitment to grow our branded generics and generics business globally. The Merck KGaA deal for GRC 8200 has further reinforced Glenmark’s commitment and competency in the arena of new drug discovery."

Source : Equity Bulls

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