Glenmark Pharmaceuticals announced its results for the second quarter ended September 30, 2013. For the second quarter ended September 30, 2013, Glenmark’s consolidated revenue was at Rs 14630.06 million ($235.62 million ) as against Rs 12551.91 million ($227.89 million) an increase of 16.56 per cent.
Revenue from the generics business was at Rs 7106.55 million ($114.20 million) as against Rs 5800.78 million ($105.27 million), growth of 22.51 per cent. The specialty formulation business excluding out-licensing revenue was at Rs7405.41 million ($119.42 million) as against Rs 6751.13 million ($122.62 million) for the corresponding previous quarter, recording a growth of 9.69 per cent.
Net profit (after taxes and minority interests) for the second quarter was Rs 1542.97 million as compared to Rs 1567.52 million for the previous corresponding quarter.
“Despite challenges in the operating environment, we have managed to register decent sales growth of 17 per cent on the back of good performances by our US and India businesses. We have been also making steady progress on the innovation R&D front with our 4 NCE and NBE molecules in clinical trials. Although the operating environment continues to remain challenging in emerging markets, we are reasonably confident of continuing on the same growth trajectory,” said Glenn Saldanha, Chairman and Managing Director, Glenmark.
For the six month ended September 30, 2013, Glenmark’s consolidated revenue was at Rs 27008.88 million [$457.46 million] as against Rs 22955.98 million [$418.52 million], an increase of 17.66 per cent. Revenue from the generics business was at Rs 13374.19 million ($226.52 million), as against Rs 11118.97 million ($202.71 million), a growth of 20.28 per cent. The speciality formulation business revenue (excluding out-licensing revenue) was Rs 13516.59 million ($228.93 million) as against Rs 11837.01 ($215.80 million) for the corresponding previous six month period, recording a growth of 14.19 per cent.
Sales for the formulation business in India for the second quarter ended September 30, 2013, was at Rs 4176.80 million [S67.51 million] as against Rs 3440.27 million [$62.47 million] in the previous corresponding quarter, recording a growth of 21.41 per cent. For the second quarter, revenue from Africa, Asia and CIS region was as against Rs 1735.91 million [$27.74 million] as against Rs 1941.00 million [$35.26 million] for the previous corresponding quarter. Glenmark’s revenue from its Latin American and Caribbean operations was at Rs 966.00 million [$15.50 million] for the second quarter ended September 30, 2013 as against Rs 990.54 million [$18.00Mn] for the previous corresponding period.
Glenmark Generics, USA registered revenue from sale of finished dosage formulations was Rs 5578.60 million ($90.09 million) for the quarter ended September 30, 2013against revenue of 4307.21 million ($78.17 million) for the previous corresponding quarter, recording an increase of 29.52 per cent. The European business posted revenues of Rs 517.20 million ($8.30 million) for the quarter ended September 30, 2013 against revenue of Rs 388.54 million ($7.05 million), for the previous corresponding quarter, recording an increase of 33.11 per cent. Revenue from sale of API to regulated and semi-regulated markets globally was Rs 1010.75 million [$15.81 million], for the quarter ended September 30, 2013 against Rs 1105.03 million [$20.05 million] for the previous corresponding quarter.
EP News Bureau – Mumbai