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Glenmark profit rises 152% as exports grow

Glenmark profit rises 152% as exports grow
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First Published: Thu, Apr 26 2007. 12 04 AM IST
Updated: Thu, Apr 26 2007. 12 04 AM IST
Mumbai: Glenmark Pharmaceuticals Ltd’s consolidated net profit for the fourth quarter of 2006-07 grew 152% to Rs63.25 crore on the back of exports to countries such as the US and Brazil. The company’s sales during the quarter rose 88% to Rs339 crore.
The boost in sales from newly entered US and Latin American markets helped the company achieve a 64% growth in the consolidated revenue to Rs1,242 crore during the financial year 2006-07.
The company also recorded a growth of 254% in net profit to Rs311.15 crore in the year ended March 2007. The stock however, lost 1.27% to close at Rs677.3 on the Bombay Stock Exchange on a day that the benchmark BSE Sensex rose 0.57%.
“Glenmark’s profit growth was mainly contributed by the margin difference in the regulated markets and also other income contributed by the company’s research molecule out-licensing deals this year,” says Kirit Gogri, a pharma analyst with Mumbai brokerage ASK Raymond James Securities India Pvt. Ltd.
Glenmark managing director and CEO Glenn Saldanha said that a major boost to its income has come from the US and Latin American business as it had launched 13 new products in these markets during the year. “The company’s performance during the period has effectively demonstrated its commitment to grow branded generics and the (unbranded) generics business globally,” he said. The company’s sales in the US and Latin America have grown 286% and 86%, respectively, during 2006-07.
Glenmark’s newly approved medicines such as Fluconazole (an anti-fungal drug) and Zonisamide (a novel anti-epileptic drug) made a sizeable contribution to the revenues this year, said a press release.
Glenmark has a total of 16-17 more products undergoing the US Food and Drug Administration approval process at present.
However, Glenmark’s revenues from the Indian market, mainly formulations business, grew by only 9% to Rs428.97 crore in fiscal 06-07, as the new product launches were comparatively slow and the value realization was lower with US and Latin American markets.
The company’s active pharmaceutical ingredients (API—the bulk drug used as key ingredient in tablets, capsules and injections) business globally registered an increase in revenues by 34% during the year 2006-07 to Rs131.83 crore.
Glenmark’s first asthma drug molecule (that is under clinical trials) called Oglemilast was licensed out to MNCs such as Forest Laboratories and Teijin Pharma Ltd for the North American and Japanese markets respectively recently.
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First Published: Thu, Apr 26 2007. 12 04 AM IST