Glenmark profit rises 23.2%

Glenmark profit rises 23.2%

Mumbai: Glenmark Pharmaceuticals Ltd posted a 23.2% growth in net profit to Rs210.10 crore in the three months to June.

Sales rose 27% to 868.25 crore from 681.77 crore in the year earlier.

Glenmark said on Tuesday that the specialty formulations business grew 28% and generics by 28% during the quarter.

“The US and Latin American business recorded strong growth for the quarter, aided primarily by new products launched in the previous year," Glenn Saldanha, chairman and managing director, said in a rekease. The company also signed its “first outlicensing deal for our novel biologics molecule GBR 500 with Sanofi during this quarter."