Glenmark Pharma Q1 net up 3%

Mumbai, Aug 06, 2015
Drugmaker Glenmark Pharmaceuticals clocked a 3 per cent increase in the consolidated net profit for the first three months of the financial year ended June 30, 2015. The consolidated net profit stands at Rs.190 crore, as compared to Rs.184 crore in the corresponding period last year. However, during the period under review, the company received an out-licensing income of Rs.29 crore, it added. Revenue Its consolidated revenue, excluding the out-licensing income, saw a 13 per cent increase to Rs.1,655 crore, as against Rs.1,457 crore last year, the company said. Glenn Saldanha, Chairman and Managing Director, attributed the quarter’s performance to overall growth across different markets. A day ahead of the results, the company had clarified to the stock exchange that a decision had been passed by a US court regarding a Para IV filing (for products that involve patent challenges) from Glenmark. Confirming the development, it added that the practice was common and they could appeal the decision. The challenge was on Bayer’s skin-related product Finacea. Glenmark had further clarified that it was not generating revenues from this product and hence the decision had no material impact. Q1 performance Glenmark said that its finished drugs business in India clocked a 19 per cent growth at Rs.472 crore, in the period under review. In the US, Glenmark Pharmaceuticals registered a 14 per cent growth in revenue from the sale of finished dosage formulations, at Rs.561 crore. But revenues from Africa, Asia and the CIS region saw a dip to Rs.158 crore, as compared to Rs.211 crore in the same period last year. Meanwhile, Glenmark’s Europe operations saw revenues up 12 per cent to Rs.109 crore; revenues from Latin America and the Caribbean operations were up 85 per cent, the company said, at Rs.218 crore. The company added that revenue from sale of active pharmaceutical ingredients to regulated and semi-regulated markets stood at Rs.134 crore, down from Rs.144 crore last year.