Glenmark buoyed by speciality, generics businesses

Drug-maker Glenmark said that its specialty drugs and generics businesses performed well in the year ended March 2013.

“The US, India and Russia businesses continued to maintain its high growth trajectory,” said Glenn Saldanha, Chairman and Managing Director.

The company also made some progress on its research front with five new chemical entities and new biological entities getting into clinical trials, including Crofelemer which recently received approval from the US Food and Drug Administration for HIV associated diarrhoea, he added.

In the three months ended March 31, 2013, the company’s revenues from the generics business was Rs 586 crore against Rs 468 crore in the corresponding period the previous year, a growth of 25 per cent. The specialty medicines business excluding out-licensing revenue was at Rs 741 crore against Rs 594 crore for the corresponding previous quarter, recording a growth of 24 per cent, the company said.

YEAR-END PERFORMANCE

Glenmark’s consolidated revenue for the year ended March 31, 2013, was Rs 5,012 crore against Rs 4,020 crore, an increase of 24 per cent. Net profit for the financial year 2012-13 was Rs 614 crore compared with Rs 460 crore for the previous corresponding year recording an increase of 33.5 per cent.

Revenues from the generics business stood at Rs 2,275 crore against Rs 1,640 crore, a growth of 38 per cent. The speciality medicines business revenue stood at Rs 2,700 crore against Rs 2,332 crore, in the corresponding previous period