Glenmark's Consolidated Revenue Increases by 20.08% to Rs. 14,869.40 Mn for Q1 FY 14 - 15

MUMBAI, India, July 24, 2014 /PRNewswire/ --

Consolidated Net Profit increased by 43.65 % to Rs. 1848.46 Mn

Business Highlights  

• India Business grew by 20.87% to Rs. 3,971.59 Mn
• US Business grew by 9.33% to Rs. 4,886.70 Mn
• Rest of World (ROW) Business grew by 20.67% to Rs. 2,113.09 Mn
• Europe Formulations Business grew by 34.53% to Rs. 977.26 Mn
• Latin America Business grew by 33.92% to Rs. 1,176.45 Mn

Glenmark Pharmaceuticals Limited, the research-led global integrated pharmaceutical company, today announced its results for the first quarter ended June 30, 2014.

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For the first quarter ended June 30, 2014, Glenmark's consolidated revenue was at Rs. 14,869.40 Mn (USD 248.61 Mn) as against Rs. 12,382.43 Mn (USD 221.91 Mn) in the corresponding quarter recording a growth of 20.08%. Consolidated EBITDA grew by 38.16% to Rs. 3423.32 Mn from Rs. 2477.82 Mn in the quarter. The consolidated Net Profit was at Rs. 1848.46 Mn for the quarter ended June 30, 2014 as compared to Rs. 1286.76 Mn for the previous corresponding quarter registering an increase of 43.65%.

"We have delivered strong results backed by good performances by our India, Rest of the World, Europe and LATAM businesses. While we outperformed in the Indian Pharmaceutical market with a growth of over 20%; our Rest of the World business led by Russia and LATAM operations bounced back strongly in this quarter with growth rates of over 20% and 30%  respectively"; said Glenn Saldanha, Chairman & MD, Glenmark Pharmaceuticals Limited. "We have been making steady progress in our innovation pipeline and now have three first-in-class monoclonal antibodies (mAb) in clinical development. It is encouraging to note that very few companies around the world have three first-in-class mAbs in clinical development. The inauguration of a new monoclonal antibody manufacturing facility in Switzerland was an important development during this quarter which now gives us end-to-end capabilities for the discovery and development of novel monoclonal antibodies"; he added.

India Formulations 

Sales for the formulation business in India for the first quarter ended June 30, 2014, was at Rs. 3,971.59 Mn (USD 66.40 Mn) as against Rs. 3,285.83 Mn (USD 58.89 Mn) in the previous corresponding quarter, recording a growth of 20.87%.

USA Formulations 

Glenmark Generics Inc., U.S.A. registered revenue from the sale of finished dosage formulations was Rs. 4,886.70 Mn (USD 81.70 Mn) for the quarter ended June 30, 2014 as against revenue of Rs. 4,469.52 Mn (USD 80.10 Mn) for the previous corresponding quarter, recording an increase of 9.33%.

Africa, Asia and CIS Region (ROW)  

For the first quarter, revenue from Africa, Asia and CIS region was Rs. 2,113.09 Mn (USD 35.33 Mn) as against Rs. 1,751.20 Mn (USD 31.38 Mn) for the previous corresponding quarter, recording an increase of 20.67%.

Europe Formulations 

Glenmark Europe's operations revenue for the first quarter ended June 30, 2014 was at Rs. 977.26 Mn (USD 16.34 Mn) as against Rs. 726.45 Mn (USD 13.02 Mn) recording growth of 34.53%.

Latin America 

Glenmark's revenue from its Latin American and Caribbean operations was at Rs. 1,176.45 Mn (USD 19.67 Mn) for the first quarter ended June 30, 2014 as against Rs. 878.49 Mn (USD 15.74 Mn) an increase of 33.92%.

Active Pharmaceutical Ingredients (API) 

Revenue from sale of API to regulated and semi-regulated markets globally was Rs. 1,445.26 Mn (USD 24.16 Mn), for the quarter ended June 30, 2014 against Rs. 1,270.94 Mn (USD 22.78 Mn) for the previous corresponding quarter, recording an increase of 13.72%.

About Glenmark  

Glenmark Pharmaceuticals Ltd. (GPL) is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is ranked among the top 80 Pharma & Biotech companies of the world in terms of revenues. (SCRIP 100 Rankings published in the year 2013). Glenmark is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of Inflammation [asthma/COPD, rheumatoid arthritis etc.] and Pain [neuropathic pain and inflammatory pain].

The company has a significant presence in branded generics markets across emerging economies including India. GPL along with its subsidiary has 14 manufacturing facilities in four countries and has six R&D centers. Its subsidiary, Glenmark Generics Limited services the requirements of the US and Western Europe generics markets. The API business sells its products in over 80 countries, including the US, various countries in the EU, South America and India.

For further information, please contact:
Jason D'Souza / Rajdeep Barooah
Glenmark Pharmaceuticals Ltd.
Tel: [+91-22]-40189919/984
Email: [email protected]

SOURCE Glenmark Pharmaceuticals