Indian pharmaceutical major, Glenmark Pharmaceuticals reported a 44 per cent rise in consolidated net profit at Rs. 185 crore for the first quarter of 2014-15 with contributions from its businesses across the globe. The consolidated revenue for the period rose 20 per cent to Rs. 1,487 crore.
Consolidated operating profit was up 38 per cent at Rs. 342.33 crore.
While its India business grew 20.87 per cent to Rs. 397.15 crore, the U.S. business grew 9.33 per cent to Rs. 488.67 crore, Europe Formulations business grew 34.5 per cent to Rs. 97.72 crore, Latin America business grew 34 per cent to Rs. 117.6 crore and Rest of World business was up 21 per cent to Rs. 211.3 crore.
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“We have delivered strong results backed by good performances by our India, Rest of the World, Europe and LatAm businesses,” Glenn Saldanha, chairman & MD, Glenmark Pharma said in a statement. “We have been making steady progress in our innovation pipeline and now have three first-in-class monoclonal antibodies (mAb) in clinical development.”
During the period, Glenmark inaugurated its antibody manufacturing facility in La Chaud-de-Fonds, Switzerland. The facility is designed for use of single use bioreactor systems and also houses a suite for manufacturing cell banks. It supplements the company’s in-house discovery and development capabilities and will supply material for 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,” Mr. Saldanha said.
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Recently, the company said it plans to set up a factory in the U.S. to make oral solids and will subsequently make injectibles and topicals.
On the Bombay Stock Exchange on Thursday, Glenmark stock rose Rs. 3.35 (0.57 per cent) to close trade at Rs. 595.