Glenmark Pharmaceuticals has announced a net profit of Rs.78.27 crore for the first quarter ended June 30, 2012, against Rs.208.58 crore in the year-ago period. A statement from the company said the net profit for the quarter was not comparable due to out-licensing income of Rs.111.23 crore received in the previous corresponding quarter and also due to mark-to-market (MTM) losses of Rs.55 crore in the first quarter of 2012-13.
Glenmark’s consolidated revenue grew 20 per cent to Rs.1,040.47 crore. Revenue from generics was up 57.7 per cent at Rs.530 crore. The revenue of Glenmark Generics of the U.S. grew 56.22 per cent to Rs.392.36 crore. This is mainly from sale of finished dosage formulations. The revenue from sale of active pharmaceutical ingredients (API) to regulated and semi-regulated markets globally was up 55.6 per cent at Rs.100.47 crore, the statement said.
The specialty formulation business revenue (ex-licensing revenue) was up 23 per cent at Rs.504.64 crore.
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Sales for the formulations business in India grew 24.14 per cent to Rs.279.8 crore during the quarter and revenue from Africa, Asia and CIS (Commonwealth of Independent States) region was up 29 per cent at Rs.138.4 crore.
In a statement, Glenn Saldanha, Chairman & Managing Director, Glenmark Pharmaceuticals, said, “the U.S. business did exceptionally well recording a growth in excess of 55 per cent on the back of product launches in niche competition categories, while the India business performed well and gained market share in focus segments.”