Glenmark Pharmaceuticals Limited (GPL), the research-led global integrated pharmaceutical company announced its results for the third quarter ended December 31, 2012.
For the third quarter ended Dec 31 2012, Glenmark's consolidated revenue was at Rs. 13812.59 Mn (USD 254.45 Mn) as against Rs. 10310.86 Mn (USD 201.25 Mn) an increase of 33.96%. Excluding out-licensing income received in the third quarter, Glenmark's consolidated revenue for the third quarter grew by 32.24%.
Revenue from the generics business was at Rs. 5809.85 Mn (USD 107.13 Mn), as against Rs. 4368.36 Mn (USD 85.10 Mn), a growth of 33.00%. The Specialty formulation business excluding out-licensing revenue was at Rs. 7357.64 Mn (USD 135.50 Mn) as against Rs. 5606.97 Mn (USD 109.42 Mn) for the corresponding previous quarter, recording a growth of 31.22%.
Net Profit for the third quarter ended December 31, 2012 was Rs. 2129.17 Mn as against Rs. 448.24 Mn in the previous corresponding quarter. During the quarter, the company received out-licensing revenue of Rs. 493.03 Mn from Forest Laboratories.
"We continue to maintain our high growth trajectory by recording a strong sales growth of over 30% for the third quarter. The US, India and Russia markets performed exceptionally well and continue to drive growth for the company," said Glenn Saldanha , Chairman & MD, Glenmark Pharmaceuticals Limited. "The option agreement with Forest Laboratories for the development of novel mPGES-1 inhibitors and the USFDA approval for Glenmark's in-licensed molecule - Crofelemer has come as a big boost and renewed validation for our world-class Drug Discovery capabilities. While the option agreement with Forest Labs marks our seventh out-licensing deal in the innovation R&D space; the USFDA approval for Crofelemer has paved the way for Glenmark becoming the first Indian company to launch an New Chemical Entity (NCE) across multiple geographies," he added.
For the nine month ended Dec 31, 2012, Glenmark's consolidated revenue was at Rs. 36768.57 Mn [USD 672.92 Mn] as against Rs. 29547.87 Mn [USD 619.84 Mn], an increase of 24.44% in Rs. term. Revenue from the generics business was at Rs. 16893.83 Mn (USD 309.18 Mn), as against Rs. 11720.13 Mn (USD 245.86 Mn), a growth of 44.14%. The Speciality formulation business revenue was at Rs. 19594.52 Mn (USD 358.61 Mn) as against Rs. 17383.91 Mn (USD 364.67 Mn) for the corresponding previous nine month period, registering growth of 12.72% in Rs. term.
Net Profit for nine months ended December 31, 2012 was Rs. 4479.44 million as compared to Rs. 3099.93 million in the previous corresponding nine months period.