Glenmark Pharmaceuticals reported a surge of 4.75 times in consolidated net profit to Rs 2,129.17 million for the quarter ended Dec. 31, 2012 as compared to Rs 448.24 million in the same period last year. During the quarter, the company received out-licensing revenue of Rs. 493.03 million from Forest Laboratories.
Consolidated revenue has increased by 33.96% to Rs 13.81 billion for the quarter ended Dec. 31, 2012 from Rs 10.31 billion in the year ago period.
Revenue from the generics business was at Rs 5.80 billion, as against Rs 4.36 billion, a growth of 33%.
Glenmark Generics Inc., U.S.A. registered revenue from sale of finished dosage formulations was Rs 4.36 billion for the quarter ended Dec 31, 2012 against revenue of Rs 3.19 billion for the previous corresponding quarter, recording an increase of 36.83%.
''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 and MD, Glenmark Pharmaceuticals. (Q,N,C,F)*
''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 apabilities. While the option agreement with Forest Labs marks our seventh outlicensing 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.
Shares of the company unchanged to settle at Rs 504.05. The total volume of shares traded was 133,269 at the BSE (Tuesday).