Glenmark posts 64% consolidated revenue growth

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Glenmark posts 64% consolidated revenue growth

Glenmark posts 64% consolidated revenue growth with an increase of 254% in consolidated net profit for FY07

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Glenmark Pharmaceuticals , the research-led global pharmaceutical company, has registered consolidated revenues of Rs. 12419.97 Mn [USD 281.38 Mn] for the financial year 2006-07 ended March 31, 2007 and a growth of 64% compared to the previous year.  The Company has posted a consolidated net profit of Rs. 3111.56 Mn [USD 70.48 Mn] for FY07, a 254% increase over the previous year.

Glenmark's US business earned revenues of Rs. 2207.52 Mn [USD 50.01 Mn] with a total of 13 product launches with a growth of 286% for the year FY07 over the year FY06.  The Company's Latin American business posted revenues of Rs. 1420.65 Mn [USD 32.18 Mn] for the year FY07 reflecting an increase of 86% over the year FY06.  The semi regulated markets (SRM) posted revenues of Rs. 1788.59 Mn [USD 40.52 Mn] for the year FY07, a growth of 69% over the year FY06.  Revenues from the India formulations segment grew by 9% to Rs. 4289.72 Mn [USD 97.18 Mn].  

The API business [international and domestic] registered an increase in revenues by 34% during the year FY07 to Rs. 1318.36 Mn [USD 29.87 Mn] as against Rs. 980.99 Mn [USD 22.15 Mn] in the previous year FY06.  The international API business, registered a growth of 43% to Rs. 701.88 Mn [USD 15.9 Mn] and the domestic API business registered a growth of 24%. Furthermore, API revenues grew by 120% in Q4 FY07 over the same period during FY06.  

Glenn Saldanha, Managing Director and CEO of Glenmark said: "Glenmark's performance this year has effectively demonstrated our commitment to grow our branded generics and generics business globally. The deal for GRC 8200 with Merck KgaA and the progress of our molecules has further reinforced our commitment and competency in the arena of new drug discovery."  

Sourced From: Glenmark Pharmaceuticals Limited