Glenmark posts cons revenue growth of 50.16%

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Glenmark Pharmaceuticals Limited, the research-led global and integrated pharmaceutical company, has posted gross [total] consolidated revenues of Rs.3839.47 Mn [USD 93.83 Mn] for the second quarter of the financial year 2007-08 ended September 30, 2007, a growth of 50.16% compared to the corresponding period of the previous year.  Consolidated profits for the quarter were Rs.751.26 million [USD.18.36 Mn], a growth of 86.88% as compared to Q2 of the previous year. The Company has declared an interim dividend of 70% on the equity share capital for FY07-08.

 

Glenn Saldanha, Managing Director and CEO, Glenmark Pharmaceuticals said: "We are happy to announce the out licensing deal with Eli Lilly in Q2 FY08. We have made excellent progress in our TRPV1 program at Glenmark and are very excited to be partnering with Lilly, a world-class research-driven global pharmaceutical company. This quarter Glenmark has also received USFDA approval for 180 day shared exclusivity for marketing Oxcarbapezine (Trileptal) in the US market. On the generics and branded generics front, we are happy with the positive growth shown by our US, Latin American and India businesses and we expect them to contribute significantly to overall revenues."

 

Formulations: In the period under review, Glenmark's US business posted revenues of Rs.810.72 Mn [USD 19.81 Mn], registering a growth of 139.86% over the second quarter of the previous year.  The Company's Latin American operations, comprising Glenmark Farmacêutica Ltda and Servycal S.A., and 10 other Latin American countries, posted revenues of Rs.571.70 Mn [USD 13.97 Mn] for Q2, reflecting an increase of 113.07%.  Exports of branded formulations to semi-regulated markets brought in revenues of Rs. 545.02 Mn [USD13.32 Mn], and a growth of 3.79% over the previous year.  Glenmark's formulations' business in India registered an increase of 27.95% to Rs. 1418.16 Mn [USD 34.66 Mn], over Q2 of the previous year. 

 

API: The API business for the quarter registered a 34.23% growth in revenues to Rs. 425.82 Mn [USD 10.40 Mn] over Q2 in FY 2007.

 

Drug Discovery:

 

NCEs

 

USFDA has provided a favorable response to the submission made by Forest, allowing it to initiate an additional Phase II study in COPD for Oglemilast (GRC 3886), Glenmark's lead PDE4 inhibitor molecule. The approval came after Forest satisfactorily addressed FDA's outstanding non-clinical questions. Glenmark is working closely with Forest Labs, which is Glenmark's North American partner for Oglemilast, to detail out plans for further longer term development, while additional communication is expected from the FDA in the next 2-3 months. Glenmark views this as an important positive step in continuing overall clinical development of Oglemilast

 

Glenmark's lead molecules, GRC 8200 also continues to progress well in its Phase II clinical trials. Merck has recently announced plans to curtail focus on diabetes and discussions are on with Merck to define future development for the compound. However, near term development program has not been compromised.

 

Glenmark's lead Vanniloid Receptor (VR1) antagonist compound 6211 has been out licensed to Eli Lilly. Under the terms of the agreement, Glenmark will receive an upfront fee of $45 million and could receive up to an additional $215 million in potential development and sales milestones for the initial indication, as well as royalties on sales if GRC 6211 is successfully commercialized. If other indications are successfully developed, Glenmark would be entitled to additional milestones up to $90 million. Lilly will have marketing rights for North America, Europe and Japan, while Glenmark will retain the marketing rights in all other countries. Further Glenmark will have the right to co-promote GRC 6211 in the United States

 

Glenmark has three more molecules in advanced pre-clinical stages. Glenmark's candidate for Rheumatoid Arthritis, Inflammation and Multiple Sclerosis - GRC 4039, a PDE 4 inhibitor, will commence Phase I trials in the Q3/Q4 of FY08. GRC 10693 and GRC 10801 will also move into Phase 1 in Q3/Q4 timeframe.

 

Biologics

 

Glenmark has successfully completed the technology transfer of the antibodies acquired from Chromos in Q1 FY 08. GBR 500 (formerly CHR 1103), a broad anti inflammatory agent with a novel mechanism of action, being initially developed to treat acute multiple sclerosis would be advanced into Phase 1 in Q1 FY09. GBR 600(formerly CHR 1201), an anti-thrombolytic humanized monoclonal antibody is progressing as per plans. GBR 600 belongs to a novel target mechanism. Glenmark plans to start Phase 1 in Q4 FY09. 

 

Sourced From: Glenmark Pharmaceuticals Limited