Glenmark posts cons revenue growth of 53.56%

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Glenmark Pharmaceuticals Limited, the research-led global and integrated pharmaceutical company, announced its consolidated revenues of Rs. 6850.77 Mn [USD 169.36 Mn] in Q3 FY08, against Rs. 4461.23 Mn [USD 99.14 Mn] for the third quarter of the previous year, recording a growth of 53.56%.  Revenues from Generics business that the Company intends spinning off into a 100% subsidiary and subsequently listing in Q1FY09 were Rs. 2678.41Mn (USD 66.22 Mn ), as against Rs. 1308.96 Mn (USD 29.09 Mn )  which was reported in the same quarter of previous year, registering a growth of 104.62%.  The Speciality business (including out licensing revenues) that will continue to be a part of GPL, had revenues of Rs.4172.36 Mn ( USD 103.15 Mn) as against Rs. 3152.27 Mn (USD 70.05 Mn) for the quarter of the previous year, recording a growth of 32.36%.

 

Consolidated profits for the third quarter of FY 08 increased to Rs. 2800.19 Mn [USD 69.23 Mn] from Rs. 1889.82 Mn [USD 42.0 Mn] for the previous year, an increase of 48.17%. Whereas Management estimation for profit from Generics business is Rs. 892.80 Mn [USD 22.07 Mn] and from Speciality Business (including out licensing revenues) is Rs.1907.39 Mn [USD 47.15 Mn ] for the quarter.

 

Glenn Saldanha, Managing Director and CEO, Glenmark Pharmaceuticals said: "We have posted good results with the Eli Lilly milestone this quarter and a good performance of our US business. We also announced the reorganization of Glenmark's business into Specialty and Generics, which will provide the two businesses with the management focus they require and with this Glenmark will move further up in the league of leaders in the pharmaceutical industry."

 

Glenmark Pharmaceuticals Inc., U.S.A. [GPI], Glenmark's wholly owned US subsidiary posted revenues of Rs. 2040.76 Mn [USD 50.45 Mn] for the third quarter of FY 08 against revenues of Rs. 835.29 Mn [USD 18.56 Mn] registering an increase of 144.32 % over the third quarter of the previous year.  In Europe, Glenmark received its first marketing authorization in EU with the approval of Perindopril tablets in Netherlands. Glenmark expects Approvals for Perindopril in other EU countries shortly.

 

Glenmark's formulation business in India increased to Rs. 1213.90  Mn [USD 30.01 Mn] in  the third quarter of FY 08 against Rs. 1123.36 Mn [USD 24.96 Mn] in the previous year, recording a growth of 8.06%.  The Company registered a value growth of 19.7%, vis-à-vis that of the industry [13.7%] [ORG Nov 2007]. 

 

International

 

Revenues from sale of API to regulated and semi-regulated markets globally were Rs. 313.54 Mn [USD 7.75 Mn] for Q3 FY 08 against Rs. 215.75 Mn [USD 4.79 Mn] for Q3 of the previous year, recording an increase of 45.33%.

 

Domestic

 

Revenues from the domestic API and co-marketing business amounted to Rs. 233.96 Mn [USD 5.78 Mn] in Q3 FY 08 against Rs. 174.30 Mn [USD 3.87 Mn] for Q3 of the previous year, recording an increase of 34.23%. 

 

Drug Discovery:

 

Oglemilast:

GRC 3886:

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, Glenmark views this as an important positive step in continuing overall clinical development of Oglemilast

 

Melogliptin (GRC 8200):

Glenmark had out-licensed Melogliptin to Merck KGAA in October 2005. The drug has completed Phase 2A studies and is currently undergoing Phase 2B studies. Glenmark plans to complete all Phase 2's on Monotherapy by the end of calendar 2008 and would initiate Phase 3's in early 2009. Glenmark also plans to develop Melogliptin in combination with various other diabetes therapies.

 

Merck recently announced that it plans to move out of the diabetes space for strategic reasons. In light of this development Glenmark is currently in discussions with Merck to find the best way forward. A final decision on the next steps would be announced shortly.

 

GRC 6211:

Glenmark Pharmaceuticals S.A. (GPSA) a wholly owned subsidiary of Glenmark Pharmaceuticals Limited India (GPL), has out licensed its molecule GRC 6211 to Eli Lilly and Company. Under the terms of the agreement, Lilly will acquire the rights to a portfolio of transient receptor potential vanilloid sub-family 1 (TRPV1) antagonist molecules, including a clinical compound, GRC 6211. GRC 6211 is currently in early clinical Phase II development as a potential next-generation treatment for various pain conditions, including osteoarthritic pain.

 

As per the terms of the agreement, Glenmark has received 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.

 

GRC 4039:

Glenmark's candidate for Rheumatoid Arthritis, Inflammation and Multiple Sclerosis - GRC 4039, a PDE 4 inhibitor, will commence Phase I trials in the coming quarters. 

 

GRC 10693 and GRC 10801

Glenmark has two more molecules in advanced pre-clinical stages.  Glenmark plans to move GRC 10693 and GRC 10801 into Phase 1 in the coming quarters.

 

Biologics

 

Glenmark Pharmaceuticals S.A., the wholly-owned Swiss subsidiary of Glenmark Pharmaceuticals Ltd. (Glenmark) is developing its pipeline for NBE's focusing on oncology and inflammatory disorders.

 

GBR 500:

GBR 500 (formerly CHR 1103), a broad anti inflammatory agent with a novel mechanism of action, is undergoing IND enabling studies and is on course for IND submission by mid 2008.

 

GBR 600:

GBR 600 (formerly CHR 1201), an antithrombolytic humanized monoclonal antibody is showing good results in pre-clinical testing and is being scaled up for further IND enabling studies.

 

Glenmark-Dyax collaboration:

Glenmark's other NBE programs which are being run in collaboration with Dyax are also progressing as per schedule. 

 

Sourced From: Glenmark Pharmaceuticals Limited