Pharma major Glenmark says the operating environment is challenging given the slowdown in India and longer time taken by the US drug regulator for product approvals. It is expecting a 20 percent revenue growth in FY14.
Shares of Glenmark Pharmaceuticals rose over 2 percent to a 52-week high of Rs 512.65 on Monday morning following its agreement with Forest Laboratories on a collaboration for development of inhibitors to treat chronic inflammatory conditions, including pain.
Glenn Saldanha, MD & CEO, Glenmark said the pharma major is growth at the rate of 30% in the Indian market and is confident of maintaining margins ahead.
Aided by malarone and cutivate generic, the US business of Glenmark Pharma saw recovery in the fourth quarter of FY12. In an interview with CNBC-TV18, Glenn Saldanha, MD & CEO of Glenmark said, the company expects its domestic market to outperform industry in FY13.
Glenn Saldanha, managing director and CEO of Glenmark Pharmaceuticals, in an interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukherjee, said that its business in India is growing at 23-24%, while its business in US is expected to grow 25% in FY12.
In an interview with CNBC-TV18, Glenn Saldanha, managing director and chief executive officer of Glenmark Pharmaceuticals said,"Tarka is not a major contributor any more to the topline for the US business."