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Independent director Sridhar Gorthi has also tendered resignation, along with Saldanha and Mani, with effect from close of business hours on March 6, 2024, the company said in a regulatory filing.
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Glenmark Pharma reports positive results from a phase 3 trial of GSP 301, a fixed-dose combination nasal spray.
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Shereen Bhan speaks with top bosses from the pharma sector along with KT Rama Rao, Minister of IT, Telangana at Bioasia 2017 to discuss way forward for pharma sector in making India healthier.
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The US business that constitutes close to half of Glenmark‘s business doubled to Rs.1230.8 crore led by new launches including generic version of Zetia - that has 180-day exclusivity.
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The company has a strong pipeline of products which the company, CMD Glenn Saldanha said adding that new launches will drive earnings for the company in FY18 and FY19. The company has no plans to raise further capital, he said.
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Pharma major Glenmark
Pharmaceuticals today said it has chalked out USD 300 million
capital expenditure plans over the next three years.
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The company is aiming for at least one outlicensing deal in the next year and Saldanha also feels pharma giant will grow at a 15-20 percent CAGR over the next five years.
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Glenn Saldanha says Zetia Generic - a drug to keep a check on cholestrol levels - will be launched on December 12. The launch could see USD 200-250 million in revenues. The company is going to use the money from here to bring down company's debt.
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He will also be the President and General Manager of Glenmark's Switzerland-based business units. He will lead the company's global research portfolio consisting of NBE, NCE, generics and branded formulations, Glenmark Pharmaceuticals said in a statement.
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The company is expecting strong growth in the current fiscal both from India and US. Major approvals are expected to drive growth for Glenmark, says Chairman and Managing Director Glenn Saldanha.
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"The US business continues to perform well and the recent approvals for the business will ensure the growth momentum will continue. Europe business performed well due to strong growth witnessed by the UK subsidiary," Glenn Saldanha, chairman & MD said.
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Macquarie that has outperform rating with a target price of Rs 1,140 on the stock, says GBR 1302 data in 2HFY17 will help validate BEAT platform and pave the way for a potential out-licensing deal in next 12 to 18 months.
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"Glenmark Pharmaceuticals Europe today has entered into a strategic development & licensing agreement with Celon Pharma SA to develop and market a generic version of GlaxoSmithKline's Seretide Accuhaler product - Fluticasone / Salmeterol dry powder Inhaler in Europe upon commercialisation," the pharma company said in its filing.
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"The US business remains a critical growth driver and our efforts will be to maximise our presence and earnings from this market," Glenmark Pharma Chairman & MD Glenn Saldanha told shareholders at the company's AGM here.
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Glenmark Pharmaceuticals on Thursday posted 3.29 percent rise in consolidated net profit at Rs 190.93 crore for the first quarter ended June 30, driven by sales in domestic as well as overseas markets.
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According to CMD Glenn Saldanha, emerging markets will see positive growth for the company in FY16. The company continues to invest in emerging markets.
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India's USD 15 billion pharmaceutical industry, which has been hit by a spate of regulatory sanctions in the past year due to concerns about production processes, supplies about 40 percent of generic and over-the-counter drugs to the United States.
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Glenn Saldanha, chief executive officer, Glenmark says that while the US business has been a drag, India business has been an outperformer for the company.
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The Mumbai-based drug company‘s profit grew 1.5 percent and revenue increased 16 percent year-on-year in third quarter of FY14. Year-on-year consolidated net profit increased to Rs 216.2 crore from Rs 213 crore and revenue rose to Rs 1,601.2 crore from Rs 1,382 crore.
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Glenn Saldanha expects Glenmark‘s emerging market business to recover in the second half of the year.
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Drug firm Glenmark Pharmaceuticals today reported a 64.39 per cent rise in its consolidated net profit at Rs 128.67 crore for the first quarter ended June 30, 2013 mainly on account of robust sales.
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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.
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Glenmark Pharmaceuticals on Thursday said it is aiming for up to 30 percent growth in revenues this fiscal to touch Rs 5,000 crore, with the US and Latin America expected to be primary contributors.
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There are 11 entrepreneurs debuting on the India Rich List this year.
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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.
