The Hindu Business Line : Glenmark Q1 net up 163 pc

The company that specialises in the dermatology and respiratory segments closed its first quarter ended June 30 2004 with sales revenue of Rs 103.37 crore.

Net profit for the quarter was Rs 10.23 crore, a growth of 163.61 per cent compared to the corresponding period of the previous year, a company communiqué said.

Glenmark, on a standalone basis, has registered revenues of Rs 98.58 crore, a growth of 70 per cent. Profit after tax at Rs 9.78 crore, has risen by 152 per cent.

Revenues from the domestic formulations segment grew by 17.84 per cent to Rs. 53.69 crore.

The company's Active Pharmaceutical Ingredients (API) manufacturing facility at Ankhleshwar has been inspected by the USFDA and it expects to start commercial supplies of API to regulated markets later this year, the note said.

Glenmark has completed pre-clinical studies for its PDE4 inhibitor compound GRC-3886 in the Asthma segment.

The company has tied up with Quintiles, a global contract research organisation to commence clinical trials in the UK shortly. The filing for the trials is likely to be completed on schedule by end-July or early August, the company said.

Glenmark's compounds for diabetes and obesity continue to progress well in the pre-clinical study phase and the company expects to meet its plan to take one of these compounds into clinical trials by the end of this financial year, the note added.

Further, the last quarter saw Glenmark complete the operational integration of its Brazilian acquisition, Klinger Laboratories.

The company has incorporated a wholly owned subsidiary in Switzerland during July 2004 with the objective to undertake registrations and sell to several semi-regulated and regulated markets and to set up and conduct R&D activities in Switzerland.

The Swiss subsidiary will also manage Glenmark's Global IP portfolio and coordinate clinical trials on its NCE compounds, the note said.