The Hindu Business Line : Milestone receipt boosts Glenmark net profit 3-fold

Mumbai, April 28 An outlicensing-related milestone payment of $15 million, along with growth in the US market has largely contributed to a three-fold increase in Glenmark Pharmaceuticals Ltd’s net profit for the quarter ended March 31, 2008.

The company posted a consolidated net profit after tax of Rs 218.96 crore for the quarter ended March 31, 2008, compared with Rs 62.20 crore for the corresponding quarter in the previous year.

Factors for growth

Growth of 144 per cent in the US market and 66 per cent growth in the global sales of active pharmaceutical ingredients have combined with the milestone payment received from Forest Labs for the asthma molecule that was licenced out by Glenmark, a company official explained.

Total consolidated income increased from Rs 355.93 crore for the quarter ended March 31, 2007, to Rs 606.79 crore for the quarter ended March 31, 2008.

The group posted a net profit after tax of Rs 631.26 crore for the year ended March 31, 2008, compared with Rs 310.06 for the year ended March 31, 2007.

Total income increased from Rs 1,232.22 crore for the year ended March 31, 2007, to Rs 2,022.90 crore for the year ended March 31, 2008.

The Mumbai-based drug company clocked a net profit after tax of Rs 130.14 crore for the quarter under review, compared with Rs 62.56 crore in the corresponding period quarter of the previous year.

Total income increased from Rs 277 crore for the quarter ended March 31, 2007, to Rs 411 crore for the quarter ended March 31, 2008. It posted a net profit after tax of Rs 389 crore for the year ended March 31, 2008, compared to Rs 134.80 crore for the year ended March 31, 2007.

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