Impressive performance by the finished drugs business in India contributed to the good growth recorded by Glenmark Pharmaceuticals Ltd in the three months under review, said Mr Glenn Saldanha, Chief Executive and Managing Director.

Net profit for the quarter under review would have been higher, the company said, if it was not for the licensing income of Rs 23 crore that was received in the corresponding quarter last year.

Also contributing to the company's performance in the third quarter ended December 31, 2010, was an all-round performance in the specialty businesses across regions, including Latin America, Rest of World markets and the Central Eastern Europe region, he said in a statement from the company.

Trials

On Crofelemer, a first-in-class, anti-diarrhoeal drug, he said, it had successfully completed phase-III trials in the US for HIV-associated diarrhoea. “This takes us close to becoming the first Indian company to launch a novel molecule in over 140 countries including India where we have exclusive marketing and distribution rights,” he said.

Phase-II trials involve the final levels of testing a drug on a larger group of humans, for safety and efficacy, before the drug is launched in the market.

Overseas performance

Sales of the formulation business in India increased to Rs 239 crore for the quarter under review, up 30 per cent from the quarter in the corresponding year. Glenmark's revenue from its Latin American and Caribbean operations stood at Rs 52 crore for the third quarter of FY 11, up 88 per cent, from the previous corresponding quarter.

Glenmark's Europe operations registered third quarter revenue of Rs 44 crore, up 27 per cent from the corresponding quarter last year. And the company's revenue from Africa, Asia and CIS region was Rs 115 crore, also up 27 per cent from the previous year.

Glenmark stocks on the BSE closed the day at Rs 300.90 after declining 1.91 per cent from the previous day's closing price.

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