Press Release - Glenmark

B/2, Mahalaxmi Chambers,
22, Bhulabhai Desai Road,
Post Box No. 26511,
Mumbai 400 026, India
Press Release
For Immediate publication
Glenmark Pharma posts 26.65% revenue growth and 13.42%
increase in net profits in first quarter FY 2006 for its India
operations
Mumbai, July 29, 2005: Glenmark Pharmaceuticals Limited [Glenmark], one of the
country’s leading research-based pharmaceutical companies, has registered a standalone
revenue of Rs. 12485.81 lakhs [USD 28.7 mn] for the first quarter ended 30 th
June 2005, a growth of 26.65% compared to the corresponding period of the
previous year. In addition, the Company’s US, Brazil and Swiss subsidiaries
generated total revenues of Rs. 4045.56 lakhs [USD 9.3 mn], including Rs. 2610.60
lakhs [USD 6.00 mn] of NCE milestones received by the Swiss subsidiary during the
quarter. Net profit of the stand-alone India operations for the quarter was Rs.
1108.84 lakhs [USD 2.55 mn], a growth of 13.42% compared to Q1 in FY 2005.
Revenues for Q1 from the domestic formulations segment grew by a healthy 62.57%
to Rs. 8727.87 lakhs [USD 20.06 mn]. As per ORG June 2005 MAT, the retail
demand for the Company’s products showed an increase of 6.5% vis-à-vis the
industry growth of 1.9%. The International business generated revenues of Rs.
2445.11 lakhs [USD 5.62 mn], reflecting a modest growth of 14.09% compared to
the same period last year. The Domestic API and Co-marketing segment generated
revenues of Rs. 1312.83 lakhs [USD 3.02 mn] reflecting a de-growth of 44.05% over
the same period last year.
Glenmark has planned several initiatives to improve profitability including
commissioning of its plant at Baddi [Himachal Pradesh] in August 2005. The tax
benefits offered by the location will help offset the impact of the MRP-based Excise.
On the API front, the Company is already working on several new products for the
India market and is also planning to address concerns of co-marketing customers
through the manufacture of co-marketed products at Baddi.
Glenn Saldanha, Managing Director and CEO of Glenmark said: “We are confident of
closing the distance between our present performance and targets and maintain our
guidance on revenue and profit for the financial year 2005-2006.”
The Company’s NCE research program has made good progress. The Company
signed a collaboration agreement with Teijin Pharma in Japan to develop, register
and market Glenmark’s Asthma/COPD molecule GRC 3886 in Japan. The Company is
now actively seeking a partner in Europe for the molecule. GRC 3886 is on course to
commence Phase II clinical trials in the US by December 2005/January 2006; the
Phase II trials will be conducted by Forest Laboratories, Glenmark’s North American
partner for the molecule. The Company is also on-track to file its anti-diabetes lead
molecule GRC 8200 for Phase I trials during the second quarter. Work on other
programmes is progressing well.
About Glenmark
Glenmark Pharmaceuticals Limited is an emerging global, fully integrated, researchbased
pharmaceutical company headquartered in Mumbai, India. The Company has
generic formulation and API business interests in over 70 countries across the world
1 of 2

B/2, Mahalaxmi Chambers,
22, Bhulabhai Desai Road,
Post Box No. 26511,
Mumbai 400 026, India
including the highly regulated markets of USA and Europe. The formulation business
spans several product segments such as Dermatology, Internal Medicine, Paediatrics,
Gynaecology, ENT and Diabetes.
The Company in also engaged in cutting-edge research in discovering new molecules
and runs discovery projects in the areas of inflammation [Asthma/COPD, etc] and
metabolic disorders [Diabetes, Obesity, etc]. It recently announced the licensing of
its first Asthma/COPD molecule to Forest Labs and Teijin Pharma for the North
American and Japanese markets, respectively. This compound has subsequently
completed Phase I clinical trials successfully. [www.glenmarkpharma.com]
For further Information, please contact
Ms. Vaijayanti Karande
Senior Manager
[Corporate Communications]
Tel: 5654 9999 [Ext. 811]
Fax: 23519652
Email : vaijayantik@glenmarkpharma.com
2 of 2