Glenmark Pharma records 47% jump in Q1 net at Rs 333 cr

Glenmark Pharmaceuticals today reported a 47 per cent rise in consolidated net profit to Rs 333.38 crore for the first quarter ended June, mainly on account of robust sales in the US and India.

The company had posted a net profit of Rs 226.78 crore for the corresponding period of the previous fiscal, Glenmark Pharmaceuticals said in a BSE filing.

Consolidated revenue from operations of the company also rose to Rs 2,363 crore for the quarter under consideration as against Rs 1,969.38 crore for the same period year ago.

Commenting on the results, Glenmark Pharmaceuticals Chairman and MD Glenn Saldanha said: "Despite challenges in India and the US markets, the performance of these businesses have been good."

In India, the company continues to be one of the fastest growing companies in the pharma market. In the US, after a steady stream of product approvals in the first quarter, the base business has rebounded well, he added.

The sales for the formulation business in India for the quarter ended June 30, 2017 were at Rs 616.40 crore as against Rs 535.04 crore for the corresponding quarter of previous fiscal, Glenmark said.

Sale of finished dosage formulations in the US was at Rs 1,045.02 crore for the quarter under review against revenue of Rs 698.18 crore for the year-ago period, it added.

"During the quarter, for GSP 301, we received confirmation that the data from our phase 3 trial is sufficient to support an NDA filing. This is an important milestone as GSP 301 will be our first NDA to be filed in the US," Saldanha said.

GSP 301 is a combination of a steroid and an anti- histamine administered intra-nasally for the treatment of seasonal allergic rhinitis in adults and children, the company said.

The company has a pipeline of seven new molecular entities which includes two new chemical entities and five new biological entities in various stages of clinical development focused in the therapeutic areas of oncology, respiratory and dermatology, Glenmark said.

"The company also has three speciality products in clinical development targeting key indications in the respiratory therapy area," it added.

Shares of Glenmark Pharmaceuticals ended 1.28 per cent up at Rs 715.75 on BSE.