Glenmark Q1 net up 23 pct on US generics push; beats f'cast

MUMBAI Tue Jul 26, 2011 2:56pm IST

Related Topics

MUMBAI (Reuters) - Drugmaker Glenmark Pharmaceuticals' first quarter consolidated net profit rose 23 percent, substantially beating street estimates, as robust demand in the U.S. generics business pushed sales.

The Mumbai-based company on Tuesday reported a consolidated June quarter net profit of 2.10 billion rupees on net sales of 8.68 billion rupees.

A Reuters poll of 17 brokerages had forecast a net profit of 1.63 billion rupees on net sales of 7.93 billion rupees.

During the June quarter, Glenmark's U.S. generics business grew 37 percent to 2.81 billion rupees while sales from the European Union region more than doubled to 175.36 million rupees on year, the company said in a statement.

Domestic formulations revenue stood at 2.25 billion rupees in April-June, up 20 percent on year, it said.

"The India, U.S. and Latam (Latin America) business recorded strong growth for the quarter aided primarily by new products launched in the previous year," Glenn Saldanha, chairman and managing director, Glenmark Pharma, said in a statement.

"...Our drug discovery programme has also gained significant momentum during the quarter and we continue to remain confident of taking at least one new molecule to the clinics (human trials) every year."

Glenmark, in May, out-licensed its monoclonal antibody GBR500 to French drugmaker Sanofi for $613 million.

It also settled a litigation with Daiichi Sankyo Co Ltd and Genzyme Corp over colesevelam hydrochloride - a drug used to remove bile acids from the body.

At 2:13 p.m., shares of Glenmark Pharmaceuticals, which have gained 11.82 percent in value during April-June as compared to BSE healthcare index that rose 6.21 percent, were trading at 336.35 rupees, up 2.25 percent in a weak Mumbai market.

(Reporting by Kaustubh Kulkarni; Editing by Sunil Nair)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Public Health

REUTERS SHOWCASE

Airtel Profit Jumps

Airtel Profit Jumps

Bharti Q2 net profit more than doubles   Full Article 

Maruti Earnings

Maruti Earnings

Maruti Suzuki net profit up 29 percent, beats estimates.  Full Article 

ICICI Results

ICICI Results

ICICI Bank Q2 profit up 15 percent, beats estimates.  Full Article 

Cost Cutting

Cost Cutting

PM Narendra Modi boots officials out of the first class cabin  Full Article 

Market at Record

Market at Record

Sensex, Nifty hit record highs; reforms outpace hawkish Fed.  Full Article 

Moody's on India

Moody's on India

Moody's welcomes India's policy steps, but wants to see more.  Full Article 

End Of QE

End Of QE

U.S. Fed ends bond buying, exhibits confidence in U.S. recovery.  Full Article 

Samsung Results

Samsung Results

Smartphone woes drag Samsung Elec Q3 profit to more than 3-year low.  Full Article 

Refining Margins

Refining Margins

BPCL aims to double refining margins with refinery expansion.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage