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

REUTERS SHOWCASE

Jaitley's Health

Jaitley's Health

Finance minister back in hospital for check-up.  Full Article 

Modi's U.S. Visit

Modi's U.S. Visit

Modi to observe strict fast during maiden trip to U.S.  Full Article 

Mangalyaan

Mangalyaan

India's Mars mission a step closer to success with engine test  Full Article 

Shortage of Coal

Shortage of Coal

Coal import rush leads to port congestion  Full Article 

Alibaba IPO

Alibaba IPO

IPO ranks as world's biggest after additional shares sold   Full Article 

Bumper Sales

Bumper Sales

Apple sells more than 10 mln new iPhones in first three days  Full Article 

Asian Games 2014

Asian Games 2014

Full coverage of the 17th Asian Games as Incheon.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

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