Glenmark net up 23.19

Glenmark Pharmaceuticals said their net profit rose by 23.19 to Rs 210.10 crore for the quarter end.

Glenmark Pharmaceuticals today said its consolidated net profit rose by 23.19 per cent to Rs 210.10 crore for the quarter ended June 30,2011 on the back of a strong performance in both speciality formulations and generic businesses.

The company had posted a net profit of Rs 170.54 crore for the quarter ended June 30,2010 Glenmark Pharmaceuticals said in a filing to the Bombay stock Exchange BSE.

Consolidated net sales of the company for the quarter ended June 30,2011,rose to Rs 868.25 crore from Rs 681.77 crore in the corresponding quarter last fiscal.

8220;The India,US and Latam business recorded strong growth for the quarter aided primarily by new products launched in the previous year,8221; Glenmark Pharmaceuticals Chairman amp; MD Glenn Saldanha said.

8220;Both the generics and speciality business recorded very good growth for the quarter. Our drug discovery programme has also gained significant momentum during the quarter,8221; he added.

The speciality business revenues of the company in India rose to Rs 225.38 crore for the quarter ended June 30,2011 as compared to Rs 187.75 crore in the corresponding quarter previous fiscal.

The company8217;s revenues for the rest of the world ROW markets for the first quarter FY 2011-2012 also increased significantly to Rs 104.67 crore over Rs 73.33 crore for the same quarter previous fiscal.

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Latin America revenues continued to grow to Rs 59.19 crore for the quarter ended June 30,2011 over Rs 36.61 crore for the same quarter last fiscal. The company8217;s revenues also grew moderately in Europe.

In the field of research and development,the company said it has a robust pipeline of five novel chemical entities and novel biologics entities in clinical trials,including the in-licenced molecule 8216;Crofelemer8217; used for treating diarrhoea.

The company today received USD 15 million over Rs 65 crore as advance payment from US-based Salix Pharmaceuticals to upgrade its plant for production of Crofelemer,Glenmark said.

As per the terms of the agreement,Salix had agreed to pay Glenmark USD 21.6 million about Rs 95 crore as a commitment fee in five equal annual instalments,with the first annual instalment due in July,2012,it added. MORE