Net profit for the second quarter increases by seven per cent to Rs 1650.78 m
Glenmark Pharmaceuticals announced the second quarter results ended September 30, 2014. The consolidated revenue was at Rs 16,807.08 million as against Rs 14,633.80 million an increase of 14.85 per cent. The consolidated net profit for the second quarter was Rs 1650.78 million as compared to Rs 1542.97 million for the previous corresponding quarter, recording an increase of seven per cent. Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by six per cent to Rs 3352.22 million from Rs 3156.81 million in the quarter.
“Despite the challenging environment, we have performed well across geographies viz India, Europe and Latin America. The environment continues to be tough especially in the US where product approvals have slowed down considerably and the channel consolidation has impacted overall sales,” said Glenn Saldanha, Chairman and Managing Director, Glenmark Pharmaceuticals.
“We have made significant progress in our innovation pipeline, the highlight being the discovery and the Initiation of IND enabling Studies of GBR 1302, the first bispecific antibody based on Glenmark’s proprietary BEAT platform and our first clinical candidate targeting oncology indications,” he added.
For the six month ended September 30, 2014, Glenmark’s consolidated revenue was at Rs 31,676.48 million as against Rs 27,016.23 million, an increase of 17.25 per cent over the previous corresponding period. Sales for the formulation business in India for the second quarter ended September 30, 2014, was at Rs 4,781.50 million as against Rs 4,176.80 million in the previous corresponding quarter, recording a growth of 14.48 per cent.
EP News Bureau – Mumbai
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