Glenmark posts two fold profit increase for Q1

Mumbai, July 30 (UNI) Glenmark Pharmaceuticals Ltd, a research-based global pharmaceutical company, has posted two fold consolidated profit increase for the first quarter of FY 07-08.

The company's consolidated profit for the quarter was Rs 57.15 crore (USD 13.83 mn), a growth of 206 per cent as compared to corresponding quarter of the previous year, the company said here today in a statement.

Consolidated revenue for the same period was at Rs 359.42 crore marking a growth of 88 per cent compared to the corresponding quarter of previous year.

Commenting on the quarterly performance the Managing Director and CEO Glenn Saldanha said, ''on the generics and branded generics front, we are happy with the positive growth shown by our US, Latin American and India businesses and we expect them to contribute significantly to overall revenues.'' The company has expanded its portfolio in the area of biologics research with the buy-out of the two new biologic entities from Chromos, Canada and the strategic acquisition of Medicamenta in the Czech Republic has given it an initial foothold in the European market, added Saldanha.

According to the company, it has generic formulation and API business interests in over 80 countries across the world including the highly regulated markets of USA and Europe. The formulation business of the copmpany includes several product segments like dermatology, internal medicine, paediatrics, gynaecology, ENT, diabetes and oncology.

UNI