Glenmark Pharmaceuticals Ltd is expecting approval for four to six new products from the US Food and Drug Administration during the second half of current financial year.
Responding to a query in a press conference on teneligliptin, a drug launched by Glenmark recently for diabetes treatment here on Monday, its President and Head of India Business, Sujesh Vasudevan and Vice President – Corporate Strategy Jason D’souza said the company had received eight product approvals from the US regulator in the last six months.
As Glenmark plans to launch all approved products, the expected new launches for one billion dollar firm this year in the US could be around 12 to 14.
In the domestic market, it expects the growth to be between 18 and 20 per cent this year which will also be driven by teneligliptin brands Zita Plus and Ziten.
Diabetes portfolio contributes about ₹100 crore to the total revenue and has been growing at 20 pc per annum. Plans are on the anvil to launch a teneligliptin combination diabetes generic drug in the domestic market. It is undergoing phase III clinical trials at present, Vasudevan said.
Glenmark posted a consolidated net profit of ₹190 crore in the first quarter ended June 30, 2015 compared to ₹184 crore in the corresponding period last year on a revenue of ₹1,655 crore (₹1,457 crore).
The company’s scrip lost 5.91 per cent on the Bombay Stock Exchange on Monday and was trading at Rs 1152.90 at 2.10 pm.