Drug-maker Glenmark posted a healthy net profit for the three months ended December 31, 2012, buoyed by growth across markets.
The quarter under review also saw Glenmark receive out-licensing revenue of Rs 49 crore from Forest Laboratories.
Glenmark had entered into an agreement with Forest Laboratories Inc to collaborate on the development of inhibitors to treat chronic inflammatory conditions, including pain.
Having identified clinical candidates, Glenmark was to conduct pre-clinical studies and other development activities required to support the initiation of first-in-human dosing, the company had then said. Forest made a $6 million upfront payment to Glenmark, besides providing an additional $3 million to support the next phase of work.
Growth across markets
“The United States, India and Russia markets performed exceptionally well and continue to drive growth for the company” said Glenn Saldanha, Chairman and Managing Director, on the company’s performance in the third quarter.
Glenmark’s revenues from its generic drugs business stood at Rs 580 crore, against Rs 436 crore in the corresponding period last year — a growth of 33 per cent.
The specialty drugs business, excluding out-licensing revenue, was at Rs 735 crore, against Rs 560 crore in the corresponding previous quarter, recording a 31 per cent rise.
Glenmark’s India business clocked 29 per cent growth over the period, while the US generic drugs business grew 36 per cent.
Glenmark shares were flat at Rs 504 on the BSE on Tuesday.