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Mumbai-based Glenmark Pharmaceuticals Ltd is eyeing 10-15 per cent revenue growth for financial year 2019-20, as it expects better growth from second quarter onwards across all businesses.
The company is also looking at divesting some of assets in non-core therapy areas."There are some substantial changes happening in the global pharmaceutical market," the company said.
"In order to strengthen our position in the focus therapy areas, we will continue to explore partnering opportunities in key markets. In addition to this, we will continue to launch products across the world," the company added.
For the first quarter ended June 30, 2019, the company reported a consolidated net profit of Rs. 109.28 crore. The company's consolidated revenue stood at Rs. 2,322.87 crore for April-June quarter, while the same stood at Rs. 2,165.61 crore in the previous same period.
The sales from the formulation business in India was at Rs. 7,522.19 million as against Rs. 6,632.90 million in the previous corresponding quarter, recording a growth of 13.41 per cent.
The company also entered into a non-exclusive sub-licensing agreement with Torrent Pharmaceuticals Limited to co-market remogliflozin in India.
The company anticipates two significant generic approvals in the second quarter of FY 2019-20, which would provide impetus to the US generics business. The company filed three Abbreviated New Drug Application (ANDA) applications with the US Food and Drug Administration(FDA) in the first quarter and plans to file an additional four applications in the forthcoming quarter.
The company's revenue from Africa, Asia and CIS region was at Rs. 2,587.27 million, recording an increase of 5.43 per cent. The company's revenue from its Latin American and Caribbean operations was at Rs. 811.24 million for the first quarter, while Europe’s operations revenue was at Rs. 2,428.54 million.
Glenmark’s marketing portfolio through June 30, 2019 consists of 157 generic products authorized for distribution in the US market. The company currently has 58 applications pending in various stages of the approval process with the US FDA, of which 32 are paragraph IV applications.
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