Glenmark Pharmaceuticals (GLENMARK) Q4 07/08 earnings summary

Executive summary

• FY07/08 consolidated revenue rose 60.5% to Rs 20,092.01 Mn and PAT increased 103.9% to Rs 6,321.11 Mn; growth reflected new markets, product additions and out-licensing milestones.

• Business reorganisation separated specialty/proprietary and generics operations from April 1, 2008, aiming to sharpen focus and support growth in both models.

Financial highlights

• Consolidated sales and operating income reached Rs 20,092.01 Mn versus Rs 12,515.34 Mn; other income was Rs 458.20 Mn versus Rs 156.99 Mn.

• Consolidated PBDIT was Rs 8,463.46 Mn versus Rs 4,419.85 Mn; PBT was Rs 7,114.99 Mn versus Rs 3,613.18 Mn.

• Consolidated net profit after tax and minority interest was Rs 6,321.33 Mn versus Rs 3,100.60 Mn; basic and diluted EPS were Rs 25.84 and Rs 24.96.

• Operating cash flow was Rs 3,717.83 Mn; investing outflow was Rs 5,098.58 Mn and financing inflow was Rs 1,888.26 Mn.

Outlook and guidance

• FY08/09 consolidated revenue target was Rs 28,010 Mn (USD 673 Mn).

• FY08/09 plans included at least eight molecules in clinical trials, with 4–5 in Phase II, and two additional out-licensing deals.

• Generics plans included 20+ US launches, at least 30 US ANDA filings, 10 EU MAAs and entry into 3–4 new oncology markets.

• Specialty plans included 100+ product launches, 300+ product approval filings and a US specialty marketing front end through acquisition or other means.