Glenmark Pharmaceuticals reports fiscal-year results

NEW YORK Glenmark Pharmaceuticals on Friday said its consolidated net profit for the financial year ended March 2009 stood at Rs 193.47 crore ($3.99), while it had a consolidated net profit of Rs 632.11 crore ($13.02) in the same period ended March 2008.

"The net profit figures are not comparable due to out-licensing revenue received in the last financial year 07-08 amounting to Rs 240.27 crore ($4.95) and one-time write offs taken in this financial year 08-09," Glenmark Pharma said in a filing to the Bombay Stock Exchange.

"Due to the global financial crisis, which impacted every market in the world, one-off extraordinary items and delay in product approvals by [the Food and Drug Administration], the overall business got impacted severely in the financial year. Having said that, we began taking corrective measures in the fourth quarter itself, and you will see the impact of these initiatives in this financial year," said Glenmark Pharmaceuticals CEO Glenn Saldanha.

Revenue increased to Rs 2,121.53 crore ($43.71) for the period ended March 2009, from Rs 19,82.06 crore ($40.84) in the same period last year.

Glenmark Generics Inc. posted revenue of Rs 733.77 ($15.12) crore for fiscal 2009 against revenue of Rs 564.02 crore ($11.62), a growth of 30% over the previous year.