Glenmark's 3rd-qtr FY '08 profit soars 48%

Mumbai, India-headquartered Glenmark Pharmaceuticals says it is on track to exceed its $155.0 million profit forecast for its financial year 2008, having achieved a market-beating 48.2% income expansion to 2.80 billion rupees ($71.2 million), in its fiscal third quarter ended December 2007. The firm also reported consolidated revenue for the period of 6.85 billion rupees, up 53.56% on the comparable quarter of its 2007 financial year.

During the period, Glenmark said that the revenue contribution from its specialty and generic divisions had increased 32.4% to 4.17 billion rupees and 104.6% to 2.68 billion rupees, respectively. The gains made in generics are of particular interest following the firm's announcement, in November last year, of plans to spin-off this part of its business for listing on the Indian bourse in the first quarter of its 2009 fiscal year.