Glenmark aims at Rs 5k cr revenue during FY13, focus on US

Glenmark Pharmaceuticals today said it is aiming for up to 30 per cent growth in revenues this fiscal to touch Rs 5,000 crore, with US and Latin America expected to be primary drivers.

"With a 25 to 30 per cent growth, we expect to achieve Rs 5,000 crore revenues by the end of this fiscal year and the US is and will remain a key market for us," Glenmark Pharmaceuticals Chairman & MD Glenn Saldanha told PTI.

The Mumbai-headquartered firm had posted revenues of around Rs 4,000 crore in 2011-12.

The company already sells 82 products in the US market with 40 products awaiting approval from the United States Food and Drug Administration (USFDA), he added.

Saldanha was speaking here on the sidelines of an event here in which he was honoured with 'Swiss Ambassador's Award for Exceptional Innovation'.

US will continue to be a major market for all leading Indian companies and next five years will be 'golden era' for the US business, Saldanha said.

For the second quarter of this fiscal, the company's US arm Glenmark Generics Inc posted revenue of Rs 430.72 crore from sale of finished dosage formulations.

Every year the company files around 15-20 abbreviated new drug applications (ANDAs ) before the US health regulator and launches about 10 new products in the US market, he added.

The company which has nearly 75 per cent of revenues coming from the international market and 25 per cent from the domestic market, said Latin America is another focus area for the drug maker.

"Latin America is another key area for Glenmark. The sales from the region are in the range of $80 million currently," Saldanha said.

In the Latin American market, the company currently sells products manufactured at two facilities in Brazil and Argentina as well as from Indian facilities, he added.

When asked about the company's focus in therapeutic segments in the coming years, Saldanha said: "It will be in the fields of dermatology, respiratory, oncology and cardio-metabolic."

In the US market, the company currently markets 19 dermatology products, he added.

The company which currently has six molecules in different stages of development, said it plans to launch Crofelemer, a drug used for treatment of diarrhoea in HIV positive patients, by the end of next financial year.

"Crofelemer will address the largely unmet medical needs of the patients. We expect revenues of nearly $80 million from it after 3-4 years," Saldanha said.

As part of its innovations strategy, the company had out-licensed its novel monoclonal antibody, GBR 500, to French drug-maker Sanofi for $613 million.

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