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Glenmark Pharmaceuticals Ltd has announced the following results for the quarter & year ended March 31, 2008:

The Audited results for the Quarter ended March 31, 2008

The Company has posted a net profit after tax of Rs 1301.409 million for the quarter ended March 31, 2008 as compared to Rs 625.632 million for the quarter ended March 31, 2007. Total Income has increased from Rs 2770.279 million for the quarter ended March 31, 2007 to Rs 4119.053 million for the quarter ended March 31, 2008.

The Audited results for the Year ended March 31, 2008

The Company has posted a net profit after tax of Rs 3890.238 million for the year ended March 31, 2008 as compared to Rs 1348.043 million for the year ended March 31, 2007. Total Income has increased from Rs 8089.025 million for the year ended March 31, 2007 to Rs 13927.368 million for the year ended March 31, 2008.

The Consolidated results are as follows:

The Unaudited consolidated results for the Quarter ended March 31, 2008

The Group has posted a net profit after tax of Rs 2189.632 million for the quarter ended March 31, 2008 as compared to Rs 622.027 million for the quarter ended March 31, 2007. Total Income has increased from Rs 3559.311 million for the quarter ended March 31, 2007 to Rs 6067.954 million for the quarter ended March 31, 2008.

The Unaudited consolidated results for the Year ended March 31, 2008

The Group has posted a net profit after tax of Rs 6312.597 million for the year ended March 31, 2008 as compared to Rs 3100.600 million for the year ended March 31, 2007. Total Income has increased from Rs 12322.232 million for the year ended March 31, 2007 to Rs 20229.058 million for the year ended March 31, 2008.

The figures for the Consolidated results for the year ended March 31, 2007 are Audited.

Glenmark Pharmaceuticals Ltd has announced that it has implemented the re-organisation of its business into Speciality and Generics. The reorganization process had begun in Q3 FY 2007-08.

The reorganization was essential as both Glenmark’s Speciality and Generics business has grown rapidly, posing a challenge of managing two diverse businesses that had both attained a critical mass. The reorganization aims to promote sharper focus on generics and specialty as separate businesses with distinctive needs, skill-sets, objectives and growth imperatives and aligned management teams.

As a result of the reorganization, Glenmark has transferred its Generics and Active Pharmaceutical Ingredients (API) businesses to its subsidiary - Glenmark Generics Ltd (GGL). GGL is guided to generate USD 180 Mn in Net Sales in FY08 and USD 255 Mn in FY09.

Mr. Terrance Coughlin (erstwhile President - API and US Generics, Glenmark) has been appointed as the CEO of GGL. Mr. Glenn Saldanha will function as the Chairman of Glenmark Generics Ltd. Glenn has been responsible for launching and running Glenmark’s generic and API businesses.

Mr. Pushpinder Bindra comes aboard GGL as Chief Operating Officer.

Speaking on this development, Mr. Glenn Saldanha, CEO & MD, Glenmark Pharmaceuticals Ltd, said, “The business reorganization marks the beginning of a new era in the life of Glenmark.” He further elucidates, “If Glenmark’s recent growth was divided in phases, with the period of 2003-07 being the first phase of growth where the Company transformed from an India-centric branded generics player into a global, researched based, integrated Pharma Company in manufacturing and marketing. Here, begins the second phase, where the Company aims to become a global end to end specialty Company with capability to research, develop and launch its own differentiated branded products. On the Generics side of its business, GGL aims to be a global integrated generic and API leader.”

Going forward, GGL will handle the development, manufacture and distribution of generic formulation and API businesses. The parent Company Glenmark Pharmaceuticals Ltd continue to directly manage the novel R&D, biologics and branded formulation businesses of the Glenmark group including India, Brazil, Rest of Latin America (excluding Argentina), Russia/CIS, Africa and Asia.

The Generics business will inherit Glenmark’s Goa plant for formulations, the three API plants in India, sales units in the USA and UK and the Argentina oncology operations. In addition, a group from R&D focused on API and Formulation Development will also move to the generics Company.

The branded business will remain in Glenmark Pharmaceuticals and retain all remaining assets, branded sales groups in India and overseas and all remaining R&D operations related to NCEs, Biologics and formulation development for brands.

Glenmark Pharmaceuticals Ltd has informed BSE that Glenmark Pharmaceuticals Inc (GPI), the US subsidiary of Glenmark Pharmaceuticals Ltd (Glenmark), one of the world’s leading, integrated specialty pharmaceutical and high-quality generic Companies, has commenced marketing and distribution of five Clobetasol Propionate dermatology products in the US market.

The Company has acquired the US marketing rights for a line of Clobetasol Propionate products which include - Cream, E Cream, Ointment Gel and Topical Solution through an US based pharmaceutical development Company.

Clobetasol Propionate is used to treat diseases such as eczema and psoriasis, where it is used on the scalp and body. It is also dispensed to counter auto-immune presentations, such as Alopecia areata (hair loss due to auto-immune diseases) and Lichen planus (auto immune skin nodules). The total sales for the five above mentioned Clobetasol Propionate products in the 12 month period ending December 2007 were in excess of USD 28 million, as per the IMS Health report.

This dermatology portfolio marks Glenmark’s entry into the US semisolid product market. The Company plans to launch an additional 11 dermatological products in the next 12 months.

Based on these recent launches, GPI now has a portfolio of 28 generic products for the US market. The Company currently has over 35 ANDAs undergoing US FDA approval process / launch.