Annual Report - Glenmark

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Interview with MD & CEO 12 Glenn Saldanha, Managing Director and CEO reviews the year How would you rate the Company's performance in 2004-05 The financial year under review has been an eventful year for Glenmark. The out-licensing of GRC 3886 to Forest Laboratories and Teijin Pharma Ltd. has changed the playing field for the Company. Not only does the deal present us the necessary cash flow for future expansion and growth, but it also validates our business model, and demonstrates that India can indeed deliver on its potential of discovering new molecules at significantly low costs. Financially, the Company reported a consolidated revenue growth of 60.79 percent and a net profit growth of 159.21 percent over 2003-04. However, profits from the generics business showed a marginal growth compared to the previous year; the bulk of the increase in profits was on account of milestone payments from the NCE business segment. Conversely, the low growth in profitability in the generics business belies the successful initiatives undertaken by the Company in building strength and capability in several business segments and markets. Furthermore, the Company successfully launched its sales and marketing frontend targeting the US generics opportunity while investing in building its bulk and formulation product pipelines to address the generics opportunity in regulated markets. The operational integration of Klinger Laboratories, a private company acquired by Glenmark in April 2004, was completed and several new products were filed for approval in Brazil. The Company entered 9 new export markets across Africa and Asia and also registered over 200 products in around 70 overseas markets. These efforts have positioned the Company well to grow rapidly across all its business segments over the next few years. Despite a successful effort at improving efficiencies in various business segments, these firm-building activities led to an increase in costs. This was compounded by pressures brought about by structural amendments in the Indian Pharmaceutical Industry such as continued price erosion due to competitive pressures, introduction of MRP-based excise duties and uncertainty surrounding the introduction of VAT [Value Added Tax] which, in turn, led to a drop in off-take by channel partners. What were the other achievements We continued investing in a number of initiatives to migrate up the value chain. For instance, we filed six ANDAs from our state-of-art manufacturing facility at Goa. We carried out various modules of expansion and upgrade programmes at our other manufacturing facilities. We completed filing thirteen DMFs till March 2005 and also commenced sales of some of these bulk drugs to customers in regulated markets during the year. On one hand, we introduced new drugs to counter declining prices in the Indian market with enhanced revenues, while on the other; we consolidated our domestic formulation business by strengthening key brands and deepening our product basket. In the API business, our Ankleshwar plant was inspected and approved by the US FDA and we also enhanced the capacity of our bulk drug manufacturing facility
The Company successfully launched its sales and marketing front-end targeting the US generic opportunity while investing in building its bulk and formulation product pipelines to address the generic opportunity in regulated markets. Annual Report 2004-2005 13
Page 1 and 2: Glenmark Pharmaceuticals Limited An
Page 3: Consolidated Financial Highlights Y
Page 6 and 7: Global. Research-focused. Integrate
Page 8 and 9: Global accounts for half the global
Page 10 and 11: Research-focused 6 In the post-GATT
Page 12 and 13: Integrated 8 Glenmark's business st
Page 14 and 15: Highlights, 2004-05 Consolidated re
Page 18 and 19: Our lead compound for Asthma and CO
Page 20 and 21: Business Divisional Analysis 16 Ind
Page 22 and 23: Domestic Formulations Performance H
Page 24 and 25: 20 accounted for almost 50 percent
Page 26 and 27: Active Pharmaceutical Ingredients 2
Page 28 and 29: Therapeutic segment contribution in
Page 30 and 31: International Formulations Performa
Page 32 and 33: 28 percent evinced a growth spurt i
Page 34 and 35: Research and Development 30 JANUARY
Page 36 and 37: 32 compounds are licensed to global
Page 38 and 39: Diabetes/Obesity Incidence Globally
Page 40 and 41: Global Management Team Name Glenn S
Page 42 and 43: 38 Revenues Glenmark's turnover for
Page 44 and 45: 40 Secured Loans Secured loans incr
Page 46 and 47: existing employees to keep them in
Page 48 and 49: 44 who are geared to respond to and
Page 50 and 51: Profit & loss Account (Rs. in ‘00
Page 52 and 53: PAT Margin Research and development
Page 54 and 55: Directors’ Report Your Directors
Page 56 and 57: 52 of the Company. On exercising th
Page 58 and 59: Annexure to the Directors’ Report
Page 60 and 61: v. The products launched and sold i
Page 62 and 63: Disclosure pursuant to the provisio
Page 64 and 65: Report on Corporate Governance Purs
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B. Given below are the details of r
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He is also a Director of following
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Further resolutions with requisite
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(All figures in Indian Rupees) Mont
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) Risk as to fraudulent encashment
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ANNEXURE TO AUDITORS’ REPORT Refe
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Balance Sheet Rs. In (’000s) As a
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Cash Flow Statement Rs. In (’000s
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Schedules forming part of the Balan
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Schedules forming part of the Finan
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100 SECTION 212 STATEMENT PURSUANT
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Consolidated Balance Sheet Rs. In (
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Consolidated Cash Flow Statement Rs
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Schedules forming part of the Conso
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114 Notes to the Consolidated Accou
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14 13 12 43 19 71 49 10 5 20 62 3 3
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