Annual Report - Glenmark

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International Formulations Performance Highlights, 2004-05 The Company's international operations in the semi-regulated markets recorded revenues of Rs. 819.16 million in 2004-05, a growth of 74 percent over the previous year [Rs. 469.28 million in 2003-04]. Revenues from Africa and Asia grew by 61 percent and 62 percent respectively, while Russia and CIS demonstrated an 80 percent growth. Latin America, the newest market, recorded an exponential growth of 231 percent. The Company's US subsidiary launched its marketing and sales' front-end in the last quarter with two generic products in-licensed from companies in the US. The Subsidiary also entered into an agreement for the joint development, filing and marketing of twelve generic pharmaceutical products with a Chennai-based company and acquired two generic dossiers from a subsidiary of Stada Pharmaceuticals. The UK subsidiary of Glenmark is in the process of establishing partnerships for the Company in Europe and also evaluating acquisition opportunities for front-ends in select markets. Glenmark's Brazilian subsidiary filed 3 formulation dossiers and acquired exclusive trademark, global manufacturing and marketing rights for a leading contraceptive. In addition, Klinger Laboratories, a company acquired in Brazil in April 2004, was successfully integrated into the Group's operations and closed the year with sales of USD 5.36 million and profits of USD 0.7 million. The Company expanded its operations to cover around 70 semi-regulated country markets by March 2005. The new countries that were added to the portfolio are Eritrea, Botswana, Central African Republic, Bolivia, Haiti, Dominican Republic, Guyana, Kazakhastan and Iraq. The marketing and sales network was expanded to several countries and the Company appointed additional country managers and sales teams across the semi-regulated markets to directly market the Glenmark brand and its formulations. Introduction T his is Glenmark's fastest growing segment and its operations are spread across the regulated markets along with the rapidly growing markets of Asia, Africa, Caribbean islands, Latin America, Russia and the CIS states. The business recorded a turnover of Rs. 819.16 million, which is a 74 percent growth over the previous year [Rs. 469.28 million]. Regulated Markets: The US Initiative In 2003, North America alone accounted for nearly half of the global pharmaceutical sales at USD 229.5 billion, with a growth of 12.4 percent over the previous year. It is estimated that the US pharmaceutical market will continue to grow at a rate of 12 to 14 percent after 2003. [Executive Insight, Global Pharmaceuticals, Nov 2004] The retail generics market in the USA is valued at USD 62 billion and accounted for 13.3 percent of the pharmaceutical market in 2003 with a corresponding volume share of 30 percent. This segment which had been growing at a steady rate ranging between 4-5
partnering for growth Annual Report 2004-2005 27
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 16 and 17: Interview with MD & CEO 12 Glenn Sa
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 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
Page 66 and 67: B. Given below are the details of r
Page 68 and 69: He is also a Director of following
Page 70 and 71: Further resolutions with requisite
Page 72 and 73: (All figures in Indian Rupees) Mont
Page 74 and 75: ) Risk as to fraudulent encashment
Page 76 and 77: ANNEXURE TO AUDITORS’ REPORT Refe
Page 78 and 79: Balance Sheet Rs. In (’000s) As a
Page 80 and 81:
Cash Flow Statement Rs. In (’000s
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Schedules forming part of the Balan
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Schedules to the Profit & Loss Acco
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Schedules forming part of the Finan
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100 SECTION 212 STATEMENT PURSUANT
Page 106 and 107:
Consolidated Balance Sheet Rs. In (
Page 108 and 109:
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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Notes to the Consolidated Accounts
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118 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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Annual Report - Glenmark

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