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Guiding for 18-20% sales growth in FY12
NCE pipeline can throw out surprises. The company has outlicensed its NCE “GRC 15300” to Sanofi-Aventis for a total
deal value of USD350mn. Glenmark received upfront payment of USD20mn and expects to receive 13-15% in royalty
income as the molecule proceeds through clinical trials to receive regulatory approval. Other key pipeline products include
Crofelemer, GRC 4039, and GBR 500.
For Crofelemer, Glenmark has exclusive rights in markets excluding the US, EU, Japan and China. Glenmark will supply
API for regulated markets as well. Crofelemer is expected to be an USD80mn product in RoW markets and it is in
development for multiple indications. The Phase III trial in adult acute diarrhoea met with a positive outcome.
Branded generic business in India expected to grow 20% and likely to end FY11 at USD180mn. The company has 10
divisions and c2000 reps. Ex-India focus is on other big markets like Russia and Brazil; expects operating margin in
LatAm market to grow 2-3ppts in the next fiscal year.
Generic business in US to stay flat, essentially due to impact of adverse Tarka ruling and nitroglycerin withdrawal. Filings
for derma, oral contraceptives, controlled substances and modified release products are in progress for US market. The
company is also filing oncology products in the US market, though material contribution will be post FY13/14. US generic
business is expected to grow 20% yoy, assuming timely Malarone launch in Q3FY12 as per settlement. Western EU
business is small at cUSD10mn with presence in UK, Germany, Netherlands. Oncology business is at cUSD4-5mn.
API business expected to grow 15%; SRM (Africa, Asia, Russia) to grow 20-25%. API margins will remain in low
double-digits.
Debtor days stand at 125 and net debt is INR18bn. Glenmark has paid off its FCCBs. The company doesn’t hedge its
exports using derivative products.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
Guiding for 18-20% sales growth in FY12
NCE pipeline can throw out surprises. The company has outlicensed its NCE “GRC 15300” to Sanofi-Aventis for a total
deal value of USD350mn. Glenmark received upfront payment of USD20mn and expects to receive 13-15% in royalty
income as the molecule proceeds through clinical trials to receive regulatory approval. Other key pipeline products include
Crofelemer, GRC 4039, and GBR 500.
For Crofelemer, Glenmark has exclusive rights in markets excluding the US, EU, Japan and China. Glenmark will supply
API for regulated markets as well. Crofelemer is expected to be an USD80mn product in RoW markets and it is in
development for multiple indications. The Phase III trial in adult acute diarrhoea met with a positive outcome.
Branded generic business in India expected to grow 20% and likely to end FY11 at USD180mn. The company has 10
divisions and c2000 reps. Ex-India focus is on other big markets like Russia and Brazil; expects operating margin in
LatAm market to grow 2-3ppts in the next fiscal year.
Generic business in US to stay flat, essentially due to impact of adverse Tarka ruling and nitroglycerin withdrawal. Filings
for derma, oral contraceptives, controlled substances and modified release products are in progress for US market. The
company is also filing oncology products in the US market, though material contribution will be post FY13/14. US generic
business is expected to grow 20% yoy, assuming timely Malarone launch in Q3FY12 as per settlement. Western EU
business is small at cUSD10mn with presence in UK, Germany, Netherlands. Oncology business is at cUSD4-5mn.
API business expected to grow 15%; SRM (Africa, Asia, Russia) to grow 20-25%. API margins will remain in low
double-digits.
Debtor days stand at 125 and net debt is INR18bn. Glenmark has paid off its FCCBs. The company doesn’t hedge its
exports using derivative products.
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