About
Glenmark Pharmaceuticals Ltd
Glenmark Pharmaceuticals Ltd was incorporated in November 18th, 1977. The Company is actively involved in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). It is engaged in the business of development, manufacture and marketing of pharmaceutical products both formulation and active pharmaceuticals ingredients to regulated and semi-regulated markets.
The company has several molecules in various stages of pre-clinical and clinical development primarily focused in the areas of Oncology, Respiratory and Dermatology. Its branded generics business has a significant presence in markets across emerging economies including India. The company has 14 manufacturing facilities across US, India, Argentina, Czech Republic and Switzerland. The generics business services the requirements of developed markets like the US and Western Europe. The API business sells products in over 80 countries including the US, various countries in the EU, South America and India.
In the year 1979, the company entered dermatology market with the launch of 'Candid Cream'. In the year 1980, they started exporting their products. In the year 1983, the company commissioned their first manufacturing facility at Nasik in Maharashtra. In the year 1984, they established R&D department at Nasik Plant. In the year 1987, they launched Ascoril.
In the year 1989, the company started operations in Afghanistan, Sri Lanka, Kenya and Mauritius. In the year 1982, the company expanded the Nashik plant by acquiring the adjacent plot to include the R&D Department as well as increase in installed production capacity. In the year 1996, the company incorporated a wholly owned subsidiary company namely, Glenmark Exports Pvt Ltd to consolidate their position in international business. In the year 1999, they started marketing their products in Brazil. In the year 2000, they came out with the public issue. They entered in diabetes segment. Also, they acquired three brands from Lyka Labs.
In the year 2001, the company launched API manufacturing business. In the year 2002, they acquired an API manufacturing facility at Ankleshwar, Gujarat from Glaxosmithkline Pharmaceuticals Ltd. In the year 2004, the company entered their first out-licensing deal for discovery R&D with Forest Laboratories for Oglemilast, their CIPD/asthma molecule. They acquired Laboratories Klinger; Brazil together with their ANVISA approved manufacturing facility inorder to expand their operations in the Latin American markets. They commissioned their own manufacturing facility in Goa to service exports to regulated markets, namely USA.
In the year 2005, the company launched commercial sales front-end in the US. They commissioned a new manufacturing facility at Baddi, Himachal Pradesh. They entered collaborative agreement on Oglemilast with Teijin Pharma for the Japan region. Also, they announced collaborative agreement with Napa Pharmaceuticals Inc, for their anti-diarrheas compound Crofelemer. The company acquired Servycal S A, a marketing company in Argentina with strengths in oncology. Also, they acquired Bouwer Bartlett Pty Ltd, a sales and marketing company in South Africa.
In the year 2006, the company signed out-licensing deal in discovery R&D with Merck KGaA, Germany for their diabetes molecule, Melogliptin. Their lead molecule Oglemilast (GRC 3886) entered Phase II clinical trials. In the year 2007, the company acquired Medicamenta, a marketing and manufacturing company in the Czech Republic. Their molecule GRC 6211 for the potential treatment of pain, including osteo-arthritis pain out-licensed to Eli Lily. They received MHRA, UK approval for their semi-solid manufacturing plant at Baddi.
In the year 2008, the company initiated Phase II-b for Oglemilast (GRC 3886) in Asthma. They completed pre-clinical development for initiating Phase I trials for GBR 500, a monoclonal antibody for inflammation. The company's molecule for Rheumatoid Arthritis, GRC 4039, entered Phase I trials. They re-organized their business and incorporated Glenmark Genrics Ltd as a subsidiary company. They received USFDA approval for the state-or-the-art semi-solids manufacturing plant at Baddi. In the year 2009, the company's molecule for neurophatic pain, osteoarthritis, completed the Phase I trials. During the year 2009-10, the company incorporated a subsidiary company, namely Glenmark Generics B.V., Netherlands.
In the year 2010, Crofelemer, a first-in-class anti-diarrhoeal molecule completed phase 3 trials. They received the final approval for Pramipexole Dihydrochloride tablets from the USFDA. Glenmark Generics entered into an exclusive licensing agreement with Par Pharmaceuticals, USA to market Ezetimibe. The company and Sanofi-Aventis signed license agreement to grant Sanofi-Aventis a license for the development and commercialization of novel agents to treat chronic pain. They launched 'Prasugrel', a revolutionary new anti-platelet drug for the management of Acure Coronary Syndrome with PCT (Precutaneous Coronary Intervention) for the first time in India.
During the year 2010-11, the company has incorporated a subsidiary company namely, Glenmark Arzneimittel GmbH, Germany. In October 2010, the company won the Frost and Sullivan Award for 'Indian Innovator Pharmaceutical Company of the year' in October 2010. The company was chosen as the 'Best Company Across Emerging Markets' 2011, and recognized for the 'Best Overall Pipeline' 2011 by SCRIP, the largest selling and most respected pharmaceutical magazine in the world.
In 2012, Forest Laboratories and Glenmark Signed Development Agreement for Worldwide Collaboration on Novel Agents to treat Chronic Inflammatory Conditions. Glenmark Generics announces the settlement of Paragraph IV litigation with Janssen Pharmaceuticals, Inc. Glenmark Generics receives tentative approval for zolmitriptan orally disintegrating tablets. The International Centre for Dispute Resolution ruled in favor of Glenmark on arbitration claim against Napo.
In 2013, Glenmark announces launch of Hydrocortisone Butyrate cream in the US. Glenmark announces a new Discovery and the Initiation of IND enabling studies of a novel monoclonal antibody targeting OX40. The USFDA approves the companies Crofelemer 125 mg delayed-release tablets for the symptomatic relief of diarrhea in patients with HIV/AIDS on anti-retroviral therapy (ART). Glenmark Generics receives ANDA approval for Mupirocin Calcium Cream USP 2%. Atovaquone Prognanil (Malarone) patent revoked & Glenmark launches first UK generic. Glenmark discovers IND enabling studies of a novel monoclonal antibody.
In 2014, Glenmark merge its subsidiaries i.e. Glenmark Generics Ltd. ('GGL') and Glenmark Access Ltd. ('GAL') with GPL. Glenmark enters Oncology with the Discovery and the Initiation of IND enabling studies of an innovative bi-specific antibody. Glenmark Pharmaceuticals inaugurates new Antibody Manufacturing Facility in La Chaux-de-Fonds, Switzerland. US Food & Drug Administration (USFDA) has granted Glenmark its final acceptance for abbreviated new drug approval (ANDA) to the company. Glenmark Pharma receives $5 mn from Sanofi as milestone payment from Sanofi on a collaboration of its VLA2 (alpha2-beta l) integrin monoclonal antibody. Glenmark Generics gets USFDA nod for skin infection cream.
In 2015, Glenmark Pharmaceuticals Ltd announces approval and launch of Ashlyna TM Extended - Cycle Oral Contraceptive Tablets in the US. Glenmark Pharmaceuticals Ltd announces approval and launch of Trandolapril & Verapamil Hydrochloride (HCI). Glenmark Pharma gets US FDA nod for Salmecort MDI Inhaler in Russia. The Cabinet Committee on Economic Affairs (CCEA) headed by PM approves the foreign investment proposals of two pharma majors Glenmark Pharmaceuticals and Aurobindo Pharma worth Rs 4,187 crore. Glenmark Pharmaceuticals Ltd. has certified approving the Scheme of Arrangement of Glenmark Generics Ltd. and Glenmark Access Ltd. with Glenmark Pharmaceuticals Ltd. Glenmark announces Strategic Development & Licensing Agreement with Celon, Poland for generic Seretide Accuhaler in Europe. Glenmark Pharmaceuticals receives tentative ANDA approval for Lacosamide Tablets, 50 mg, 100 mg, 150 mg and 200 mg. Glenmark Pharmaceuticals receives ANDA approval for Clotrimazole and Betamethasone Dipropionate Cream USP, 1%: 0.05%. Glenmark Pharmaceuticals has entered into a settlement agreement with Forest Laboratories, LLC, Forest Laboratories Holdings, Ltd., and Royalty Pharma. During the year, the company received approval for generic Seretide in Russia.
On 19 September 2016, Glenmark Pharmaceuticals, Inc., USA announced that it has entered into a strategic Development, License and Commercialization Agreement with Particle Sciences, Inc. to develop and market a generic version of Celgene's ABRAXANE product - paclitaxel protein (albumin)-bound particles for injectable suspension. As per the terms of the agreement, Glenmark has obtained Global Exclusive Marketing and Distribution rights of the product upon commercialization. Particle Sciences will develop this product exclusively for Glenmark, and shall receive certain milestone payments during various stages of the product's development from Glenmark, including royalties on sales.
On 12 December 2016, Glenmark Pharmaceuticals Inc., USA announced the availability of ezetimibe, the first and only generic version of ZETIA (Merck) in the United States for the treatment of high cholesterol. The availability of ezetimibe is the result of a licensing partnership with Par Pharmaceutical, an Endo International plc operating company, with whom Glenmark will share profits. Glenmark and its partner, Endo will be entitled to 180 days of generic drug exclusivity for ezetimibe as provided for under Section 505 (j) (5) (B) (iv) of the FD&C Act.
On 19 December 2016, Glenmark Pharmaceuticals announced its strategic blueprint to transition into an innovation-led global pharmaceutical organization over the next decade. The Blueprint conveys the company's greater business alignment expanding generics to prioritizing research and development efforts in three key therapeutic areas: oncology, respiratory and dermatology. The innovative oncology pipeline, with candidates targeting multiple tumors, is the top priority with the greater promise to deliver novel, first-in-class molecules and help Glenmark evolve into a fully commercialized, innovation-led pharmaceutical company. The strategic blueprint also outlines aggressive plans to increase Glenmark's presence worldwide by strengthening focus on complex generics including injectables and expanding its manufacturing footprint.
On 2 March 2017, Glenmark Pharmaceuticals announced that its US subsidiary Glenmark Pharmaceuticals Inc., USA, and Evestra, Inc. have completed a strategic development, license and commercialization agreement to develop and market a generic version of Merck's & Co.'s NuvaRing product - etonogestrel/ethinyl estradiol vaginal ring - designed to allow women access to a more affordable birth control option. Development on the vaginal ring product is currently under way and the two companies expect to file an Abbreviated New Drug Application (ANDA) in fiscal 2019. Evestra will develop this product exclusively for Glenmark for the US market, and will receive certain milestone payments during various stages of the product's development, including royalties on net sales. Glenmark has secured exclusive marketing and distribution rights for the product, including an option to commercialize two additional Evestra vaginal ring products, for the US market.
On 30 March 2017, Glenmark Pharmaceuticals announced positive results for GSP 301, an investigational fixed-dose combination of mometasone furoate (25 mcg) and olopatadine hydrochloride (665 mcg) administered twice daily as a nasal spray being studied for the treatment of seasonal allergic rhinitis. These results are from a recently completed Phase 3 trial assessing the efficacy and safety of GSP 301 combination therapy versus mometasone, olopatadine or placebo.
On 14 December 2017, Glenmark Pharmaceuticals announced that it met its primary clinical endpoint in a Phase 3 study evaluating the safety of Ryaltris, an investigational fixed-dose combination nasal spray, in perennial allergic rhinitis (PAR). Ryaltris has conditionally accepted as the brand name for GSP 301 Nasal Spray by the US Food & Drug Administration (FDA). Glenmark plans to submit the company's first new drug application (NDA) to the FDA for Ryaltris for the treatment of patients with seasonal allergic rhinitis (SAR) in the first quarter of CY 2018.
On 22 February 2018, Glenmark Pharmaceuticals announced that it has entered into an exclusive agreement with South Korea's Sam Chun Dang Pharm. Co. Ltd. (SCD), to develop, manufacture and market a portfolio of ophthalmic products in the US and Canada. Under this agreement, these products will be developed and manufactured by SCD in South Korea. Glenmark will seek all market authorizations and commercialize the products in North America.
On 4 April 2018, Glenmark Pharmaceuticals and Helsinn Group (Helsinn), a Swiss pharmaceutical group focused on building quality cancer care products, announced that they have entered into an exclusive licensing agreement to introduce AKYNZEO in India and Nepal. AKYNZEO, an oral fixed combination of netupitant 300mg and palonosetron 0.5mg in capsule form, is used for prevention of Chemotherapy-induced Nausea and Vomiting (CINV). The licensing agreement with Glenmark for AKYNZEO represents Helsinn's first such agreement in India. Glenmark will have exclusive marketing rights for AKYNZEO in India and Nepal.
On 22 May 2018, Glenmark Pharmaceuticals announced that the company has submitted a New Drug Application (NDA) to the US Food & Drug Administration (FDA) for its leading respiratory pipeline candidate Ryaltris, an investigational fixed-dose combination nasal spray of an antihistamine and a steroid, as a treatment for seasonal allergic rhinitis (SAR) in patients 12 years of age and older. Ryaltris (olopatadine hydrochloride (665 mcg) and mometasone furoate (25 mcg), formerly GSP 301 Nasal Spray, has been conditionally accepted by the FDA as the brand name.
On 19 June 2018, Glenmark Pharmaceuticals announced that the US Food & Drug Administration provided its first supplemental Abbreviated New Drug Applications (ANDA) approval for the company's manufacturing facility in Monroe, North Carolina. The approval covers: Atovaquone and Proguanil Hydrochloride Tablets, 250 MG/100 MG and 62.5 MG/25 MG, a generic version of GlaxoSmithKline's Malarone (atovaquone and proguanil hydrochloride) Tablets. The Monroe, North Carolina facility is Glenmark's first manufacturing site in the US, designed to manufacture a variety of fixed dose pharmaceutical formulations. Glenmark has invested more than $100 million into the facility with plans for further expansion in the coming years. At peak capacity, the site is anticipated to produce 300-400 million tablets and capsules, 20-25 million vials and pre-filled syringes and 25-30 million ampoules for inhaled formulations.
During the F.Y. 2017-18 Glenmark Pharmaceuticals Singapore Pte. Ltd. was formed as the wholly owned subsidiary of the company
In FY18, Glenmark was granted approval of 21 Abbreviated New Drug Applications (ANDA), comprising 18 final approvals and three tentative approvals. Notable approvals include Aprepitant Capsules USP, Atomoxetine Capsules USP, Nitroglycerin Sublingual Tablets and Propafenone Hydrochloride Extended-Release Capsules USP. The Company filed a total of 16 ANDA applications with the US FDA throughout the fiscal year.
During the year 2018, Glenmark launched Dermikelp, VWash Plus, Tacroz and Tacroz F in Zambia; Tacroz and Telma H in Tanzania; Ascoril D, Teneligliptin and its combination with Metformin in Mauritius, Momate F in Uganda and Sertaconazole (Onabet) in Sudan.
During the year 2018, Glenmark launched Tacroz, Dosetil and Momate NS in Philippines; Momate NS, Dermikelp and VWash in Malaysia and Konzert in Cambodia in the Asia region.
As on March 31 2018, the Company has filed over 370 Global DMFs in various markets, including 103 USDMFs, 28 CEPs, 40 EU- DMFs, 22 Canadian DMFs, 12 Japan DMFs, 13 Australian DMFs and other DMFs in various Rest-of-the-World (ROW) countries.
During the year 2018, NebZmart, NebZsol and Vocety were launched in Brazil. In Colombia, the Company strengthened its dermatology portfolio and introduced Glenpalene, Glenpalene C, Dermotil S, Glencort, Butemax and Clotridid. Momate AZ nasal spray was launched in the Caribbean region and Glenmark is the first generic alternative in the market offering this unique combination.
In FY18, Momate Rhino Advance, a unique combination of mometasone + azelastine nasal spray on the local market, was launched in Uzbekistan and is indicated for the treatment of patients with seasonal allergic rhinitis. Momat Rino 60 and 120 doses nasal sprays were also launched in Uzbekistan. During the year, Glenmark launched Glenspray (mometasone) 50 mcg/120 doses and Glenspray (mometasone) 50 mcg/60 doses in Ukraine.
During the year 2018, Glenmark also successfully concluded the US FDA audit of the API plant at Mohol and is awaiting the EIR from the agency.
During the year 2018-19, the Company acquired 100% stake in Zorg Laboratories Private Limited (Zorg) for an aggregate consideration of 5 lacs before adjustments and subject to legal and financial due diligence. Subsequently, name of Zorg was changed to Glenmark Life Sciences Limited (GLS). The shareholders of the Company approved the transfer of its Active Pharmaceuticals Business (API) to GLS by passing a resolution through postal ballot.
During the FY2019, the Company had entered into a collaboration with leading, home-grown private equity firm True North Enterprise Private Limited (True North') and transferred its Orthopaedic and Pain management business valued at Rs 635 crore to Integrace Private Limited, a subsidiary of True North. Integrace will market the product portfolio in India and Nepal.
As on 31 March 2019,the company has 42 subsidiary companies under its roof.
The Company filed a total of 13 ANDAs with the USFDA during the financial year. In FY 2018-19, Glenmark was granted approval for 25 Abbreviated New Drug Applications (ANDA), comprising of 20 final approvals and 5 tentative approvals.
During the year, the company bagged CII Safety Health and Environmental Excellence and Innovation Award 2018 for the Indore facility.
During the FY2020,the Company had entered into Business Transfer Agreement with Integrace Private Limited for transfer Company's Gynaecology business, valued at Rs 115 crore.
During the year, the Company entered into definitive agreement with Hindustan Unilever Limited for divestment of VWash franchise comprising VWash Plus Intimate Hygiene Wash, VWash WOW, VWash Plus Bikini Line, VWash Plus wipes and other such assets globally including the associated trademarks, brand names and certain business contracts.
It launched a globally researched innovator molecule, Remogliflozin in FY 2019.
As on 31 March 2020, the company has 44 subsidiary companies under roof. It introduced a fixed-dose combination of Remogliflozin Etabonate and Vildagliptin in 2020. It also launched a fixed-dose combination of Remogliflozin+Metformin under the brand names Remo-M and Remo-Zen M.
Glenmark Life Sciences Limited, a wholly owned subsidiary of the Company on 16th April 2021 has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer, comprising of a fresh issue of up to Rs. 11,600 million and an offer for sale of up to 7,305,245 equity shares of Rs. 2 each of Glenmark Life Sciences Limited, by Glenmark Pharmaceuticals Limited. The !PO will be subject to market conditions, receipt of applicable approvals and other considerations.
In the fiscal year 2020-21, Glenmark was granted approval of 14 ANDAs comprised of 10 final approvals and 4 tentative approvals. Additionally, it was granted approval on a Prior Approval Supplement (PAS) for the 0.25 mg strength for Fingnolimod Capsules. Notable approvals include: Sirolimus Tablets, Tacrolimus Capsules USP, Topiramate Extended-Release Capsules USP, Chlorpromazine Hydrochloride Tablets USP and Diltiazem Hydrochloride Extended-Release Capsules USP. The Company filed a total of 7 ANDAs with the USFDA in FY21 and plan to file 18-20 ANDAs in FY22 including 5-6 filings which got delayed in FY21 due to the pandemic. During 2021, its subsidiary, Ichnos Sciences signed a licensing agreement with Almirall SA for the IL-1RAP antagonist ISB 880 for an upfront payment of EUR 20.8 Million. It received approval for 14 ANDAs that comprised 10 final approvals and 4 tentative approvals. It launched 10 new products in FY 2020-21. On 30th April, 2021, the Company made a strategic investment of Rs. 400 million in ABCD Technologies LLP .
During the year 2022, Company received US FDA's NDA approval for novel Ryaltris-AZ as a novel fixed dose with a steroid of Mometasone Furoate and Azelastine for the treatment of allergic rhinitis in adults and paediatric patients 12 years of age and older. It launched Tiotropium Bromide Dry Powder Inhaler (DPI) in UK. It launched Tavulus in Spain and Tiotropium in Germany. It also launched Beclometasone to provide asthma patients access to a high-quality, cost-effective inhaler. It launched Glendes in Malaysia for treatment of minor cases of allergy. In Brazil, it launched Salbutamol to relieve symptoms of asthma and chronic obstructive pulmonary disease (COPD) such as coughing, wheezing and feeling breathless. It launched Canditral- SB in India to treat fungal infections of the mouth, throat, toenails, fingernails or lungs. To treat the symptoms of LennoxGastaut Syndrome (seizures), it launched Rufinamide tablets in the USA. It collaborated with Canadian biotech firm SaNOtize Research & Development Corp. to manufacture, market and distribute its breakthrough Nitric Oxide Nasal Spray (NONS) for COVID-19 treatment in India and other Asian markets including Singapore, Malaysia, Hong Kong, Taiwan, Nepal, Brunei, Cambodia, Laos, Myanmar, Sri Lanka, Timor-Leste and Vietnam. It launched NONS under the brand name FabiSpray in February 2022, after receiving manufacturing and marketing approval from the Drugs Controller General of India (DCGI) as part of the accelerated approval process. Ichnos Sciences Inc., a subsidiary of Glenmark completed a EUR ~21 Million exclusive licensing agreement for the IL-1RAP antagonist ISB 880. Remogliflozin, Vildagliptin, Metformin, a Fixed Dose Combination (FDC) was launched during the year to enhance patient access to SGLT2 and DPP4 inhibitors for effective treatment of diabetes. FabiSpray was also launched in Singapore and Hong Kong under the brand name VirX. It introduced India's first Probiotic based product across its dermatology portfolio, such as Elovera Pro Cream and Elovera Pro Lotion. It launched 10 new products in the US taking total marketing portfolio in US 174 generic products authorized for distribution in the U.S. market. It entered into an agreement with AstraZeneca to commercialize its product, Pulmicort Respules in Colombia. Besides this, it entered into exclusive licensing agreement with Lotus International Pte. Ltd. for commercializing Ryaltris in Singapore, Hong Kong and Vietnam. Three new pharmaceutical modules became fully operational at its Ankleshwar facility.
During the year 2022-23, in the Respiratory segment, Glenmark became the first company in India to market Indamet - an innovative fixed drug combination of Indaceterol, a long-acting beta-agonist and mometasone, an inhaled corticosteroid, for the treatment of uncontrolled asthma. In the Diabetes segment, it launched sitagliptin under the brand name SITAZIT and its fixed dose combinations with metformin and dapagliflozin respectively; teneligliptin + pioglitazone Fixed-Dose Combination drug for Type 2 Diabetes under the brand name Zita Plus Pio; lobeglitazone 0.5mg, under the brand name LOBG; Fixed-Dose Combination (FDC) of Teneligliptin (20 mg) + Pioglitazone (15 mg) + Metformin (500mg/1000mg) SR under the brand name Zita-PioMet; Lobeglitazone + Metformin under the brand name LOBG-M. In the Cardio-Vascular segment, it launched Sacubitril + Valsartan under the brand name, Sacu V for the treatment of heart failure. New products such as La Shield Pollution Protect, La Shield Probiotic Moisturizer and Scalpe Pro Shampoo contributed to business growth in FY23.
Thereafter, in FY23, Glenmark launched 8 new products during the fiscal year 2022-23, consisting of a mix of immediate-release oral solids and an injectable. Notable launches include Ezetimibe Tablets USP; Abiraterone Acetate Tablets USP, 500 mg; Fingolimod Capsules, 0.5 mg; Sodium Phenylbutyrate Tablets USP, 500 mg; Nicardipine Hydrochloride Capsules; Bumetanide Injection, 1 mg/4 mL (0.25 mg/mL) Single-Dose Vials; and 2.5 mg/10 mL (0.25 mg/mL) Multi-Dose Vials, and Teriflunomide Tablets. It launched first generics, Teriflunomide (Aubagio) Tablets. It got into a distribution agreement with Cediprof for USFDA approved Mixed Amphetamines Immediate-Release Tablets.
As of March 31, 2023, Glenmark's marketing portfolio included 183 generic products authorized for distribution in the U.S. market. 4 new products were introduced in the market, including Fenismart(dimetindene) gel and Phelisans (phenasone + lidocaine) ear drops. It launched RYALTRIS in the Malaysian market in 4Q of FY23.
Glenmark Pharmaceuticals Ltd
Chairman Speech
Dear Shareholder,
We have just seen a year of extraordinary challenges, a year that has
changed our lives in different ways. The COVID-19 pandemic has created immense disruption
in the global economy and the healthcare sector.
The unpredictability remains, and we expect that the coming year will
continue to test our resilience and determination to navigate volatility.
As an organization, it was apparent to us right at the beginning that
COVID-19 was a one-of-a-kind situation facing humanity and our industry, and its effects
would be far-reaching. We also realized that to succeed in such a business environment,
organizations needed to adopt a different mindset. Undoubtedly, the tenets of doing
business in a post-COVID world are resilience, adaptability, and flexibility. Only with
these capabilities can an organization align itself to the changing reality, and continue
to create value for its customers and other stakeholders.
Our response to COVID-19 was unparalleled, and it put us on par with
other global pharmaceutical companies that worked against the clock to find treatment
options for COVID-19.
Our performance demonstrated our operational robustness and ability to
cater to diverse patient needs in challenging situations. Our competitive advantage came
from our timely action, quick adaptation, and purposeful innovation - with a firm focus on
business continuity. Every team and business function across Glenmark embraced agility in
its way of working from the onset of the pandemic.
FabiFlu: Glenmark's timely response to the pandemic
Our oral antiviral, FabiFlu (favipiravir), is a testament to the deep
capabilities that define brand Glenmark. In March 2020, the World Health Organization
declared the COVID-19 a global pandemic.
In less than three months, Glenmark became the first pharmaceutical
company in India to receive emergency use authorization for FabiFlu. I am proud to say
that we ploughed through all challenges to ensure that our therapy reached more than 5
million patients in India, making the impact real, tangible, and timely. By April 2021,
FabiFlu had become the highest selling drug in the Indian pharma market amongst all
therapies.
Recalibration for a new reality
We demonstrated operational resilience and agility in our successful
clearing of virtual audits, and in our introduction of digital tools to communicate with
doctors and sales staff.
Our collaborative mindset saw our Operations and Manufacturing teams
working seamlessly round the clock to produce an uninterrupted supply of medicines for
patients around the world. Thus honoring our commitment to patients, partners, and the
community.
Our frontline and corporate functions further re- examined and
recalibrated their business models, and worked in unison to achieve new milestones and set
new benchmarks of excellence.
Leading through innovation
Innovation is how we generate value. Our investments in R&D go
beyond launching generics, and fuel development of innovative products that raise the
standard of care for diseases with significant unmet needs.
We launched a number of products in FY21. In addition to FabiFlu, the
other significant launch was Ryaltris™ (olopatadine hydrochloride and mometasone
furoate monohydrate), an anti-allergy nasal spray that is being marketed globally.
Ryaltris™ sales continue to progress well in Australia, South Africa, Ukraine and
Uzbekistan. We have initiated launch in Russia and received marketing approval for launch
in the Philippines.
We are entering into partnership agreements for the commercialization
of Ryaltris™ in other countries and plan to launch it on our own in some markets.
Glenmark's novel, patent-protected, and globally- researched sodium
glucose co-transporter-2 (SGLT2) inhibitor, Remogliflozin Etabonate(Remogliflozin), for
the treatment of type 2 diabetes, continues to do well in India.
Furthermore, Glenmark has received a positive response to the launch of
the Remogliflozin + Vildagliptin fixed dose combination, underthe brand names Remo V and
Remozen V, for adults with type 2 diabetes in India. The brands have gained a market share
of 37.9% in the SGLT/DPP4 market, according to IQVIA Jan-March 2021 data.
Our specialty/innovative pipeline
GRC 17536 (TRPA1 antagonist) is a specialty asset being developed as an
orally administered treatment for patients with painful diabetic peripheral neuropathy.
We announced the successful Phase 1 results of GBR 310 that suggest
similarity in pharmacokinetic, pharmacodynamic, safety, and immunogenicity profiles
between GBR 310 and the reference product, omalizumab, marketed in the US under the brand
name Xolair. We are in discussions with potential partners and plan to finalize a deal
before initiating Phase 3 studies.
GRC 39815 (RORyt antagonist) is the company's respiratory pipeline
asset, that is being developed as an inhaled therapy for the treatment of mild to moderate
chronic obstructive pulmonary disease (COPD). It is currently under Phase 1 clinical
development with a single ascending dose study in the US. The Phase 1 study is expected to
be completed in the next few quarters.
In oncology, our pipeline molecule - GRC 54276 (HPK1 inhibitor) - is
being developed as an orally administered, immuno-oncology-adjuvanttreatment for patients
with solid tumors.
In the dermatology segment, we are evaluating GRC 4039 (PDE4 inhibitor)
as a topically administered treatment for patients with mild to moderate atopic
dermatitis.
An impressive pipeline from Ichnos
Our biologics pipeline in Ichnos is gaining traction. In FY21, we made
a strategic decision to refine the Ichnos pipeline by sharpening our focus on oncology
biologics based on BEAT, our proprietary, bi-/trispecific engineering platform, and
out-licensing our immunology assets.
The technology platform is enabling us to develop novel immune cell
engagers and modulators in oncology. It will help us realize our mission to provide
breakthrough therapies that will extend and improve lives, and thereby write a new chapter
in healthcare.
Ichnos' current, multi-specific oncology pipeline consists of five
programs, including a clinical-stage, first-in-class T-cell engager, ISB 1342,
thattargetsCD38 and CD3; and a preclinical-stage, first-in-class CD38 x CD47 immune cell
engager, ISB 1442, which leverages multiple mechanisms of cellular cytotoxicity.
Additionally, Ichnos is working to out-license two antibodies with
potential across a range of autoimmune diseases. ISB 830 (telazorlimab), an 0X40
antagonist monoclonal antibody (mAb), is in Phase 2b trials for the treatment of atopic
dermatitis. ISB 880 is a preclinical stage, high-affinity IL-1RAP antagonist mAb that is
being targeted for IND submission bythe end of fiscal year 2021-2022.
A positive performance
Despite multiple challenges, our business has remained stable and is
growing. Forthe year under review (2020- 21), Glenmark's consolidated revenue recorded an
increase of 2.8% to reach INR1,09,439 Mn, as against INR 1,06,410 Mn overthe previous
corresponding period. Net profit stood at INR 9,701 Mn in FY21, as against INR 7,760 Mn in
the previous fiscal - a growth of 25%.
Glenmark stayed its course as one of the fastest growing companies in
India, with a growth of 14% versus the average growth rate of 6% in the Indian
pharmaceutical market. Our prescription (Rx) business in India continued to drive market
share in respiratory, dermatology, oncology, and cardio-metabolics. Today, Glenmark is
ranked 2nd in dermatology, 3rd in respiratory medicine, 6th
in cardiology, and is amongst the top 15 companies in the diabetes and oncology space in
the country.
The Glenmark Consumer Care (GCC) business maintained its lead with top
brands Candid, LaShield, and Scalpe. It is a matter of pride for us that in FY21,
Candid powder became the first GCC brand with sales of over INR 1 Bn (INR 100Cr+).
Broadening our global presence
In the fiscal year 2020-21, Glenmark received approval for 14 ANDAs
that comprised 10 final approvals and four tentative approvals. Today, Glenmark is ranked
15th in the US amongst generic companies (in terms of volume) and 17th
in terms of total prescriptions. Our products fill about 83 Mn prescriptions each year in
the US, and this number is expected to continue increasing annually.
Glenmark has built a strong presence across key markets in Western and
Central Eastern Europe. Our present geographies include the UK, Germany, the Netherlands,
Spain, the Czech Republic, the Nordic countries, Slovakia, Poland, and Romania. For this
financial year, the European region signed 21 major contractsforin-licensing products.
Restof theworld markets continue to be an emerging growth area. We have now expanded in
regions such as Australia and Thailand.
Reorganizing to resurge
A strategic restructuring of the organization enabled us to build a
leading, focused, and integrated pharmaceutical company powered by advanced therapy
platforms. We spun off our API business and biologics divisions into separate
subsidiaries, to unlock their value and propel them into new growth trajectories.
Following the restructuring, the company's flagship brand, Glenmark
Pharmaceuticals Ltd., continues to focus on generics, branded, and specialty/innovative
products. The API subsidiary (Glenmark Life Sciences) is expected to show robust growth,
with the world looking at India to de-risk its supply chain for its API needs. Ichnos
Sciences Inc. is Glenmark's US-based innovation biologics business that is working on
expediting the development of oncology and autoimmune medicines. All three entities
operate independently with separate management teams and Boards of Directors.
Glenmark Life Sciences is now separately listed on the Indian Stock
Exchanges (BSE and NSE) under the ticker 'GLS'.
Future outlook
Glenmark will continue to forge ahead as an integrated, innovation-led,
global pharmaceutical company. It extends across the pharmaceutical value chain from API
to finished formulations, harnesses technologies from complex chemistry to biologics, and
makes products from affordable generics to value-added specialties, and soon, cutting-edge
innovation.
We expect to see robust growth across major geographies and emerging
markets. Our focus for FY22 comprises deepening our presence in existing geographies and
expanding our portfolio in new markets. We are also working on building a strong, global
compliance framework, and investing in further automation across our manufacturing plants,
to drive qualityand efficiency.
Glenmark Pharmaceuticals:
The long-term goal of Glenmark Pharmaceuticals is to move up the value
chain into complex generics, specialty products, and innovative products. We continue our
present focus on the key therapy areas of respiratory, dermatology, and oncology, and aim
to develop a strong regional presence in select therapeutic areas.
In India, we expect to drive our market leading growth by centering our
efforts on our key therapy areas, expanding our reach by utilizing new ways of digital
communications, and growing our portfolio of OTC products.
Glenmark signed an exclusive partnership with Canadian biotech SaNOtize
Research & Development Corp. to manufacture, market and distribute its novel
preventive breakthrough Nitric Oxide Nasal Spray (NONS) for COVID-19 treatment in India
and other Asian markets. Glenmark's FabiSpray, is an effective antiviral treatment to
prevent COVID-19 transmission, shorten its course, and reduce symptom severity. We expect
to complete Phase III clinical trials for NONS, followed by its commercial launch in
India, by the fourth quarter of 2021.
In North America, Glenmark has over 171 products authorized for
distribution in the US and another 41 products pending authorization. We are working to
file 18-20 ANDAs in FY22, including 5-6 filings that got delayed in FY21 because of the
pandemic. The Monroe facility will play a critical role in this endeavor.
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Glenmark Pharmaceuticals Ltd
Company History
Glenmark Pharmaceuticals Ltd was incorporated in November 18th, 1977. The Company is actively involved in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). It is engaged in the business of development, manufacture and marketing of pharmaceutical products both formulation and active pharmaceuticals ingredients to regulated and semi-regulated markets.
The company has several molecules in various stages of pre-clinical and clinical development primarily focused in the areas of Oncology, Respiratory and Dermatology. Its branded generics business has a significant presence in markets across emerging economies including India. The company has 14 manufacturing facilities across US, India, Argentina, Czech Republic and Switzerland. The generics business services the requirements of developed markets like the US and Western Europe. The API business sells products in over 80 countries including the US, various countries in the EU, South America and India.
In the year 1979, the company entered dermatology market with the launch of 'Candid Cream'. In the year 1980, they started exporting their products. In the year 1983, the company commissioned their first manufacturing facility at Nasik in Maharashtra. In the year 1984, they established R&D department at Nasik Plant. In the year 1987, they launched Ascoril.
In the year 1989, the company started operations in Afghanistan, Sri Lanka, Kenya and Mauritius. In the year 1982, the company expanded the Nashik plant by acquiring the adjacent plot to include the R&D Department as well as increase in installed production capacity. In the year 1996, the company incorporated a wholly owned subsidiary company namely, Glenmark Exports Pvt Ltd to consolidate their position in international business. In the year 1999, they started marketing their products in Brazil. In the year 2000, they came out with the public issue. They entered in diabetes segment. Also, they acquired three brands from Lyka Labs.
In the year 2001, the company launched API manufacturing business. In the year 2002, they acquired an API manufacturing facility at Ankleshwar, Gujarat from Glaxosmithkline Pharmaceuticals Ltd. In the year 2004, the company entered their first out-licensing deal for discovery R&D with Forest Laboratories for Oglemilast, their CIPD/asthma molecule. They acquired Laboratories Klinger; Brazil together with their ANVISA approved manufacturing facility inorder to expand their operations in the Latin American markets. They commissioned their own manufacturing facility in Goa to service exports to regulated markets, namely USA.
In the year 2005, the company launched commercial sales front-end in the US. They commissioned a new manufacturing facility at Baddi, Himachal Pradesh. They entered collaborative agreement on Oglemilast with Teijin Pharma for the Japan region. Also, they announced collaborative agreement with Napa Pharmaceuticals Inc, for their anti-diarrheas compound Crofelemer. The company acquired Servycal S A, a marketing company in Argentina with strengths in oncology. Also, they acquired Bouwer Bartlett Pty Ltd, a sales and marketing company in South Africa.
In the year 2006, the company signed out-licensing deal in discovery R&D with Merck KGaA, Germany for their diabetes molecule, Melogliptin. Their lead molecule Oglemilast (GRC 3886) entered Phase II clinical trials. In the year 2007, the company acquired Medicamenta, a marketing and manufacturing company in the Czech Republic. Their molecule GRC 6211 for the potential treatment of pain, including osteo-arthritis pain out-licensed to Eli Lily. They received MHRA, UK approval for their semi-solid manufacturing plant at Baddi.
In the year 2008, the company initiated Phase II-b for Oglemilast (GRC 3886) in Asthma. They completed pre-clinical development for initiating Phase I trials for GBR 500, a monoclonal antibody for inflammation. The company's molecule for Rheumatoid Arthritis, GRC 4039, entered Phase I trials. They re-organized their business and incorporated Glenmark Genrics Ltd as a subsidiary company. They received USFDA approval for the state-or-the-art semi-solids manufacturing plant at Baddi. In the year 2009, the company's molecule for neurophatic pain, osteoarthritis, completed the Phase I trials. During the year 2009-10, the company incorporated a subsidiary company, namely Glenmark Generics B.V., Netherlands.
In the year 2010, Crofelemer, a first-in-class anti-diarrhoeal molecule completed phase 3 trials. They received the final approval for Pramipexole Dihydrochloride tablets from the USFDA. Glenmark Generics entered into an exclusive licensing agreement with Par Pharmaceuticals, USA to market Ezetimibe. The company and Sanofi-Aventis signed license agreement to grant Sanofi-Aventis a license for the development and commercialization of novel agents to treat chronic pain. They launched 'Prasugrel', a revolutionary new anti-platelet drug for the management of Acure Coronary Syndrome with PCT (Precutaneous Coronary Intervention) for the first time in India.
During the year 2010-11, the company has incorporated a subsidiary company namely, Glenmark Arzneimittel GmbH, Germany. In October 2010, the company won the Frost and Sullivan Award for 'Indian Innovator Pharmaceutical Company of the year' in October 2010. The company was chosen as the 'Best Company Across Emerging Markets' 2011, and recognized for the 'Best Overall Pipeline' 2011 by SCRIP, the largest selling and most respected pharmaceutical magazine in the world.
In 2012, Forest Laboratories and Glenmark Signed Development Agreement for Worldwide Collaboration on Novel Agents to treat Chronic Inflammatory Conditions. Glenmark Generics announces the settlement of Paragraph IV litigation with Janssen Pharmaceuticals, Inc. Glenmark Generics receives tentative approval for zolmitriptan orally disintegrating tablets. The International Centre for Dispute Resolution ruled in favor of Glenmark on arbitration claim against Napo.
In 2013, Glenmark announces launch of Hydrocortisone Butyrate cream in the US. Glenmark announces a new Discovery and the Initiation of IND enabling studies of a novel monoclonal antibody targeting OX40. The USFDA approves the companies Crofelemer 125 mg delayed-release tablets for the symptomatic relief of diarrhea in patients with HIV/AIDS on anti-retroviral therapy (ART). Glenmark Generics receives ANDA approval for Mupirocin Calcium Cream USP 2%. Atovaquone Prognanil (Malarone) patent revoked & Glenmark launches first UK generic. Glenmark discovers IND enabling studies of a novel monoclonal antibody.
In 2014, Glenmark merge its subsidiaries i.e. Glenmark Generics Ltd. ('GGL') and Glenmark Access Ltd. ('GAL') with GPL. Glenmark enters Oncology with the Discovery and the Initiation of IND enabling studies of an innovative bi-specific antibody. Glenmark Pharmaceuticals inaugurates new Antibody Manufacturing Facility in La Chaux-de-Fonds, Switzerland. US Food & Drug Administration (USFDA) has granted Glenmark its final acceptance for abbreviated new drug approval (ANDA) to the company. Glenmark Pharma receives $5 mn from Sanofi as milestone payment from Sanofi on a collaboration of its VLA2 (alpha2-beta l) integrin monoclonal antibody. Glenmark Generics gets USFDA nod for skin infection cream.
In 2015, Glenmark Pharmaceuticals Ltd announces approval and launch of Ashlyna TM Extended - Cycle Oral Contraceptive Tablets in the US. Glenmark Pharmaceuticals Ltd announces approval and launch of Trandolapril & Verapamil Hydrochloride (HCI). Glenmark Pharma gets US FDA nod for Salmecort MDI Inhaler in Russia. The Cabinet Committee on Economic Affairs (CCEA) headed by PM approves the foreign investment proposals of two pharma majors Glenmark Pharmaceuticals and Aurobindo Pharma worth Rs 4,187 crore. Glenmark Pharmaceuticals Ltd. has certified approving the Scheme of Arrangement of Glenmark Generics Ltd. and Glenmark Access Ltd. with Glenmark Pharmaceuticals Ltd. Glenmark announces Strategic Development & Licensing Agreement with Celon, Poland for generic Seretide Accuhaler in Europe. Glenmark Pharmaceuticals receives tentative ANDA approval for Lacosamide Tablets, 50 mg, 100 mg, 150 mg and 200 mg. Glenmark Pharmaceuticals receives ANDA approval for Clotrimazole and Betamethasone Dipropionate Cream USP, 1%: 0.05%. Glenmark Pharmaceuticals has entered into a settlement agreement with Forest Laboratories, LLC, Forest Laboratories Holdings, Ltd., and Royalty Pharma. During the year, the company received approval for generic Seretide in Russia.
On 19 September 2016, Glenmark Pharmaceuticals, Inc., USA announced that it has entered into a strategic Development, License and Commercialization Agreement with Particle Sciences, Inc. to develop and market a generic version of Celgene's ABRAXANE product - paclitaxel protein (albumin)-bound particles for injectable suspension. As per the terms of the agreement, Glenmark has obtained Global Exclusive Marketing and Distribution rights of the product upon commercialization. Particle Sciences will develop this product exclusively for Glenmark, and shall receive certain milestone payments during various stages of the product's development from Glenmark, including royalties on sales.
On 12 December 2016, Glenmark Pharmaceuticals Inc., USA announced the availability of ezetimibe, the first and only generic version of ZETIA (Merck) in the United States for the treatment of high cholesterol. The availability of ezetimibe is the result of a licensing partnership with Par Pharmaceutical, an Endo International plc operating company, with whom Glenmark will share profits. Glenmark and its partner, Endo will be entitled to 180 days of generic drug exclusivity for ezetimibe as provided for under Section 505 (j) (5) (B) (iv) of the FD&C Act.
On 19 December 2016, Glenmark Pharmaceuticals announced its strategic blueprint to transition into an innovation-led global pharmaceutical organization over the next decade. The Blueprint conveys the company's greater business alignment expanding generics to prioritizing research and development efforts in three key therapeutic areas: oncology, respiratory and dermatology. The innovative oncology pipeline, with candidates targeting multiple tumors, is the top priority with the greater promise to deliver novel, first-in-class molecules and help Glenmark evolve into a fully commercialized, innovation-led pharmaceutical company. The strategic blueprint also outlines aggressive plans to increase Glenmark's presence worldwide by strengthening focus on complex generics including injectables and expanding its manufacturing footprint.
On 2 March 2017, Glenmark Pharmaceuticals announced that its US subsidiary Glenmark Pharmaceuticals Inc., USA, and Evestra, Inc. have completed a strategic development, license and commercialization agreement to develop and market a generic version of Merck's & Co.'s NuvaRing product - etonogestrel/ethinyl estradiol vaginal ring - designed to allow women access to a more affordable birth control option. Development on the vaginal ring product is currently under way and the two companies expect to file an Abbreviated New Drug Application (ANDA) in fiscal 2019. Evestra will develop this product exclusively for Glenmark for the US market, and will receive certain milestone payments during various stages of the product's development, including royalties on net sales. Glenmark has secured exclusive marketing and distribution rights for the product, including an option to commercialize two additional Evestra vaginal ring products, for the US market.
On 30 March 2017, Glenmark Pharmaceuticals announced positive results for GSP 301, an investigational fixed-dose combination of mometasone furoate (25 mcg) and olopatadine hydrochloride (665 mcg) administered twice daily as a nasal spray being studied for the treatment of seasonal allergic rhinitis. These results are from a recently completed Phase 3 trial assessing the efficacy and safety of GSP 301 combination therapy versus mometasone, olopatadine or placebo.
On 14 December 2017, Glenmark Pharmaceuticals announced that it met its primary clinical endpoint in a Phase 3 study evaluating the safety of Ryaltris, an investigational fixed-dose combination nasal spray, in perennial allergic rhinitis (PAR). Ryaltris has conditionally accepted as the brand name for GSP 301 Nasal Spray by the US Food & Drug Administration (FDA). Glenmark plans to submit the company's first new drug application (NDA) to the FDA for Ryaltris for the treatment of patients with seasonal allergic rhinitis (SAR) in the first quarter of CY 2018.
On 22 February 2018, Glenmark Pharmaceuticals announced that it has entered into an exclusive agreement with South Korea's Sam Chun Dang Pharm. Co. Ltd. (SCD), to develop, manufacture and market a portfolio of ophthalmic products in the US and Canada. Under this agreement, these products will be developed and manufactured by SCD in South Korea. Glenmark will seek all market authorizations and commercialize the products in North America.
On 4 April 2018, Glenmark Pharmaceuticals and Helsinn Group (Helsinn), a Swiss pharmaceutical group focused on building quality cancer care products, announced that they have entered into an exclusive licensing agreement to introduce AKYNZEO in India and Nepal. AKYNZEO, an oral fixed combination of netupitant 300mg and palonosetron 0.5mg in capsule form, is used for prevention of Chemotherapy-induced Nausea and Vomiting (CINV). The licensing agreement with Glenmark for AKYNZEO represents Helsinn's first such agreement in India. Glenmark will have exclusive marketing rights for AKYNZEO in India and Nepal.
On 22 May 2018, Glenmark Pharmaceuticals announced that the company has submitted a New Drug Application (NDA) to the US Food & Drug Administration (FDA) for its leading respiratory pipeline candidate Ryaltris, an investigational fixed-dose combination nasal spray of an antihistamine and a steroid, as a treatment for seasonal allergic rhinitis (SAR) in patients 12 years of age and older. Ryaltris (olopatadine hydrochloride (665 mcg) and mometasone furoate (25 mcg), formerly GSP 301 Nasal Spray, has been conditionally accepted by the FDA as the brand name.
On 19 June 2018, Glenmark Pharmaceuticals announced that the US Food & Drug Administration provided its first supplemental Abbreviated New Drug Applications (ANDA) approval for the company's manufacturing facility in Monroe, North Carolina. The approval covers: Atovaquone and Proguanil Hydrochloride Tablets, 250 MG/100 MG and 62.5 MG/25 MG, a generic version of GlaxoSmithKline's Malarone (atovaquone and proguanil hydrochloride) Tablets. The Monroe, North Carolina facility is Glenmark's first manufacturing site in the US, designed to manufacture a variety of fixed dose pharmaceutical formulations. Glenmark has invested more than $100 million into the facility with plans for further expansion in the coming years. At peak capacity, the site is anticipated to produce 300-400 million tablets and capsules, 20-25 million vials and pre-filled syringes and 25-30 million ampoules for inhaled formulations.
During the F.Y. 2017-18 Glenmark Pharmaceuticals Singapore Pte. Ltd. was formed as the wholly owned subsidiary of the company
In FY18, Glenmark was granted approval of 21 Abbreviated New Drug Applications (ANDA), comprising 18 final approvals and three tentative approvals. Notable approvals include Aprepitant Capsules USP, Atomoxetine Capsules USP, Nitroglycerin Sublingual Tablets and Propafenone Hydrochloride Extended-Release Capsules USP. The Company filed a total of 16 ANDA applications with the US FDA throughout the fiscal year.
During the year 2018, Glenmark launched Dermikelp, VWash Plus, Tacroz and Tacroz F in Zambia; Tacroz and Telma H in Tanzania; Ascoril D, Teneligliptin and its combination with Metformin in Mauritius, Momate F in Uganda and Sertaconazole (Onabet) in Sudan.
During the year 2018, Glenmark launched Tacroz, Dosetil and Momate NS in Philippines; Momate NS, Dermikelp and VWash in Malaysia and Konzert in Cambodia in the Asia region.
As on March 31 2018, the Company has filed over 370 Global DMFs in various markets, including 103 USDMFs, 28 CEPs, 40 EU- DMFs, 22 Canadian DMFs, 12 Japan DMFs, 13 Australian DMFs and other DMFs in various Rest-of-the-World (ROW) countries.
During the year 2018, NebZmart, NebZsol and Vocety were launched in Brazil. In Colombia, the Company strengthened its dermatology portfolio and introduced Glenpalene, Glenpalene C, Dermotil S, Glencort, Butemax and Clotridid. Momate AZ nasal spray was launched in the Caribbean region and Glenmark is the first generic alternative in the market offering this unique combination.
In FY18, Momate Rhino Advance, a unique combination of mometasone + azelastine nasal spray on the local market, was launched in Uzbekistan and is indicated for the treatment of patients with seasonal allergic rhinitis. Momat Rino 60 and 120 doses nasal sprays were also launched in Uzbekistan. During the year, Glenmark launched Glenspray (mometasone) 50 mcg/120 doses and Glenspray (mometasone) 50 mcg/60 doses in Ukraine.
During the year 2018, Glenmark also successfully concluded the US FDA audit of the API plant at Mohol and is awaiting the EIR from the agency.
During the year 2018-19, the Company acquired 100% stake in Zorg Laboratories Private Limited (Zorg) for an aggregate consideration of 5 lacs before adjustments and subject to legal and financial due diligence. Subsequently, name of Zorg was changed to Glenmark Life Sciences Limited (GLS). The shareholders of the Company approved the transfer of its Active Pharmaceuticals Business (API) to GLS by passing a resolution through postal ballot.
During the FY2019, the Company had entered into a collaboration with leading, home-grown private equity firm True North Enterprise Private Limited (True North') and transferred its Orthopaedic and Pain management business valued at Rs 635 crore to Integrace Private Limited, a subsidiary of True North. Integrace will market the product portfolio in India and Nepal.
As on 31 March 2019,the company has 42 subsidiary companies under its roof.
The Company filed a total of 13 ANDAs with the USFDA during the financial year. In FY 2018-19, Glenmark was granted approval for 25 Abbreviated New Drug Applications (ANDA), comprising of 20 final approvals and 5 tentative approvals.
During the year, the company bagged CII Safety Health and Environmental Excellence and Innovation Award 2018 for the Indore facility.
During the FY2020,the Company had entered into Business Transfer Agreement with Integrace Private Limited for transfer Company's Gynaecology business, valued at Rs 115 crore.
During the year, the Company entered into definitive agreement with Hindustan Unilever Limited for divestment of VWash franchise comprising VWash Plus Intimate Hygiene Wash, VWash WOW, VWash Plus Bikini Line, VWash Plus wipes and other such assets globally including the associated trademarks, brand names and certain business contracts.
It launched a globally researched innovator molecule, Remogliflozin in FY 2019.
As on 31 March 2020, the company has 44 subsidiary companies under roof. It introduced a fixed-dose combination of Remogliflozin Etabonate and Vildagliptin in 2020. It also launched a fixed-dose combination of Remogliflozin+Metformin under the brand names Remo-M and Remo-Zen M.
Glenmark Life Sciences Limited, a wholly owned subsidiary of the Company on 16th April 2021 has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offer, comprising of a fresh issue of up to Rs. 11,600 million and an offer for sale of up to 7,305,245 equity shares of Rs. 2 each of Glenmark Life Sciences Limited, by Glenmark Pharmaceuticals Limited. The !PO will be subject to market conditions, receipt of applicable approvals and other considerations.
In the fiscal year 2020-21, Glenmark was granted approval of 14 ANDAs comprised of 10 final approvals and 4 tentative approvals. Additionally, it was granted approval on a Prior Approval Supplement (PAS) for the 0.25 mg strength for Fingnolimod Capsules. Notable approvals include: Sirolimus Tablets, Tacrolimus Capsules USP, Topiramate Extended-Release Capsules USP, Chlorpromazine Hydrochloride Tablets USP and Diltiazem Hydrochloride Extended-Release Capsules USP. The Company filed a total of 7 ANDAs with the USFDA in FY21 and plan to file 18-20 ANDAs in FY22 including 5-6 filings which got delayed in FY21 due to the pandemic. During 2021, its subsidiary, Ichnos Sciences signed a licensing agreement with Almirall SA for the IL-1RAP antagonist ISB 880 for an upfront payment of EUR 20.8 Million. It received approval for 14 ANDAs that comprised 10 final approvals and 4 tentative approvals. It launched 10 new products in FY 2020-21. On 30th April, 2021, the Company made a strategic investment of Rs. 400 million in ABCD Technologies LLP .
During the year 2022, Company received US FDA's NDA approval for novel Ryaltris-AZ as a novel fixed dose with a steroid of Mometasone Furoate and Azelastine for the treatment of allergic rhinitis in adults and paediatric patients 12 years of age and older. It launched Tiotropium Bromide Dry Powder Inhaler (DPI) in UK. It launched Tavulus in Spain and Tiotropium in Germany. It also launched Beclometasone to provide asthma patients access to a high-quality, cost-effective inhaler. It launched Glendes in Malaysia for treatment of minor cases of allergy. In Brazil, it launched Salbutamol to relieve symptoms of asthma and chronic obstructive pulmonary disease (COPD) such as coughing, wheezing and feeling breathless. It launched Canditral- SB in India to treat fungal infections of the mouth, throat, toenails, fingernails or lungs. To treat the symptoms of LennoxGastaut Syndrome (seizures), it launched Rufinamide tablets in the USA. It collaborated with Canadian biotech firm SaNOtize Research & Development Corp. to manufacture, market and distribute its breakthrough Nitric Oxide Nasal Spray (NONS) for COVID-19 treatment in India and other Asian markets including Singapore, Malaysia, Hong Kong, Taiwan, Nepal, Brunei, Cambodia, Laos, Myanmar, Sri Lanka, Timor-Leste and Vietnam. It launched NONS under the brand name FabiSpray in February 2022, after receiving manufacturing and marketing approval from the Drugs Controller General of India (DCGI) as part of the accelerated approval process. Ichnos Sciences Inc., a subsidiary of Glenmark completed a EUR ~21 Million exclusive licensing agreement for the IL-1RAP antagonist ISB 880. Remogliflozin, Vildagliptin, Metformin, a Fixed Dose Combination (FDC) was launched during the year to enhance patient access to SGLT2 and DPP4 inhibitors for effective treatment of diabetes. FabiSpray was also launched in Singapore and Hong Kong under the brand name VirX. It introduced India's first Probiotic based product across its dermatology portfolio, such as Elovera Pro Cream and Elovera Pro Lotion. It launched 10 new products in the US taking total marketing portfolio in US 174 generic products authorized for distribution in the U.S. market. It entered into an agreement with AstraZeneca to commercialize its product, Pulmicort Respules in Colombia. Besides this, it entered into exclusive licensing agreement with Lotus International Pte. Ltd. for commercializing Ryaltris in Singapore, Hong Kong and Vietnam. Three new pharmaceutical modules became fully operational at its Ankleshwar facility.
During the year 2022-23, in the Respiratory segment, Glenmark became the first company in India to market Indamet - an innovative fixed drug combination of Indaceterol, a long-acting beta-agonist and mometasone, an inhaled corticosteroid, for the treatment of uncontrolled asthma. In the Diabetes segment, it launched sitagliptin under the brand name SITAZIT and its fixed dose combinations with metformin and dapagliflozin respectively; teneligliptin + pioglitazone Fixed-Dose Combination drug for Type 2 Diabetes under the brand name Zita Plus Pio; lobeglitazone 0.5mg, under the brand name LOBG; Fixed-Dose Combination (FDC) of Teneligliptin (20 mg) + Pioglitazone (15 mg) + Metformin (500mg/1000mg) SR under the brand name Zita-PioMet; Lobeglitazone + Metformin under the brand name LOBG-M. In the Cardio-Vascular segment, it launched Sacubitril + Valsartan under the brand name, Sacu V for the treatment of heart failure. New products such as La Shield Pollution Protect, La Shield Probiotic Moisturizer and Scalpe Pro Shampoo contributed to business growth in FY23.
Thereafter, in FY23, Glenmark launched 8 new products during the fiscal year 2022-23, consisting of a mix of immediate-release oral solids and an injectable. Notable launches include Ezetimibe Tablets USP; Abiraterone Acetate Tablets USP, 500 mg; Fingolimod Capsules, 0.5 mg; Sodium Phenylbutyrate Tablets USP, 500 mg; Nicardipine Hydrochloride Capsules; Bumetanide Injection, 1 mg/4 mL (0.25 mg/mL) Single-Dose Vials; and 2.5 mg/10 mL (0.25 mg/mL) Multi-Dose Vials, and Teriflunomide Tablets. It launched first generics, Teriflunomide (Aubagio) Tablets. It got into a distribution agreement with Cediprof for USFDA approved Mixed Amphetamines Immediate-Release Tablets.
As of March 31, 2023, Glenmark's marketing portfolio included 183 generic products authorized for distribution in the U.S. market. 4 new products were introduced in the market, including Fenismart(dimetindene) gel and Phelisans (phenasone + lidocaine) ear drops. It launched RYALTRIS in the Malaysian market in 4Q of FY23.
Glenmark Pharmaceuticals Ltd
Directors Reports
Your Directors have pleasure in presenting the 44th Annual Report on business and
operations of the Company together with the Audited Financial Statements of the Company
for the Financial Year (F.Y.) ended 31 March 2022.
FINANCIAL RESULTS:
(Rs in million)
| Year ended 31 March 2021 |
Particulars |
Year ended 31 March 2022 |
| Standalone |
Consolidated |
|
Standalone |
Consolidated |
| 75,679.33 |
109,439.29 |
Gross Total Revenue |
81,415.81 |
123,049.03 |
| 18,698.65 |
13,379.30 |
Profit before tax and exceptional item |
19,071.13 |
17,021.59 |
| 16,494.47 |
9,700.88 |
Profit for the year |
19,977.89 |
9,936.49 |
|
|
(after tax and attributable to shareholders) |
|
|
| 24.84 |
44.32 |
Other Comprehensive Income for the year |
16.05 |
266.49 |
|
|
(not to be reclassified to P&L) |
|
|
| - |
822.49 |
Other Comprehensive Income for the year |
- |
500.62 |
|
|
(to be reclassified to P&L) |
|
|
| 113,404.70 |
63,296.78 |
Surplus brought forward from last balance sheet |
129,218.59 |
72,336.18 |
| 129,924.01 |
73,041.48 |
Profit available for appropriation |
149,345.00 |
92,814.49 |
|
|
Appropriations: |
|
|
| 705.42 |
705.42 |
Dividend |
705.42 |
926.15 |
The Company has not transferred any amount out of the profit of the year to the General
Reserves.
dividend
The Board of the Company had approved the Dividend Distribution Policy on 27 October
2016 in line with Regulation 43A of SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 (‘Listing Regulations'). The policy is uploaded on
the Company's website at https://glenmark.b-cdn.net/gpl_
pdfs/about_us/Dividend%20Distribution%20Policy.pdf
In line with the said Policy, the Board has recommended a Dividend of 250% (? 2.5/- per
equity share of ' 1 each) to be appropriated from the profits of the year 2021-22 subject
to the approval of the Shareholders at the ensuing Annual General Meeting (AGM). The
dividend will be paid in compliance with applicable Section of the Companies Act, 2013
(‘Act') & Listing Regulations. The dividend, if approved, will result in an
outflow of ' 705.42 million.
results of operations
INDIAN ACCouNTING STANDARDS (IND AS)
Financial statements have been prepared in accordance with the Indian Accounting
Standards (hereinafter referred to as the ‘Ind AS') as notified by the Ministry of
Corporate Affairs pursuant to Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 as amended and other relevant provisions of the Act.
On Standalone basis the Company achieved gross revenue of ' 81,415.81 million as
compared to ' 75,679.33 million in the previous year and the Standalone operating profit
before tax and exceptional item was ' 19,071.13 million as compared to ' 18,698.65 million
in the previous year.
On Consolidated basis the Company achieved a gross revenue of ' 123,049.03 million as
compared to ' 109,439.29 million in the previous year and the Consolidated operating
profit before tax and exceptional item was ' 17,021.59 million as compared to ' 13,379.30
million in the previous year.
integrated report
The Company has voluntarily provided the Integrated Report, which includes both
financial and non-financial information. The Integrated Report also covers aspects such as
materiality assessment, forward looking strategy, value creation model, corporate
governance, risk management, performance and prospects of value creation based on the six
forms of capitals viz. financial capital, manufactured capital, intellectual capital,
human capital, social and relationship capital and natural capital.
corporate governance
The Company believes Corporate Governance is at the core of stakeholder satisfaction.
As per Regulation 34(3) read with Schedule V of the Listing Regulations, a separate
section on corporate governance practices followed by the Company, together with a
certificate from the Company's Secretarial Auditor confirming compliance with the
aforesaid Regulations forms an integral part of this Report.
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Mr. V.S. Mani, Executive Director & Global Chief Financial Officer (DIN 01082878),
retire by rotation at the ensuing AGM and being eligible, offers himself for
re-appointment. The Board has recommended his re-appointment for consideration of the
Shareholders.
Relevant details including profile of Mr. V.S. Mani seeking the re-appointment are
included separately in the Notice of AGM.
Re-Appointment of Mr. Glenn Saldanha as Chairman & Managing Director and
Re-Appointment of Mrs. Cherylann Pinto as Executive Director - Corporate Services
On the recommendation of the Nomination & Remuneration Committee, the Board at its
meeting held on 7 April 2022, subject to the approval of shareholders, had repainted Mr.
Glenn Saldanha as Chairman & Managing Director and Mrs. Cherylann Pinto as Executive
Director - Corporate Services for a further period of 5 (Five) years with effect from 16
May 2022.
Pursuant to amendment (effective from 1 January 2022) to Regulation 17(1C) of Listing
Regulations, Resolutions for the re-appointment of Mr. Glenn Saldanha as Chairman &
Managing Director and Mrs. Cherylann Pinto as Executive Director - Corporate Services were
proposed for the approval of the shareholders within a period of 3 months from the date of
their re-appointment by the Board.
Accordingly, the ordinary resolutions for the reappointment of Mr. Glenn Saldanha as
Chairman & Managing Director and Mrs. Cherylann Pinto as Executive Director -
Corporate Services, were approved by the shareholders on 14 May 2022, with requisite
majority through Postal Ballot.
independent directors:
All Independent Directors have declared that they meet the criteria of Independence as
laid down under Section 149(6) of the Act and Regulation 16(b) of Listing Regulations.
In terms of Regulation 25(8) of the Listing Regulations, all the Independent Directors
have confirmed that they are not aware of any circumstance or situation, which exists or
may be reasonably anticipated, that could impair or impact their ability to discharge
their duties with an objective independent judgment and without any external influence.
SEBI, vide its notification dated 3rd August, 2021, had enhanced the criteria of
Independent Directors. Accordingly, all the Independent Directors had submitted revised
declarations confirming their independence before 01 January 2022.
The Independent Directors of the Company have confirmed that they have enrolled
themselves in the Independent Directors' Databank maintained with the Indian Institute of
Corporate Affairs (‘IICA') in terms of Section 150 of the Act read with Rule 6 of the
Companies (Appointment & Qualification of Directors) Rules, 2014, as amended. Mr.
Dipankar Bhattacharjee, Independent Director, has successfully cleared the online
proficiency self-assessment test conducted by IICA within the time limit prescribed under
the Act, whereas all the other Independent Directors are exempted from passing the online
proficiency test.
All the Independent Directors have affirmed compliance with the Code of Conduct for
Independent Directors as prescribed in Schedule IV of the Act.
During the year, the Non-Executive Directors of the Company had no pecuniary
relationship or transactions with the Company, other than sitting fees and reimbursement
of expenses incurred by them for the purpose of attending meetings.
KEY Managerial Personnel:
In terms of Section 203 of the Act, the following are the Key Managerial Personnel
(KMP) of the Company:
• Mr. Glenn Saldanha - Chairman & Managing Director
• Mrs. Cherylann Pinto - Executive Director - Corporate Services
• Mr. V. S. Mani - Executive Director & Global Chief Financial Officer
• Mr. Harish Kuber - Company Secretary & Compliance Officer
subsidiaries, joint ventures and associate
COMPANIES
As per Section 129(3) of the Act and Listing Regulations, the Consolidated Financial
Statements of the Company and all its subsidiaries for the F.Y. ended 31 March 2022
prepared in accordance with Ind AS forms part of the Annual Report. Further, in terms of
the first proviso of Section 129(3) of the Act and Rules 5 and 8(1) of the Companies
(Accounts) Rules, 2014 a statement containing the salient features, performance and
financial position of the subsidiaries in the prescribed Form AOC-1 is appended herewith
as Annexure I to the Report.
The Audited Accounts of the subsidiaries together with its Board's Report and Auditors'
Report, wherever applicable, are available for inspection of members on any working day at
the Corporate Office of the Company between 11:00 a.m. to 1:00 p.m. The Company will also
make available these documents upon request by any member of the Company interested in
obtaining the same.
The policy for determining material subsidiaries may be accessed on the Company's
website at https://glenmark.b- cdn.net/gpl_pdfs/about_us/Policy%20on%20Material%20
Subsidiary.pdf
Initial Public Offer (IPO) of Glenmark Life Sciences Limited (GLS)
During the F.Y. 2021-22, GLS completed its IPO of 21,022,222 equity shares comprising a
fresh issue of 14,722,222 equity shares and offer for sale by the Company of 6,300,000
equity shares of face value of ' 2 each at premium of ' 718 per share aggregating to '
15,136 million. Prior to the IPO, GLS was a Wholly Owned Subsidiary (100%) of the Company,
which subsequent to listing befitted as a Subsidiary (82.84%) of the Company and the
equity shares of GLS got listed on BSE Limited (BSE) and National Stock Exchange of India
Limited (NSE) with effect from 06 August 2021.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis Report on the operations of the Company, as
required under Schedule V of Listing Regulations is provided in a separate section and
forms an integral part of this report.
RELATED PARTY TRANSACTIONS
Particulars of contracts or arrangements with related parties referred to in Section
188(1) of the Act in the prescribed Form AOC-2 is appended as Annexure II to this report.
All Related Party Transactions are placed before the Audit Committee for it's approval.
Prior omnibus approval of the Audit Committee is obtained for the transactions which are
repetitive in nature. A statement of all Related Party Transactions is placed before the
Audit Committee for its review on a quarterly basis, specifying the nature, value and
terms and conditions of the transactions.
The Company avails professional advisory services from Trilegal, a firm in which one of
the Directors of the Company is a partner.
In terms of the provisions of the SEBI (Listing Obligations and Disclosure
Requirements) (Sixth Amendment) Regulations, 2021, the Company has formulated revised
Policy on Related Party Transactions and its Materiality. The revised policy on Related
Party Transactions and its Materiality is in line with the SEBI (LODR) (Sixth Amendment)
Regulations, 2021 and is available on the Company's website at
https://glenmark.b-cdn.net/gpl_pdfs/ about_us/Policy%20on%20RPT%20and%20its%20Materiality.
pdf
In terms of Regulation 23 of the Listing Regulations, the Company submits details of
related party transactions as per the format specified by SEBI notification to the stock
exchanges on a half-yearly basis.
AUDITORS AND AUDITORS’ REPORT
• STATUTORY AUDITORS:
At the 42nd Annual General Meeting held on 29 September 2020, the members approved the
appointment of M/s. Suresh Surana & Associates LLP, Chartered Accountants (ICAI Firm
Registration No.121750W/W-100010) as Statutory Auditors of the Company to hold office for
a period of five years from the conclusion of that AGM till the conclusion of 47th Annual
General Meeting.
The report given by the Statutory Auditor on the financial statements of the Company
forms part of the Annual Report.
There is no qualification, reservation, adverse remark or disclaimer given by the
statutory auditor in their report.
• COST AUDITORS:
The Board, on the recommendation of the Audit Committee, re-appointed Sevekari, Khare
& Associates (Registration No. 000084) as Cost Auditors to audit the cost records of
the Company for the F.Y. 2022-23 at a remuneration of ' 2.10 million.
The Company has received consent from Sevekari, Khare & Associates to act as Cost
Auditor for conducting the cost audit of the Company for F.Y. ending 31 March 2023.
Pursuant to Section 148 of the Act read with The Companies (Cost Records and Audit)
Rules 2014, as amended from time to time, the cost audit records maintained by the Company
are required to be audited. In terms of the provisions of the Act, the remuneration
payable to Cost Auditors is required to be ratified by the Shareholders at the ensuing AGM
and accordingly, a resolution seeking ratification has been included in the Notice
convening the AGM.
• INTERNAL AUDITORS:
Pursuant to the provisions of Section 138 of the Act and the Companies (Accounts)
Rules, 2014, Internal audit was conducted by M/s. R.G.N. Price & Co., for the F.Y.
2021-22. The internal audits was also carried out by other audit firms having requisite
expertise and resources.
• SECRETARIAL AUDITORS:
In terms of Section 204 of the Act, the Board of the Company at its meeting held on 27
May 2022, appointed CS Surjan Singh Rauthan, proprietor of M/s. S. S. Rauthan &
Associates, Company Secretaries, to conduct an audit of the secretarial records for the
F.Y. 2022-23.
The Company has received consent from CS Surjan Singh Rauthan to act as the auditor for
conducting audit of the Secretarial records for the F.Y. ending 31 March 2023.
The Secretarial Audit Report in the prescribed form MR-3 for the F.Y. ended 31 March
2022 is appended herewith as Annexure III to this report. The Secretarial Audit Report
does not contain any qualification, reservation or adverse remarks.
The Auditors of the Company have not reported any fraud as specified under the second
proviso of Section 143(12) of the Act (including any statutory modification(s) or
re-enactment(s) thereof for the time being in force).
CHANGES IN CAPITAL STRUCTURE
There was no change in paid-up share capital in the F.Y. 2021-22.
EMPLOYEE STOCK OPTIONS SCHEME 2016
At the Annual General Meeting of the Company held on 12 August 2016, the Shareholders
had approved a Scheme
‘Glenmark Pharmaceuticals Limited - Employee Stock Option Scheme 2016' ("ESOS
2016") under the Securities and Exchange Board of India (Share Based Employee
Benefits) Regulations, 2014 and other applicable laws, Regulations, etc. for the purpose
of granting options to the permanent employees of the Company and its subsidiaries, as
applicable.
At the Annual General Meeting of the Company held on 29 September 2017 the Shareholders
approved the amendment to the Scheme in relation to re- pricing of the options granted
from ' 800 to ' 600 and maximum number of options that would be granted would be up to 1%
of the paid up share capital of the Company as at 31 March 2017 i.e. ' 282,168,156/-
(282,168,156 Equity Shares of ' 1/- each) i.e. 2,821,682 options which upon exercise would
result in the issue of 2,821,682 shares of ' 1/- each.
During the F.Y. 2021-22, no options were issued and exercised and 325,440 options were
cancelled. As of 31 March 2022, 78,717 options were outstanding.
On exercising the convertible options so granted, the paid- up equity share capital of
the Company will increase by a like number of shares.
The information in compliance with Regulation 14 of the Securities and Exchange Board
of India (Share Based Employee Benefits) Regulations, 2014 as amended, is appended
herewith as Annexure IV to this Report.
FINANCE
U.S. $ 200,000,000, 2.00 % Resettable Onward starting equity-linked securities (Bonds):
The Company had issued Bonds on 28 June 2016. The Bonds become convertible at the
option of the holders' of the Bonds (the "Bondholders") after 1 December 2017
and upto the close of business on 18 June 2022 into equity shares. Each Bond will be
convertible at the option of the holder thereof into fully paid equity shares at the
initial conversion price determined on 30 November 2017.
On 30 November 2017, the Company set the initial conversion price (i.e. the price at
which the ordinary shares of the Company will be issued upon conversion of Bonds subject
to any further adjustments according to conditions) at '861.84 as determined in accordance
with condition 6.1.3 of the Trust deed. As of 31 March 2022, none of the Bondholders have
opted for the conversion option.
On 30 November 2017, the Company confirmed the fixed exchange rate as ' 64.5238 in
accordance with the condition 6.1.1 (b) of the Trust Deed dated 28 June 2016 which
provides that the fixed exchange rate shall be the FX rate (INR per U.S. $ 1) based on
Bloomberg's "BFIX" USD/INR spot mid-price rate
12.00 (Hongkong time) on 30 November 2017.
Unless previously converted, redeemed or purchased and cancelled, the Bonds will be
redeemed on 28 June 2022 (Maturity Date) at 126.42% of their principal amount, together
with accrued interest (if any), calculated upto but excluding the Maturity Date. The
Company may, at its own discretion, redeem the Bonds in whole, but not in part, subject to
satisfaction of certain conditions.
As per the original Trust Deed, each Bondholder has the right to require the Company to
redeem in whole or in part, such Bondholder's Bonds, on 28 July 2021 (Put Option Date), at
a price equal to 121.78% of its outstanding principal amount of Bonds, together with
interest (if any) accrued but unpaid on 28 July 2021. This is amended in April, 2021(see
note below on Tender Offer and Consent Solicitation).
The FCC Bonds were partially bought back in October 2018 (see note below on Buyback).
In addition to that, the Company approved for tender and consent solicitation for
amendment of FCC Bonds in February, 2021 (see note below on Tender Offer and Consent
Solicitation). Further, the FCC Bonds were partially bought back in September, 2021 and
April, 2022 (see note below on Buyback). The balance outstanding FCC Bonds were redeemed
in May, 2022 (see note below on Buyback).
The FCC Bonds were delisted from the Singapore stock exchange in May, 2022.
Buy back of the Company’s u.S. $ 200,000,000 2.00% resettable onward starting
equity- linked securities due 2022 - October, 2018:
In September 2018, the Company approved the launch of buyback of FCC Bonds
("Buyback FCCBs") from existing holders of FCC Bonds ("Buyback
Bondholders"). MUFG Securities Asia Limited and J.P. Morgan Securities Limited were
appointed as dealer managers, on behalf of the Company to buyback FCC Bonds at a buyback
price of 105% of the principal amount outstanding (being U.S. $ 262,500 for each U.S. $
250,000 of FCC Bonds), up to an aggregate purchase price of U.S. $ 100 million plus
accrued and unpaid interest per FCC Bond. In October 2018, the Company agreed to buyback
U.S. $ 86.5 million in aggregate principal amount (representing 346 FCC Bonds in number of
U.S. $ 250,000 denomination for each FCC Bond) of the FCC Bonds. These Buyback FCCBs
represented 43.25% of the aggregate FCC Bonds. On the closing/settlement date, the Company
paid an aggregate purchase price of U.S. $ 90,825,000 for the Buyback FCCBs, plus accrued
but unpaid interest. Following settlement, the FCC Bonds bought back were cancelled and
U.S. $ 113.5 million in aggregate principal amount of FCC Bonds remained outstanding. The
Company undertook buyback to monetize the opportunity available and to push maturity of
external debt. The Company utilised proceeds from an unsecured External Commercial
Borrowing facility of up to U.S.$ 100 million ("ECB Facility") from MUFG Bank,
Ltd., Singapore Branch, to refinance these Bonds.
Tender Offer of the Company’s U.S. $ 200,000,000 2.00% resettable onward starting
equity- linked securities due 2022 and Consent Solicitation from Bondholders - April,
2021:
In March, 2021, the Company announced a launch of a tender offer of the FCC Bonds. The
Hong Kong and Shanghai Banking Corporation Limited was appointed as the Dealer Manager on
behalf of the Company to tender an aggregate principal amount of up to U.S. $ 38.5 million
at a purchase price of 120.30% of the principal amount of the FCC Bonds (Tender Offer) and
also invited the holders of the FCC Bonds to approve the amendment of the optional put
notice period from not later than 30 days nor more than 60 days prior to the Put Option
Date to a minimum of 150 days prior to the Put Option Date by passing an Extraordinary
Resolution
(Consent Solicitation).
Tender Offer: In April, 2021, an aggregate principal amount of U.S. $ 36.75 million
(representing 147 FCC Bonds in number of U.S. $ 250,000 denomination for each FCC Bond)
were validly tendered pursuant to the Offer. These tendered FCC Bonds represented 32.38%
of the outstanding FCC Bonds. On the closing/settlement date, the Company paid an
aggregate purchase price of U.S. $ 44,210,250 plus accrued but unpaid interest. Following
settlement, the tendered FCC Bonds were cancelled and U.S. $ 76.75 million in aggregate
principal amount of FCC Bonds remained outstanding. The Company undertook this tender to
manage the Company's debt maturity profile by reducing near-term repayable outstanding
indebtedness and to reduce interest costs. The Company utilised proceeds from unsecured
External Commercial Borrowing facilities from Fifth Third Bank and International Finance
Corporation to refinance these Bonds (see note below on Fifth Third Bank and IFC).
Consent Solicitation: An Extraordinary Resolution was duly passed at the
Bondholders Meeting held on 12 April 2021, with 99.78 per cent. of votes cast in favour of
the amendment to the optional put notice period. The Company also executed the
Supplemental Trust Deed to make the amendment effective from 12 April 2021.
Buy back of the Company’s u.S. $ 200,000,000 2.00% resettable onward starting
equity- linked securities due 2022 - September, 2021:
In September 2021, the Company executed a discrete buyback of FCC Bonds ("Buyback
FCCBs") from an existing holder of FCC Bonds for principal value of U.S. $ 1 million.
The Hong Kong and Shanghai Banking Corporation Limited acted as Dealer Manager, on behalf
of the Company to buyback FCC Bonds at a buyback price of 120.30% of the principal amount
(representing 4 FCC Bonds in number of U.S. $ 250,000 denomination for each FCC Bond) of
the FCC Bonds. On 15 September, 2021, the Company paid an aggregate purchase price of U.S.
$
1,203,000 for the Buyback FCCBs, plus accrued but unpaid interest. Following
settlement, the FCC Bonds bought back were cancelled and U.S. $ 75.75 million in aggregate
principal amount of FCC Bonds remained outstanding.
Buy back of the Company’s u.S. $ 200,000,000 2.00% resettable onward starting
equity- linked securities due 2022 - April and May, 2022:
In April 2022, the Company executed a buyback of FCC Bonds ("Buyback FCCBs")
from an existing holder of FCC Bonds for principal value of U.S. $ 75 million. The Hong
Kong and Shanghai Banking Corporation Limited acted as Dealer Manager, on behalf of the
Company to buyback FCC Bonds at a buyback price of 125.26% of the principal amount
(representing 300 FCC Bonds in number of U.S. $ 250,000 denomination for each FCC Bond) of
the FCC Bonds. On 7 April, 2022, the Company paid an aggregate purchase price of U.S. $
93,945,000 for the Buyback FCCBs, plus accrued but unpaid interest. Following settlement,
the FCC Bonds bought back were cancelled and U.S. $ 0.75 million in aggregate principal
amount of FCC Bonds remained outstanding.
Following the above buyback in April, 2022, the Company issued a Notice of early
redemption to the remaining holders of FCC Bonds for principal value of outstanding U.S. $
0.75 million for redemption in May, 2022. On 9 May, 2022, the Company paid an aggregate
amount of U.S. $ 9,42,860.24 for the Buyback FCCBs, plus accrued but unpaid interest and
concluded the redemption of FCC Bonds as per the terms of the Trust Deed.
Subsequently, the FCC Bonds were delisted from the Singapore stock exchange.
U.S. $ 90,825,000, MUFG Bank, ECB Facility:
The Company has obtained LRN from RBI to raise an ECB Facility to the extent of U.S. $
100 million. In October 2018, the ECB Facility for U.S. $ 90,825,000 was raised and the
proceeds were utilized for the purpose of repurchasing the FCC Bonds. The ECB Facility was
raised from MUFG Bank, Singapore with an initial maturity of 5 years. The interest rate
for the first 3 years is 4.956% p.a. and the interest for the subsequent 2 years is 5.25%
p.a.
However, in December, 2021, the loan was extended to bullet maturity of December, 2026.
The interest rate was fixed at 4.69% p.a. up to September, 2023 and thereafter at an
interest margin of 1.95% p.a. over U.S.$ LIBOR .
U.S. $ 200,000,000, Syndication loan, ECB Facility:
The Company has obtained LRN from RBI to raise an ECB Facility to the extent of U.S. $
200 million. During the period November, 2020 to January, 2021, the ECB Facility for U.S.
$ 200 million was raised and the proceeds were utilized for the purpose of refinancing the
4.5% Senior Notes. The ECB Facility was raised from 9 Foreign banks with a maturity of 3.5
years. The interest margin is 3.15%p.a.over U.S. $ LIBOR. The Company refinanced this ECB
by availing a new ECB - U.S. $ 228 million Sustainability Linked Loan in March, 2022 (see
note below on U.S. $ 228,000,000, Sustainability linked syndication loan, ECB Facility).
U.S. $ 28,000,000, Fifth Third Bank, ECB Facility:
The Company has obtained LRN from RBI to raise an ECB Facility to the extent of U.S. $
28 million. The ECB Facility for U.S. $ 28 million was executed in March, 2021 and the
Company availed the entire amount in April, 2021 and the proceeds were utilized for the
purpose of refinancing the FCC Bonds. The ECB Facility was raised from Fifth Third Bank,
National Association with a maturity of 3.5 years. The interest margin is 3.15% p.a. over
U.S. $ LIBOR. The Company refinanced this ECB by availing a new ECB - U.S. $ 228 million
Sustainability Linked Loan in March, 2022 (see note below on U.S. $ 228,000,000,
Sustainability linked syndication loan, ECB Facility).
u.S. $ 40,000,000, international Finance Corporation (iFC), ECB Facility:
The Company has obtained LRN from RBI to raise an ECB Facility to the extent of U.S. $
40 million. The ECB Facility for U.S. $ 40 million was executed in February, 2021 and the
Company availed U.S. $ 16,574,250 in April, 2021 and the proceeds were utilized for the
purpose of refinancing the FCC Bonds. The Company further availed U.S. $ 7,500,000 and
U.S. $ 1,203,000 in June, 2021 and September, 2021 respectively. The ECB Facility was
raised from International Finance Corporation with a maturity of 5.7 years. The interest
margin over U.S. $ LIBOR was 3.08%p.a. up to September, 2021 and 2.83%p.a. thereafter.
u.S. $ 228,000,000, Sustainability linked syndication loan, ECB Facility:
The Company has obtained LRN from RBI to raise an ECB Facility to the extent of U.S. $
228 million. During March 2022, the Sustainability linked loan for U.S. $ 228 million was
raised and the proceeds were utilized for the purpose of refinancing the U.S. $ 200
million Syndication loan and U.S. $ 28 million Fifth Third Bank loan. The ECB Facility was
raised from 10 Foreign banks with a maturity of 5 years. The interest margin is 1.75%p.a.
over SOFR.
credit ratings
• S&P Global has revised Long Term Rating from ‘BB-‘ to ‘BB'
and affirmed Outlook ‘Stable'.
• Fitch Ratings has affirmed Long-Term Issuer Default Rating (IDR) as ‘BB',
Outlook ‘Stable.'
• CRISIL has affirmed Long-Term Rating as ‘AA-‘ and revised Outlook to
‘Positive' from ‘Stable'. Short term rating reaffirmed as A1+.
• India Ratings and Research (Ind-Ra) has affirmed LongTerm Rating as
‘AA-‘ and revised Outlook to ‘Positive' from ‘Stable'. Short-Term
Rating affirmed at A1+.
listing at stock exchanges
The Equity shares of the Company continue to be listed on BSE Limited and The National
Stock Exchange of India Limited.
FCC bonds are listed on Singapore Exchange Limited. However, they were subsequently
delisted in May, 2022.
conservation of energy, technology absorption, foreign exchange earnings and outgo
The information on Conservation of Energy, Technology Absorption, Foreign Exchange
Earnings and Outgo as stipulated under Section 134(3)(m) of the Act, read with Rule 8 of
The Companies (Accounts) Rules 2014 is appended herewith as Annexure V to this Report.
unclaimed dividend / shares
In pursuance of Regulation 39 read with Schedule VI of the Listing Regulations, the
details of underlying shares in unclaimed suspense account and unclaimed shares / dividend
transferred to IEPF, are provided in the Report on Corporate Governance.
particulars of employees & remuneration
Information as required under the provisions of Section 197(12) of the Act, read
together with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, is appended herewith as Annexure VI to this report.
The information required pursuant to Section 197(12) of the Act read with Rules 5(2)
& 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 in respect of employees of the Company, is appended herewith and forms part of this
Report. Any member interested in obtaining a copy thereof, may write to
complianceofficer@glenmarkpharma.com.
corporate social responsibility (csr)
The Company believes in giving back to society in some measure that is proportionate to
its success in business. CSR aims at balancing the needs of all stakeholders. The
Company's CSR initiative goes beyond charity and believes that as a responsible Company it
should take into account its impact on society as much as creating business impact.
The report on CSR in the format prescribed in the Companies (Corporate Social
Responsibility Policy) Amendment Rules, 2021 is appended herewith as Annexure VII to this
Report.
The CSR Policy of the Company is available on the Company's website at
https://glenmark.b-cdn.net/gpl_pdfs/about_us/ CSR%20Policy.pdf
annual return
Pursuant to Section 92 read with Section 134(3)(a) of the Act, the Annual Return as on
31 March 2022 is available on the Company's website at
https://glenmarkpharma.com/investors/
reports-presentations/annual-return-secretarial-audit-report-of- gls/
directors’ responsibility statement
Pursuant to the provisions of Sections 134(3)(c) and 134(5) of the Act, the Directors
confirm that -
i. in the preparation of the annual accounts, the applicable Accounting Standards have
been followed along with proper explanation relating to material departures, if any;
ii. appropriate accounting policies have been selected and applied consistently and
have made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company as at 31 March 2022 and of the profit of
the Company for the year ended 31 March 2022;
iii. proper and sufficient care has been taken for maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities;
iv. the annual accounts have been prepared on a going concern basis;
v. they have laid down internal financial controls to be followed by the Company and
such internal financial controls are adequate and were operating effectively;
vi. proper systems have been devised to ensure compliance with the provisions of all
applicable laws and such systems were adequate and operating effectively.
BOARD PERFORMANCE EVALUATION
The Company has devised a Performance Evaluation Framework and Policy, which sets out a
mechanism for the evaluation of the Board, the Committees and the Individual Directors.
Performance evaluation of the Board, the Committees and the Individual Directors was
carried out through an evaluation mechanism in terms of the aforesaid Performance
Evaluation Framework and Policy.
FAMILIARIZATION PROGRAMME FOR THE INDEPENDENT DIRECTORS
In compliance with the requirements of Listing Regulations, the Company has put in
place a familiarization programme for the Independent Directors to familiarize them with
their roles, rights and responsibilities as an Independent Director, the working of the
Company, changes in the regulatory environment, etc. The Board members are regularly
updated regarding key developments and any important regulatory amendments applicable to
the Company. During the F.Y. 2021-22, the Company had conducted exclusive session for
Independent Directors on Regulatory and Compliance updates with the help of an external
agency.
The familiarization programme may be accessed on the Company's website at
https://glenmark.b-cdn.net/gpl_pdfs/ about_us/familiarisation_programme_for_independent_
directors.pdf
BOARD AND COMMITTEE MEETINGS
A calendar of Board and Committee Meetings to be held during the year was circulated
well in advance to the Directors. Five Board Meetings were convened and held during the
year. The Board has a duly constituted Audit Committee with Mr. Rajesh Desai as the
Chairman and Mr. Sridhar Gorthi and Mr. Devendra Raj Mehta as members. There have been no
instances during the year where recommendations of the Audit Committee were not accepted
by the Board.
Details of the Composition, attendance of members and other details of the Board and
its Committees, are provided in the Corporate Governance Report, which forms an integral
part of this Annual Report. The intervening gap between the Meetings was within the period
prescribed under the Act and Listing Regulations.
NOMINATION AND REMUNERATION POLICY
Pursuant to the provisions of Section 178(4) of the Act and Regulation 19(4) of Listing
Regulations the policy on the appointment of Directors including Independent Directors,
KMP and Senior Management and the policy on remuneration of the Directors, KMP and other
employees provides a referendum based on which the Human Resource Management Team plans
and strategizes their recruitment plans for the strategic growth of the Company. The
Nomination & Remuneration Policy may be accessed on the Company' website at
https://glenmark.b-cdn. net/gpl_pdfs/about_us/nomination_and_remuneration_policy. pdf
RISK MANAGEMENT POLICY AND INTERNAL
adequacy
The Company has put in place an Enterprise Risk Management Policy. The Risk register is
updated at regular intervals. The details of risk management have been included in the
Management Discussion and Analysis Report, which forms a part of this Annual Report.
The Company's internal control systems are commensurate with the nature of its business
and the size and complexity of its operations. These are routinely tested and certified by
Statutory as well as Internal Auditors and cover all offices, factories and key business
areas. Significant audit observations and follow up actions thereon are reported to the
Audit Committee. The Audit Committee reviews adequacy and effectiveness of the Company's
internal control environment and monitors the implementation of audit recommendations,
including those relating to strengthening of the Company's risk management policies and
systems.
During the F.Y. 2021-22 the Risk Management Policy was amended in line with the
Regulation 21 of the Listing Regulations. The revised Policy has been approved by the Risk
Management Committee and subsequently by the Board.
HUMAN RESOURCES
Company's industrial relations continued to be harmonious during the year under review.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Particulars of loans, guarantees and investments covered under Section 186 of the Act,
forms part of the notes to the standalone financial statements forming a part of this
Annual Report.
BUSINESS RESPONSIBILITY REPORT (BRR)
In accordance with Regulation 34(2)(f) of the Listing Regulations, read with SEBI
Circular No. CIR/CFD/CMD/10/2015 dated November 4, 2015, the inclusion of BRR as a part of
the Annual Report is mandated for top 1000 listed entities based on the market
capitalization. BRR for the F.Y. 2021-22 has been prepared in accordance with the format
prescribed by SEBI. The summary of the BRR is appended herewith as Annexure VIII to this
Report.
GENERAL
Your Directors state that no disclosure or reporting is required in respect of the
following items as there were no transactions on these items during the year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of equity shares with differential rights as to dividend, voting or otherwise.
3. Neither the Managing Director nor the Whole-time Directors of the Company receive
any remuneration or commission from any of its subsidiaries.
4. No significant or material orders were passed by the Regulators or Courts or
Tribunals which impact the going concern status and Company's operations in future.
The Company has complied with Secretarial Standards issued by the Institute of Company
Secretaries of India on Board and General Meetings.
POLICY ON PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has in place a Policy on Prevention of Sexual Harassment at Workplace in
line with the requirements of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 ("Prevention of Sexual Harassment of Women at
Workplace Act") and Rules framed thereunder. An Internal Complaints Committee has
also been set up to redress complaints received regarding sexual harassment at workplace.
The Company has ensured wide dissemination of the Policy and the provisions of
Prevention of Sexual Harassment of Women at Workplace Act by conducting sessions
throughout the Company.
One (1) complaint was received and resolved during the F.Y. 2021-22, under the Sexual
Harassment of Women at Workplace Act. No Complaint was pending as on 31 March 2022.
The Company is committed to providing safe and conducive work environment to all of its
employees and associates.
whistleblower POLICY AND vIGIL Mechanism
The Company has adopted a Whistleblower Policy and Vigil Mechanism to provide a formal
mechanism to the Directors, employees and other external stakeholders to report their
concerns about unethical behaviour, actual or suspected fraud or violation of the
Company's Code of Conduct. The Policy provides for adequate safeguards against
victimisation of employees who avail of the mechanism. No personnel of the Company has
been denied access to the Chairperson of the Audit Committee. The Whistleblower Policy and
Vigil Mechanism ensures that strict confidentiality is maintained in such cases and no
unfair treatment is meted out to a Whistleblower. The Company, as a Policy, condemns any
kind of discrimination, harassment, victimisation or any other unfair employment practice
being adopted against Whistleblowers. The Whistleblowers Policy may be accessed on the
Company's website at https://glenmark.b-cdn.net/gpl_pdfs/about_us/
Whistleblowing%20Policy.pdf
GREEN INITIATIvE
The MCA had undertaken the Green Initiative in Corporate Governance by allowing
paperless compliances by companies through electronic mode. We request all the
shareholders to support the ‘Green Initiative' of the Ministry of Corporate Affairs
and the Company's continuance towards greener environment by enabling the service of the
Annual Report, AGM Notice and other documents electronically to your email address
registered with your Depository Participant/ Registrar and Share Transfer Agent. The
Company appeals to you, its Shareholders, who are yet to register the E-mail addresses
that they take necessary steps for registering the same so that you can also become a part
of the initiative and contribute towards a greener environment.
APPRECIATION AND ACKNOWLEDGEMENTS
The Directors express their gratitude to the Company's customers, shareholders,
business partners' viz. distributors and suppliers, medical professionals, Company's
bankers, financial institutions including investors for their valuable sustainable support
and co-operation.
The Directors commend the continuing commitment and dedication of employees at all
levels.
For and on behalf of the Board of Directors
| glenn Saldanha |
| Chairman & Managing Director |
| (DIN 00050607) |
| Place: Mumbai |
| Date: 27 May 2022 |
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENTS OF SUBSIDIARIES/
ASSOCOIATES / JOINT VENTURES
Rs in Million
| Sr. Name of No. Company |
Glenmark Pharmaceuticals (Kenya) Limited |
Glenmark Pharmaceuticals (Australia) Pty. Ltd., Australia |
Glenmark Impex LLC, Russia |
Glenmark Pharmaceuticals Sdn. Bhd.,
Malaysia |
Glenmark Pharmaceuticals Nigeria Ltd., Nigeria |
Glenmark South Africa (Pty) Ltd |
Glenmark Philippines Inc., Philippines |
Glenmark Pharmaceuticals FZE (UAE) |
Glenmark Pharmaceuticals EGYPT (S.A.E.) |
Glenmark Pharmaceuticals South Africa (Pty) Ltd..South
Africa |
VISO FARMACE UTICA S.L.U- SPAIN |
Glenmark Therapeutics Inc, USA |
Glenmark Pharmaceuticals Europe (R&D) Ltd, U.K. # |
Glenmark Uruguay S.A. |
Glenmark Pharmaceuticals Mexico, SA DE CV |
Glenmark Pharmaceuticals Venezuela, CA |
Glenmark Pharmaceuticals Peru SAC |
Glenmark Farmaceutica Ltda, Brazil |
Ichnos Sciences SA (Formerly known as Glenmark
Pharmaceuticals S- A.) |
Glenmark Holding S.A., Switzerland
(GHSA) |
|
| 1 Share Capital |
97.18 |
90.58 |
1,435.51 |
97.72 |
208.97 |
0.77 |
118.70 |
12.92 |
421.73 |
0* |
0.22 |
|
|
517.30 |
1,695.29 |
715.13 |
765.30 |
12,649.65 |
18,364.34 |
67,678.06 |
|
| 2 Reserves |
113.85 |
(84.15) |
1,508.87 |
142.93 |
(395.74) |
583.03 |
195.80 |
443.26 |
(510.96) |
(182.96) |
124.16 |
798.35 |
|
234.89 |
(1,108.78) |
(2,368.62) |
(702.00) |
(10,017.71) |
(10,711.61) |
(32,937.19) |
|
| 3 Total Assets |
1,354.97 |
8.09 |
4,229.81 |
844.62 |
213.78 |
583.79 |
451.89 |
539.25 |
103.55 |
765.25 |
335.02 |
877.62 |
|
755.02 |
1,073.62 |
|
200.07 |
4,646.58 |
11,200.20 |
1,05,296.17 |
|
| 4 Total Liabilities |
1,143.95 |
1.57 |
1,185.33 |
803.97 |
400.53 |
|
139.19 |
83.07 |
192.79 |
948.21 |
210.65 |
79.26 |
|
2.83 |
487.11 |
1,653.49 |
136.77 |
2,014.64 |
3,547.47 |
70,555.30 |
|
| 5 Investment (except in case of investment in subsidiaries) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 6 Turnover |
1,458.25 |
|
4,39735 |
1,010.34 |
|
|
553.24 |
124.71 |
161.72 |
1,017.15 |
486.88 |
(3.59) |
|
|
1,082.64 |
|
155.47 |
1,738.72 |
1,985.36 |
|
|
| 7 Profit/fLoss) before tax |
57.82 |
(9.95) |
401.54 |
17.32 |
(39.07) |
(0.05) |
(28.62) |
70.33 |
(60.56) |
164.29 |
23.02 |
(71.00) |
323.86 |
(0.77) |
(0.75) |
|
4.46 |
(940.54) |
(6,557.99) |
(500.73) |
|
| 8 Provision for Tax |
21.05 |
|
92.87 |
5.00 |
(11.72) |
|
(4.76) |
|
|
44.08 |
6.45 |
(21.40) |
1.61 |
0.04 |
(7.85) |
|
41.82 |
(392.98) |
30.56 |
3.68 |
|
| 9 Profit/fLoss) After Tax |
45.77 |
(9.95) |
308.58 |
12.32 |
(27.35) |
(0.05) |
(23.86) |
70.33 |
(60.56) |
120.22 |
16.56 |
(49.60) |
322.25 |
(0.81) |
7.10 |
|
(37.36) |
(547.55) |
(6,588.55) |
(504.41) |
|
| 10 Proposed Equity Dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 11 % of Shareholding |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
|
| 12 Currency |
KES |
AUD |
RUB |
RM |
NGN |
ZAR |
RHP |
AED |
EGP |
ZAR |
EURO |
USD |
GBP |
USD |
MXN |
VEF |
PEN |
BRL |
USD |
USD |
|
| 13 Exchange Rate (?) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Closing Rate |
0.55 |
55.55 |
0.92 |
17.95 |
0.18 |
5.19 |
1.46 |
20.56 |
4.13 |
5.19 |
83.93 |
75.52 |
99.18 |
75.52 |
3.8 |
|
20.13 |
15.86 |
75.52 |
75.52 |
|
| Average Rate |
0.57 |
54.97 |
0.98 |
17.8 |
0.18 |
5.01 |
1.48 |
20.25 |
4.71 |
5.01 |
86.43 |
74.38 |
101.60 |
74.38 |
3.66 |
|
18.88 |
13.95 |
74.38 |
74.38 |
|
| Sr. Name of No. Company |
Glenmark Pharmaceuticals Nordic AB |
Glenmark Distributors SP.Z.O.O. |
Glenmark Pharmaceuticals SK s.r.o |
Glenmark Pharmaceuticals S.R.O., Czech Republic |
Glenmark Pharmaceuticals coumbia ltda |
Glenmark Pharma. (Thailand) Co.Ltd. |
Glenmark Dominicana SRL |
Glenmark Pharmaceuticals Inc., USA |
Glenmark Pharmaceuticals Europe Ltd (GGEL), U.K. |
Glenmark Pharmaceuticals B.V., Netherlands |
Glenmark Arzneimittel Gmbh., Germany |
Glenmark Generics SA., Argentina |
Glenmark Pharmaceuticals Distribution S.r.o, Czech
Republic |
Glenmark Speciality SA |
Glenmark Ukraine LLC |
Glenmark- Pharmaceuticals Ecuador S.A. |
Glenmark Pharmaceuticals Singapore Pte. Ltd. |
Glenmark Life science Ltd |
Ichnos Sciences Biotherapeutics SA (Formerly known as
Glenmark Biotherapeutics SA) |
Ichnos Sciences Inc., USA |
Glenmark Pharmaceuticals Canada Inc. |
| 1 Share Capital |
0.36 |
83.87 |
0.43 |
143.00 |
546.27 |
7.99 |
0.19 |
0.00* |
518.09 |
1.15 |
3.19 |
6,450.05 |
27.55 |
2,031.94 |
46.11 |
189.46 |
32.66 |
245.05 |
17.67 |
48.55 |
107.21 |
| 2 Reserves |
123.34 |
(48.92) |
115.93 |
4,110.84 |
(395.65) |
(15.62) |
(0.37) |
28,039.13 |
938.19 |
159.56 |
1,121.49 |
(5,170.57) |
2,461.00 |
(56.34) |
169.84 |
(123.11) |
23.61 |
20,298.09 |
445.50 |
24,693.79 |
14.43 |
| 3 Total Assets |
908.34 |
1,207.29 |
599.01 |
7,503.40 |
237.72 |
21.07 |
|
42,106.68 |
6,226.11 |
868.94 |
6,825.66 |
1,472.15 |
3,425.36 |
22,932.22 |
645.46 |
303.97 |
57.26 |
24,710.10 |
1,746.25 |
25,497.36 |
336.22 |
| 4 Total Liabilities |
784.63 |
1,172.34 |
482.65 |
3,249.56 |
87.10 |
28.70 |
0.18 |
14,067.55 |
4,769.83 |
708.23 |
5,700.98 |
192.67 |
936.81 |
20,956.62 |
429.51 |
237.62 |
0.99 |
4,166.95 |
1,283.08 |
755.03 |
214.58 |
| 5 Investment (except in case of investment in subsidiaries) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.77 |
|
|
|
| 6 Turnover |
787.28 |
1,331.14 |
1,178.19 |
9,176.57 |
100.66 |
27.76 |
|
28,206.07 |
5,234.90 |
1,105.82 |
2,862.49 |
626.89 |
2,330.48 |
4,611.67 |
948.95 |
251.45 |
36.74 |
21,232.14 |
0.18 |
|
418.28 |
| 7 Profitf(Loss) before tax |
2.09 |
31.74 |
24.91 |
328.94 |
(47.26) |
(0.99) |
|
414.52 |
57.62 |
65.90 |
312.58 |
(845.13) |
182.98 |
(24.86) |
(15.66) |
3.64 |
1.75 |
5,649.26 |
273.23 |
(44.18) |
13.06 |
| 8 Provision for Tax |
3.89 |
(44.06) |
8.21 |
35.41 |
(16.16) |
(0.07) |
|
69.16 |
7.52 |
15.59 |
98.58 |
(118.65) |
17.51 |
42.41 |
1.29 |
8.61 |
0.27 |
1,462.01 |
73.73 |
1.39 |
1.74 |
| 9 ProfitZ(Loss) After Tax |
(1.79) |
75.80 |
16.70 |
293.53 |
(31.10) |
(0.92) |
|
345.35 |
50.10 |
50.31 |
214.00 |
(726.48) |
165.47 |
(67.27) |
(16.94) |
(4.97) |
1.48 |
4,187.25 |
199.50 |
(45.57) |
11.32 |
| 10 Proposed Equity Dividend |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,286.54 |
|
|
|
| 11 % of Shareholding |
100 |
100 |
100 |
100 |
100 |
49 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
100 |
82.84 |
100 |
100 |
100.00 |
| 12 Currency |
SEK |
PLN |
EURO |
CZK |
COP |
THB |
DOP |
USD |
GBP |
EURO |
EURO |
ARS |
CZK |
USD |
UAH |
USD |
SGD |
INR |
USD |
USD |
CAD |
| 13 Exchange Rate (?) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Closing Rate |
8.1 |
18.05 |
83.93 |
3.44 |
0.02 |
2.27 |
1.36 |
75.52 |
99.18 |
83.93 |
83.93 |
0.68 |
3.44 |
75.52 |
2.54 |
75.52 |
55.77 |
|
75.52 |
75.52 |
60.38 |
| Average Rate |
8.44 |
18.85 |
86.43 |
3.41 |
0.02 |
2.27 |
1.3 |
74.38 |
101.60 |
86.43 |
86.43 |
0.75 |
3.41 |
74.38 |
2.69 |
74.38 |
55.13 |
|
74.38 |
74.38 |
59.32 |
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