Glenmark net up 48% at Rs 280cr

Milestone payments saw the Mumbai-based Glenmark Pharmaceuticals post a 48% increase in net profit at Rs 280 crore for the third quarter ended December 31, 2007 when compared with Rs 188.9 crore in Q3FY07.

Consolidated revenue increased 53.55% to Rs 685 crore in Q3FY08 from Rs 446.1 crore in the third quarter of the previous fiscal.

"We have posted good results with the Eli Lilly milestone this quarter and a good performance of our US business," said Glenn Saldanha, managing director and CEO, Glenmark Pharmaceuticals.

A company press release said its speciality business, which includes out licensing revenue, grew 32.36% to Rs 417.2 crore from Rs 315.2 crore in Q3FY07.

The revenue of Glenmark's US subsidiary, Glenmark Pharmaceuticals Inc [GPI], zoomed 144.32% to Rs 204 crore from Rs 83.5 crore in Q3FY07.