Glenmark Q2 consolidated revenue up 65%

Mumbai, October 31, 2006: Glenmark Pharmaceuticals Limited, the research-led global and integrated pharmaceutical company, has posted total consolidated revenues of Rs. 2557.00 Mn [USD 55.67 Mn] for the second quarter of the financial year 2006-07 ended September 30, 2006 and a growth of 65.17% compared to the corresponding period of the previous year. Consolidated profits for the quarter were Rs. 402.01 million [USD 8.80 Mn].

Formulations: In the period under review, Glenmark's US business earned revenues of Rs. 338.00 Mn [USD 7.4 Mn], registering an exponential growth of 460.54% over the second quarter of the previous year. The Company's Latin American operations, comprising Glenmark Farmacêutica Ltda and Servycal S.A., posted revenues of Rs. 268.32 Mn [USD 5.8 Mn] for Q2, reflecting an increase of 162.5%. Exports of branded formulations brought in revenues of Rs. 525.10 Mn [USD 11.43 Mn], and a growth of 81.5% over the previous year. Revenues from the Indian formulations' segment registered an increase of 32.2%; Rs. 1108.34 Mn [USD 24.13 Mn].

API: The API business [international and domestic] for the quarter registered a growth in revenues by 23.00% to Rs. 317.24 Mn [USD 6.91 Mn] over Q2 in FY 2006.

Drug Discovery: The Company signed a deal with Merck KGaA of Darmstadt, Germany for Glenmark's DPP-IV inhibitor, GRC 8200, a treatment for Type II Diabetes giving it exclusive development, registration and commercialisation rights for the North American, European and Japanese territories. Glenmark will retain commercialization rights for India and will share commercialisation rights with Merck KGaA for the rest of the world. GRC 8200 and Oglemilast continue to progress well in their respective Phase II trials. Glenmark has four more molecules in the pipeline and plans to take three of them to the clinics in this fiscal year.

Glenn Saldanha, Managing Director and CEO of Glenmark said: "Our performance in Q2 has effectively demonstrated our commitment to grow our branded generics and generics business globally. The Merck KGaA deal for GRC 8200 has further reinforced Glenmark's commitment and competency in the arena of new drug discovery."

About Glenmark

Glenmark Pharmaceuticals Ltd. is a research-led, global, fully integrated pharmaceutical company headquartered in Mumbai, India. The Company has generic formulation and API business interests in over 80 countries across the world including the highly regulated markets of USA and Europe. The formulation business spans several product segments such as Dermatology, Internal Medicine, Paediatrics, Gynaecology, ENT, Diabetes and Oncology.

The Company in also engaged in cutting-edge research in discovering new molecules and runs discovery projects in the areas of inflammation [Asthma/COPD, etc] and metabolic disorders [Diabetes, Obesity, etc]. Its first Asthma/COPD molecule, Oglemilast [GRC 3886], was licensed out to Forest Laboratories and Teijin Pharma Limited for the North American and Japanese markets, respectively. This compound subsequently completed Phase I clinical trials successfully and has recently entered Phase II clinical trials in the US.

The Company's second lead GRC 8200, a DPP-IV inhibitor for Type II Diabetes, is in Phase II clinical trials in South Africa and India, and was recently out-licensed to Merck KGaA, Germany for the North American, European and Japanese markets. Glenmark's third lead is a CB-I receptor antagonist for the treatment of Obesity. This compound is completing pre-clinical studies and is expected to be filed for a Phase I trial in H2 FY07. The Company has three other programmes across inflammation and pain management at the pre-clinical stages. [www.glenmarkpharma.com]