Gland Pharma reports 41 percent jump in Q1 revenue

The Hyderabad-based company, which draws the bulk of its revenue from the United States, Europe, Canada, Australia and New Zealand, said revenue jumped to 12.09 billion Indian rupees ($146.13 million) from 8.57 billion rupees.

The company said 37% of the total revenue came from its acquisition of Cenexi in January. Revenue from Europe jumped more than five-fold to 2.22 billion rupees.

Excluding the Cenexi acquisition, Gland Pharma's revenue rose 3.5% on the back of improvement in its base business and stability in the United States.

"The efforts made for business recovery, after a challenging previous year, are yielding fruitful results," Gland Pharma Chief Executive Officer Srinivas Sadu said in a statement.

Gland Pharma, majority owned by China's Shanghai Fosun Pharmaceutical Group Co, however, reported a 15.3% fall in profit to 1.94 billion rupees for the quarter ended June 30 amid price erosions and increased competition.

Gland Pharma, founded in 1978, primarily operates on a business-to-business model and focuses on sterile and complex injectables. The company also has contract manufacturing, along with direct consumer sales.

Sales in the Indian market, which accounts for 5% of its total revenue, rose 29% to 647 million rupees.

Gland Pharma also said it launched cardioprotective agent Dexrazoxane in China during the quarter, the company's first product in the country.

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