Glenmark forecasts first profit in Romania after two years of operations

2010-02-09

Glenmark, an Indian drug manufacturer, expects to make its first profit on the Romanian market in the financial year which ends in March 2010, and to double its sales as a result of new product launches, according to Mariana Wencz, the director of the Romanian branch, quoted in Curierul National. The company has been operating in Romania for two years, and its annual sales are expected to reached $8m (€5.8m), in comparison with $3m during its 2008/9 financial year.
The profit forecast did not include the claw-back tax, the collection procedure of which had not been specified at the end of January 2010 (see the news story “Uncertainty continues over rules pertaining to clawback payments” in the previous issue of Central Europe Pharma News for details). The forecast claw-back, of 6-7% of the company’s revenue, would consume its profit.
In 2010, Glenmark plans to double its Romanian sales by means of the introduction of 10-11 new products in the areas of respiratory and gastroenterology treatment.
Glenmark entered the Romanian market in 2008 and at the moment has 10 products in its portfolio. In mid-2009 company announced its intent to acquire a local drug manufacturer and move its production to Romania.