Glenmark Analyst

Our Vision
To emerge as a
leading, researchbased,
global,
integrated
pharmaceutical
company
Our Values
Safe Harbour Statement

This presentation has been prepared by Glenmark.
The information, statements and analysis made in this presentation

describing companys objectives, projections and estimates are
forward looking statements and progressive within the meaning of
applicable security Laws and Regulations.
The analysis contained herein is based on numerous assumptions.
Actual result may vary from those expressed or implied depending
upon economic conditions, government policies and other
incidental factors.
No representation or warranty, either expressed or implied, is
provided in relation to this presentation. This presentation should
not be regarded by recipients as a substitute for the exercise of
their own judgment.
2
Agenda
Glenmark
Glenmark Pharmaceuticals Limited (GPL) Specialty Business
Glenmark Generics Limited (GGL- wholly owned sub. of GPL) Generics Business
Glenmark Consolidated Financials and Projections
Glenmark
Glenmark has made rapid strides towards achievement of vision
Research efforts in Small
molecules, Biologics and Generics
Research
based
13 new molecules under

development
Over $ 110 mn of cash received
from out-licensing partners; Further
milestones worth over $ 600 mn
Pre 2000 Glenmark

Sales< $ 20 mn
Domestic focus
<5% of exports
Over 5000 employees across 5

continents
Mfg facilities in 4 countries
Global
Operates in over 85 countries
Glenmark today
Revenues : $ 499 mn
India based MNC
>60% of exports
Front ends in US, India, Brazil

and other markets worldwide
3 API plants
Integrated
8 finished dosage plants

3 research facilities
Glenmark - Global Footprint

Glenmark Generics
Europe Limited,
London, UK
Medicamenta,
Czech Republic
1 Dosage Plant,
HP, India
1 API Plant,
Gujarat, India
1 Dosage
Plant
Czech Republic
1 Dosage Plant,
Maharashtra, India
Glenmark
Generics Ltd., US
Glenmark
India
1 Dosage
Plant - Brazil
Glenmark Pharma
Europe Limited,
London, UK
Glenmark
Generics SA,
Argentina
3 Dosage Plants,
Goa, India
Bowter Bartlett
South Arica
R&D for NCEs,

India
R&D for Generics,

India
1 Dosage
Plant - Argentina
Glenmark
Farmacetica Ltda.,
Brazil
R&D for Biologics,

Switzerland
2 API Plants,
Maharashtra,India
Several other subsidiaries and representative offices exist across the world
Glenmark - Financials
Change
(ending Mar07)
FY 20082
(ending Mar08)
Audited
Un-audited
(in %)
Operating income (A)
283.54
499.18
76%
Expenditure (B)
186.96
299.80
60%
% EBITDA (Operations) [C =(A-B)/A]
34%
40%
EBT (Operations) (D)
78.30
165.79
112%
Other Income (E)
3.56
11.06
211%
PBT (F=D+E)
81.86
176.85
116%
PAT (G)
70.25
156.72
123%
Basic Earnings per share (in rupees)
12.99
25.81
FY 20071
In $ mn
Note :
1.
Average conversion rate for FY 2006-07 of Rs. 44.14 / USD 1.00
2.
Glenmark
Glenmark has shown consistent robust growth across businesses
600
70%
499
60%
500
50%
400
40%
300
283
171
30%
Revenues
Growth
200
20%
100
10%
0%
FY 06
ending Mar06
FY 07
ending Mar07
FY 08
ending Mar08
Revenues in $ mn
Note :
1.
2.
3.

7
Glenmark
Glenmark is divided into two main businesses with different business focus
Specialty/Proprietary
Glenmark
Pharmaceuticals Ltd
(GPL)
Generics
Wholly
owned
subsidiary
Glenn Saldanha
Chairman:
Glenn Saldanha
CEO:
Terry Coughlin
Global end to end Specialty Company
Global integrated Generic & API leader
MD and CEO:
Leadership
Vision
Glenmark
Generics Ltd
(GGL)
*To be listed in India during FY 2009

8
Agenda
Glenmark

Vision for Glenmark Pharmaceuticals Limited

Global end-to-end Specialty Company
Product Portfolio
Launch two proprietary drugs
Build late stage pipeline
Market Presence
Target 2015
Proprietary product front ends in US, key ROW &

European markets
Market Positioning
Innovation led company
Differentiated branded generic company
Licensing
Build differentiated
product franchise
Invest in building
brands
Expand into new
territories
Transition into a
proprietary
product marketing
company
10
Glenmark Pharmaceuticals Limited: Specialty Business

Global Therapeutic Focus
Inflammation
Innovative R&D
Therapeutic Focus
Pain, Respiratory
(Asthma/COPD),
Rheumatoid Arthritis
Metabolic Disorders
Diabetes (Type II),

Obesity
Dermatology
Psoriasis, Pruritus,
Atopic Dermatitis
11

Business Unit Structure
Glenmark Pharmaceuticals Ltd. (GPL)
R&D
NCE
Finished Dosage Formulations
Biologics
(Swiss)
ROW
(Rest of the
World)
Europe
US
(Inorganic
entry)
12
Research and Development (R&D)

Glenmarks R&D Efforts both small molecules and biologics
New Chemical Entity (NCE)
Research
New Biological Entity (NBE)

Research
Over 300 scientists
Over 55 scientists
Based in Mumbai, India
Based in Switzerland
Pipeline of 13 molecules
8 NCEs and 5 NBEs
14

Research Pipeline: 13 molecules at various stages of development
Screening
World
class
targets
DPP-IV, PDE IV, CB2, TRPV1, SCD1, VLA2, TRPV3 etc.
Discovery
13
research
molecules
One undisclosed
NCE
Pre-clinical
GRC 10693
Phase I
GRC 4039
GRC 9332
Three undisclosed
NBEs
Phase IIb
Oglemilast (1)
Melogliptin (2)
GBR 500 *
GRC 6211 (3)
GBR 600 *
GRC 17173
* NBE
(1)
Out-licensed to Forest Labs and Tejin Pharma
(2)
Out-licensed to Merck KGaA All rights received back
(3)
Out-licensed to Eli Lilly & Co.

15

Progress on Research Pipeline
Compound
Primary Indications
Target
Target
Launch
GRC 3886
(Oglemilast)
Asthma, COPD
PDE IV
2011
GRC 6211
Osteoarthritis, Neuropathic
Pain, Dental Pain,
Incontinence
TRPV1
2012
GRC 8200
(Melogliptin)
Diabetes (Type II)
DPP IV
2012
GRC 4039
Rheumatoid Arthritis,
Inflammation, Multiple
Sclerosis
PDE IV
+ TNF-
+ T-cell
2012
GRC 10693
Neuropathic Pain,
Osteoarthritis and other
Inflammatory Pain
CB 2
2013
GRC 9332
Obesity, Dyslipidemia,
Metabolic Disorders
SCD 1
2013
GRC 17173
Osteoarthritis, Neuropathic
Pain, Dental Pain
TRPV3
2013
GBR 500
Acute Multiple Sclerosis,

Inflammatory Disorders
VLA2
2013
GBR 600
Acute Stroke/ Coronary

Syndrome, Thrombosis
Cardiovascular Disorders
undiscl
osed
2014
Preclinicals
Phase I
Phase II
Phase III
Approva
l
One NCE and three biologics are at the discovery stage and are expected to enter the clinics during FY 2010/2011
16

Oglemilast [Target: PhosphoDiesterase (PDE) IV Inhibitor]
Indications
Asthma, COPD (Chronic Obstructive Pulmonary Disease)
Opportunity
High level of unmet need

Lack of novel validated targets: Dominated by reformulations and me-too
products
Competing Compounds
Compound under development following same mechanism is Roflumilast

(Altana - Ph III)
Status
Ph IIb for COPD initiated in US; Ph IIb for asthma will be initiated by Sep 2008
Out-licensed North American rights to Forest Labs. Total deal size is $ 190
mn. Already received total $ 35 mn as upfront and milestones. Glenmark will
also receive royalties upon launch
Out-licensed Japanese rights to Teijin Pharma. Total deal size is $ 53 mn.
Received $ 6 mn as upfront payment. Glenmark will also receive royalties
upon launch
Key Differentiators
Oral, once daily regimen

No emesis and nausea observed in the clinics
Large therapeutic window to escalate doses (as compared to other PDE IVs)
Targeted
population/Market Size
Asthma patients: 45 mn worldwide

COPD patients: 30 mn worldwide (with only 6 mn receiving treatment)
COPD/Asthma market : $ 28.7 bn worldwide
Potential Peak Sales
>$ 3 bn worldwide
Target Launch
2011
17

GRC 6211 [Target: Transient Receptor Potential Vanilloid (TRPV)1 Antagonist]
Indication
Osteoarthritis, Neuropathic Pain, Dental Pain, Incontinence
Opportunity
Large unmet medical need

Recent concerns around safety of Cox-2 inhibitors will propel sales of safer
products
Competing Compounds
MK-2295 (Merck & Co. - Ph II) and SB 705498 (GSK - Ph II) are two
competing compounds under development following same mechanism
Status
Ph IIb ongoing
Out-licensed to Eli Lilly & Co. for developing and marketing for North
America, Europe and Japan for various pain indications, including
osteoarthritis. Total deal size is $ 350 mn. Received upfront payment of $ 45
mn. Glenmark has rights for co-promotion in the US and will also receive
royalties upon launch
Key Differentiators
Potential first in class opportunity
Targeted
Osteoarthritis Market: $ 4 bn; >20 mn patients

Neuropathic Pain Market: $ 5 bn; >40 mn patients
>$ 3 bn worldwide
Target Launch
2012
18

Melogliptin [Target: Dipeptidyl Peptidase (DPP) IV Inhibitor]
Indications
Diabetes (Type II)
Opportunity
Large, undiagnosed and increasing patient population

Less than 50% of diabetics treated successfully, therefore excellent prospects for
products with a strong safety and efficacy profile
Recently observed safety issues related to Glitazones
Competing
Compounds
Januvia (Merck & co. - Sitagliptin), the first in class compound was launched in Oct06;
JanuMet (Sitagliptin + Metformin) launched in Apr 07. Sales tracking of Januvia franchise
> $ 1bn
Galvus (Novartis - vildagliptin) launched in Brazil & Mexico. Galvus & Eucreas
(vildagliptin + metformin) approved in EU
Status
Ph IIb ongoing; expected to enter Ph III by Oct 2009

Expect to be 4th or 5th in the market with differentiating features
Out-licensed molecule to Merck KGaA for a total deal size of $ 250 mn. Due to portfolio
restructuring at Merck KGaA, Glenmark received all rights back for further development
and commercialization. Glenmark had received $ 31 mn as upfront payment from Merck
KGaA earlier
Currently under discussions for licensing with potential partners
Key Differentiators
Good specificity over DPP VIII and DPP IX

Better side effect profile as compared to similar compounds
Targeted
population/Market
Size
125 mn patients worldwide

Market Size: $ 13 bn worldwide
>$1 bn worldwide
Target Launch
2012
19

GRC 4039
Target: (a) PhosphoDiesterase (PDE) IV Inhibitor
(b) TNF Alpha Inhibitor
(c) T-Cell Cytokine Inhibitor
Indication
Rheumatoid Arthritis (RA), Inflammation, Multiple Sclerosis
Opportunity
Void exists in RA therapy for orally available potent small molecules

35% of RA patients remain untreated
Biological treatments currently available are expensive
Competing Compounds
Biological (e.g. anti-TNFa) and small molecules
Status
Ph I ongoing;
Key Differentiators
Excellent efficacy in animal models in RA

Good safety profile to achieve higher exposure levels in humans
Good bioavailability across species and a long half-life indicating the
potential for a once-daily dosing regimen
Targeted
Rheumatoid Arthritis Market: $16 bn; > 20 mn patients
>$3 bn worldwide
Target Launch
2012
20

GRC 10693 [Target: Cannabinoid-2 (CB-2) Receptor Agonist]
Indication
Neuropathic Pain, Osteoarthritis and other Inflammatory Pain
Opportunity

Recent concerns around safety of Cox-2 inhibitors will propel sales
of safer products
Competing Compounds
GW-842166X (GSK - Ph II) & A-796260 (Abbott Discovery) follow

similar mechanism
Status
Pre-clinical development; expected to enter the clinics in Q1 FY

2009
Key Differentiators
Potential early launcher in this class
Targeted
Neuropathic Pain Market: $ 5 bn; >40mn patients

>$2 bn worldwide
Target Launch
2013
21

GRC 9332 [Target: Stearoyl CoA Desaturase-1(SCD1) Inhibitor]
Indication
Obesity; Dyslipidemia; Metabolic Disorders
Opportunity
Current approved products characterized by modest efficacies and

problematic safety and tolerability profiles
Large unmet medical need with growing patient population globally
on account of changing lifestyles
Competing Compounds
Ph-I program at Isis/Merck & Co.; Discovery program at Xenon/

Novartis
Status
Pre-clinical development; expected to enter clinics by Q3 FY09
Key Differentiators
Potential first in class; early mover advantage
Targeted
More than 160 mn people estimated to be Obese in major markets

worldwide only 6 mn are treated therapeutically
Current Market : $ 2 bn
>$1bn worldwide
Target Launch
2013
22

GRC 17173 [Target: Transient Receptor Potential Vanilloid (TRPV)3 Antagonist]
Indications
Neuropathic Pain, Osteoarthritis, Dental Pain
Opportunity
Recent concerns around safety of Cox-2 inhibitors will propel sales of safer
products
Competing Compounds
In July 2007, Pfizer acquired a series of TRPV3 antagonists for pain from Hydra
Biosciences for total milestone payments of $ 190 mn and royalties on launch
Status
Pre-clinical development; expected to enter clinics by Q3 FY 09
Key Differentiators
Potential first in class opportunity
Targeted

Neuropathic Pain Market: $ 5 bn; >40mn patients
>$ 3 bn Worldwide
Target Launch
2013
23

GBR 500
Target: (a) Alpha2 eta1 Integrin Antagonist
(b) Very Late Antigen (VLA2)2
Indication
MS (Multiple Sclerosis), IBD (Inflammatory Bowel Disease)
Opportunity
Inhibits a variety of cell types (neutrophils, etc) associated with different forms
of inflammation hence should work in a variety of inflammatory diseases
Competing
Compounds
Novel in class with same indications
Status
IND preparation; expected to enter clinics by Q2 FY 09
Key Differentiators
Potential first in class with the target

Offers significant differentiation potential with potentially superior efficacy to
competing products
Targeted
population/Market
Size
MS Market : $ 3 bn;
IBD biologics Market: $ 5 bn; > 4 mn patients
> $ 1 bn
Target Launch
2013
24

GBR 600 [Target: Undisclosed]
Indication
Acute stroke / Coronary Syndrome; Thrombosis Cardiovascular

Disorders
Opportunity
The high incidence of bleeding with the marketed products remains the
greatest challenge in disease treatment
Clinical efficacy has been modest with current agents
Competing
Compounds
Marketed drugs for PCI (Percutaneous Coronary Indications)

indications include Plavix(Sanofi-Aventis), ReoPro (Eli Lilly) and
Integrilin (Schering Plough)
Status
Pre-clinical development; expected to enter the clinics by Q4 FY 09
Key Differentiators
Low incidence of bleeding, thus allowing wider use of GBR-600

Large therapeutic window between efficacy dose and bleeding dose
Novel mechanism for current targeted indications
Targeted population
/ Market Size
Current Market : $2 bn
GBR-600 has the potential to significantly expand the current market by
offering improved efficacy with favorable adverse event profile
> $ 1 bn
Target Launch
2014
25
GPL- Specialty Business

RoW, Europe and US
Europe
(80*)
ROW
India
(2000*)
Latin America
(200*)
Asia
(200*)
US
(inorganic
route)
Africa
(160*)
CIS
(300*)
*Sales force strength

Glenmarks strategy for future growth in RoW markets
Focus on Top-15 markets
High thrust on building branded business
which currently accounts for over 85%
Launch of novel differentiated branded
generics for getting a significant competitive
edge
Asia
India
Africa
Latin
America
Australia
Strategy
CIS
Capitalize on local know-how (country

heads in over 20 markets)
Driving the business through qualified,
experienced and dedicated field force
Focus on sustainable doctor centric
prescription based model for building
brands
Leverage on efficient and quality distribution
network for better market penetration
27
RoW Markets
India

India Performance FY 2008
175
Revenues in $ mn
152
135
97
FY 2007
ending Mar07
FY 2008
ending Mar08
FY 2009 *
ending Mar09
FY 2010 *
ending Mar10
Highlights
Glenmark registered a growth of 21% higher than the Indian pharma market growth at 15% (ORG
Feb 2008)
Currently commands 1.36% market share up from 1.29% in FY 2007 (ORG Feb 2008)
Currently ranked 24th in the highly fragmented Indian pharma market
Top-10 brands contribute over 60% of India business
* Projected
29

India Action Plan
Glenmarks
presence
Action Plan
FY 2009
Operates through 9 divisions

Sales force > 2000 medical representatives
Markets over 250 products in India
Register growth of over 10 %

Launch > 20 new products
Maintain leadership in dermatology and consolidate

position in other therapies
RoW Markets
Latin America (LatAm)
Brazil
Venezuela
Mexico
Peru
Chile
Bolivia
Columbia
Ecuador
Caribbean countries

LatAm Performance FY 2008
80
Revenues in $ mn
60
48
26
FY 2007
ending Mar07
FY 2008
ending Mar08
FY 2009 *
ending Mar09
FY 2010 *
ending Mar10
Highlights
Registered growth of over 65%
Launched 25 products across LatAm

Filed for over 100 product approvals in FY 2008
Top-10 brands contribute over 75% of LatAm business
* Projected
32

LatAm Action Plan
LatAm Pharma Market : >$ 35 bn
Brazil, Mexico, Argentina, Venezuela are the key markets
Glenmarks
Presence
Registered over 250 products in the LatAm markets
Strong sales force setup of 200 medical representatives

Action Plan
FY 2009
File for 80 product approvals and launch 60 products
Plans to enter Mexico during FY 2009

Revenue contribution *
Carribea
Venezuel
n
a
5%
3%
FY 2009
(ending Mar09)
Others
9%
FY 2010
(ending Mar10)
Others
Mexico 7%
6%
Carribea
n
5%
Venezuel
a
4%
Peru
3%
Peru
3%
* Projected
Brazil
80%
Brazil
75%
33
RoW Markets
Australasia (excluding India, CIS & Japan)
Malaysia
Philippines
Indonesia
China
South Korea
Myanmar
Vietnam
Sri Lanka
Cambodia
Australia

Australasia Performance FY 2008
32
Revenues in $ mn
11
FY 2008
ending Mar08
13
FY 2009 *
FY 2010 *
ending Mar09
ending Mar10
Highlights
* Projected
Launched over 60 products

Filed for over 100 product approvals
Top-10 brands contribute over 65% of the business
35

Australasia Action Plan
Australasia Pharma Market (excluding India, Japan, CIS) : >$ 55 bn
Glenmarks
Presence
China, Philippines, Malaysia, Indonesia, Australia are the key markets

Registered over 400 branded generic products across Asian markets
Recently entered Australia, China and Indonesia
Strong sales force setup of 200 medical representatives
Action Plan
FY 2009

File for 100 product approvals and launch 30 products
Malaysia
24%
Indonesia
15%
FY 2009
(ending Mar09)
Malaysia
19%
FY 2010
(ending Mar10)
Australia
15%
Phillipines
21%
Phillipines
18%
Others
55%
Others
18%
China
15%
* Projected
36
RoW Markets
Africa
South Africa
Nigeria
Kenya
Sudan
Egypt
Tanzania
Yemen
Ivory Coast
Zambia
Mauritius
Uganda
Cameroon
Ghana
Includes middle east countries

Africa Performance FY 2008
42
Revenues in $ mn
25
18
FY 2008
ending Mar08
FY 2009 *
ending Mar09
FY 2010 *
ending Mar10
Highlights
* Projected
Launched 80 products across Africa

Filed for over 150 product approvals across Africa
Top-10 brands contribute over 85% of Africa business
Glenmark marked its entry into Egypt by establishing an office
38

Africa Action Plan
Africa Pharma Market : >$ 10 bn
South Africa, Nigeria, Sudan, Kenya, Egypt are key markets
Glenmarks
Presence
Register over 600 branded generic products

Marketing products in over 30 countries; Direct presence in 10 countries
160 sales representatives across Africa
File for 75 products and launch 45 products
Action Plan
FY 2009
Plans to enter Algeria, UAE

Look for brand acquisition opportunities for entry/growth
Sudan
14%
Nigeria
11%
* Projected
South
Africa
20%
FY 2009
(ending Mar09)
Kenya
14%
Others
41%
Sudan
12%
Egypt
12%
South
Africa
25%
FY 2010
(ending Mar10)
Kenya
12%
Nigeria
15%
Others
24%
39
RoW Markets
CIS
Russia
Ukraine
Uzbekistan
Kazakhstan

CIS Performance FY 2008
66
Revenues in $ mn
38
22
FY 2008
FY 2009 *
FY 2010 *
ending Mar08
ending Mar09
ending Mar10
Highlights
Company launched 40 products
Filed for over 30 product approvals across CIS
Top-5 brands contribute over 90% of CIS business
Glenmarks brand Ascoril is the no 1 brand in the cough expectorant market in Russia
* Projected
41

CIS Action Plan
CIS Pharma Market : >$ 15 bn
Glenmarks
Presence
Russia, Ukraine, Uzbekistan & Kazakhstan are the key markets

Registered over 70 branded generic products
300 medical representatives cover entire CIS
Action Plan
FY 2009
Ukraine
4%
Uzbekist
an
4%
File for 25 product approvals
Launch 25 products
Kazakhs
tan
1%
Russia
91%
* Projected
FY 2009
(ending Mar09)
Uzbekist
an
3%
Ukraine
4%
Kazakhs
tan
1%
FY 2010
(ending Mar10)
Russia
92%
42
Europe

Europe Performance FY 2008
Glenmark established its first commercial foothold in Europe by acquiring

Medicamenta a.s, Czech Republic in 2007
Glenmark also established its presence in Romania & Bulgaria in 2008

40
Revenues in $ mn
20
FY 2008
ending Mar08
FY 2009 *
ending Mar09
FY 2010 *
ending Mar10
* Projected
44

Europe: Strategy for the future
Focus on CEE (Central Eastern European) markets which are primarily branded
in nature
Build/acquire front end infrastructure in CEE markets through sales force over
the next 5 years
Transition front-ends to selling/co-promoting Glenmarks proprietary

medications that would reach the market in the next 3-5 years
45

Europe Branded Generics Market Key characteristics
The opportunity in the branded generics market lies mostly in the Central Eastern
European (CEE) countries and some new member states of the EU like Romania &
Bulgaria
Glenmarks focus is on the six largest brand markets of Europe

Market size
2008(in $ bn)
Per Capita
GDP spend (in
$)
Branded Generic
Penetration by
Value
Poland
6.4
867
50%
Czech
Republic
3.7
1479
45%
Hungary
>3.0
1337
35%
Romania
2.2
NA
NA
Bulgaria
> 1.0
NA
NA
Turkey
> 6.0
586
NA
EU 15
> 150
3100
US
> 250
6401
46

Europe: Plans for FY 2009
Double revenues each year for the next 3-4 years

Enter Poland, Hungary and Turkey through organic/inorganic means
Plan to launch at least 5 products
New
14%
Bulgaria
3%
Bulgaria
12%
Czech
50%
Romania
28%
Czech
69%
Romania
24%
FY 2009
ending Mar09
* Projected
FY 2010
ending Mar10
47

US: plans to enter the specialty segment in the near future
Initiate operations in the US during FY 2009

Evaluate acquisition of a specialty company/brands with a primary care
sales force
Glenmark intends to conclude this acquisition over the next 12-18

months
48

Infrastructure and facilities
Location
Production Lines
R&D Facility, Navi

Mumbai
NCE Research and Process Development
Regulatory Approvals
NA
R&D Facility,
Switzerland
Biologics Research
NA
Nasik, Maharashtra,
India
Solid orals, liquid orals, & external creams,

powders and capsules for regulated
markets
Brazil (ANVISA), Ethiopia, Zimbabwe, Uganda,

Nigeria; Tanzania, Ghana, R.D. Congo, Sudan,
South Africa (MCC )
Baddi, Himachal
Pradesh, India
Solid orals, semi-solid and liquid orals as

well as external preparations like lotions,
creams, capsules, etc. for India and semiregulated markets
US FDA, MHRA, TPD Canada, Nepal
Sao Paulo, Brazil
Solid orals, semi-solid & liquid orals for

Latin America
ANVISA
Vysoke Myto, Czech

Republic
Solid and semi-solid orals
SUKL, Czech Republic
Expansion Plans
New formulation plant in India to be commissioned in FY 09

NCE API facility in India to be commissioned in FY 09
49

Financials and Projections Organic growth only
Revenues
In $ mn*
303
377
504
CAGR ~29 %
69
69
Business Mix
60
9
22
11
18
48
NCE
66
Europe
CIS
32
42
80
152
175
FY 2008
FY 2009
FY 2010
93
(ending Mar 09)
123
In $ mn (Assumed exchange rate of ~40.28 INR/USD for FY08 and ~ 40 INR/USD for FY09 and FY10)
Australasia
Africa
LatAm
India
60
135
(ending Mar 08)
Profits
In $ mn
20
38
13
25
40
(ending Mar 10)
157
CAGR ~ 30%
50

Summary of key objectives FY 2009
Ensure at least eight molecules are in the clinical stages
Ensure at least five molecules are in the Ph II clinical trial stage

Ensure four molecules are partnered out by FY 09 (including Oglemilast &
GRC 6211)
Initiate acquisition of specialty front end in the US

Enter 7-8 new markets in Europe and RoW markets
Launch over 100 products and file for over 300 products approvals across
geographies
51
Glenmark Generics Ltd. (GGL)

Generics Business
Agenda
Glenmark

Safe Harbour Statement

This presentation has been prepared by Glenmark.
The information, statements and analysis made in this presentation

describing companys objectives, projections and estimates are
forward looking statements and progressive within the meaning of
applicable security Laws and Regulations.
The analysis contained herein is based on numerous assumptions.
Actual result may vary from those expressed or implied depending
upon economic conditions, government policies and other
incidental factors.
No representation or warranty, either expressed or implied, is
provided in relation to this presentation. This presentation should
not be regarded by recipients as a substitute for the exercise of
their own judgment.
54
Vision for Glenmark Generics Limited (GGL)

Global Integrated Generic & API leader
Product Portfolio
170 generics on the US market
70 generic dossiers for EU markets
Over 50 % of revenues from niches
Target 2015
Market Presence
Presence in Japan, South Africa & other generic markets
Front ends in Japan and key EU markets along with NA
Market Positioning
Key Generic Player
Preferred supplier of APIs
Expand Niche
Product Portfolio
Increase
Geographical Reach
Vertical Integration
55
Glenmark Generics Ltd. - Business Unit Structure
Glenmark Generics Ltd. (GGL)
Finished Dosage Formulations
North
America
Europe
API
Argentina
(Oncology)
API
56
North America
Glenmark Generics Limited: Generics Business

North America Performance FY 2008
303
Revenues in $ mn
207
140
50
FY 2007
ending Mar07
FY 2008
ending Mar08
FY 2009 *
ending Mar09
FY 2010 *
ending Mar10
Highlights
* Projected
Doubling of portfolio: 28 products on the market

Entry into dermatology with launch of five Clobetasol products
First semi-exclusive product : First 180 day shared exclusivity for Glenmark - Oxcarbazepine
Garnered over 20-25% market share in most products
58

North America: The US Market
The Market
$ 286 bn
65% generics by volume represent 20% of the
market by value
Political climate increasingly supportive of generics

to lower healthcare costs
Market Characteristics
Increasing competition in me-too generics

Authorized generics and shared exclusivities
reducing upsides from 180-day exclusivities
Customers prefer vertically integrated companies

Opportunities
with long term plan
In the next 3-5 years, drugs worth $ 60-70

30 Bn are
going off-patent
20
2009
22
2010
2011
Values in $ Bn
59

North America Glenmarks rise as a generic player
GGI, USA (Glenmark Generics Inc.) launched the
first product in Jan 2005
Background
Registered net revenues of $ 140 mn in FY 2008
Product Portfolio
28
28 products on the market

> 30 products filed with USFDA
Presence in controlled substances, hormones,
oncology, modified release and dermatology
Portfolio of marketed products has doubled each

year during the last three years
13
6
FY 2006
ending Mar06
FY 2007
FY 2008
ending Mar07
ending Mar08
Highlights
Revenues crossed $ 100 mn in first three years of

operations
Received 180 day exclusivity for Oxcarbazepine

Filed PIVs (FTF opportunities) for Zetia, Tarka,
Strattera & Crestor
60

US: Plan for ANDA Filings
ANDAs filed / marketed
Till FY
FY
FY
Total
Filings
(Includes partner filings)
2008
2009
2010
Dermatology
10
26
Controlled Substance
12
Modified Release
10
10
26
Hormones
12
Oncology
First to File (P-IVs)
12
Immediate Release
32
40
Total
61
37
39
137
61

US Product Portfolio: Dermatology
Total Topical Derma Market is $4.3 bn of which over
The Market
50% of sales are generic
Higher barriers to entry due to development costs

Higher margins based on fewer competitors
Key generic players include: Fougera, Perrigo, Taro
Partnership with Paul Capital for clinical
development of 16 dermatology products
GGLs Portfolio
Only Indian Company with India based

dermatology portfolio [1 already launched; 18
products anticipated (current market size $390
mn) to be launched within next 3 years]
Fillings (Cumulative)
26
18
10
Till FY
2008
FY
2009
ending Mar08 ending Mar09
FY
2010
ending Mar10
62

US Product Portfolio: Controlled Substances (CS)
Total CS Market is valued over $12 bn
Key generic players include: Mallinckrodt, Watson, Endo
High barriers to entry:
The Market
DEA licensures required

Limitations on importing controlled substances from foreign
countries
Higher margins on controlled substance products due to

limited players
Controlled substance portfolio (current market

GGLs Portfolio
size $ 200 mn)
3 controlled substances already launched

7 additional products anticipated to be launched
within next 3 years
12
8
4
Till FY
2008
FY
2009
FY
2010
ending Mar08 ending Mar09 ending Mar10
63

US Product Portfolio: Modified Release
Total sales revenue for Modified Release oral solids is
over $22 bn
The Market
Higher barriers to entry

Difficult to develop
Unique technologies
Higher margins on modified release products due to limited
players.
GGLs Portfolio
Several modified released products in pipeline and

already filed [14 products anticipated (current market size
$1.6 bn) to be launched within next 3 years]
26
16
6
Till FY
2008
FY
2009
FY
2010
ending Mar10
64

US Product Portfolio: Hormones
Total Solid oral dosage Hormones Market is
approximately $5 bn
The Market
Key generic players include: Barr & Watson

Higher margins on Hormones Products
Limited players
Dedicated facility required
Higher cost of bio-studies
Only Indian Company with India based hormones
GGLs portfolio
portfolio [10 products anticipated (current market size $1

bn) to be launched within next 3 years]
12
7
2
Till FY
2008
FY
2009
FY
2010
ending Mar08 ending Mar09 ending Mar10
65

US Product Portfolio: Oncology
Total Oncology Market in the United States is over $10 bn
Key generic players include: Teva Sicor, Ben-Venue &
The Market
Barr
Higher margins on Oncology Products

Limited players
Dedicated facility required
Portfolio includes a mix of 14 solid oral dosage and 13
GGLs portfolio
injectable products (Total market size: >$ 7.5 bn)
9
4
0
Till FY
2008
ending Mar08
FY
2009
FY
2010
66

US Product Portfolio: FTF ANDA Ongoing Litigation
Product
Brand Name
Plaintiff
IMS Sales
Ezetimibe
Zetia
Schering Plough
$ 1.8 bn
Atomoxetine
Strattera
Eli Lilly
$ 526 mn
Rosuvastatin Ca
(no litigation)
Crestor
--
$ 1.7 bn
Trandopril/
Verapimil
Tarka
Sanofi-Aventis
$ 95 mn
6
Till FY
2008
FY
2009
12
FY
2010
ending Mar10
67

North America: Strategy for future
Continue to focus on niche categories; expand presence into

other niche categories
Set Glenmark Generics apart as a preferred supplier to the

industry
Manage product portfolio to include a judicious mix of PI, PII, PIII

and PIV filings
Strive for vertical integration for most of our products in all

categories (including niche categories)
68

North America: Plans for FY 2009
Register growth of 45 %
Launch over 20 products and file over 35 products
Including dermatology, controlled substances, hormones and other
niche categories
Leverage partnerships with other generic players
Evaluate entry into 1 or 2 additional niche categories
69
Europe

The European Market
$ 182 bn
Generic penetration is low as compared to the
Market Size
North America in many of the countries
Market is broken down into several countries with

different requirements
To bring down the cost of publicly funded

healthcare is the main driver in promoting

generics
Europe is characterized with each country

having different regulatory authorities and distinct
pricing/reimbursement policies
Key markets with high generic penetration: UK,

Germany, Netherlands
Opportunities
Key markets with low generic penetration: France,

Italy, Spain, Belgium
Large no of products set to go off-patent in the next

3-5 years
71

Europe generics business is gearing up for future
GGEL (Glenmark Generics Europe Ltd.) was established
in 2004
Background
Majority of current revenues are as licensing income

from dossier customers
Already filed for five MAAs which have been

outlicensed to several Europen generic companies
Product Portfolio
Portfolio of more than 30 EU CTD solid and semisolids dossiers at various stages of development
Several supply deals are in place with leading

European generic players
10
Revenues in $ mn
4
0.2
FY 2008
* Projected
ending Mar08
FY 2009 *
ending Mar09
FY 2010 *
ending Mar10
72

Europe: Strategy for future growth
Establishing Glenmark 4-5 distribution front ends in Western European markets in

the next 3-5 years through organic/inorganic means in order to market own products
directly
Developing niche generic products, and partnering & creating alliances with EU
companies
Building up the infrastructure to support growth objectives and create a significant

presence in the EU markets
Licensing and distribution partnerships with strong local / Pan-EU partners with a
view to maximize the product portfolio and market opportunities
Continue to support finished dosage pipeline with backward integration into APIs
73

Europe: Plans for FY 2009
Acquire 1-2 generic distribution front ends in EU

Launch 3 products into several countries
File for at least 10 MAAs
Total MAA
Filings (cumulative)
25
15
5
Till FY 2008
ending Mar08
FY 2009
ending Mar09
FY 2010
ending Mar10
74
Oncology Business

Oncology market
Market Size
Total Market Size >$ 30 bn

Generic market worldwide > $ 8 bn
Lesser competition because of entry barriers
Difficult to develop molecules
Specially designed/dedicated manufacturing
facilities
Better operating margins due to lower price

erosion
Longer product life cycle as older therapies
continue to co-exist with newer ones
95 % of classic chemotherapy products are not

Opportunities
protected by patent which will ensure high

profitability in regulated markets (less competition)

3-5 years
76

Oncology generics business
Glenmark acquired the Argentinean marketing company
Background
Glenmark Generics S.A. (erstwhile Servycal S.A.) with a focused
oncology portfolio
Product Portfolio
Presence in oncology in over 23 countries

Caters to 75% of cancer therapy products
Robust product pipeline for the near future
Presence in cytotoxics, anti-hormonals & supportive therapies
Plans to upgrade own dedicated manufacturing facility
25
15
Revenues in $ mn
8
6
* Projected
FY 2007
FY 2008
FY 2009 *
ending Mar09
FY 2010 *
ending Mar10
77

Oncology Business: Strategy for future growth
Use Argentina as a hub to spread the oncology
business
Use Argentina as
a hub for spreading the
oncology business
Continue to file dossiers and expand presence in

other Latin American and ROW markets
Develop product portfolio for regulated markets

and initiate oncology filings in regulated markets
First filing in the US and EU by FY 09/FY10

Increase coverage
for cancer
therapy products
Expansion of product portfolio to cater to 95%

Cancer therapy products
78

Oncology Business : Plans for FY 2009
Enter 3-4 new countries including regulated markets

File over 90 products for approval across various countries
Total Dossier
515
405
310
Till FY 2008
ending Mar08
FY 2009
ending Mar09
FY 2010
ending Mar10
79
Active Pharmaceutical
Ingredients (API) Business

The Global API Market
Market Size
>$ 75 bn
Growth >10% (2005)
Increased consolidation in generic pharmaceutical
industry
More focus on higher value creating opportunities

driven by intellectual property
Stringent regulatory approval process in US/EU

leads to high switching costs
Increase in competition from Indian and Chinese

API suppliers

3-5 years
Opportunities
Many of the other historical less-regulated markets

are quickly shifting towards stricter regulations
limiting competition and opportunities for established
players like Glenmark
81

API Business
Background
API business spans across 80 countries including

regulated markets like US and Europe
> 50% of the revenues is from exports

Product Portfolio
Filed over 30 USDMFs till date

Filed several Canadian DMFs, EDMFs and
CEPs/CoSs
90
70
48
Sales in $ mn
30
* Projected
FY 2007
FY 2008
FY 2009 *
FY 2010 *
ending Mar07 ending Mar08 ending Mar09 ending Mar10
Highlights
Registered growth of over 45%
Exports contribute over 50% of the revenues
Initiated commercial supplies to various customers
82

API Business: Drivers for future growth
Continue to be a
preferred 3rd party
API supplier
Expand product portfolio

and market presence
Partner with generic companies to capture

first and alternate source opportunities
Establish close relationship with major
generic players globally to capture high end
opportunities
Continue to file DMFs across geographies

Increase focus on entry into new markets
Expand API capabilities to support dosage in niche areas
(hormones, dermatology, controlled substances etc.)
Focus on difficult to develop molecules

Focus on IP
Investments to
ramp up infrastructure
and generating IP around molecules
Invest in building infrastructure in order to

cater to increased demand and growth
83

API Business: Plans for FY 2009
File over 15 USDMFs
Ramp-up commercial supplies to regulated markets on upcoming approvals of

ANDAs/Dossiers filed and pending at 3rd party customers
Focus on development of over 15 APIs annually to provide cost and timing advantage to
complement US and Europe generic filings
Enter 5-6 new markets
Till FY 2008
US DMF
Fillings
ending Mar08
31
FY 2009
FY 2010
ending Mar09
ending Mar10
18
18
Total Filings
67
84

Plants and Infrastructure
Location
Production Lines
Regulatory Approvals
R&D Facility, Navi

Mumbai
Formulation/API development facility,

Bio-analytical and clinical R&D
NA
Goa, India
Oral solids, semi-solids for regulated

markets Colvale
Hormones for regulated markets
Colvale
Oral solids - Kundiam
US FDA, Canada (TPD), South Africa (MCC), Brazil

(ANVISA), Quintiles (a CRO; for EU-GMP), Ethiopia
Health Authority, Brecon (a CRO) & Tunisia , UAE,
UK (MHRA); Botswana
Oncology plant,
Argentina
Oncology products for regulated

markets
Local FDA GMP approved
Ankleshwar, India
Manufacturing blocks for regulated

markets
US FDA; UK (MHRA)
Kurkumbh, India
Manufacture of intermediates & APIs for

India and semi-regulated markets
Mohol, India
Local FDA GMP approved
Expansion Plans
New Formulation plant at Jambusar SEZ
New API Facility at Jambusar SEZ
New R&D Centre at Taloja (India) to be commissioned by FY 09
Upgradation of Argentina plant for Onco products
85

Financials and Projections Organic growth only
Revenues
In $ mn*
196
296
428
CAGR ~48 %
25
90
15
Argentina
70
API
Business Mix
8
48
US and EU generics
313
211
140
FY 2008
(ending Mar 08)
Profits
In $ mn
64
FY 2009
(ending Mar 09)
87
FY 2010
(ending Mar 10)
125
CAGR ~ 39%
86

Summary of key objectives for FY 09
Launch at least 5 products every quarter in the US generic market

Launch at least 3 products in EU across several markets; File at least
10 MAAs with focus on niche areas
File over 30 ANDAs in the US generic market with focus on niche

categories
File at least 15 USDMFs
Acquire 1-2 front ends in WE territory

Commissioning of new R&D facility at Taloja
87
Agenda
Glenmark

Glenmark
Consolidated Financials and Projections
504
Specialty
377
Generics
303
196
FY 2008
(ending Mar 08)
296
FY 2009
(ending Mar 09)
428
FY 2010
(ending Mar 10)
Consolidated Revenues ($ mn)
499
673
932
PAT ($ mn)
157
210
282
Basic EPS (INR)
25.81
34.52
46.36
P/E (Based on Rs. 600 Share Price as

at 25 Apr, 2008)
23.25
17.38
12.94
89
Thank you
90

Glenmark Analyst

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Glenmark Analyst

Încărcat de

Drepturi de autor:

Formate disponibile

Our Vision

Safe Harbour Statement

The information, statements and analysis made in this presentation

13 new molecules under

Pre 2000 Glenmark

Over 5000 employees across 5

Front ends in US, India, Brazil

8 finished dosage plants

Glenmark - Global Footprint

R&D for NCEs,

R&D for Generics,

R&D for Biologics,

Operating income (A)

% EBITDA (Operations) [C =(A-B)/A]

EBT (Operations) (D)

Other Income (E)

Basic Earnings per share (in rupees)

Average conversion rate for FY 2005-06 of Rs. 44.28 / USD 1.00

Global end to end Specialty Company

Global integrated Generic & API leader

*To be listed in India during FY 2009

Glenmark Pharmaceuticals Limited (GPL) Specialty Business

Glenmark Consolidated Financials and Projections

Vision for Glenmark Pharmaceuticals Limited

Proprietary product front ends in US, key ROW &

Glenmark Pharmaceuticals Limited: Specialty Business

Diabetes (Type II),

Glenmark Pharmaceuticals Limited: Specialty Business

Finished Dosage Formulations

Research and Development (R&D)

Glenmark Pharmaceuticals Limited: Specialty Business

New Biological Entity (NBE)

Over 300 scientists

Based in Mumbai, India

8 NCEs and 5 NBEs

Glenmark Pharmaceuticals Limited: Specialty Business

DPP-IV, PDE IV, CB2, TRPV1, SCD1, VLA2, TRPV3 etc.

Out-licensed to Forest Labs and Tejin Pharma

Out-licensed to Merck KGaA All rights received back

Out-licensed to Eli Lilly & Co.

Glenmark Pharmaceuticals Limited: Specialty Business

Diabetes (Type II)

Acute Multiple Sclerosis,

Acute Stroke/ Coronary

Glenmark Pharmaceuticals Limited: Specialty Business

Asthma, COPD (Chronic Obstructive Pulmonary Disease)

High level of unmet need

Compound under development following same mechanism is Roflumilast

Oral, once daily regimen

Asthma patients: 45 mn worldwide

Potential Peak Sales

Glenmark Pharmaceuticals Limited: Specialty Business

Osteoarthritis, Neuropathic Pain, Dental Pain, Incontinence

Large unmet medical need

Potential first in class opportunity

Osteoarthritis Market: $ 4 bn; >20 mn patients

Potential Peak Sales

Glenmark Pharmaceuticals Limited: Specialty Business

Diabetes (Type II)

Large, undiagnosed and increasing patient population

Ph IIb ongoing; expected to enter Ph III by Oct 2009

Good specificity over DPP VIII and DPP IX

125 mn patients worldwide