Glenmark analyst ppt

Our Vision
“To emerge as a leading,
research-based,
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 company’s 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.

 Glenmark
 Glenmark Pharmaceuticals Limited (GPL) – Specialty Business
 Glenmark Generics Limited (GGL- wholly owned sub. of GPL) –
Generics Business
 Glenmark – Consolidated Financials and Projections
Agenda

Glenmark has made rapid strides towards achievement of vision
Pre 2000 Glenmark
Sales< $ 20 mn
Domestic focus
<5% of exports
Research
based
Global
Integrated
• Research efforts in Small
molecules, Biologics and Generics
• 13 new molecules under
development
• Over $ 110 mn of cash received
from out-licensing partners;
Further milestones worth over $
600 mn
• Over 5000 employees across
5 continents
• Mfg facilities in 4 countries
• Operates in over 85 countries
• Front ends in US, India, Brazil
and other markets worldwide
• 3 API plants
• 8 finished dosage plants
• 3 research facilities
Glenmark today
Revenues : $ 499 mn
India based MNC
>60% of exports
Glenmark

Glenmark - Global Footprint
1 API Plant,
Gujarat, India
3 Dosage Plants,
Goa, India
1 Dosage
Plant - Brazil
1 Dosage
Plant –
Czech Republic
1 Dosage Plant,
HP, India
1 Dosage Plant,
Maharashtra, India
R&D for NCEs,
India
R&D for Generics,
India
R&D for Biologics,
Switzerland
Glenmark
Generics Ltd., US
Glenmark
Generics SA,
Argentina
Medicamenta,
Czech Republic
Glenmark
Farmacetica Ltda.,
Brazil
2 API Plants,
Maharashtra,India
Glenmark Generics
Europe Limited,
London, UK
Glenmark Pharma
Europe Limited,
London, UK
Several other subsidiaries and representative offices exist across the world
Bowter Bartlett
South Arica
Glenmark
India
1 Dosage
Plant - Argentina

Glenmark - Financials
Note :
1. Average conversion rate for FY 2006-07 of Rs. 44.14 / USD 1.00
In $ mn
FY 20071
(ending Mar’07)
FY 20082
(ending Mar’08)
Change
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

283
171
499
0
100
200
300
400
500
600
FY 06 FY 07 FY 08
0%
10%
20%
30%
40%
50%
60%
70%
Revenues
Growth
Glenmark has shown consistent robust growth across businesses
Revenues in $ mn
ending Mar’06 ending Mar’07 ending Mar’08
Glenmark
Note :
1 2 3

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

Vision for Glenmark Pharmaceuticals Limited
Product Portfolio
Launch two proprietary drugs
Build late stage pipeline
Market Presence
Proprietary product front ends in US, key ROW &
European markets
Market Positioning
Innovation led company
Differentiated branded generic company
Invest in building
brands
Target 2015
Expand into new
territories
Build differentiated
product franchise
“Global end-to-end Specialty Company”
Licensing
Strategy
Transition into a
proprietary
product marketing
company

Global Therapeutic Focus
Metabolic Disorders
Inflammation
Innovative R&D
Therapeutic Focus
Pain, Respiratory
(Asthma/COPD),
Rheumatoid Arthritis
Diabetes (Type II),
Obesity
Dermatology
Psoriasis, Pruritus,
Atopic Dermatitis
Glenmark Pharmaceuticals Limited: Specialty Business

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

Research and Development (R&D)

Glenmark’s R&D Efforts – both small molecules and biologics
New Chemical Entity (NCE)
Research
Over 300 scientists
Based in Mumbai, India
New Biological Entity (NBE)
Research
Over 55 scientists
Based in Switzerland
Pipeline of 13 molecules
8 NCEs and 5 NBEs

Research Pipeline: 13 molecules at various stages of development
Screening
GRC 4039
DPP-IV, PDE IV, CB2, TRPV1, SCD1, VLA2, TRPV3 etc.
Oglemilast (1)
Melogliptin (2)
GRC 6211 (3)
GRC 10693
GRC 9332
GBR 600 *
GBR 500 *Three undisclosed
NBEs
(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.
Discovery Pre-clinical Phase I Phase IIb
World
class
targets
13
research
molecules
One undisclosed
NCE
GRC 17173
* NBE

Progress on Research Pipeline
Compound Primary Indications Target Target
Launch
Pre-
clinicals
Phase I Phase II Phase III Approva
l
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-ά
+ 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
One NCE and three biologics are at the discovery stage and are expected to enter the clinics during FY 2010/2011

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

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 population/Market
Size
• Osteoarthritis Market: $ 4 bn; >20 mn patients
• Neuropathic Pain Market: $ 5 bn; >40 mn patients
Potential Peak Sales >$ 3 bn worldwide
Target Launch 2012

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 Oct’06;
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
Potential Peak Sales >$1 bn worldwide
Target Launch 2012

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-TNFα) 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
Target Launch 2012

GRC 10693 [Target: Cannabinoid-2 (CB-2) Receptor Agonist]
Indication Neuropathic Pain, Osteoarthritis and other Inflammatory Pain
Opportunity • Large unmet medical need
• 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
Target Launch 2013

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
Potential Peak Sales >$1bn worldwide
Target Launch 2013

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
• Large unmet medical need
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
Potential Peak Sales >$ 3 bn Worldwide
Target Launch 2013

GBR 500
Target: (a) Alpha2 βeta1 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
Potential Peak Sales > $ 1 bn
Target Launch 2013

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
Potential Peak Sales > $ 1 bn
Target Launch 2014

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

Glenmark’s strategy for future growth in RoW markets
Latin
America
Africa
CIS
Asia
• 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
• 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
• 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
• 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
Strategy
India
Australia

India – Performance FY 2008
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
152
175
97
135
FY 2007 FY 2008 FY 2009 * FY 2010 *
ending Mar’08ending Mar’07
ending Mar’09 ending Mar’10
* Projected
Revenues in $ mn

Glenmark’s
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
India – Action Plan

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

LatAm – Performance FY 2008
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
60
80
48
26
FY 2007 FY 2008 FY 2009 * FY 2010 *
ending Mar’08ending Mar’07
* Projected
Revenues in $ mn

Glenmark’s
Presence
Action Plan
FY 2009
¤ LatAm Pharma Market : >$ 35 bn
¤ Brazil, Mexico, Argentina, Venezuela are the key markets
¤ Registered over 250 products in the LatAm markets
¤ Strong sales force setup of 200 medical representatives
¤ File for 80 product approvals and launch 60 products
¤ Plans to enter Mexico during FY 2009
LatAm – Action Plan
FY 2009
(ending Mar’09)
FY 2010
(ending Mar’10)
Peru
3%
Venezuel
a
3%
Brazil
80%
Others
9%
Carribea
n
5%
Peru
3%
Venezuel
a
4%
Brazil
75%
Others
7%
Carribea
n
5%
Mexico
6%
Revenue contribution *
* Projected

RoW Markets
Australasia (excluding India, CIS &
Japan)
Malaysia
Philippines
Indonesia
China
South Korea
Myanmar
Vietnam
Sri Lanka
Cambodia
Australia

Australasia– Performance FY 2008
32
13
11
FY 2008 FY 2009 * FY 2010 *
ending Mar’08
Highlights
¤ Launched over 60 products
¤ Filed for over 100 product approvals
¤ Top-10 brands contribute over 65% of the business
* Projected
Revenues in $ mn

Glenmark’s
Presence
Action Plan
FY 2009
¤ Australasia Pharma Market (excluding India, Japan, CIS) : >$ 55 bn
¤ 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
¤ File for 100 product approvals and launch 30 products
Australasia – Action Plan
FY 2009
(ending Mar’09)
FY 2010
(ending Mar’10)
Phillipines
21%
Others
55%
Malaysia
24%
Phillipines
18%
Others
18%
Malaysia
19%
Indonesia
15%
China
15%
Australia
15%
* Projected

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
Highlights
¤ 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
42
25
18
FY 2008 FY 2009 * FY 2010 *
ending Mar’08
* Projected
Revenues in $ mn

Glenmark’s
Presence
Action Plan
FY 2009
¤ Africa Pharma Market : >$ 10 bn
¤ South Africa, Nigeria, Sudan, Kenya, Egypt are key markets
¤ 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
¤ Plans to enter Algeria, UAE
¤ Look for brand acquisition opportunities for entry/growth
Africa – Action Plan
Kenya
14%
Others
41%
South
Africa
20%
Nigeria
11%
Sudan
14%
Kenya
12%
Others
24%
South
Africa
25%
Sudan
12%
Nigeria
15%
Egypt
12%
FY 2009
(ending Mar’09)
FY 2010
(ending Mar’10)
* Projected

RoW Markets
CIS
Russia
Ukraine
Uzbekistan
Kazakhstan

CIS – Performance FY 2008
Highlights
¤ Company launched 40 products
¤ Filed for over 30 product approvals across CIS
¤ Top-5 brands contribute over 90% of CIS business
¤ Glenmark’s brand Ascoril is the no 1 brand in the cough expectorant market in Russia
66
38
22
FY 2008 FY 2009 * FY 2010 *
ending Mar’08
* Projected
Revenues in $ mn

Glenmark’s
Presence
Action Plan
FY 2009
¤ CIS Pharma Market : >$ 15 bn
¤ Russia, Ukraine, Uzbekistan & Kazakhstan are the key markets
¤ Registered over 70 branded generic products
¤ 300 medical representatives cover entire CIS
¤ File for 25 product approvals
¤ Launch 25 products
CIS – Action Plan
FY 2009
(ending Mar’09)
FY 2010
(ending Mar’10)
Ukraine
4%
Uzbekist
an
3%
Russia
92%
Kazakhs
tan
1%
* Projected
Ukraine
4%
Uzbekist
an
4%
Russia
91%
Kazakhs
tan
1%

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
9
40
20
FY 2008 FY 2009 * FY 2010 *
ending Mar’08
* Projected
Revenues in $ mn

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 Glenmark’s proprietary
medications that would reach the market in the next 3-5 years

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
¤ Glenmark’s 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 -

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
Romania
28%
Bulgaria
3%
Czech
69%
Romania
24%
Bulgaria
12% Czech
50%
New
14%
FY 2009 FY 2010
* Projected

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

Infrastructure and facilities
Location Production Lines Regulatory Approvals
R&D Facility, Navi
Mumbai
NCE Research and Process Development
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 semi-
regulated 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

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

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

Glenmark Generics Ltd. (GGL)
Generics Business

Vision for Glenmark Generics Limited (GGL)
Product Portfolio
170 generics on the US market
70 generic dossiers for EU markets
Over 50 % of revenues from niches
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
Increase
Geographical Reach
Target 2015
Expand Niche
Product Portfolio
“Global Integrated Generic & API leader”
Vertical Integration
Strategy

APIEurope
North
America
Argentina
(Oncology)
Finished Dosage Formulations API
Glenmark Generics Ltd. - Business Unit Structure
Glenmark Generics Ltd. (GGL)

North America – Performance FY 2008
50
140
207
303
FY 2007 FY 2008 FY 2009 * FY 2010 *
Highlights
¤ 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
Glenmark Generics Limited: Generics Business
* Projected
Revenues in $ mn

North America: The US Market
20
22
30
2009 2010 2011
Values in $ Bn
The Market
¤ $ 286 bn
¤ 65% generics by volume represent 20% of the
market by value
Market Characteristics
¤ Political climate increasingly supportive of
generics to lower healthcare costs
¤ Increasing competition in “me-too” generics
¤ Authorized generics and shared exclusivities
reducing upsides from 180-day exclusivities
Opportunities
¤ Customers prefer vertically integrated companies
with long term plan
¤ In the next 3-5 years, drugs worth $ 60-70 Bn are
going off-patent

¤ 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®
¤ 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
North America – Glenmark’s rise as a generic player
6
13
28
FY 2006 FY 2007 FY 2008
Background
¤ GGI, USA (Glenmark Generics Inc.) launched the
first product in Jan 2005
¤ Registered net revenues of $ 140 mn in FY 2008
Product Portfolio
Highlights
ending Mar’07 ending Mar’08ending Mar’06

ANDAs filed / marketed Till FY FY FY Total
Filings
(Includes partner filings) 2008 2009 2010
Dermatology 10 8 8 26
Controlled Substance 4 4 4 12
Modified Release 6 10 10 26
Hormones 3 4 5 12
Oncology - 4 5 9
First to File (P-IVs) 6 3 3 12
Immediate Release 32 4 4 40
Total 61 37 39 137
US: Plan for ANDA Filings

US Product Portfolio: Dermatology
¤ Total Topical Derma Market is $4.3 bn of which over
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
¤ 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]
The Market
GGL’s Portfolio
10
18
26
Till FY
2008
FY
2009
FY
2010
62
Fillings (Cumulative)

¤ Total CS Market is valued over $12 bn
¤ Key generic players include: Mallinckrodt, Watson, Endo
¤ High barriers to entry:
¤ DEA licensures required
¤ Limitations on importing controlled substances from foreign
countries
¤ Higher margins on controlled substance products due to
limited players
US Product Portfolio: Controlled Substances (CS)
¤ Controlled substance portfolio (current market
size $ 200 mn)
¤ 3 controlled substances already launched
¤ 7 additional products anticipated to be launched
within next 3 years
The Market
GGL’s Portfolio
4
8
12
Till FY
2008
FY
2009
FY
2010
63ending Mar’08 ending Mar’09 ending Mar’10

US Product Portfolio: Modified Release
¤ Total sales revenue for Modified Release oral solids is
over $22 bn
¤ Higher barriers to entry
¤ Difficult to develop
¤ Unique technologies
¤ Higher margins on modified release products due to
limited players.
¤ 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]
6
16
26
Till FY
2008
FY
2009
FY
2010
The Market
GGL’s Portfolio
64

US Product Portfolio: Hormones
¤ Total Solid oral dosage Hormones Market is
approximately $5 bn
¤ Key generic players include: Barr & Watson
¤ Only Indian Company with India based hormones
portfolio [10 products anticipated (current market size $1
bn) to be launched within next 3 years]
¤ Higher margins on Hormones Products
¤ Limited players
¤ Dedicated facility required
¤ Higher cost of bio-studies
2
7
12
Till FY
2008
FY
2009
FY
2010
The Market
GGL’s portfolio
65

US Product Portfolio: Oncology
¤ Total Oncology Market in the United States is over $10 bn
¤ Key generic players include: Teva Sicor, Ben-Venue &
Barr
¤ Portfolio includes a mix of 14 solid oral dosage and 13
injectable products (Total market size: >$ 7.5 bn)
¤ Higher margins on Oncology Products
¤ Limited players
¤ Dedicated facility required
The Market
GGL’s portfolio
0
4
9
Till FY
2008
FY
2009
FY
2010
66

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
US Product Portfolio: FTF ANDA Ongoing Litigation
6
9
12
Till FY
2008
FY
2009
FY
2010
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)

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

The European Market
Market Size
¤ $ 182 bn
¤ Generic penetration is low as compared to the
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
Opportunities
¤ Key markets with high generic penetration: UK,
Germany, Netherlands
¤ 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

¤ GGEL (Glenmark Generics Europe Ltd.) was established
in 2004
¤ 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
¤ Portfolio of more than 30 EU CTD solid and semi-
solids dossiers at various stages of development
¤ Several supply deals are in place with leading
European generic players
Europe generics business is gearing up for future
Background
Product Portfolio
0.2
4
10
FY 2008 FY 2009 * FY 2010 *
Revenues in $ mn
* Projected

¤ 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
Europe: Strategy for future growth

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
5
15
25
Till FY 2008 FY 2009 FY 2010
Total MAA
Filings (cumulative)

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
Opportunities
¤ 95 % of classic chemotherapy products are not
protected by patent which will ensure high
profitability in regulated markets (less competition)
3-5 years

¤ Glenmark acquired the Argentinean marketing company
Glenmark Generics S.A. (erstwhile Servycal S.A.) with a focused
oncology 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
Oncology generics business
Background
Product Portfolio
6
8
15
25
FY 2007 FY 2008 FY 2009 * FY 2010 *
ending Mar’07 ending Mar’08 ending Mar’09 ending Mar’10
Revenues in $ mn
* Projected

Oncology Business: Strategy for future growth
Use Argentina as
a hub for spreading the
oncology business
Increase coverage
for cancer
therapy products
¤ Use Argentina as a hub to spread 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
¤ Expansion of product portfolio to cater to 95%
Cancer therapy products

Oncology Business : Plans for FY 2009
¤ Enter 3-4 new countries including regulated markets
¤ File over 90 products for approval across various countries
310
405
515
Till FY 2008 FY 2009 FY 2010
Total Dossier

Active Pharmaceutical
Ingredients (API) Business

The Global API Market
Market Size
¤ >$ 75 bn
¤ Growth >10% (2005)
Opportunities
3-5 years
¤ Many of the other historical less-regulated markets
are quickly shifting towards stricter regulations
limiting competition and opportunities for
established players like Glenmark
¤ 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

¤ API business spans across 80 countries including
regulated markets like US and Europe
¤ > 50% of the revenues is from exports
¤ Filed over 30 USDMFs till date
¤ Filed several Canadian DMFs, EDMFs and
CEPs/CoSs
API Business
Background
Product Portfolio
Highlights
¤ Registered growth of over 45%
¤ Exports contribute over 50% of the revenues
¤ Initiated commercial supplies to various customers
30
48
70
90
FY 2007 FY 2008 FY 2009 * FY 2010 *
ending Mar’08ending Mar’07 ending Mar’09 ending Mar’10
Sales in $ mn
* Projected

API Business: Drivers for future growth
Expand product portfolio
and market presence
¤ 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 IP
¤ Focus on difficult to develop molecules
and generating IP around molecules
Continue to be a
preferred 3rd
party
API supplier
¤ Partner with generic companies to capture
first and alternate source opportunities
¤ Establish close relationship with major
generic players globally to capture high end
opportunities
Investments to
ramp up infrastructure
¤ Invest in building infrastructure in order to
cater to increased demand and growth

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
US DMF
Fillings
Till FY 2008 FY 2009 FY 2010 Total Filings
31 18 18 67

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 Local FDA GMP approved
Mohol, India
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

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

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

 Glenmark
 Glenmark Pharmaceuticals Limited (GPL) – Specialty Business
 Glenmark Generics Limited (GGL- wholly owned sub. of GPL) – Generics
Business
 Glenmark – Consolidated Financials and Projections
Agenda

377
504
428
296
196
303
FY 2008 FY 2009 FY 2010
Specialty
Generics
Consolidated Financials and Projections
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
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