Pharma major Glenmark Pharmaceuticals has chalked out a $300 million capital expenditure plan for the next three years to fund the company’s expansion and increasing “footprints in the global market”.
“We will be spending $100 million each over the three years period towards capital expenditure plans for our growth in expanding existing units and increasing our footprints in the global market to achieve growth,” Glenmark Pharma Chairman and Managing Director Glenn Saldanha told reporters.
The company eyes a compound annual growth rate (CAGR) of 15-20 per cent in the next five years.
“The company is spending 9-10 per cent on research and development and now looking at spending 11 per cent on sales in the coming years. The firm is also looking at CAGR of 15-20 per cent topline growth over the next 5 years period,” Saldanha added.
According to him, the firm now focuses on innovative new molecular entities (NME), filing as many as nine new drug application (NDA) or biologic license application (BLAs) in the next 10 years. “The company is targetting 30 per cent of total revenues from speciality and innovation segments over the next decade,” the chairman said.
“Based on the power of the pipeline, Glenmark expects to file 20-25 ANDAs and launch 20 generic products annually in the US,” Saldanha added.
Currently, Glenmark has over 110 Abbreviated New Drug Application (ANDAs) approved and an additional 135 products in regulatory review or in development in the US.