Glenmark Pharma advances after getting USFDA nod for drug

Glenmark Pharmaceuticals gained 1.07% to Rs 578.95 at 10:10 IST on BSE after the company announced that it has received US drug regulator's approval for Norethindrone Acetate and Ethinyl Estradiol Tablets USP and Ferrous Fumarate Tablets.

The announcement was made before market hours today, 27 December 2017.

Meanwhile, the S&P BSE Sensex was up 75.67 points, or 0.22% to 34,086.28.

On the BSE, 35,187 shares were traded in the counter so far, compared with average daily volumes of 90,534 shares in the past one quarter. The stock had hit a high of Rs 579.40 and a low of Rs 572.60 so far during the day. The stock had hit a 52-week high of Rs 973.10 on 7 February 2017. The stock had hit a 52-week low of Rs 528 on 18 December 2017.

The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Re 1.

The stock has gained 8.81% in nine sessions to its ruling price from a close of Rs 532.05 on 13 December 2017.

Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Norethindrone Acetate and Ethinyl Estradiol Tablets USP and Ferrous Fumarate Tablets, 1 mg/20 mcg.

The drug is the generic version of Minastrin 24 Fe Tablets, of Allergan Pharmaceuticals International. According to IQVIA sales data for the 12 month period ended October 2017, the Minastrin 24 Fe Tablets market achieved annual sales of approximately $337 million.

Glenmark's current portfolio consists of 130 products authorized for distribution in the US marketplace and 58 ANDA's pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

Glenmark Pharmaceuticals' consolidated net profit fell 4.2% to Rs 214.12 crore on 2.3% rise in net sales to Rs 2223.44 crore in Q2 September 2017 over Q2 September 2016.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization.

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