Glenmark Pharma drops after 3-day 8.2% rally

Meanwhile, the S&P BSE Sensex was down 2.82 points or 0.01% at 20,244.51.

On BSE, 12,000 shares were traded in the counter as against average daily volume of 79,187 shares in the past one quarter.

The stock hit a high of Rs 580 so far during the day, matching 52-week high the stock had hit on Thursday, 16 May 2013. The stock hit a low of Rs 561.55 so far during the day. The stock had hit a 52-week low of Rs 332.25 on 18 May 2012.

The stock had outperformed the market over the past one month till 16 May 2013, surging 16.63% compared with the Sensex's 8.01% rally. The scrip had also outperformed the market in past one quarter, jumping 16.29% as against Sensex's 4% rise.

The large-cap company has equity capital of Rs 27.09 crore. Face value per share is Re 1.

Shares of Glenmark Pharmaceuticals had rallied 8.26% in three trading sessions to settle at Rs 577.30 on Thursday, 16 May 2013, from a recent low of Rs 533.25 on 13 May 2013.

Glenmark Pharmaceuticals before market hours on 15 May 2013, said that its step down subsidiary got final abbreviated new drug approvals (ANDA) from the United States Food and Drug Administration (USFDA) for two generic drugs for the treatment of migraine headache in adults. Glenmark Generics Inc. USA, a subsidiary of Glenmark Generics, will commence distribution of the two generic drugs immediately. According to IMS Health data, the products garnered annual sales of $176 million in the United States for the twelve months ended December 2012.

Glenmark's current portfolio consists of 85 products authorized for distribution in the US marketplace and 50 abbreviated new drug applications (ANDA) pending approval with USFDA. In addition to these internal filings, Glenmark Generics Inc. continues to identify and explore external development partnerships to supplement and accelerate the growth of the existing pipeline and portfolio, Glenmark Pharma said in a statement.

Glenmark Generics (GGL) is a subsidiary of Glenmark Pharmaceuticals. It has an established presence in North America and developing an European Union (EU) presence. It primarily sells FDF products in the US and the EU, as well as its oncology FDF products in South America. The company supplies APIs to customers in approximately 80 countries, including the US, various countries in the EU, South America and India.

Glenmark Pharmaceuticals' consolidated net profit rose 10.9% to Rs 166.80 crore on 25.3% growth in net sales to Rs 1335.49 crore in Q4 March 2013 over Q4 March 2012.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai, India. It is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). The company along with its subsidiary has 13 manufacturing facilities in four countries and has five R&D centres.

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