Glenmark Pharma gains after receiving USFDA approval for a drug

Glenmark Pharmaceuticals rose 0.77% to Rs 849.60 at 10:45 IST on BSE after the company announced that its US subsidiary received final approval from the US drug regulator for a drug.

The announcement was made before market hours today, 27 July 2016.

Meanwhile, the S&P BSE Sensex was up 189.28 points or 0.68% at 28,165.80.

On BSE, so far 6,446 shares were traded in the counter, compared with an average volume of 40,502 shares in the past one quarter. The stock hit a high of Rs 849.70 and a low of Rs 838.55 so far during the day. The stock hit a record high of Rs 1,261.95 on 21 August 2015. The stock hit a 52-week low of Rs 671.50 on 12 February 2016. The stock had outperformed the market over the past one month till 26 July 2016, rising 10.43% compared with 5.98% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, advancing 1.37% as against Sensex's 7.57% rise.

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

Glenmark Pharmaceuticals announced that Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Potassium Chloride Extended-Release Tablets USP, 10 mEq (750 mg) and 20 mEq (1500 mg), the generic version of K-Dur (Potassium Chloride) Extended-Release Tablets, 10 and 20 mEq of Merck Sharp and Dohme Corp. The generic version is no longer being marketed in the United States.

According to IMS health sales data for the 12 month period ending May 2016, the K-Dur (Potassium Chloride) Extended-Release Tablets, 10 and 20 mEq market achieved annual sales of around $283.20 million in the US.

On a consolidated basis, Glenmark Pharmaceuticals' net profit jumped 1516.31% to Rs 171.49 crore on 24% rise in net sales to Rs 2174.02 crore in Q4 March 2016 over Q4 March 2015.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization headquartered at Mumbai, India. Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of Inflammation (asthma/COPD, rheumatoid arthritis etc.) and pain (neuropathic pain and inflammatory pain).

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