Glenmark Pharma gains after USFDA approval

Glenmark Pharmaceuticals rose 2.32% to Rs 645 at 11:09 IST on BSE after the company said it received abbreviated new drug application approval for clindamycin and benzoyl peroxide gel.

The announcement was made during trading hours today, 15 March 2019.

Meanwhile, the S&P BSE Sensex was up 245.07 points, or 0.65% to 37,999.96.

On the BSE, 26,000 shares were traded in the counter so far compared with average daily volumes of 1.51 lakh shares in the past two weeks. The stock had hit a high of Rs 651.50 and a low of Rs 634.80 so far during the day. The stock hit a 52-week high of Rs 711.55 on 10 September 2018. The stock hit a 52-week low of Rs 483.60 on 30 May 2018.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for clindamycin and benzoyl peroxide gel, 1% / 5%, a generic version of BenzaClin Gel, 1% / 5%, of Valeant Bermuda.

According to IQVIA sales data for the 12 month period ending January 2019, the BenzaClin Gel, 1% / 5% market achieved annual sales of approximately $99.4 million.

Glenmark's current portfolio consists of 151 products authorized for distribution in the US marketplace and 53 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.

On a consolidated basis, Glenmark Pharmaceuticals' net profit rose 11.08% to Rs 116.34 crore on 15.58% increase in net sales to Rs 2509.78 crore in Q3 December 2018 over Q3 December 2017.

Glenmark Pharmaceuticals (GPL) is a research-driven, global, integrated pharmaceutical organisation.

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