Glenmark Pharma gains after USFDA approval for drug

Glenmark Pharmaceuticals rose 1% to Rs 598 at 10:51 IST on BSE after the company said it received US drug regulator's approval for Norethindrone Acetate and Ethinyl Estradiol tablets.

The announcement was made during trading hours today, 22 November 2017.

Meanwhile, the S&P BSE Sensex was up 55.04 points, or 0.16% to 33,533.39.

On the BSE, 34,000 shares were traded in the counter so far, compared with average daily volumes of 94,044 shares in the past one quarter. The stock had hit a high of Rs 599.35 and a low of Rs 589.60 so far during the day. The stock hit a 52-week high of Rs 973.10 on 7 February 2017. The stock hit a 52-week low of Rs 565 on 16 November 2017.

The stock had underperformed the market over the past 30 days till 21 November 2017, falling 1.04% compared with 2.99% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 1.50% as against Sensex's 6.05% rise. The scrip had also underperformed the market in past one year, falling 32.89% as against Sensex's 28.96% rise.

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

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for HAILEY Fe 1/20 (Norethindrone Acetate and Ethinyl Estradiol tablets USP, 1 mg/20 mcg and Ferrous Fumarate tablets), the generic version of Loestrin 1 Fe 1/20 tablets, of Allergan Pharmaceuticals International.

According to IQVIA sales data for the 12 month period ending September 2017, the Loestrin Fe 1/20 tablets market achieved annual sales of approximately $116.80 million.

Glenmark's current portfolio consists of 129 products authorized for distribution in the US marketplace and 58 Abbreviated New Drug Applications (ANDAs) 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 4.24% to Rs 214.12 crore on 2.31% 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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