Glenmark Pharma gains after USFDA approval for generic

Glenmark Pharmaceuticals rose 1.29% to Rs 454.15 at 9:25 IST on BSE after the company said it received ANDA approval for ezetimibe and simvastatin tablets.

The announcement was made during the market hours today, 28 June 2019.

Meanwhile, S&P BSE Sensex was up 54.30 points or 0.14% at 39,640.71.

On BSE, 9,521 shares were traded in Glenmark Pharmaceuticals counter, compared to a 2-week average of 87,000 shares. The share price hit an intraday high of Rs 455 and an intraday low of Rs 451. It hit a 52-week high of Rs 711.55 on 10 September 2018 and a 52-week low of Rs 446.80 on 27 June 2019.

Shares of Glenmark Pharmaceuticals fell 13.4% in the past five trading sessions to settle at Rs 448.35 yesterday, 27 June 2019, from its close of Rs 517.70 on 20 June 2019.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for ezetimibe and simvastatin tablets, a generic version of vytorin tablets of MSD International GmbH.

According to IQVIA sales data for the 12 month period ending April 2019, the Vytorine tablets market achieved annual sales of approximately $92.4 million.

Glenmark's current portfolio consists of 157 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 rose 6.6% to Rs 161.66 crore on a 12.4% rise in net sales to Rs 2,526.08 crore in Q4 March 2019 over Q4 March 2018.

Glenmark Pharmaceuticals (GPL) is a research‐driven, global, integrated pharmaceutical organization.

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