Glenmark Pharma gains after USFDA nod for a medicine

Glenmark Pharmaceuticals rose 1.43% to Rs 869.40 at 10:10 IST on BSE after Glenmark Pharmaceuticals Inc., USA has been granted final approval by the USFDA for Calcipotriene Cream, 0.005%,

The company made announcement before market hours today, 11 June 2015.

Meanwhile, the S&P BSE Sensex was up 38.93 points, or 0.15%, to 26,879.43.

On BSE, so far 5,068 shares were traded in the counter, compared with an average volume of 1.05 lakh shares in the past one quarter.

The stock hit a high of Rs 871.75 and a low of Rs 862 so far during the day. The stock hit a record high of Rs 940 on 15 April 2015. The stock hit a 52-week low of Rs 532 on 11 July 2014.

The stock had outperformed the market over the past one month till 10 June 2015, rising 2.68% compared with 0.98% decline in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 1.14% as against Sensex's 6.51% fall.

The large-cap pharma company has an equity capital of Rs 28.21 crore. Face value per share is Re 1.

Glenmark Pharmaceuticals said Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Calcipotriene Cream, 0.005%, the therapeutic equivalent of Dovonex Cream, 0.005% of Leo Pharma A/S. Glenmark plans to commence shipping of Calcipotriene Cream, 0.005% immediately.

According to IMS Health sales data, for the 12 month ending April 2015, the Dovonex market achieved annual sales of approximately $91.90 million in the US.

On a consolidated basis, Glenmark Pharmaceuticals' net profit declined 75.4% to Rs 10.61 crore on 5% rise in total income to Rs 1776.14 crore in Q4 March 2015 over Q4 March 2014.

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