Glenmark Pharma gets healthier after getting USFDA nod for generic drug

Glenmark Pharmaceuticals rose 1.93% to Rs 636.70 has after the company said that it was granted final approval by the US drug regulator for Atomoxetine Capsules USP, 10 mg, 18 mg, 25 mg, 40 mg, 60 mg, 80 mg and 100 mg.

The announcement was made during market hours today, 31 May 2017.

Meanwhile, the BSE Sensex was up 21.09 points, or 0.07%, to 31,180.49.

On the BSE, 1.13 lakh shares were traded in the counter so far, compared with average daily volumes of 1.18 lakh shares in the past one quarter. The stock had hit a high of Rs 643.15 and a low of Rs 630 so far during the day. The stock had hit a 52-week high of Rs 993 on 1 November 2016. The stock had hit a 52-week low of Rs 600 on 29 May 2017.

The stock had underperformed the market over the past one month till 30 May 2017, sliding 30.04% compared with 4.15% gains in the Sensex. The scrip had underperformed the market in past one quarter, declining 32.52% as against Sensex's 8.41% gains. The scrip had also underperformed the market in past one year, dropping 28.73% as against Sensex's 16.59% gains.

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

Glenmark Pharmaceuticals has been granted final approval by the United States Food & Drug Administration (USFDA) for Atomoxetine Capsules USP, 10 mg, 18 mg, 25 mg, 40 mg, 60 mg, 80 mg and 100 mg, the generic version of Strattera Capsules, 10 mg, 18 mg, 25 mg, 40 mg, 60 mg, 80 mg and 100 mg, of Eli Lilly and Company.

According to IMS Health sales data for the 12 month period ended April 2017, the Strattera Capsules, 10 mg, 18 mg, 25 mg, 40 mg, 60 mg, 80 mg and 100 mg market achieved annual sales of approximately $1.1 billion in US.

Glenmark's current portfolio consists of 117 products authorized for distribution in the US marketplace and approximately 67 abbreviated new drug application (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.

Meanwhile, Glenmark Pharmaceuticals had announced on 29 May 2017 that it was granted final approval by the United States Food & Drug Administration for Nebivolol Tablets, 2.5 mg, 5 mg, 10 mg and 20 mg, the generic version of Bystolic Tablets, 2.5 mg, 5 mg, 10 mg and 20 mg, of Forest Laboratories, LLC (Forest).

On a consolidated basis, Glenmark Pharmaceuticals' net profit rose 23.5% to Rs 183.76 crore on 10.2% rise in net sales to Rs 2424.41 crore in Q4 March 2017 over Q4 March 2016.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization headquartered at Mumbai, India. The company is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity).

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