Glenmark Pharma gets healthier after USFDA nod for generic ointment

Glenmark Pharmaceuticals rose 1.09% to Rs 607.95 at 9:50 IST on BSE after the company announced that it has received final approval from the US drug regulator for Triamcinolone Acetonide Ointment USP, 0.1%.

The announcement was made before market hours today, 23 August 2017.

Meanwhile, the BSE Sensex was up 149.95 points, or 0.48%, to 31,441.80.

On the BSE, 6,119 shares were traded in the counter so far, compared with average daily volumes of 1.07 lakh shares in the past one quarter. The stock had hit a high of Rs 611.70 and a low of Rs 603.75 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 591.50 on 21 August 2017.

The stock had underperformed the market over the past one month till 22 August 2017, falling 13.66% compared with 2.3% decline in the Sensex. The scrip had also underperformed the market in past one quarter, falling 10.06% as against Sensex's 2.36% rise. The scrip had also underperformed the market in past one year, dropping 29.76% as against Sensex's 11.81% rise.

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

Glenmark Pharmaceuticals said that Glenmark Pharmaceuticals Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Triamcinolone Acetonide Ointment USP, 0.1%, the generic version of Kenalog Ointment, 0.1%, of Mylan Pharmaceuticals Inc.

According to IMS Health sales data for the 12 month period ended June 2017, the Kenalog Ointment, 0.1% market achieved annual sales of approximately $26.3 million in the US.

Glenmark's current portfolio consists of 122 products authorized for distribution in the US marketplace and 64 abbreviated new drug application (ANDA) 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 surged 47% to Rs 333.38 crore on 22% rise in net sales to Rs 2329.39 crore in Q1 June 2017 over Q1 June 2016.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization.

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