Glenmark Pharma slips as USFDA issues import alert on Baddi plant

Glenmark Pharmaceuticals declined 1.43% to Rs 395.90 after the US FDA placed the Baddi, India facility under import alert 66-40 following the inspection conducted in June 2022.

The US revenues from products supplied from this facility contributed to 1-2% of total revenues in the financial year ended 31 March 2022.

The pharma company said that it will engage with the United States Food and Drug Administration (US FDA) to resolve the import alert at the earliest.

The drug maker said that it is committed to maintaining the highest quality and compliant manufacturing standards at all of its facilities across the globe.

Glenmark Pharmaceuticals is a global pharmaceutical company with a presence across specialty, generics, and OTC businesses.

The company's consolidated net profit declined 37.20% to Rs 192.53 crore on a 7.67% fall in sales to Rs 2,720.10 crore in Q1 FY23 over Q1 FY22.

Powered by Capital Market - Live News