Glenmark rises after securing ANDA approval

Glenmark Pharmaceuticals rose 1.43% to Rs 592.15 at 15:16 IST on BSE after the company announced that it has received ANDA approval for HAILEYTM 24 Fe 1 mg/20 mcg.

The announcement was made before market hours today, 20 November 2017.

Meanwhile, the S&P BSE Sensex was down 15.19 points, or 0.05%, to 33,327.61

On the BSE, 69,000 shares were traded in the counter so far, compared with average daily volumes of 93,631 shares in the past one quarter. The stock had hit a high of Rs 595.55 and a low of Rs 586.90 so far during the day. The stock had hit a 52-week high of Rs 973.10 on 7 February 2017. The stock had hit a 52-week low of Rs 565 on 16 November 2017.

The stock had underperformed the market over the past one month till 17 November 2017, falling 4.22% compared with 2.94% rise in the Sensex. The scrip also underperformed the market in past one quarter, declining 4.45% as against Sensex's 5.77% rise. The scrip also underperformed the market in past one year, sliding 35.02% as against Sensex's 27.50% 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 HAILEYTM 24 Fe (Norethindrone Acetate and Ethinyl Estradiol Tablets, USP and Ferrous Fumarate Tablets), 1 mg/20 mcg, the generic version of Loestrin 1 24 Fe Tablets, of Allergan Pharmaceuticals International.

According to IQVIATM sales data for the 12 month period ended September 2017, the Loestrin 1 24 Fe Tablets market achieved annual sales of approximately $96.7 million.

Glenmark Pharmaceuticals' consolidated net profit fell 4.24% to Rs 214.12 crore on 2.31% rise in net sales to Rs 2223.44 crore in Q2 September 2017 over Q2 September 2016.

Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical organization. Glenmark is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity). Glenmark has several molecules in various stages of clinical development and is focused in the areas of oncology, dermatology and respiratory.

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