Glenmark Pharma gains after American subsidiary launches Olopatadine generic

Glenmark Pharmaceuticals added 1.53% to Rs 1588.65 after the company's subsidiary Glenmark Therapeutics Inc., USA, announced the launch of OTC product Olopatadine Hydrochloride Ophthalmic Solution.

The solution is the generic version of 'Pataday Twice Daily Relief, which is distributed by Alcon Laboratories, Inc. The registered trademark Pataday is owned by Novartis AG.

Olopatadine belongs to a group of medicines called antihistamines. It is used to treat seasonal allergic conjunctivitis (infection, itching, redness, and swelling of the eye) caused due to pollens, dust, animal fur, and other allergens.

According to Nielsen, syndicated data for the latest 52 weeks period ending 13 July 2024, the Pataday Twice Daily Relief (OTC) market achieved annual sales of approximately $26.4 million.

Fabio Moreno, Head OTC sales & marketing, Glenmark Pharmaceuticals Inc. said, We are excited to announce the launch of Olopatadine Ophthalmic Solution USP, 0.1%, addressing the growing demand for a new supplier in this category. This addition highlights our commitment to meeting market needs and providing high-quality over the-counter solutions for our customers.

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

The drug maker reported consolidated net profit of Rs 340.27 crore in Q1 FY25, significantly higher from Rs 14.48 crore in Q1 FY24. Revenue from operations increased 6.85% year on year (YoY) to Rs 3,244.19 crore in the quarter ended 30 June 2024.

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