Here's why Glenmark Pharma stock hit all time high on Aug 19; details here

Glenmark Pharma in focus: Shares of pharmaceutical company Glenmark Pharmaceuticals rallied as much as 4.58 per cent to hit a fresh all time high of Rs 1,636.50 per share on Monday, August 19, 2024. 

The rise in the share price came after the company announced that its unit, Glenmark Therapeutics Inc, USA (Glenmark) has launched Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1 per cent.

Olopatadine ophthalmic eye drops are used to relieve itching of the eyes due to allergic conjunctivitis, also known as pink eye. They are effective for treating eye itching or redness caused by allergens such as pollen, ragweed, grass, animal hair, or dander.

In an exchange filing, Glenmark Pharmaceuticals said, “Glenmark Therapeutics Inc., USA (Glenmark) is pleased to announce it has launched Olopatadine Hydrochloride Ophthalmic Solution USP, 0.1 per cent (OTC); compare to the active ingredient in Pataday Twice Daily Relief.”

“We are excited to announce the launch of Olopatadine Ophthalmic Solution USP, 0.1 per cent, 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,” said Fabio Moreno, head of OTC sales & marketing, Glenmark Pharmaceuticals Inc. 

According to Nielsen syndicated data for the 52-week period ending July 13, 2024, Pataday Twice Daily Relief (OTC) generated annual sales of around $26.4 million.

Glenmark Pharmaceuticals is a research-led, global pharmaceutical company, having a presence across Branded, Generics, and OTC segments; with a focus on therapeutic areas of respiratory, dermatology and oncology. 

The company has 11 world-class manufacturing facilities spread across 4 continents, and operations in over 80 countries.

The market capitalisation of Glenmark Pharmaceuticals is Rs 46,031.94 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE500 category.

The 52-week high of the Glenmark Pharmaceuticals stock is Rs 1,636.50 per share while its 52-week low is Rs 702.05 per share.

At 12:14 PM, shares of Glenmark Pharmaceuticals were trading 4.39 per cent higher at Rs 1,633.35 per share. In comparison, BSE Sensex was trading flat at 80,447.98 levels.