Glenmark: Domestic sales performance, lower costs bode well for the stock

Funding for its innovation subsidiary is a key trigger

Glenmark Pharmaceuticals reported the best sales performance among Indian companies in the domestic market for August. Sales were up 32 per cent for the month on the back of higher sales of Covid treatment drug, favipiravir. The drug was the sixth largest molecule in the pharma market in August and is used in treating mild-to-moderate symptoms of Covid-19.
 

Being the first off the blocks, the company is a major beneficiary of higher sales in the product with 84 per cent market share. The drug helped push Glenmark’s anti-infective sales by nearly two times in August compared to the year ago