Glenmark Pharma gains after receiving final approval from USFDA for drug

Glenmark Pharmaceuticals rose 1.31% to Rs 886.55 at 9:45 IST on BSE after the company announced that it has been granted final approval by the United States Food & Drug Administration for Diclofenac Sodium Gel, 3%.

The announcement was made before market hours today, 14 September 2016.

Meanwhile, the BSE Sensex was up 29.93 points, or 0.11%, to 28,383.47.

On BSE, so far 11,321 shares were traded in the counter, compared with average daily volume of 64,804 shares in the past one quarter. The stock hit a high of Rs 891 and a low of Rs 876 so far during the day. The stock hit a 52-week high of Rs 1,074.90 on 6 October 2015. The stock hit a 52-week low of Rs 671.50 on 12 February 2016. The stock had outperformed the market over the past 30 days till 12 September 2016, rising 3.46% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 13.05% as against Sensex's 6.45% rise.

 

The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Re 1.

Diclofenac Sodium Gel, 3% is a generic version of Solaraze Gel, 3% of Fougera Pharmaceuticals Inc. According to IMS Health sales data for the 12 month period ending July 2016, the Solaraze Gel, 3% market achieved annual sales of around $297.90 million in the US.

Glenmark Pharmaceuticals' consolidated net profit rose 24% to Rs 226.78 crore on 15.8% increase in net sales to Rs 1883.21 crore in Q1 June 2016 over Q1 June 2015.

Glenmark Pharmaceuticals (GPL) is an integrated pharmaceutical organization. GPL is a leading player in the discovery of new molecules both NCEs (new chemical entity) and NBEs (new biological entity).

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