Glenmark Pharmaceuticals rose 2.2% to Rs 620.30 at 12:16 IST on BSE after the company announced that it has received final approval from the US drug regulator for Desonide Ointment, 0.05%.
The announcement was made before market hours today, 19 September 2017.Meanwhile, the S&P BSE Sensex was down 22.59 points, or 0.07%, to 32,401.17
On the BSE, 92,000 shares were traded in the counter so far, compared with average daily volumes of 84,170 shares in the past one quarter. The stock had hit a high of Rs 621.50 and a low of Rs 611.90 so far during the day. The stock had hit a 52-week high of Rs 993 on 1 November 2016. The stock had hit a 52-week low of Rs 567.95 on 12 September 2017.
The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Desonide Ointment, 0.05%, the generic version of Desonide Ointment, 0.05%, of Perrigo New York Inc.
According to IMS Health sales data for the 12 month period ended July 2017, the Desonide Ointment, 0.05% market achieved annual sales of approximately $23.4 million.
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Glenmark's current portfolio consists of 124 products authorized for distribution in the US marketplace and 62 ANDA's pending approval with the USFDA. In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.
Glenmark Pharmaceuticals' consolidated net profit surged 47.01% to Rs 333.38 crore on 21.99% rise in net sales to Rs 2329.39 crore in Q1 June 2017 over Q1 June 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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