Glenmark Pharmaceuticals rose 1.19% to Rs 875 at 10:54 IST on BSE after the company said its subsidiary received final approval from US health regulator for selling a generic oral contraceptive product in the US.
The announcement was made during trading hours today, 10 April 2015.
Meanwhile, the BSE Sensex was down 22.65 points, or 0.08%, to 28,862.56.
On BSE, so far 50,000 shares were traded in the counter, compared with an average volume of 84,176 shares in the past one quarter.
The stock hit a high of Rs 881.80 and a low of Rs 852.55 so far during the day. The stock hit a record high of Rs 901.20 on 8 April 2015. The stock hit a 52-week low of Rs 510 on 19 May 2014.
The stock had outperformed the market over the past one month till 9 April 2015, rising 2.84% compared with 0.14% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 17.73% as against Sensex's 5.20% rise.
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The large-cap company has an equity capital of Rs 27.13 crore. Face value per share is Re 1.
Glenmark Generics Inc., USA has been granted final approval by the United States Food & Drug Administration (USFDA) for the oral contraceptive, Levonorgestrel/Ethinyl Estradiol Tablets USP, 0.09 mg/0.02 mg, the therapeutic equivalent of Lybrel of Wyeth Pharmaceuticals, Inc. (which is no longer being marketed in the United States).
Lybrel is indicated for the prevention of pregnancy in women who elect to use oral contraceptives as a method of contraception. According to IMS Health sales data for the 12 month period ending February 2015, the Lybrel market achieved annual sales of approximately $6.4 million.
This approval marks Glenmark's 11th oral contraceptive authorized for distribution by the USFDA. Glenmark plans to commence shipping of Levonorgestrel/Ethinyl Estradiol Tablets, 0.09 mg/0.02 mg immediately.
Glenmark's current portfolio consists of 97 products authorized for distribution in the US marketplace and 68 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 Generics (GGL) is a subsidiary of Glenmark Pharmaceuticals (Glenmark). GGL has an established presence in North America and developing an European Union presence.
The Bombay High Court passed an order approving the amalgamation of Glenmark Generics with Glenmark Pharmaceuticals. The company is currently in the process of complying with further directions of the said order.
Glenmark Pharmaceuticals' consolidated net profit fell 46.9% to Rs 114.77 crore on 6% rise in total income to Rs 1703.43 crore in Q3 December 2014 over Q3 December 2013.
Glenmark Pharmaceuticals has a significant presence in branded generics markets across emerging economies including India.
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