Glenmark Pharmaceuticals jumped 3.44% to Rs 422.75 at 10:57 IST on BSE after the company said its US unit has received final abbreviated new drug approval from the US Food and Drug Administration for Montelukast Sodium Tablets, 10 milligram.
The company made this announcement before trading hours today, 6 August 2012.
Meanwhile, the BSE Sensex was up 224.09 points or 1.3% to 17,422.02.
On BSE, 1.08 lakh shares were traded in the counter as against average daily volume of 79,891 shares in the past one quarter.
The stock hit a high of Rs 426.85 so far during the day, which is a 52-week high for the counter. The stock hit a low of Rs 361.15 so far during the day. The stock had hit a 52-week low of Rs 265 on 21 December 2011.
The stock had outperformed the market over the past one month till 3 August 2012, jumping 7.21% compared with the Sensex's 1.31% fall. The scrip had also outperformed the market in past one quarter, surging 21.22% as against Sensex's 0.27% rise.
More From This Section
The large-cap pharma firm has an equity capital of Rs 27.06 crore. Face value per share is Re 1.
Glenmark Pharmaceuticals (GPL) said Glenmark Generics Inc, USA, a subsidiary of Glenmark Generics, has been granted final abbreviated new drug approval from the US Food and Drug Administration (USFDA) for Montelukast Sodium Tablets, 10 milligram (mg). GPL said it will commence the distribution of the product immediately.
Montelukast Sodium Tablets are Glenmark's generic version of Singulair by Merck & Co, Inc., indicated for the treatment of prophylaxis and chronic treatment of asthma. According to IMS Health data, Singulair garnered sales of $3.5 billion in the United States during 12 months ended March 2012.
Glenmark's current portfolio consists of 81 products authorized for distribution in the US marketplace and 39 abbreviated new drug application's (ANDAs) pending approval with the USFDA.
Glenmark Generics (GCL) is a subsidiary of GPL. It has established presence in North America, a developing European Union (EU) presence and Argentina and maintains marketing front-ends in these countries. It primarily sells FDF products in the US and the EU, as well as its oncology FDF products in South America. The company supplies APIs to customers in approximately 63 countries, including the US, various countries in the EU, South America and India.
GPL's consolidated net profit fell 62.5% to Rs 78.28 crore on 19.8% growth in net sales to Rs 1040.41 crore in Q1 June 2012 over Q1 June 2011. Net profit for the quarter (Q1 June 2012) is not comparable due to out-licensing income of Rs 111.23 crore received in Q1 June 2011 and also due to marked-to-market (MTM) losses to the extent of Rs 55 crore recorded in Q1 June 2012.
Glenmark Pharmaceuticals (GPL) is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai. It is a leading player in the discovery of new molecules, both NCEs (new chemical entity) and NBEs (new biological entity). The company has a significant presence in branded generics markets across emerging economies including India. GPL along with its subsidiary has twelve manufacturing facilities in four countries and has five R&D centres. Its subsidiary, Glenmark Generics services the requirements of the US and the Western Europe Generics business. The API business sells its products in approximately 80 countries, including the US, various countries in the EU, South America and India.
Powered by Capital Market - Live News