Glenmark Pharmaceuticals surged 4.05% to Rs 982 at 11:30 IST on BSE after consolidated net profit rose 19.81% to Rs 197.78 crore on 13.6% growth in revenue to Rs 1909.36 crore in Q2 September 2015 over Q2 September 2014.
The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours yesterday, 29 October 2015.
Meanwhile, the S&P BSE Sensex was up 66.76 points or 0.25% at 26,904.90.
On BSE, so far 80,000 shares were traded in the counter as against average daily volume of 93,278 shares in the past one quarter.
The stock hit a high of Rs 987.55 and a low of Rs 970 so far during the day. The stock had hit a record high of Rs 1,261.95 on 21 August 2015. The stock had hit a 52-week low of Rs 703.50 on 7 January 2015.
The stock had underperformed the market over the past one month till 29 October 2015, sliding 6.3% compared with the Sensex's 4.11% rise. The scrip had, however, outperformed the market in past one quarter, declining 0.79% as against Sensex's 2.63% fall.
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The large-cap company has equity capital of Rs 28.22 crore. Face value per share is Rs 1.
Glenmark Pharmaceuticals' earnings before interest, taxation, depreciation and amortization (EBITDA) rose 19.85% to Rs 401.77 crore in Q2 September 2015 over Q2 September 2014.
Sales for the formulation business in India grew 27.27% to Rs 608.54 crore in Q2 September 2015 over Q2 September 2014. Glenmark Pharmaceuticals Inc., USA registered revenue from the sale of finished dosage formulations rose 17.9% to Rs 598.42 crore in Q2 September 2015 over Q2 September 2014. Revenue from Africa, Asia and CIS region rose 21.17% to Rs 210.87 crore in Q2 September 2015 over Q2 September 2014. Glenmark Europe's operations revenue rose 22.82% to Rs 160.35 crore in Q2 September 2015 over Q2 September 2014. Glenmark's revenue from its Latin American and Caribbean operations declined 28.24% to Rs 165.67 crore in Q2 September 2015 over Q2 September 2014. Revenue from sale of active pharmaceutical ingredients (API) to regulated and semi-regulated markets globally increased 3.73% to Rs 165.50 crore in Q2 September 2015 over Q2 September 2014.
Glenmark Pharmaceuticals' board of directors at a meeting held yesterday, 29 October 2015, inter alia, approved an enabling resolution for raising of funds for an amount not exceeding $500 million through issuance of securities including equity shares or equity linked securities, including through a qualified institutions placement and issuance of equity shares through convertible bonds, depository receipts and any other instrument convertible or exchangeable into equity shares and other securities with or without warrants, to eligible investors subject to the approval of the shareholders of the company.
Separately, Glenmark Pharmaceuticals during market hours today, 30 October 2015, announced that its US subsidiary Glenmark Pharmaceuticals Inc. USA has been granted tentative approvals by the United States Food and Drug Administration (FDA) for its Lacosamide Tablets, 50 mg, 100 mg, 150 mg and 200 mg.
Lacosamide Tablets, 50 mg, 100 mg, 150 mg and 200 mg are generic version of Vimpat Tablets, 50 mg, 100 mg, 150 mg and 200 mg of UCB, Inc. Glenmark will market Lacosamide Tablets upon receiving final approval for its abbreviated new drug application (ANDA). The patent listed in the Orange Book for Vimpat Tablets, 50 mg, 100 mg, 150 mg and 200 mg is scheduled to expire on 17 March 2022, Glenmark Pharmaceuticals said in a statement.
According to IMS Health sales data for the twelve months ended September 2015, the Vimpat market achieved annual sales of about $691 million in the US.
Glenmark Pharmaceuticals is a research-driven, global, integrated pharmaceutical company headquartered at Mumbai. Glenmark has several molecules in various stages of clinical development and is primarily focused in the areas of inflammation and pain management. The company has a significant presence in branded generics markets across emerging economies including India.
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