Gland Pharma advanced 5.88% to Rs 1,858.40 after it received approval from the United States Food and Drug Administration (USFDA) for Eribulin Mesylate Injection.
Eribulin injection is used to treat breast cancer that has spread to other parts of the body and that has already been treated with certain other chemotherapy medications.Eribulin Mesylate Injection is expected to be the first generic approval on the market and the drug maker expects to launch this drug in the near term through its marketing partner.
According to IQVIA, Eribulin Mesylate Injection has sales of approximately $92 million in the US for twelve months ending in February 2024.
The pharmaco is co-developing several complex injectables, including this product, with Orbicular Pharmaceutical Technologies.
Gland Pharma is one of the largest and fastest growing injectable-focused companies, with a global footprint across 60 countries, including the United States, Europe, Canada, Australia, India, and other markets. It has a wide range of injectables, including vials, ampoules, pre-filled syringes, lyophilized vials, dry powders, infusions, oncology, and ophthalmic solutions. The company also pioneered Heparin technology in India.
The companys consolidated net profit fell 17.28% to Rs 191.86 crore in Q3 FY24 crore despite of 64.68% jump in revenue from operations to Rs 1,545.2 crore in Q3 FY24 over Q3 FY23.
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